Original Title: "Cobo Stablecoin Weekly NO.12 | The Capital Narrative of Stablecoins: The 'Monetary Layer' of the Next Generation Internet"
Welcome to the 12th issue of the Cobo Stablecoin Weekly. This week, we observed a key trend: stablecoins are no longer just tools of the crypto industry, but are being repriced by mainstream capital markets, becoming a brand new asset class and growth narrative.
According to the latest research, nearly 300 financial executives worldwide no longer view stablecoins as a means of "cost savings," but rather as a strategic growth engine that drives operational efficiency, accelerates market expansion, and generates new revenue. In their view, "faster settlement speeds" and "stronger market entry capabilities" have far surpassed the tactical value represented by "cheaper."
This leap in understanding is rapidly reflecting in the capital markets. Taking Circle as an example, its stock price once surged nearly 600%, with a market capitalization peaking close to $45 billion, about 70% of the circulating market value of its stablecoin USDC, making it one of the most undervalued IPO cases in Wall Street history. Its core profit model is based on the net interest margin (NIM) of reserve assets, with growth driven by channel effects from distribution networks like Coinbase. This new "species of stablecoin" is neither a traditional bank nor a SaaS company, but is being revalued by capital markets as the financial infrastructure of the "internet monetary layer." Investing in Circle is essentially betting on the new generation of financial networks built by compliant stablecoins.
At the same time, global business forces are also entering the fray. JD.com founder Liu Qiangdong publicly stated that JD plans to apply for stablecoin licenses in major currency countries worldwide, aiming to reduce cross-border payment costs between enterprises by 90%. This is not only a continuation of China's payment overseas strategy but also an attempt to seize the initiative in future financial infrastructure.
In the United States, the passage of the GENIUS Act sets compliance thresholds for offshore models like Tether, while providing institutional backing for compliant issuers like Circle, and also reserving policy space for banks like JPMorgan to issue "tokenized deposit" products (such as JPMD). The future financial system may operate two types of digital currency assets simultaneously: interest-free payment tools in an open system (like USDC) and interest-bearing deposit alternatives in a closed system (like JPMD). The stablecoin market is heading towards structural differentiation.
All of this points to a trend: stablecoins are evolving from payment tools to the underlying operating system of global finance and business networks. From the repricing in capital markets to the deployment of settlement efficiency by cross-border enterprises, stablecoins are gradually embedding themselves into the next generation of financial infrastructure.
Market Overview and Growth Highlights
The total market capitalization of stablecoins reached $251.752 billion, with a week-on-week increase of $835.49 million. In terms of market structure, USDT continues to dominate, accounting for 62.23%; USDC ranks second with a market capitalization of $61.03 billion, accounting for 24.24%.
Blockchain Network Distribution
Top three networks by stablecoin market capitalization:
· Ethereum: $125.747 billion
· Tron: $79.175 billion
· Solana: $10.614 billion
Top 3 fastest-growing networks this week:
· Story: +72.91% (100% USDC)
· TON: +31.24% (89.87% USDT)
· Scroll: +20.50% (76.32% USDC)
Data from DefiLlama
From Cost Tool to Growth Engine, Wall Street is Repricing This New Asset Class of Stablecoins
According to the latest research involving nearly 300 financial executives worldwide, the narrative of stablecoin value is undergoing a fundamental shift, rising from a payment tool used for "cost reduction and efficiency improvement" to a strategic "growth engine" capable of opening new markets and creating new revenue. The report shows that corporate executives often place greater importance on "faster settlement speeds" and "market expansion capabilities" when evaluating the advantages of stablecoins, surpassing the importance of mere "cost savings."
This shift in understanding is attributed to the increasingly clear global regulatory environment. As many as 90% of surveyed institutions believe that regulatory frameworks represented by the EU's MiCA and the U.S. GENIUS Act have become a "green light" for institutional capital entry rather than an obstacle. Against this backdrop, multiple parallel adoption paths are emerging globally: Latin America is leading in cross-border payment scenarios; the Asian model represented by JD.com is driven by traditional trade, emphasizing market expansion and integration with the real economy; North America has mature infrastructure with enthusiastic institutional entry; while Europe, guided by MiCA, is steadily advancing with compliance and security as priorities.
