Deeper transformations are quietly occurring at the core of traditional finance.

Written by: Cobo

This week, the global stablecoin sector has made significant progress in both regulatory clarity and practical applications, laying a solid foundation for its accelerated integration into mainstream finance.

The United States released a 168-page "Digital Asset Strategic Report," which for the first time classifies stablecoins as core financial infrastructure and delineates regulatory boundaries for decentralized finance (DeFi) and self-custody, aiming to eliminate the uncertainties that have previously stifled innovation. Meanwhile, Hong Kong officially opened applications for stablecoin licenses on August 1, with its "high and narrow" standards designed to ensure a robust and orderly market launch.

Deeper transformations are quietly occurring at the core of traditional finance. JPMorgan has integrated USDC into its credit card rewards system for 80 million users, while PayPal is using stablecoins to settle over a hundred tokens directly to merchant accounts.

These traditional giants are accelerating the integration of blockchain technology into their core payment processes, signaling the rapid arrival of a new global financial infrastructure era built on stablecoins.

Market Overview and Growth Highlights

The total market capitalization of stablecoins has reached $266.99 billion, with a week-on-week increase of $1.776 billion. In terms of market share, USDT continues to dominate with a 61.67% share; USDC ranks second with a market cap of $63.683 billion, accounting for 23.85%.

Blockchain Network Distribution

Top three networks by stablecoin market cap:

• Ethereum: $133.276 billion

• Tron: $82.876 billion

• Solana: $11.418 billion

Top 3 networks with the fastest weekly growth:

• TON: +17.40% (USDT share 80.52%)

• Cardano: +11.84% (USDM share 32.05%)

• Sui: +10.94% (USDC share 59.71%)

Data from DefiLlama

🎯 The U.S. Releases Digital Asset Strategic Report: Stablecoins First, DeFi Compliance and Self-Custody Included in National Strategy

This week, significant changes in U.S. digital asset regulation have emerged. The White House released the "Digital Asset Strategic Report," a 168-page document covering key topics such as the banking system, stablecoins, tax policy, illicit finance, and strategic reserves, with a clear core signal: the U.S. will gradually move away from the "Operation Choke Point 2.0" suppression path and shift towards promoting a dollar-dominated on-chain financial system through legislation like the "GENIUS Act," supporting compliant infrastructure represented by stablecoins.

The regulatory stance on DeFi protocols and self-custody tools has also changed significantly. The report proposes for the first time a Bank Secrecy Act (BSA) exemption mechanism for "technology publishers," clearly distinguishing them from "financial intermediaries." This legal identity definition marks the willingness of regulators to include non-custodial development activities within clear compliance boundaries, reducing developer risks and laying the groundwork for the U.S. to regain its dominance in on-chain financial technology.

The SEC has simultaneously launched "Project Crypto," announced by Chairman Paul Atkins, focusing on three key areas: establishing clear asset classification standards, safeguarding user self-custody rights, and promoting the integration of staking, lending, and trading services under a unified regulatory framework for platform-based crypto applications. This shift indicates that the SEC is moving from enforcement-based regulation to institutional regulation, providing platforms with compliance-based business expansion opportunities.

To reduce industry uncertainty, the report proposes several clear guidelines at the tax level, including accounting and tax treatment suggestions for activities such as mining, staking, NFTs, and charitable donations, and recommends reviewing the applicability of the Corporate Alternative Minimum Tax (CAMT) in the use of digital assets to simplify tax barriers for on-chain payments. It emphasizes that regulatory focus should shift towards "addressing real risks and incentivizing compliant participation," vigorously promoting regulatory sandboxes and safe harbor mechanisms to open experimental pathways for compliant innovation.

🎯 Stablecoins Integrated into U.S. Banking Infrastructure, Traditional Financial System Enters Restructuring Phase

Coinbase has partnered with JPMorgan to open three types of on-chain access paths for its 80 million+ customers: purchasing crypto assets using Chase credit cards, redeeming Ultimate Rewards points for USDC on the Base chain, and direct bank account connections. This marks the first time a mainstream bank's rewards system has been integrated with on-chain assets, indicating that stablecoins are beginning to enter the U.S. consumer finance infrastructure, lowering the operational barriers for traditional users to enter the crypto world.

