The Federal Reserve is not only exploring stablecoins and AI payments but is also experimenting with a new proposal called the "Skinny Master Account," which allows qualified companies to directly access the Fed's settlement system, opening new doors for fintech innovation.

Written by: Cobo

This week's highlight—stablecoins are shaking the foundations of traditional banking.

• The "Skinny Master Account" proposal put forward by the Federal Reserve allows non-bank institutions to directly access the clearing system for the first time. When FinTech can connect directly to the Fed, how will the entrepreneurial landscape in the fintech sector change?
• Fintech companies are rapidly positioning themselves in the stablecoin space: Wise is preparing a stablecoin wallet for 16 million users; Revolut is building a complete closed loop from custody to issuance in Europe with its "dual license." As these fintech companies, targeting tens of millions of users, enter the digital asset space, how will the interaction between ordinary users and digital assets change?
• As payments no longer rely on banks, traditional banks' revenues will be eroded, and their deposit base may experience structural loss. In the face of such changes, where will future banks go?

Market Overview and Growth Highlights

The total market value of stablecoins has reached $308.195 billion, with a week-on-week increase of $1.016 billion. In terms of market structure, USDT continues to dominate, accounting for 59.31%; USDC ranks second with a market value of $76.027 billion, accounting for 24.67%.

Blockchain Network Distribution

Top three networks by stablecoin market value:

1. Ethereum: $162.311 billion
2. Tron: $79.001 billion
3. Solana: $14.89 billion

Top 3 fastest-growing networks this week:

1. Frax (FRAX): +20.92%
2. Sky Dollar (USDS): +15.44%
3. Circle USYC (USYC): +12.76%

Data from DefiLlama

🎯 When startups can connect their backend directly to the Fed—Exploring new boundaries of payment innovation through the Federal Reserve's "Skinny Master Account" proposal

What new types of financial enterprises will emerge when stablecoin companies no longer rely on the banking system? This is not only about payment innovation but also signals the transition of "narrow banks" from theory to reality. In the wave of stablecoins, how will banks redefine their position after losing payment privileges?

At the inaugural Payment Innovation Conference, Federal Reserve Governor Christopher J. Waller introduced the concept of the "Skinny Master Account"—which may serve as the starting point for these questions.

For a long time, direct access to the Federal Reserve's balance sheet has been a privilege exclusive to commercial banks. Waller's proposal for the "Skinny Master Account" envisions a simplified account for regulated non-bank payment companies, allowing them to participate in Federal Reserve settlements without enjoying all the functions and credit burdens of banks. The "Skinny Master Account" is a "non-privileged" account: it does not earn interest, has no overdraft, and no discount window, serving only as a clearing channel between institutions and the Federal Reserve, representing the minimal unit of trust.

Payments have always been a byproduct of banking operations. The monetary system of the twentieth century relied on a fractional reserve system: banks accept deposits, issue loans, and create money in the process. Clearing is embedded in the bank's balance sheet. Every transfer is essentially a settlement of interbank liabilities. In such a structure, to transfer funds, one must be a bank.

The emergence of stablecoins has loosened this structure for the first time. Tokens backed by high-quality reserve assets at a 1:1 ratio, which can be settled instantly, allow funds to flow across ledgers without relying on bank liabilities. As the "pure form" of digital currency, it also redefines the specialization within the financial system: custodians are responsible for safekeeping, payment companies handle circulation, and lending institutions bear the risk.

The Federal Reserve's proposed "Skinny Master Account" is a systemic response to this. It provides policy space for the "narrow bank" model—those institutions that do not create credit, do not bear maturity mismatches, but can safely custody and transfer funds can directly enter the central bank's settlement system. To some extent, Waller's proposal recognizes that the space for payment innovation should be handed over to market-oriented institutions and startups, allowing the Federal Reserve to focus on maintaining the central stability of money creation and the clearing system.

If the OCC national trust license has removed federal-level legal friction for stablecoin issuers, allowing them to obtain a unified compliance identity outside the 50 state money transmission laws (MTL); then the "Skinny Master Account" provides an operational identity—a direct interface to the Fed's settlement system. For companies like Circle and Paxos, this means they can settle without relying on partner banks, shorten approval cycles, and clarify regulatory pathways. These two developments together reduce the "institutional friction" surrounding the commercial banking system.