From "Creating Value" to "Capital Narrative"
This fundamental shift from "cost savings" to "value creation" is also directly reflected in the capital markets, giving rise to a new investment narrative. The "new species of stablecoin," represented by the recently listed Circle, is being revalued by mainstream capital.
Wall Street is gradually realizing that companies like Circle are neither traditional banks bearing credit risk nor SaaS companies relying on subscription fees. They are a new type of financial infrastructure company with extremely high per capita efficiency, whose core profits come from the net interest income (NIM) of reserves, and whose growth relies on distribution networks with partners like Coinbase.
Therefore, Circle's IPO is not only a milestone for the company itself but also a landmark event marking the formal acceptance of compliant stablecoins as an emerging asset class by Wall Street. For investors, investing in Circle is no longer just betting on the success or failure of a single company, but rather on the new generation of the "monetary layer" of the next internet built by this "new species."
After Missing the "First Half" of Payments, JD Aims to Win the "Second Half" with Stablecoins
In the "first half" of China's mobile payments, JD.com was a complete loser. While WeChat Pay and Alipay dominated the C-end with a 90% market share, JD Pay could only survive in a narrow margin of 1-3%. This was publicly acknowledged by its founder Liu Qiangdong as the "biggest mistake" he made—handing over the crucial payment lifeline of his business empire. However, with the paradigm shift in technology, especially the structural opportunities brought by stablecoins for cross-border payments, this entrepreneur has been given a chance to retry in the "second half."
Recently, Liu Qiangdong clearly announced that JD hopes to apply for stablecoin licenses in all major currency countries worldwide, aiming to reduce cross-border payment costs between global enterprises by 90% and improve efficiency to within 10 seconds. This is not only a business layout but also a strategic counteroffensive aimed at making up for historical regrets and seizing the high ground of the new generation of financial infrastructure.
JD's choice of stablecoins as a "new weapon" for breaking the deadlock is based on the logic that cross-border payments are one of the few areas not yet fully "formatted" by internet giants. Currently, China's cross-border payments are still primarily based on the traditional banking system (CIPS), processing an amount as high as 175.49 trillion yuan in 2024, but facing significant efficiency and cost issues. Existing third-party cross-border payment systems still rely on bank networks for settlement, facing challenges in bulk settlement and global compliance. Stablecoins can precisely avoid these issues, as they do not depend on traditional bank networks but achieve real-time, peer-to-peer value transfer globally through blockchain. In the context of increasingly clear global regulations, compliant stablecoins also pave the way for their large-scale application in the B2B trade sector.
After the Hong Kong Monetary Authority included stablecoins in its regulatory sandbox, JD has welcomed the best opportunity to enter the track. This strategic opportunity was concretely reflected in July 2024, when its subsidiary—JD Coin Chain Technology (Hong Kong) Co., Ltd.—officially appeared on the Hong Kong Monetary Authority's list of stablecoin issuer "sandbox" participants. In response, JD confirmed to reporters that its plan to "launch stablecoins as early as the fourth quarter of this year" is accurate, but emphasized that "the specific timetable depends on regulation." It is reported that the stablecoin will be issued on a public chain to ensure that issuance volume and other data are completely transparent to the outside world. This marks the entry of JD's stablecoin journey into a specific execution phase, and its international strategy has found the most critical technical support.
JD's ultimate intention is to create a native, low-cost financial operating system for each independent business node on its globalized map of "local e-commerce and local infrastructure." The starting point is to use its supply chain ecosystem to solve the cold start problem, and the end goal is to build an "on-chain foreign exchange market" composed of multi-currency compliant stablecoins, evolving from an internal settlement system to an open "international stablecoin settlement hub."
Who Does the U.S. Stablecoin Bill GENIUS Act Open the Door For?
The U.S. Senate passed the GENIUS Act stablecoin bill with a vote of 68-30, marking the first stablecoin-focused bill to pass in one chamber of Congress. Previously, we have seen more of its geopolitical financial intent to consolidate the dollar's hegemony, but for the players involved, this is more of a new script that determines their respective fates. This bill will directly determine the future of three core players—the offshore king Tether, the compliant challenger Circle, and the traditional financial empire of banking. For all developers building the future on-chain, understanding this new script is crucial.