This collaboration reshapes the boundaries between the rewards system and on-chain assets. Chase transforms its originally closed, low-liquidity credit card points into USDC that can circulate on-chain, creating a "bank-native crypto layer" with programmability and asset interoperability. For users, the path to acquiring crypto assets is increasingly embedded in everyday consumption behavior; for banks, this is a highly sticky way to actively build an on-chain liquidity network without changing the existing financial structure.

Looking at the bigger picture, JPMorgan's embrace of crypto assets reflects the systemic acceptance of stablecoins and on-chain finance by the U.S. banking sector. On one hand, leading banks are deepening their on-chain layouts through self-built stablecoins and native businesses (such as JPM Coin and on-chain collateralized lending); on the other hand, small and medium-sized banks rely on core system transformations from technology integrators like FIS and Fiserv, quickly achieving access and settlement for stablecoins with APIs and custody services provided by Circle; at the same time, Visa is empowering banks to issue and manage on-chain assets on blockchain networks through VTAP, facilitating their transformation from traditional financial intermediaries to asset issuance nodes.

As compliance frameworks are established and technological services mature, banks will transform into infrastructure gateways for the large-scale distribution of on-chain assets, leading to an industrial restructuring around this role, with card organizations expanding their underlying token issuance capabilities, technology service providers connecting on-chain assets with banking systems, and banks shifting from passive network access to actively defining on-chain asset entry points.

🎯 PayPal Launches "Pay with Crypto," Reconstructing Traditional Four-Party Payment System

PayPal is reconstructing the underlying logic of the global payment network. The newly launched "Pay with Crypto" service supports over 100 mainstream cryptocurrencies and wallets like Coinbase, MetaMask, and OKX, allowing users to initiate payments with any token, which is instantly converted to PYUSD in the background for settlement to merchants in dollars. The fee is only 0.99%, significantly lower than credit card cross-border fees. This "front-end open, back-end anchored" design maintains user freedom in crypto asset payments while ensuring the speed and predictability of dollar settlements through stablecoins, allowing on-chain payments to seamlessly enter standard business processes for the first time.

Following the "PayPal World" integration of the global fiat currency network, "Pay with Crypto" incorporates on-chain assets into this unified account system, making cryptocurrencies a standardized payment medium. Its core is to restructure the payment stack, driving low-friction exchanges and standardized settlements with the PYUSD stablecoin, and relying on the closed-loop management of the account system to integrate fiat and crypto assets into the same settlement path, gradually forming its own "PayPal Settlement Network."

This architecture deconstructs and recombines the traditional four-party payment model. Users initiate payments directly from their wallets, with funds settling immediately, no longer relying on card issuers for advances and card organization authorizations, eroding the original revenue model based on credit and fees. PayPal's value capture shifts from interchange fees to service fees and asset management within the system: including instant conversion of crypto assets, stablecoin minting/redemption, on-chain financial management, and API access. This transformation allows PayPal to evolve from being a "participant in the payment network" to a "designer of funding flow paths."

For merchants, this means drastically reduced cross-border fees, instant fund availability, and access to a new market of 650 million crypto users; for consumers, while losing the advance feature of credit cards, they gain low-cost payments and asset flexibility. Looking to the future, PayPal is centered around stablecoins, dismantling the role divisions of the credit card era, and attempting to dominate the clearing logic and profit model of the next generation of payment order by restructuring the value chain around on-chain assets.

Market Adoption

🌱 FIS Partners with Circle to Launch Bank Stablecoin Payment Service

Key Points Overview

• Financial technology giant FIS (Fidelity National Information Services) has partnered with Circle to integrate the USDC stablecoin into FIS's payment hub system;

• This partnership will enable U.S. banks to offer customers domestic and cross-border payment services based on USDC, expected to launch by the end of the year;

• FIS processes over $10 trillion in transactions annually, and this integration provides Circle with a distribution channel to access thousands of financial institutions, significantly expanding the potential use of USDC.