This will release new innovation space for fintech, especially in the payment sector. The past system was top-down—Federal Reserve, banks, and then non-bank institutions—while fintech could build frontend and compliance tools, the clearing layer was always constrained by banks, locking innovation "above the banks." Take Stripe as an example; it serves small and medium-sized enterprises but still relies on commercial banks to complete fund settlements. The introduction of the "Skinny Master Account" breaks this structure, allowing non-bank institutions to directly access the Federal Reserve's clearing system, bypassing correspondent banks, and completing final settlements on the central bank's ledger at lower costs and higher efficiency. For the first time, the Fed structurally connects private innovation directly to central bank funds, allowing frontend AI payment protocols and stablecoin reserves to grow organically on a secure central bank track, completely leveling the "top ceiling" of financial innovation.

When non-banks and banks stand on the same starting line in terms of payment functions, banks' payment revenues will inevitably be eroded. Analysts predict that in the next three years, approximately $1 trillion in deposits will flow into stablecoins from emerging markets, with domestic outflows in the U.S. potentially reaching as high as $6 trillion. Even if only 10% of deposits migrate, it would be enough to raise banks' financing costs by 20–30 basis points, significantly compressing profits. However, banks still hold scarce institutional privileges—the only entities allowed to fully engage in credit and capital market activities. In the future, large commercial banks will shift their focus to lending, underwriting, risk pricing, and custody services. Even as payment functions gradually detach from the track, banks will still deeply embed themselves in the new settlement network through their core position in credit creation.

🎯 The European Moment for Stablecoins: How MiCA Reshapes Regulatory Coordinates for Fintech

So far, the story of stablecoins remains dollar-centric.

Whether in regulation or market practice, the U.S. is far ahead, with a unified federal system making it the only market globally to achieve "national compliance channel + (soon) direct access to the central bank."

This advantage is not only reflected at the institutional level: the "Genius Act" establishes the first federal regulatory framework for dollar-pegged tokens, while the Office of the Comptroller of the Currency (OCC) trust license provides clear regulatory identities for institutions like Circle and Paxos, freeing them from the fragmented constraints of state MTLs. More importantly, the Federal Reserve's proposed "Skinny Master Account" plan, once effective, will allow qualified non-bank institutions to directly access the clearing network, raising the ceiling for private fintech innovation.

The results are evident: 99% of stablecoins are denominated in dollars. Regulatory certainty is becoming the core barrier for the U.S. stablecoin ecosystem and a signal line for other regions to start.

Now, the European Union is catching up, as evidenced by the approval of compliance applications from multiple institutions. Since the "Markets in Crypto-Assets Regulation" (MiCA) officially takes effect at the end of 2024, several fintech companies have begun applying for new compliance licenses to adapt to the unified EU regulatory system.

MiCA requires the previously decentralized VASP (Virtual Asset Service Provider) system across member states to transform into CASP (Crypto Asset Service Provider) and brings all crypto businesses under a unified authorization.

Its regulatory structure is divided into two layers:

• The CASP license allows companies to legally provide and promote crypto asset services across the EU, including custody, trading, order execution, and advisory services;
• The EMI license (Electronic Money Institution) clarifies the issuance, reserve, and governance requirements for electronic money and stablecoins.

For companies looking to achieve a closed-loop layout from custody to issuance in Europe, the dual license (CASP + EMI) is becoming the new entry threshold. Blockchain infrastructure company Plasma is simultaneously applying for CASP and EMI licenses under MiCA, planning to create a "fully licensed payment stack" and build a three-layer compliance path from VASP to CASP to EMI through the acquisition of an Italian VASP entity, providing a stablecoin-based clearing system for cross-border settlements and corporate accounts. Another representative company, Revolut, follows a path closer to banking logic: based on holding a Lithuanian EMI license, the company has obtained a MiCA license from the Cypriot regulatory authority, allowing it to provide crypto trading, custody, and stablecoin issuance services in the European Economic Area. According to insiders, Revolut is studying a stablecoin solution based on a 1:1 peg mechanism, which may launch as early as 2026, becoming the first large digital bank to issue stablecoins under the unified EU regulatory framework. As a fintech company valued at $45 billion, covering approximately 65 million users, this clear compliance path will provide a practical model for European fintech companies to promote innovation within the regulatory framework.