As the current market leader, Tether faces the "compliance threshold" set by the bill—including reserve asset requirements and U.S. auditing standards—almost impossible to circumvent. More critically, the bill requires centralized platforms to stop providing non-compliant stablecoin services to U.S. users within three years, effectively setting a "orderly delisting" timetable for USDT in the U.S. Tether may choose to retreat to the Global South, launch compliant products anew, or seek a "foreign issuer exemption."
In contrast to Tether's predicament, Circle's years of compliance route has been "officially stamped" by legislation. The GENIUS Act confirms its compliance with reserve and auditing mechanisms while strengthening its deep binding relationship with Coinbase. Within compliant platforms, USDC is regarded as a "cash equivalent," and its transactions and funds will quickly concentrate, further amplifying the market dividends of the Circle-Coinbase distribution alliance.
The most critical provision in the GENIUS Act is the prohibition of interest on stablecoins. This aims to limit compliant stablecoins to "interest-free payment tools," abandoning the high-yield DeFi path in exchange for a safe, stable, and institution-friendly form of digital cash. However, at the same time, the bill clearly states that "bank deposits" are not subject to this limit—opening up compliance interest-bearing space for tokenized deposits issued by banks like JPMorgan, forming an institutional arbitrage advantage.
This marks the emergence of two parallel structures in the financial system:
· USDC: Payment-type digital cash in the open market
· JPMD: Yield-bearing digital liabilities in a closed system
It is noteworthy that JPMorgan chose to launch assets on Coinbase's Layer-2 chain Base, rather than sticking to its own private chain. This move itself reveals that even the most powerful banks have realized they cannot sit idle in a "walled garden" and must think about how to compete and interact with a broader, more vibrant open ecosystem.
On a deeper level, the GENIUS Act attempts to "tool" the U.S. dollar stablecoin, encouraging jurisdictions like Singapore, Hong Kong, and the EU to align with the U.S. regulatory framework through regulatory standards. However, the U.S. dollar stablecoin cannot eliminate exchange rate risks for non-dollar users, which in turn validates the global demand for localized stablecoins and on-chain foreign exchange markets.
Macro Trends
Circle Valuation Reaches $55 Billion, Analysts Question Limited Upside Potential
Key Points Overview
· Jon Ma, founder of the cryptocurrency data platform Artemis, stated on the X platform that Circle's enterprise value of $55 billion corresponds to a 58.1x gross profit, 125.2x EBITDA, and 163.7x net profit based on expected data for 2025.
· The model predicts that Circle's revenue will reach $9 billion by 2029 (a year-on-year growth of 25%), with a gross profit of $3.1 billion (a year-on-year growth of 26%) and EBITDA of $2.4 billion (a year-on-year growth of 32%).
· The model includes new growth points from Circle's payment network (CPN), predicting that B2B payment volume will exceed $570 billion by 2029, with 20% flowing to CPN, charging a 0.10% fee.
Why It Matters
· This valuation model suggests that Circle's current valuation of $55 billion may have fully reflected future growth expectations, with limited upside potential. Analysts have updated their stablecoin growth assumptions, predicting that the stablecoin supply will grow by 30% to $1.2 trillion by 2029, with USDC's market share reaching 28.5% (approximately $370 billion) and an annual growth rate of 32%. Despite strong long-term growth prospects, the current high valuation multiples indicate that investors have high expectations for Circle's payment network expansion and USDC market share growth. This analysis highlights the potential disconnect between the valuations of current stablecoin market leaders and their long-term profitability, serving as a reference for the entire stablecoin industry's valuation.
Regulatory Compliance
U.S. Stablecoin Bill GENIUS Act Passes with Bipartisan Support in the Senate
Key Points Overview
· The U.S. Senate passed the GENIUS Act stablecoin bill with a vote of 68-30, marking the first stablecoin-focused bill to pass in one chamber of Congress.