Why It Matters

• This partnership marks the transition of stablecoins from "marginal innovation" to foundational infrastructure for financial services. Following the introduction of U.S. stablecoin legislation and FIS's competitor Fiserv announcing its own stablecoin FIUSD, FIS's move further confirms traditional financial giants' recognition of the value of stablecoins. As a banking technology provider, FIS's involvement will significantly accelerate the integration and application of stablecoins within the traditional banking system, paving the way for large-scale adoption of stablecoins.

🌱 JPMorgan Partners with Coinbase to Open the Crypto World to 80 Million Customers

Key Points Overview

• JPMorgan has reached a groundbreaking partnership with Coinbase to provide 80 million bank customers with convenient access to cryptocurrency, allowing customers to directly purchase crypto assets on Coinbase using Chase credit cards starting in the fall of 2025;

• In 2026, Chase Ultimate Rewards points will support a conversion rate of 100 points for $1 USDC for the first time, with conversions occurring on Coinbase's Base chain, transforming traditional bank points into on-chain liquid assets;

• The partnership will establish a direct link between Chase bank accounts and Coinbase, providing customers with a seamless crypto asset purchasing experience and lowering the barriers for ordinary consumers to enter the crypto world.

Why It Matters

• This partnership signifies a shift in the attitude of the largest bank in the U.S. towards cryptocurrencies from criticism to active embrace, marking a milestone in the integration of traditional finance and the crypto ecosystem. USDC has been chosen as the crypto reward for points redemption, affirming its status as a "bridge currency" connecting traditional finance and the crypto world. Traditional payment models are being gradually "transformed" rather than abruptly "broken"—financial giants are integrating the on-chain liquidity and programmability of crypto assets to convert closed, low-liquidity points systems into open, high-liquidity digital assets, positioning themselves for the future financial system. This move will significantly accelerate user growth on the Base network and the mainstream application of USDC, having far-reaching implications for the entire crypto ecosystem.

Macroeconomic Trends

🔮Tether Releases Q2 Financial Report: Net Profit of $4.9 Billion, $4 Billion Invested in U.S. Projects

Key Points Overview

• USDT stablecoin issuer Tether International reported a net profit of $4.9 billion in the second quarter, with $3.1 billion from recurring profits and $2.6 billion from the appreciation of gold and Bitcoin prices;

• The company holds over $162.5 billion in reserve assets, corresponding to $157.1 billion in liabilities (issued USDT), with an excess reserve of $5.4 billion, including Bitcoin holdings valued at $8.9 billion (approximately 83,200 BTC);

• Tether's exposure to U.S. Treasury bonds exceeds $127 billion, and the USDT supply increased by $13 billion this quarter, with the company investing approximately $4 billion in U.S. projects in AI, renewable energy, and digital communications.

Why It Matters

• With the passage of the GENIUS Act, stablecoins are rapidly integrating into broader financial infrastructure. As the largest stablecoin issuer, Tether's CEO has stated that the company will comply with new regulations and issue an onshore version of the stablecoin. The over $162.5 billion in reserves and significant holdings in U.S. Treasury bonds position Tether as an important dollar financial instrument. The company is heavily investing profits into strategic U.S. industries, including XXI Capital Bitcoin treasury management, Rumble video platform, and crypto wallet development, demonstrating that stablecoin giants are actively seeking to transform into compliant financial institutions within a regulatory framework while expanding their business into broader technology and financial sectors.

🔮Deloitte: 40% of CFOs at Billion-Dollar Companies Plan to Adopt Crypto Payments for Investments Within Two Years

Key Points Overview

• Deloitte's latest survey shows that 99% of CFOs expect to use cryptocurrencies for business functions in the long term, with respondents from North American companies earning at least $1 billion annually;

• 23% of CFOs indicated that their finance departments will use cryptocurrencies for investments or payments within the next two years, with this figure approaching 40% among large enterprises with annual revenues exceeding $10 billion;

• Despite 43% of CFOs still concerned about price volatility, 15% of respondents expect their finance departments to purchase non-stable cryptocurrencies as part of their investment strategy within the next 24 months.