Regulatory Compliance

🏛️ EU Supports Crypto Stablecoins, Rejects Central Bank Warnings

Key Points Overview

• On October 10, the European Commission stated that despite the European Central Bank (ECB) issuing urgent warnings about financial stability risks, it will not impose additional restrictions on stablecoin companies, marking a significant victory for major stablecoin issuers like Circle;
• The core of the controversy lies in whether stablecoin companies can consider tokens issued within the EU and tokens held outside the EU as interchangeable—i.e., the "multiple issuance" model. The European Systemic Risk Board had warned that this could expose reserves held within the EU to the risk of a run;
• The European Commission believes that "MiCA provides a strong and moderate framework to address the risks posed by stablecoins," responding to a request from six crypto industry associations sent to EU Commissioner Maria Luis Albuquerque on October 7.

Why It Matters

• The EU's regulatory stance eliminates a significant uncertainty for the stablecoin industry. Against the backdrop of the U.S. enacting legislation to promote the use of stablecoins this year, European regulators have avoided regulations that could undermine the competitiveness of their digital asset industry. According to JPMorgan analysts on October 10, 99% of stablecoin supply is pegged to the dollar, and the growth of this industry will increase demand for the dollar. For issuers like Circle, the European Commission's stance validates their business model, allowing them to avoid treating each EU jurisdiction as a separate island, thus avoiding enormous operational costs and complexities, paving the way for their continued expansion in EU member states.

🏛️Senator Warren Criticizes Stablecoin Bill, Urges Treasury to Address Trump Conflicts of Interest and Financial Risks

Key Points Overview

• Senate Banking Committee's chief Democrat Elizabeth Warren referred to the "Stablecoin Innovation and Establishment Act" (GENIUS) as a "light regulatory framework for crypto banks" in a letter to Treasury Secretary Scott Bessent;
• Warren specifically highlighted potential conflicts of interest arising from World Liberty Financial USD, operated by the Trump family (currently one of the largest stablecoins globally), and called for the Treasury to propose concrete measures to address corruption issues;
• She cited Paxos' recent accidental minting of 30 trillion PYUSD stablecoin tokens, pointing out that the GENIUS bill lacks necessary safeguards "to ensure that stablecoins do not blow up the entire financial system," indicating that operational errors pose serious risks to issuers, market integrity, and financial stability.

Why It Matters

• Warren's criticism reflects Democrats' concerns about loopholes in the stablecoin regulatory framework, aligning with Federal Reserve Governor Michael Barr's statements last week. As Congress begins drafting large legislation to regulate the entire crypto industry, both Democrats and Republicans plan to hold meetings with crypto industry executives. Warren urged the Treasury to propose specific plans to combat illegal finance and protect consumers from fraud related to stablecoin transactions, while addressing financial stability shortcomings in the implementation of the GENIUS bill.

🏛️OCC Downplays Concerns of "Bank Runs" Triggered by Stablecoins

Key Points Overview

• OCC Director Jonathan Gould stated at the American Bankers Association annual meeting that stablecoins will not trigger sudden deposit crises, asserting that any large-scale deposit outflows "will not happen unnoticed" and "will not happen overnight";
• Standard Chartered predicts that stablecoins could siphon off $1 trillion in deposits from emerging market banks within three years, while a U.S. Treasury report estimates that stablecoins could lead to outflows of up to $6.6 trillion in the U.S. depending on yield conditions;
• Gould encouraged community banks to view stablecoins as tools to compete with Wall Street giants rather than survival threats, stating that payment stablecoins could be "an opportunity for community banks to break the dominance of the largest banks in the U.S. payment system."

Why It Matters

• Concerns in the banking sector are intensifying, with over 50 state banking groups, including the American Bankers Association and the Bank Policy Institute, sending a letter to Congress in August requesting the closure of "multiple loopholes" in the GENIUS Act, including extending the prohibition on paying interest to "digital asset exchanges, brokers, dealers, and affiliated entities," and eliminating the approval pathway for non-financial companies to issue stablecoins. While stablecoins present challenges, they also create opportunities for banks to adopt blockchain infrastructure for tokenizing deposits, simplifying payments, and issuing regulated interest-bearing digital dollars.