· The bill requires stablecoin issuers to maintain fully backed U.S. dollars or "similar liquidity" government-issued assets (such as bonds) as reserves, with institutions issuing over $50 billion required to complete annual audits.
· The bill grants state regulators more power but requires their regulatory frameworks to be "substantially similar" to the federal level; institutions issuing over $10 billion must be federally regulated or apply for exemptions.
Why It Matters
The GENIUS Act (full name "Guidance and Establishment of a National Innovation for U.S. Stablecoins") marks a significant shift in the U.S. stablecoin regulatory framework, creating enormous opportunities for compliant issuers while having a profound impact on the existing market landscape. Although individual Americans will still retain the ability to hold USDT, the channels for acquiring USDT will be strictly limited, and its use cases will be far less than compliant alternatives. Tether CEO Paolo Ardoino indicated that a new stablecoin compliant with GENIUS requirements might be launched, but this token would not be supported through margin loans (one of the ways USDT is minted). As compliant Tether competitors gain the green light for use in key financial and banking applications, USDT's market dominance may be rapidly replaced. This regulatory change will push the U.S. payment system into the 21st century, promote the practical application of stablecoins, and simultaneously restructure existing market forces.
New Product Launches
Coinbase Launches USDC Payment Service on Base Network, Stock Price Soars 16%
Key Points Overview
· Coinbase officially launched the "Coinbase Payments" service, built on its own Ethereum Layer-2 network Base, which has been integrated with Shopify to allow merchants to seamlessly accept USDC stablecoin payments.
· The payment system consists of three modular components: "stablecoin checkout" providing a gas-free experience for consumers, an "e-commerce engine" offering APIs for platforms, and a "commercial payment protocol" executing complex on-chain transactions.
· This news drove Coinbase (COIN) stock up by 16%, while USDC issuer Circle (CRCL) stock rose by 25%, reflecting the market's positive response to the integration in the crypto payment space.
Why It Matters
· Coinbase's strategy of building payment services on its own Layer-2 network has far-reaching implications. By attracting merchants and transactions to the Base network, Coinbase can generate additional revenue from transaction ordering and fees while controlling the user experience to enable gas-free transactions. This model not only replicates the functions of traditional payment systems but also leverages blockchain technology to provide higher efficiency, creating a strong ecological barrier for the company. The partnership with Shopify marks an important step in the penetration of crypto payments into mainstream e-commerce, creating practical application scenarios for the USDC stablecoin. This move also reflects that crypto trading platforms are transitioning from purely trading businesses to broader financial services, with stablecoin-based payment infrastructure expected to become a key component of the Web3 ecosystem, bringing new revenue sources to Coinbase and enhancing its market competitiveness.
Paxos Establishes Subsidiary Paxos Labs to Provide Custom Branded Stablecoin Issuance Services for Institutions
Key Points Overview
· Paxos has established a new company, Paxos Labs, aimed at helping fintech companies, trading platforms, and blockchain networks issue their own branded stablecoins.
· Paxos Labs offers a complete "Issuance-as-a-Service" solution, including regulatory compliance frameworks, reserve management, minting and burning APIs, and audit reports as core infrastructure.
· This business model allows client institutions to quickly launch their own branded stablecoin products without spending years and significant funds on licensing and building compliance systems, while also gaining Paxos's regulatory assurance and technical support.
Why It Matters
· Paxos's stablecoin OEM model significantly lowers the barriers for institutions to enter the stablecoin space, potentially accelerating the widespread adoption of stablecoins. As a company strictly regulated by the New York Department of Financial Services (NYDFS), Paxos is scaling its core compliance qualifications and technical infrastructure, enabling various institutions to focus on scenario applications and user services. This marks a shift in the stablecoin industry from "self-built and operated" to "infrastructure as a service," similar to how cloud computing has transformed traditional IT. Financial institutions can explore innovative businesses such as DeFi yields and payment settlements using stablecoins without bearing regulatory risks, injecting new vitality into the stablecoin ecosystem. This move also reflects the explosive growth in institutional demand for stablecoin businesses following regulatory clarity.