Why It Matters

• Against the backdrop of Trump's order to establish a strategic Bitcoin reserve and the regulatory clarity provided by the GENIUS Act, corporate acceptance is gradually increasing. At the time of the Deloitte report's release, dozens of publicly traded companies had begun to reserve cryptocurrencies such as Bitcoin, Ethereum, and Solana. CFOs of companies with annual revenues over $10 billion are more proactive, with nearly a quarter (24%) indicating plans to invest in non-stable cryptocurrencies within the next two years, reflecting a fundamental shift in institutional attitudes towards digital assets as corporate finance departments move from observation to action.

New Product Updates

👀Interactive Brokers Considers Issuing Its Own Stablecoin to Reshape Brokerage Account Fund Flows

Key Points Overview

• Interactive Brokers (IBKR) is evaluating the feasibility of issuing its own stablecoin, intended for instant deposits, asset transfers, and 24/7 clearing and settlement for customer accounts to enhance fund flow efficiency;

• The company is exploring two paths: issuing a proprietary stablecoin or integrating third-party stablecoins (such as USDC, PYUSD), aiming to connect brokerage accounts with crypto assets;

• IBKR has 3.87 million customer accounts (up 32% year-on-year), and its stock price has risen 47% this year, marking another step in its digital finance strategy following previous collaborations with Paxos and the launch of the prediction market platform ForecastEx.

Why It Matters

• Interactive Brokers' entry into the stablecoin space as a traditional brokerage signifies the accelerated digital transformation of financial infrastructure. Its plans will fundamentally change the logic of fund dispatching in brokerage accounts from "T+1/T+2" to "instant settlement," challenging crypto-native platforms like Coinbase and indicating a paradigm shift in clearing systems from "transaction time-driven" to "account status-driven." This initiative reflects that large financial institutions are beginning to recognize the value of blockchain technology in enhancing fund flow efficiency, indicating that the regulatory environment is gradually accepting stablecoins into the compliant financial system.

👀Blockchain Infrastructure Alchemy Upgrades "Cortex Engine," Increasing Stablecoin Transaction Speed by 66%

Key Points Overview

• Alchemy has launched the "Cortex Engine" architecture, reducing blockchain API response times from 300-400 milliseconds to under 50 milliseconds, achieving a 66% reduction in transaction latency;

• As the "crypto AWS," Alchemy provides infrastructure support for most stablecoin issuers (such as Paxos, Circle), and this upgrade will directly enhance stablecoin transaction speeds;

• The new architecture achieves hundreds of thousands of requests per second throughput, with individual blockchain node throughput increased by 1000 times, approaching the processing capabilities of large traditional payment systems.

Why It Matters

• Stablecoin transaction volumes have matched those of Visa and Mastercard's international payments, but speed has always been a shortcoming. Alchemy's upgrade reduces blockchain response times to below 100 milliseconds (the threshold for human perception of latency is about 200 milliseconds), allowing stablecoin payment experiences to finally compete with traditional payment systems. As a key infrastructure provider connecting decentralized applications, Alchemy supports large institutions including Coinbase, Stripe, and JPMorgan, and this performance enhancement will have a broad impact on the Web3 ecosystem, removing technical barriers for stablecoins in the global payment market and accelerating the penetration of blockchain payments into the mainstream market.

👀MetaMask Launches "Stablecoin Earn" Feature, Allowing Users to Earn Yield Directly in Wallet

Key Points Overview

• MetaMask has officially launched the "Stablecoin Earn" feature, allowing users to deposit mainstream stablecoins such as USDT, USDC, and DAI directly in the wallet front end;

• This feature is powered by the well-known DeFi protocol Aave, enabling users to automatically earn stablecoin yields through this functionality;

• There are no lock-up restrictions on deposits, allowing users to withdraw funds at any time, lowering the barriers to participation in DeFi.