🏛️Crypto Industry Executives to Discuss Market Structure Bill with Senate Democrats

Key Points Overview

• According to reporter Eleanor Terrett, Coinbase CEO Brian Armstrong, Galaxy Digital CEO Mike Novogratz, and other crypto industry executives will hold a roundtable meeting with supportive Senate Democrats on Wednesday to discuss the crypto asset market structure bill;
• The meeting, led by Senator Kirsten Gillibrand, will also include industry leaders such as Uniswap CEO Hayden Adams and Circle Chief Strategy Officer Dante Disparte, occurring as negotiations with Republican lawmakers have stalled;
• TD Cowen analysts warned that U.S. lawmakers are making slow progress on advancing the crypto market structure bill, which could delay its passage until after the midterm elections.

Why It Matters

• Although the GENIUS bill has passed quickly, there are significant divisions between Republicans and Democrats on the crypto market structure bill, with the Democrats' six-page proposal on DeFi regulation facing criticism from Republicans and the crypto community.

New Product Updates

👀Ledger Launches $179 Nano Gen5, Building Digital Identity for an AI-Driven World

Key Points Overview

• French crypto hardware wallet company Ledger has launched a comprehensive product line update, including the redesigned Ledger Nano Gen5 hardware device, a revamped Ledger Wallet app (formerly Ledger Live), and the Ledger Enterprise Multisig platform for institutional asset management;
• Ledger now refers to its devices as "signers" rather than "wallets," positioning them as security tools for digital assets and digital identity in an AI-driven world, supporting Clear Signing functionality that allows users to verify each transaction directly on the device before approval;
• The new Nano Gen5 is designed by Susan Kare, the original Macintosh icon designer, features Bluetooth and NFC connectivity, supports signing at any time, and includes a Ledger Recovery Key for an additional layer of asset recovery security, retailing for $179.

Why It Matters

• As human society transitions to digital identity, facing challenges from AI and the blurring of boundaries between physical and online worlds, verifying authenticity becomes crucial. Ledger's transformation marks the company's evolution in vision for the security core of the next generation digital age, redefining its products as tools that not only manage crypto assets but also achieve "identity proof" and "authority proof." Ledger Enterprise Multisig extends the signing concept from individuals to teams and organizations, allowing multiple parties to use their Ledger devices to jointly sign transactions, providing security for financial management, smart contract governance, and multi-chain workflows, reflecting the increasing importance of hardware security in digital asset and identity management.

👀Coinbase Launches American Express Card, Offering Up to 4% Bitcoin Cashback for Coinbase One Members

Key Points Overview

• Coinbase announced that its Coinbase One Card is now available to all U.S. Coinbase One members, with an annual fee of $49.99, offering up to 4% Bitcoin cashback on purchases;
• The card has no foreign transaction fees, and cardholders can use linked bank accounts or cryptocurrency in their Coinbase accounts to pay credit card bills, with Bitcoin rewards not appearing on the 1099 form when earned, only potentially incurring taxes upon subsequent sale;
• The physical card is specially designed with the original data etched from the Bitcoin Genesis Block created by Satoshi Nakamoto on January 3, 2009, emphasizing its Bitcoin-first identity positioning.

Why It Matters

• The competition in the crypto rewards credit card market is intensifying, with Gemini recently announcing the launch of a Solana version credit card offering up to 4% SOL cashback, merchant discounts of up to 10%, and automatic staking options, with no annual fee. The strategies of the two companies represent different market positions: Coinbase focuses on single-asset Bitcoin returns and Genesis Block tradition, targeting Bitcoin enthusiasts willing to pay an annual fee; while Gemini offers multi-asset options, category rewards, and a no-annual-fee model. As crypto payments become mainstream, these products will help more consumers acquire crypto assets through everyday spending while enhancing user loyalty to each exchange.

👀Swiss Crypto Bank AMINA Partners with Tokeny to Build Compliant Asset Tokenization "Bridge"

Key Points Overview

• Regulated by the Swiss Financial Market Supervisory Authority (FINMA), crypto bank AMINA (formerly SEBA Bank) has partnered with Tokeny, a blockchain platform under Apex Group, to create a regulated infrastructure for institutional tokenization;
• Under the partnership arrangement, AMINA will handle traditional asset banking, custody, and regulatory oversight, while Tokeny will provide the technology to convert these assets into tokens, enabling clients to seamlessly transfer funds between traditional accounts and blockchain-based systems;
• Tokeny's platform is built on the ERC-3643 standard, adding a compliance layer that only allows authorized investors to hold or trade tokenized assets, covering asset classes such as government bonds, corporate securities, and treasury bills.