Fellow Launches Payment Routing Platform for Instant Fund Transfers Between Banks and Crypto Wallets
Key Points Overview
· Fellow has officially launched a cross-system financial routing service, allowing users to instantly transfer funds between any wallet, bank, or application through simple text messages, supporting various paths such as Apple Pay to Coinbase and Phantom wallet to bank accounts.
· This service achieves instant finality settlement through stablecoin technology, eliminating the need to wait days for transfers and removing fees between different payment tracks, providing users with a single interface to connect to modern financial networks.
· Fellow employs a message application-based peer-to-peer design, allowing users to send and receive funds directly through existing messaging applications without cumbersome registration processes, with payments settling in seconds.
Why It Matters
Fellow is building a mobile-first infrastructure that connects traditional finance with crypto finance, designed for the stablecoin-native world. Founders Josh and @freeslugs come from Framework and MoonPay, respectively, with rich experience across crypto funds, globally systemically important banks, and consumer fintech, providing deep insights into the pain points of payment systems. This service addresses the current friction between financial applications, breaking down account silos and allowing value to flow freely like information. Fellow's emergence represents a key step towards seamless integration in the payment industry, responding to user demands for instant, low-cost, cross-system payments, and is expected to reshape users' fund transfer experiences as stablecoin payments gradually become mainstream.
X Plans to Launch Investment Trading Features, Accelerating Musk's Vision for a Comprehensive Financial Ecosystem
Key Points Overview
· X platform CEO Linda Yaccarino announced that users will "soon" be able to invest or trade on the platform, stating that "users will be able to realize their entire financial life on the platform."
· X has partnered with Visa to develop a digital wallet and P2P payment service called "X Money," which is a key component of Musk's strategy to create a "super app."
· Musk has a close relationship with cryptocurrency, with Tesla holding $1.2 billion worth of 11,500 bitcoins and long-term support for meme coins like DOGE.
Why It Matters
· The expansion of financial features on the X platform marks the acceleration of Musk's vision to transform social media into a "super app" similar to China's WeChat. Yaccarino mentioned in an interview at the Cannes Lions Advertising Festival that in the future, users will be able to conduct P2P payments, store value, pay creators, or watch paid live streams on the X platform. Given Musk's close ties to cryptocurrency, there is widespread expectation that X's financial services will likely integrate cryptocurrency features in some form. This development will not only reshape the business model of social media platforms but may also provide mainstream users with more convenient access to cryptocurrency, promoting the popularization of digital assets and the expansion of application scenarios.
Alchemy Chain Plans to Launch Its Own Stablecoin in Q4 2025
Key Points Overview
· Alchemy Pay plans to launch the Alchemy Chain, a blockchain designed specifically for stablecoins, in the fourth quarter of 2025, followed by the issuance of its own stablecoin, aiming to become a central exchange hub for global and local stablecoins.
· Alchemy Chain will support frictionless conversions between global stablecoins (such as USDT, USDC) and local stablecoins (such as EURC, MBRL), integrating liquidity across chains and jurisdictions.
Why It Matters
· As countries' regulatory frameworks for stablecoins become more refined, the global financial system is preparing to integrate digital assets more deeply into mainstream commerce. The introduction of the U.S. GENIUS Act, Hong Kong's stablecoin bill, the EU's MiCA regulations, and Japan's new stablecoin rules has created a clear legal environment for compliant stablecoins. By aligning its blockchain and stablecoin roadmap with the world's most advanced regulatory developments, Alchemy Pay is not only building a more efficient payment layer but also shaping the future of compliant cross-border financial infrastructure. As a payment gateway connecting crypto and traditional fiat, Alchemy Pay leverages its fiat payment capabilities in 173 countries, actively positioning itself as a key infrastructure provider for the stablecoin economy.
Financial Giant Revolut Actively Explores Issuing Its Own Stablecoin
Key Points Overview
· According to informed sources, the UK digital bank Revolut, which serves 550,000 retail customers and 500,000 business customers and is valued at $48 billion, is actively exploring the issuance of its own stablecoin.
· Revolut has been in talks with at least one crypto-native company regarding a stablecoin project, which may become part of its stablecoin ecosystem with the launch of the centralized crypto trading platform Revolut X in the EU in 2024.