Why It Matters

• This marks the largest Web3 wallet, MetaMask, beginning to directly integrate yield products, bringing DeFi functionality to the wallet interface and greatly simplifying the process for ordinary users to participate in DeFi. By collaborating with Aave, MetaMask ensures product security while reducing user learning costs, potentially attracting more traditional users to try crypto asset yield management and promoting the practicality of DeFi.

👀Routable Partners with Brale to Launch Global Stablecoin Payment System

Key Points Overview

• Payment platform Routable has announced a partnership with Brale to integrate stablecoin payments into its existing accounts payable (AP) automation system, alongside traditional payment methods like ACH;

• This partnership allows Routable customers to access stablecoins issued by Brale, Circle, and Paxos, supporting 19 blockchain networks, including Ethereum, Solana, Base, Canton, and more;

• Enterprises can easily select blockchain networks through API variables without additional technical integration, enabling payments across over 220 countries and regions in more than 140 currencies.

Why It Matters

• This partnership signifies that stablecoins are rapidly entering the enterprise payment space, seamlessly integrating blockchain payment capabilities with traditional enterprise financial software. By supporting multiple chains and various stablecoin issuers, the collaboration between Routable and Brale breaks down barriers between blockchain ecosystems, providing enterprises with flexible options for instant payments globally, showcasing the immense potential of stablecoins as cross-border payment infrastructure.

👀Cash App Launches Pools Feature to Simplify Group Payment Processes

Key Points Overview

• Cash App has officially launched the Pools group payment feature, allowing users to create funding pools for group payments, supporting internal transfers within Cash App as well as external payments via Apple Pay and Google Pay;

• The new feature addresses the pain points of group fund collection, which involves 60% of American adults, alleviating the pressure of individual upfront payments, and supports setting target amounts, tracking progress, and real-time contribution monitoring;

• The feature is currently available to select users and will be rolled out to all 57 million monthly active users in the coming months, marking the beginning of Cash App's transformation towards social financial management.

Why It Matters

• The Pools feature aligns with the trend of younger users viewing fund management as a social experience, effectively connecting Cash App's existing banking and payment tool ecosystem. By simplifying group payment processes and integrating mainstream payment methods, Cash App strengthens its position as a comprehensive financial platform while opening up a vast market for group financial management. This product strategy reflects the industry trend of payment platforms evolving from mere transaction tools to social financial collaboration platforms.

👀SoFi CEO Announces Crypto Expansion Plans, Including Staking, Lending Services, and Stablecoins

Key Points Overview

• Following a strong earnings report, SoFi CEO Anthony Noto announced a comprehensive expansion of its crypto business, planning to increase hiring and offer customers crypto asset collateralized lending and staking services;

• As the largest online lending institution in the U.S., SoFi plans to relaunch cryptocurrency spot trading services by the end of the year, allowing users to buy and sell digital tokens such as Bitcoin and Ethereum;

• Noto stated that SoFi's banking license advantage allows it to launch stablecoins earlier than competitors, as the OCC (Office of the Comptroller of the Currency) has permitted banks to issue stablecoins, while the rule-making required by the GENIUS Act will take 12-18 months.

Why It Matters

• SoFi's crypto expansion marks an acceleration of the integration of traditional finance and digital assets, with its banking license advantage potentially giving it a head start in the stablecoin space. As traditional banks like JPMorgan and Bank of America also express interest in blockchain payments and stablecoins, fintech companies are actively seizing market share. SoFi's comprehensive layout reflects the strategic importance of crypto assets in the banking industry, providing users with more diversified digital asset services, and representing a significant trend in the digital transformation of financial services.