Why It Matters

• This collaboration reduces the time to market for tokenized financial instruments from months to weeks, laying the foundation for a more interconnected and regulated on-chain financial system. As traditional financial institutions seek to integrate blockchain technology into their operations, AMINA's Swiss regulatory status combined with Tokeny's tokenization technology provides financial institutions with a regulated "banking bridge" to safely enter the digital asset space. This partnership represents the accelerating trend of integration between traditional banking and blockchain technology, particularly in the regulated Swiss environment, providing reliable infrastructure support for institutional asset tokenization.

👀Crypto Market Maker B2C2 Launches PENNY Platform for Zero-Fee Cross-Chain Stablecoin Swaps

Key Points Overview

• Institutional liquidity provider B2C2 has launched the PENNY platform, supporting instant, zero-fee swaps between major stablecoins including USDT, USDC, USDG, RLUSD, PYUSD, and AUSD to meet the growing demand for frictionless liquidity tools among institutions;
• The platform currently supports stablecoin swaps on Ethereum, Tron, Solana, and multiple Layer 2 networks, with plans to regularly add more asset support, targeting clients including banks, merchant acquirers, exchanges, and stablecoin infrastructure companies;
• PENNY settles on-chain through B2C2's institutional trading infrastructure, which processes approximately $1 billion in stablecoin trading volume daily, allowing users to automatically swap tokens without incurring fees or counterparty risk.

Why It Matters

• As the stablecoin market expands from crypto-native trading to payment, banking, and settlement use cases, B2C2's PENNY platform provides traditional financial institutions and businesses with real-time execution and settlement infrastructure, avoiding the risks of network fragmentation and the friction and high costs associated with trading on exchanges. B2C2 Group CEO Thomas Restout stated, "Stablecoins have transcended crypto trading use cases," and the accelerating clarity of regulatory environments in the U.S., EU, and Asia is promoting the adoption of regulated stablecoins and encouraging new issuers, including banks and fintech companies.

👀Coinbase Launches Tools for AI Agents like Claude and Gemini to Directly Use Crypto Wallets

Key Points Overview

• Coinbase has launched a new system, Payments MCP, aimed at enabling large language models (including Anthropic's Claude and Google's Gemini) to "go on-chain," directly access blockchain wallets, and conduct transactions using cryptocurrencies;
• This tool, developed by the Coinbase Developer Platform, was launched following the establishment of the x402 Foundation, supported by Coinbase and Cloudflare, which aims to standardize AI payments;
• Payments MCP is a Model Context Protocol that allows AI models to access on-chain financial tools through natural language, from wallets and deposit channels to stablecoin payments.

Why It Matters

• This initiative marks a growing interest among major tech companies in allowing AI models direct access to on-chain financial systems. Coinbase executives stated that crypto payment rails, especially stablecoins, "are the ideal payment infrastructure for agentic commerce" because they "operate at the speed of code, integrate seamlessly with APIs, and enable autonomous agents to act without human friction." Notably, Payments MCP can run locally on desktops with minimal user input and can be customized according to specific agent needs, allowing widely used LLMs to connect natively to the crypto economy and payment protocols for the first time.

👀Coinbase to Add Privacy Transaction Features to Base Network

Key Points Overview

• Coinbase CEO Brian Armstrong announced that the company is developing privacy transaction features for its Layer 2 network, Base, and will share more details in the near future;
• This move is part of Coinbase's privacy strategy, which has been strengthened by the acquisition of the Iron Fish team in March 2025. The Iron Fish team has been integrated into the "privacy team" within Base, focusing on developing "privacy-preserving primitives";
• As this news comes out, privacy coins are once again drawing global attention. Despite regulatory pressures, privacy tokens like ZEC, XMR, and DASH have seen significant increases this year, with ZEC rising 460% in the past 30 days.