· This plan comes in the context of the U.S. Senate passing the GENIUS Act and the global shift in the stablecoin regulatory environment, joining the ranks of large institutions like Amazon, Walmart, and Bank of America that are considering issuing stablecoins.
Why It Matters
· Stablecoins are becoming a strategic tool for financial institutions to reduce payment processing costs, increase settlement speeds, and earn yields from reserve assets. With the advancement of the U.S. GENIUS Act and the clarification of global regulations, traditional finance and tech giants are increasingly entering this $251 billion market. Industry experts expect that thousands of new stablecoins may soon emerge, posing strong competition to existing market leaders like Tether and Circle. As one of the largest digital banks globally, Revolut's entry into the stablecoin space will further blur the lines between traditional finance and cryptocurrency, creating conditions for mass adoption. This trend has also raised concerns, with Senator Elizabeth Warren warning that tech giants could create stablecoins that "track purchasing behavior, exploit user data, and squeeze out competitors," highlighting the complex political and regulatory considerations behind the upcoming competition in the stablecoin market.
Capital Layout
Haun Ventures Leads XFX Seed Round, Addressing Forex Bottlenecks in Stablecoin Payments
Key Points Overview
· XFX has secured seed funding led by Haun Ventures, with participation from institutions and angel investors including Castle Island VC, Oak HC/FT, Maya Capital, and Coinbase Ventures.
· In the year leading up to May 2025, stablecoin transaction volume reached $37 trillion, doubling from the previous year; through stablecoins, cross-border payment costs have dropped from $40 to a few cents, and time has been reduced from several days to minutes.
· The XFX platform was founded by three former Bitso executives, combining on-chain stablecoin transfers with a proprietary liquidity network to address current forex conversion delays and liquidity bottlenecks in stablecoin payments.
Why It Matters
· Stablecoin payments have become the most widely used and promising application in the crypto space, but they face significant forex and liquidity challenges. Currently, most stablecoins are dollar-denominated, meaning cross-border payments still require forex conversion. Traditional forex channels are slow, forcing market makers to hold stablecoins like USDC and wait days to replenish local currency, creating a mismatch of "crypto in seconds but fiat in days." As stablecoin transaction volumes grow, this liquidity pressure intensifies. XFX's solution ensures that the receiving end instantly obtains local currency, eliminating multi-day delays and forex gaps. The team's deep understanding of stablecoins and cross-border payments positions XFX to become the infrastructure for crypto-native forex, making global payments as seamless and instantaneous as sending emails, fundamentally transforming the current cross-border payment model and liquidity management.
Stablecoin Concept Drives Surge in Digital Currency Stocks, Lakala Plans H-Share Listing for Cross-Border Scenarios
Key Points Overview
· The stablecoin index surged for two consecutive days, rising 4.29% on June 17 and 9.05% on June 16; this led to significant gains in digital currency concept stocks such as Chuangshi Technology, which rose 20.02%, and Lakala, which rose 16.16%.
· Circle, dubbed the "first stablecoin stock," has seen its stock price rise nearly fourfold from its IPO price of $31 within just eight trading days on the NYSE, with a market capitalization exceeding $33 billion.
· Lakala announced plans for an H-share listing, explicitly stating it aims to "accelerate the application of digital currency in cross-border scenarios," indicating that domestic payment institutions are beginning to actively layout digital currency businesses.
Why It Matters
· With Hong Kong's "Stablecoin Regulation" set to take effect on August 1, and countries like the U.S. and the U.K. advancing stablecoin regulations, the global stablecoin market is facing institutional opportunities. Stablecoins have clear advantages in cross-border payments, reducing fees by over 80% and shortening transaction times from the traditional 3-5 days to minutes. International payment giants like Stripe and PayPal have already seized the market through acquisitions and product innovations, and domestic payment institution Lakala is also beginning to actively layout. Hong Kong's Financial Secretary Paul Chan pointed out that the global stablecoin market is valued at approximately $240 billion, with transaction volumes exceeding $20 trillion last year, and demand is expected to increase further as the digital asset market develops. This trend will reshape the global payment landscape, bringing revolutionary changes to cross-border payments and financial inclusion.