👀Visa Expands Stablecoin Settlement Platform, Adding Support for Stellar, Avalanche, and Three Stablecoins

Key Points Overview

• Visa announced that its stablecoin settlement platform will add support for PayPal USD (PYUSD) and Global Dollar (USDG) through a partnership with Paxos, while also adding the euro stablecoin EURC issued by Circle;

• The platform's blockchain support has expanded from Ethereum and Solana to include Stellar and Avalanche, enabling settlement capabilities for four stablecoins across four blockchains;

• This expansion allows partners to conduct stablecoin settlements in both major currencies, the U.S. dollar and the euro, reducing friction costs for wallets and developers.

Why It Matters

• As a traditional payment giant, Visa has been exploring USDC settlements since 2020, and this multi-currency, multi-chain platform expansion marks a comprehensive upgrade of its crypto strategy. With payment providers, fintech companies, and banks seeking faster cross-border transaction solutions, stablecoins are gaining widespread adoption. Rubail Birwadker, Visa's head of global growth products and strategic partnerships, stated, "When stablecoins are trusted, scalable, and interoperable, they can fundamentally change the way money moves globally." This move will accelerate the adoption of stablecoins in mainstream payment sectors, expanding blockchain-based stablecoin payments from the cryptocurrency vertical into a broader global payment market.

👀Clearpool Launches Payment Financing Service, Introducing Yield-Generating Stablecoin cpUSD

Key Points Overview

• Decentralized credit platform Clearpool has launched a stablecoin credit pool for payment finance (PayFi), providing short-term financing solutions for fintech companies involved in cross-border transfers and card transaction processing;

• The newly introduced yield-generating token cpUSD is backed by the PayFi vault and liquidity stablecoins, with yields derived from real payment flows rather than speculative crypto activities;

• Clearpool has provided over $800 million in stablecoin credit to institutional borrowers, including Jane Street and Banxa, focusing on addressing liquidity gaps caused by the time lag between fiat and stablecoin settlements.

Why It Matters

• Clearpool's new product highlights the central role of stablecoins in global payment infrastructure. CEO Jakob Kronbichler noted, "What many overlook is that while stablecoins can settle instantly, fiat cannot, forcing fintech companies to pre-fund liquidity to bridge this gap." Especially in emerging markets where traditional banking channels are slow or costly, the PayFi pool will offer institutions a short-term credit cycle of 1-7 days to meet liquidity needs before fiat settlements. cpUSD links DeFi yields to real payment demands, providing holders with a stable income source driven by actual payment business rather than speculative cycles, representing a significant expansion of DeFi into broader financial services.

Capital Layout

🌱JPMorgan: Coinbase to Receive Approximately $300 Million in Distribution Fees from Circle in Q1 2025

Key Points Overview

• JPMorgan's report indicates that Coinbase will receive approximately $300 million in distribution payments from Circle in Q1 2025, exceeding Circle's own net revenue of $230 million;

• Coinbase holds Circle shares valued at $1.6 billion, but the greater value comes from the USDC ecosystem: the $13 billion USDC balance on the platform generates $125 million in revenue, while the external Reserve Fund revenue sharing brings in $170 million with nearly 100% profit margin;

• JPMorgan estimates that the economic value related to Circle could be as high as $55-60 billion for Coinbase shareholders, suggesting that the market may be underestimating the strategic importance of the USDC ecosystem.

Why It Matters

• This reveals that the business model of mainstream crypto exchanges generating high profits through stablecoin ecosystems is maturing. Coinbase's role as a USDC distributor not only brings direct high-profit revenue but also promotes user growth, with incentives provided by Circle allowing Coinbase to attract customers at zero or negative costs. This case indicates that stablecoins are not just transaction mediums but have become a core revenue source for crypto platforms, signaling that the stablecoin economy will be a key driver of crypto enterprise valuations.