Why It Matters

• Armstrong stated that "privacy is crucial to unlocking the full potential of on-chain futures," indicating that Coinbase is actively responding to user privacy demands. While privacy coins face stringent scrutiny from regulators due to potential use in illegal activities, leading to bans and delistings, research shows that only about 7% of privacy coin transactions are related to suspicious illegal activities, while only 0.14% of overall cryptocurrency transactions involve illegal activities. Coinbase's move will bring enhanced privacy features to mainstream blockchains, potentially redefining the balance between privacy and compliance in the crypto ecosystem.

👀Tether Open-Sources Cross-Chain Wallet Toolkit for Human and AI Agent Use

Key Points Overview

• Tether has open-sourced a modular wallet development kit (WDK) that allows developers to build self-custody wallets supporting multiple blockchains, including Bitcoin, Lightning Network, Ethereum, Arbitrum, Polygon, Solana, and TON;
• The toolkit can be deployed on mobile devices, desktops, and embedded hardware, containing templates and modules that enable developers to add wallet features like swapping and lending without relying on closed platforms;
• Tether CEO Paolo Ardoino stated that this is part of building a "free and resilient monetary infrastructure" that supports "humans, autonomous machines, and AI agents controlling their finances."

Why It Matters

• This move is part of Tether's strategy to enter the AI field. Ardoino predicts that in the next 15 years, "every AI agent will have a wallet," leading to explosive growth in machine-to-machine commerce, with AI agents using stablecoins and Bitcoin instead of traditional bank accounts for transactions.

Macroeconomic Trends

🔮JPMorgan: Stripe's "Dual Revolution" in AI and Capital Flow Could Unlock $350 Billion Market

Key Points Overview

• JPMorgan analysts report that Stripe is positioning itself in two major areas: AI commerce and digital asset infrastructure, predicting it could unlock over $350 billion in market opportunities by the end of 2030;
• This fintech company, valued at $107 billion, is expected to become profitable in 2024, processing over $1.4 trillion in annual payments across 195 countries, with net revenue growing 28% year-on-year to approximately $5.1 billion;
• Stripe is re-entering the crypto space by acquiring the stablecoin orchestration platform Bridge and the crypto wallet provider Privy, and is collaborating with Paradigm to incubate a Layer-1 blockchain called Tempo designed for high-throughput payments, which announced a $500 million funding round at a $5 billion valuation last week.

Why It Matters

• JPMorgan describes Stripe as a "beneficiary of borderless financial services," believing its early traction among AI startups provides a structural advantage for scaling "agentic commerce." Stripe is poised to benefit from the integration of AI agents, stablecoins, and programmable currencies with global commerce. However, analysts also pointed out challenges related to corporate expansion, business fragmentation, and regulatory risks, particularly surrounding stablecoin regulation in the U.S. and the MiCA rules in Europe.

🔮Japan's Three Major Banking Groups Plan to Jointly Launch Stablecoin

Key Points Overview

• According to Nikkei News, Japan's three major banking groups—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—plan to jointly launch a stablecoin to create a shared issuance and transfer framework for corporate clients;
• The stablecoin will initially be pegged to the yen, with a potential future version pegged to the dollar, achieving interbank interoperability under common technical and legal standards;
• Mitsubishi UFJ Financial Group established blockchain infrastructure and tokenization platform Progmat in 2023, supported by multiple Japanese institutions.

Why It Matters

• The global stablecoin market is rapidly expanding, similar to the plans of nine major European banks to issue a euro stablecoin. Japan's move aims to establish a national digital payment standard to address the $300 billion market dominated by dollar stablecoins.

Capital Layout

💰Aave Labs Acquires Stable Finance to Expand On-Chain Savings Consumer Outreach

Key Points Overview

• Aave Labs, the company behind DeFi giant Aave, announced the acquisition of San Francisco startup Stable Finance, which focuses on simplifying the on-chain savings experience for everyday users; specific acquisition terms were not disclosed;
• Following the acquisition, Stable Finance founder Mario Baxter Cabrera and his engineering team will join Aave Labs, with Cabrera taking on the role of Product Director to co-develop consumer-facing DeFi products;
• Stable Finance is primarily known for its mobile app, which allows users to deposit dollars or cryptocurrencies to earn interest through stablecoin yield strategies, hiding the technical complexities of DeFi and providing users with a single interface for on-chain savings.