Ubyx Secures $10 Million Seed Round Funding to Build Global Stablecoin Clearing System
Key Points Overview
· The stablecoin infrastructure project Ubyx has completed a $10 million seed round of funding, led by Galaxy Ventures, with participation from well-known institutions such as Coinbase Ventures, Founders Fund, and VanEck.
· Ubyx aims to address key barriers to the widespread adoption of stablecoins by connecting multiple stablecoin issuers with various financial institutions, enabling seamless conversions between stablecoins and traditional banking systems across multiple blockchains.
· The platform allows stablecoins to be directly exchanged at a 1:1 value into existing bank and fintech accounts, greatly expanding the market access and practicality of stablecoins, enabling businesses and banks to treat stablecoins as cash equivalents.
Why It Matters
Ubyx's innovation lies in building a multi-party stablecoin clearing ecosystem that addresses core issues currently facing the stablecoin market, such as friction in deposits/withdrawals, the need for issuers to build their own distribution networks, and institutions' inability to treat stablecoins as cash equivalents. The platform's diversified approach makes stablecoins interchangeable with other forms of currency, paving the way for their widespread adoption. In an increasingly clear regulatory environment, Ubyx's clearing system is expected to become a key infrastructure connecting traditional finance with digital assets, providing financial institutions with wallets, analytics, and other necessary technologies to help various businesses and institutions formulate and implement stablecoin strategies. This development marks a shift in the stablecoin industry from a single issuer competition model to a collaborative and win-win ecosystem.
Fintech Unicorn Ramp's Valuation Soars to $16 Billion, Annual Payment Processing Reaches $80 Billion
Key Points Overview
· Ramp has completed a $200 million Series E funding round, achieving a valuation of $16 billion, an increase of $3 billion from $13 billion three months ago, and more than doubling from $7.6 billion in April of last year.
· The company's annualized payment processing volume has reached $80 billion (including card transactions and bill payments), growing eightfold from $10 billion in January 2023, serving over 40,000 businesses.
· Ramp recently announced an expanded partnership with Stripe to launch a stablecoin-based corporate card, aimed at simplifying cross-border transactions and supporting the simultaneous issuance of new card programs in multiple countries.
Why It Matters
· Ramp is transforming from a single corporate card business into a comprehensive financial operations platform, building a complete ecosystem that includes expense management, bill payments, procurement, travel, and financial and accounting automation. In January of this year, the company launched the Ramp Treasury solution, allowing businesses to earn 35 times the national average in operational cash yield within Ramp business accounts. CEO Eric Glyman emphasized that the company is leveraging AI to fundamentally change how businesses operate: "Letting robots track receipts and close the books so you can use your brain to build things." The stablecoin-supported corporate card launched in partnership with Stripe highlights the company's proactive embrace of digital currency innovation, which will provide new avenues for cross-border payments and international expansion.
Market Adoption
Circle Partners with Matera: Integrating USDC Stablecoin into Core Banking Systems
Key Points Overview
· Circle has formed a strategic partnership with fintech company Matera to integrate the USDC stablecoin into core banking systems, achieving seamless connectivity between traditional finance and digital currency.
· Matera becomes one of the first companies to integrate USDC into core banking infrastructure, with its Digital Twin ledger technology allowing banks and fintech companies to concurrently offer real-time dollar and local fiat (such as Brazilian real) accounts.
· Through this partnership, USDC settlements will circulate via Brazil's Pix payment system and other local payment channels, providing users with direct access within banking applications.
Why It Matters
This collaboration marks a critical shift of stablecoins from the crypto ecosystem to mainstream financial infrastructure. By integrating USDC into core banking systems, Circle and Matera provide millions of users with a faster, lower-cost, and always-available global payment solution without leaving their existing banking apps. This model is particularly suitable for emerging markets like Brazil, significantly enhancing cross-border payment efficiency and reducing transaction costs. This partnership also showcases a technological pathway for the integration of stablecoins with traditional financial infrastructure, offering a replicable template for other markets and financial institutions. With the increase in similar integrations, stablecoins are expected to become standard components of the global financial system, rather than merely tools confined to the crypto space.
JPMorgan Launches Dollar Deposit Token JPMD on Coinbase's Base Blockchain
Key Points Overview
· JPMorgan has launched a "stablecoin-like" deposit token JPMD for institutional clients, backed by bank deposits, combining on-chain advantages with FDIC insurance protection.
· This marks JPMorgan's Kinexys distributed ledger technology studio's first deployment on a public blockchain, signifying a significant shift in the bank's crypto strategy.
· Earlier this week, the bank applied for a trademark for the JPMD platform, planning to offer digital asset trading, exchange, transfer, and payment services, as well as digital asset issuance.
Why It Matters
· The launch of JPMD represents a strategic response from traditional banking to the challenges posed by stablecoins. By combining the regulatory protections of bank deposits with the efficiency of blockchain technology, JPMorgan provides institutional clients with a compliant and innovative solution. This move is likely to prompt other large banks to follow suit, accelerating the banking sector's entry into on-chain finance. Although JPMD is currently limited to use within the JPMorgan ecosystem, its issuance on Coinbase's Base network indicates the bank's intention to expand into broader consumer and commercial payment scenarios in the future. The competition between stablecoin companies and bank deposit tokens will drive innovation across the payment industry, ultimately benefiting businesses and consumers seeking more efficient and lower-cost cross-border payment solutions.
Visa Expands Stablecoin Business Coverage in Europe, the Middle East, and Africa
Key Points Overview
· Visa is expanding its stablecoin capabilities in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region and has established a strategic partnership with the African crypto trading platform Yellow Card.
· Visa executives stated, "By 2025, we believe every institution moving money will need a stablecoin strategy," showing that the payment giant is doubling down on stablecoins.
· Since becoming one of the first major payment networks to use Circle's USDC for settlement transactions in 2023, Visa has settled over $225 million in stablecoin transactions through its participating clients.
Why It Matters
· Visa's continued expansion into the stablecoin business indicates that global payment infrastructure is undergoing a significant transformation, with stablecoins rapidly becoming "the new payment rails of the internet." The company also invested in stablecoin-based payment company BVNK last month, further demonstrating its long-term commitment to this space. The partnership with Yellow Card will explore cross-border payment options, streamline financial operations, and enhance liquidity management, providing more efficient financial services to emerging markets. These developments are particularly important for regions like Africa, which are traditionally underserved by banking services, potentially offering millions of people more convenient and lower-cost financial service channels.
Animoca Brands Prepares to Issue Hong Kong Dollar Pegged Stablecoin, Aiming to Collaborate with Mainland Institutions on Blockchain Applications
Key Points Overview
· Animoca Brands has formed a joint venture with Standard Chartered Bank and Hong Kong Telecom to apply for the issuance of a Hong Kong dollar stablecoin regulated by the Hong Kong Monetary Authority, with the Hong Kong "Stablecoin Regulation" set to take effect on August 1.
· In this collaboration, Animoca Brands is responsible for developing native Web3 application scenarios, Standard Chartered Bank will drive banking client resources, and Hong Kong Telecom will focus on reaching retail customers.
· Animoca Brands President Ouyang Qijun stated in an interview with the Daily Economic News that the Hong Kong dollar stablecoin will be widely used in scenarios such as virtual asset trading within the gaming ecosystem, cross-border trade, and financial settlement, serving as an important link for the internationalization of mainland asset transactions.
Why It Matters
· As a financial hub with the world's largest offshore RMB funding pool and trade settlement center, Hong Kong's development of stablecoins is strategically significant. Ouyang Qijun pointed out that in the face of geopolitical influences, Hong Kong needs to establish a neutral financial system, and the Hong Kong dollar stablecoin on a public chain will become a key bridge for the internationalization of mainland assets. He predicts that almost all financial products and assets will be on-chain in the future, creating a huge market for the Hong Kong dollar stablecoin. As a practitioner in the Web3 field, Animoca Brands hopes to connect traditional finance with the Web3 ecosystem through the Hong Kong dollar stablecoin and has expressed a willingness to collaborate with mainland institutions on blockchain applications.
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