Why It Matters

• This acquisition reinforces Aave Labs' goal of "transforming on-chain finance into everyday finance." Aave already operates Aave.com and the institutional platform Horizon, launched in August, which has attracted over $300 million in deposits. Stable's technology will be integrated into future Aave Labs products, while its existing app will be gradually phased out. This acquisition marks Aave's third talent-focused deal following the acquisitions of Sonar in 2022 and Family in 2023, demonstrating the company's ongoing expansion of its product design capabilities, aiming to simplify DeFi products to make them more user-friendly and practical for everyday consumers. This strategic move indicates that on-chain stablecoin savings are gradually expanding from the crypto enthusiast community to the mainstream consumer market.

💰Tether Invests in Pave Bank's $39 Million Financing, Betting on "Programmable" Banking

Key Points Overview

• "Programmable bank" Pave Bank has completed a $39 million Series A financing round led by Accel, with participation from Tether Investments, along with other investors including Wintermute, Quona Capital, and Helios Digital Ventures;
• Pave Bank holds a Georgian banking license and claims to be "the world's first programmable bank built for the digital asset and AI era," allowing corporate clients to manage fiat and digital assets in real-time, automate financial operations, and reduce reliance on intermediaries;
• The bank will use the financing to expand its regulatory coverage, accelerate product development, build institutional-grade infrastructure, and broaden its customer base in global markets.

Why It Matters

• Tether, with its highly profitable stablecoin business, has ample cash and is gradually building a diversified investment portfolio. Pave Bank's programmable, fully-reserved banking model combines the advantages of traditional banking and digital assets, likely promoting the widespread adoption of stablecoins. This investment reflects the accelerating convergence of cryptocurrency and traditional finance, indicating that licensed institutions are becoming key bridges connecting the worlds of fiat currency and digital assets.

💰Salesforce-Backed Payment Tech Company Modern Treasury Acquires Beam for $40 Million

Key Points Overview

• Modern Treasury will acquire the stablecoin infrastructure project Beam for $40 million in an all-stock transaction, which previously had a valuation of approximately $44 million, providing plug-and-play stablecoin adoption solutions for banks and enterprises;
• This acquisition is part of a trend among fintech companies to absorb talent and tools related to stablecoins, similar to Stripe's $1.1 billion acquisition of Bridge last year and the development of the stablecoin Layer 1 "Tempo," while Coinbase and Mastercard are embroiled in a multi-billion dollar bidding war for BVNK;
• Beam founder Dan Mottice will join Modern Treasury to lead the stablecoin business. Beam has recently joined the Global Dollar Network Alliance, co-founded by Paxos, Robinhood, and others, which is developing the USDG stablecoin.

Why It Matters

• The surge in fintech interest in stablecoins is driven by the signing of the U.S. GENIUS Act into law in July, which establishes a formal regulatory framework for dollar-pegged tokens, as well as the successful listing of USDC issuer Circle on the New York Stock Exchange. For Modern Treasury, Beam's technology will help it compete with Stripe and Coinbase in the instant, programmable dollar payment space, expanding its traditional payment rail services and entering the rapidly growing stablecoin market.

💰Stripe-Backed Payment Chain Tempo Completes $500 Million Series A Financing at $5 Billion Valuation

Key Points Overview

• The Tempo blockchain has completed a $500 million Series A financing round, led by Thrive Capital and Greenoaks, achieving a valuation of $5 billion, making it one of the most valuable new entrants in the stablecoin infrastructure space;
• The Ethereum-compatible Layer 1 incubated by Stripe and Paradigm has partnered with OpenAI, Shopify, Visa, and others, optimized for high-throughput payments and settlements;
• Notable Ethereum developer Dankrad Feist (co-creator of Danksharding) has joined Tempo as a senior engineer, indicating that payment infrastructure is attracting top blockchain talent. Feist, who was appointed as a strategic advisor for Ethereum Foundation's L1 scaling and user experience earlier this year, proposed increasing Ethereum's gas limit by 100 times.

Why It Matters

• This financing round marks a significant acceleration of fintech giant Stripe's efforts in the crypto space, following its $1.1 billion acquisition of stablecoin infrastructure company Bridge.

💰Tether Strategically Invests in Kotani Pay to Advance Digital Asset Infrastructure and Cross-Border Payments in Africa

Key Points Overview

• Tether has announced a strategic investment in Kotani Pay, an infrastructure provider connecting African Web3 users with local payment channels, aimed at lowering the barriers for African individuals and businesses to participate in the global financial system;
• According to Chainalysis regional reports, while the scale of the crypto economy in Sub-Saharan Africa is small, on-chain crypto transaction volumes are expected to exceed $205 billion from July 2024 to June 2025, a 52% year-on-year increase, primarily driven by retail usage and remittances;
• Nigeria, Kenya, South Africa, and Ethiopia are key markets for user and use case expansion, with cryptocurrencies becoming important financial tools in regions facing high inflation, currency volatility, and limited banking infrastructure.

Why It Matters

• This investment will enable African businesses and individuals to seamlessly access digital asset and cross-border payment systems, addressing long-standing challenges such as high transaction costs and long settlement times, helping previously excluded populations directly connect to the global economy. The collaboration between Tether and Kotani Pay marks a new benchmark for how blockchain technology can transform the daily lives and business operations of individuals in Africa.

Market Adoption

🌱Zepz Launches Sendwave Wallet, Empowering Customers to Use Stablecoins in Everyday Transactions

Key Points Overview

• Global payments group Zepz (the parent company of WorldRemit and Sendwave) has launched Sendwave Wallet, a stablecoin-based global peer-to-peer cross-border funding solution that allows customers to seamlessly send, store, and use funds in over 100 countries;
• The wallet is built on Circle's USDC, the Solana blockchain, and Portal's cross-border wallet infrastructure, maintaining stable value by pegging balances to the dollar, addressing currency depreciation issues while providing near-instant, reliable, and cost-effective transfer services;
• Sendwave Wallet has surpassed traditional remittance services, allowing customers to transfer funds within the Sendwave ecosystem in seconds, and in the future, they will be able to use their USDC balances for real-world payments and services via payment cards and QR codes.

Why It Matters

• Zepz's move represents a transformation from traditional remittance companies to comprehensive financial service platforms. By integrating stablecoin technology, Zepz not only addresses the challenges of currency depreciation and financial accessibility faced by customers in the Global South but also provides a means for cross-border communities to maintain financial stability. The Sendwave Wallet will further expand its features, including deposit rewards, global payment card spending, and bill payments, enabling the practical application of digital dollars in everyday life.

🌱Wise Hiring Head of Digital Asset Products to Offer Stablecoin Wallet Services

Key Points Overview

• Wise is hiring a Head of Digital Asset Products to explore enabling customers to hold and use digital assets within their Wise accounts while maintaining a seamless and convenient experience with their existing fiat currency services;
• The job description clearly states that this is an opportunity to "bring the benefits of blockchain and digital currencies to millions of customers at a leading global fintech company," indicating that Wise is expanding its business into the digital asset space;
• The core goal of the stablecoin integration strategy is "monetizing the recipient"—once users hold funds within the app, the company can offer value-added services such as savings, credit, and investments, building a financial super app ecosystem.

Why It Matters

• Wise's move represents an acceleration of the trend for mainstream payment companies to embrace blockchain technology. The industry focus is shifting from mere settlement to full lifecycle customer service. As a leading fintech company serving 16 million customers globally, Wise's entry into the digital asset space will not only add a new dimension to its existing multi-currency account system but could also change the way millions of ordinary users interact with digital assets.

🌱U.S. Retail Chain Bealls Now Accepts Cryptocurrency Payments

Key Points Overview

• Established in 1915, U.S. retail chain Bealls has announced a partnership with digital payment company Flexa to begin accepting cryptocurrency payments in its stores;
• By integrating the Flexa Payments system, Bealls can accept payments in over 99 cryptocurrencies from more than 300 digital wallets;
• Bealls currently operates over 660 stores across the U.S., and customers at Bealls, Bealls Florida, and Home Centric brand stores can now pay with cryptocurrency.

Why It Matters

• This move demonstrates the acceptance of emerging payment technologies by traditional century-old retail enterprises. According to released data, by early 2025, approximately 65 million Americans (28% of U.S. adults) will own cryptocurrency, indicating a large potential user base for cryptocurrency as a payment method.

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