💰YuanCoin Technology Raises $40 Million, Led by ZhongAn International and Others

Key Points Overview

• Stablecoin infrastructure company YuanCoin Technology has completed nearly $40 million in Series A2 financing, led by ZhongAn International, Zhongwan International, Brilliant Investment, and Hivemind Capital, with participation from Sequoia China and others;

• The company has signed a strategic cooperation memorandum with ZhongAn Bank to explore the application of stablecoins in compliant financial services, having previously participated in the Hong Kong Monetary Authority's stablecoin sandbox pilot;

• YuanCoin Technology previously launched the HKDR stablecoin pegged 1:1 to the Hong Kong dollar and completed a $7.8 million Series A1 financing last September, demonstrating its continuous financing capability.

Why It Matters

• This round of financing reflects Hong Kong's active efforts to build a compliant stablecoin ecosystem, with the participation of institutions like ZhongAn Bank indicating an acceleration of the integration between traditional finance and blockchain technology. As a pilot participant in the Hong Kong Monetary Authority's initiative, YuanCoin Technology's HKDR stablecoin is expected to become an important financial infrastructure under the regulatory framework for virtual assets, strategically significant for Hong Kong's development as a major cryptocurrency center in Asia.

💰Zodia Markets Secures $18.25 Million in Series A Funding from Circle Ventures and Others to Expand Stablecoin Payment Infrastructure

Key Points Overview

• Zodia Markets has completed $18.25 million in Series A funding, led by Pharsalus Capital, with participation from Circle Ventures and others, with funds aimed at accelerating international expansion and stablecoin payment solutions;

• Since its establishment in 2021, the company has been supported by Standard Chartered Bank's innovation division SC Ventures and leading Asian digital asset company OSL Group, establishing a leading position in cross-border stablecoin liquidity;

• Zodia Markets currently supports over 20 fiat currencies and more than 70 digital assets (including both dollar and non-dollar stablecoins), focusing on providing real-time wholesale trading, settlement, and cross-border fund flow services for institutions.

Why It Matters

• This funding highlights the deep integration trend between traditional banks and crypto infrastructure. As a digital asset platform supported by Standard Chartered Bank, Zodia Markets is reshaping inter-institutional cross-border payment models through stablecoins, with Circle Ventures' participation further validating its strategic position in institutional-grade stablecoin infrastructure. The platform combines traditional foreign exchange capital flows with real-time stablecoin settlements, representing a shift where global banks begin to incorporate stablecoins as part of their core payment infrastructure, driving the digital transformation of wholesale banking.

💰Stable Raises $28 Million in Seed Round Funding to Develop USDT-Based Payment Blockchain

Key Points Overview

• Stable has completed $28 million in seed round funding, led by Bitfinex and Hack VC, with participation from Franklin Templeton, Castle Island Ventures, and KuCoin Ventures;

• The blockchain project will use USDT as a fuel token, aiming to create a fast, low-cost, and stable digital payment infrastructure;

• Stable joins the competition in the stablecoin blockchain space, which already includes projects like Plasma, which recently raised $373 million for its stablecoin network.

Why It Matters

• The stablecoin market has grown to a market capitalization of $273 billion, with USDT and USDC dominating, while the demand for blockchain infrastructure optimized for stablecoin payments is increasing. Stable, supported by angel investors including Tether CEO Paolo Ardoino, indicates strong industry interest in blockchain solutions designed specifically for stablecoin transactions. The participation of traditional financial institution Franklin Templeton shows that institutional capital is accelerating its entry into the stablecoin infrastructure space, further promoting the application of stablecoins in global payment and settlement systems.

Regulatory Compliance

🏛️Hong Kong Stablecoin Regulation Now in Effect, Several Institutions Indicate Intent to Apply for Licenses

Key Points Overview

• The Stablecoin Ordinance officially took effect on August 1, with the Monetary Authority opening the application window until September 30, with the first licenses expected to be issued early next year;

• The CEO of Standard Chartered Hong Kong and Greater China and North Asia confirmed that the group is studying the documentation and exploring application scenarios, aiming to submit a stablecoin license application as soon as possible;

• According to incomplete statistics, several institutions have indicated their intention to apply for licenses, including JD Coin Chain Technology, YuanCoin Innovation, Standard Chartered Bank, Anni Group, Hong Kong Telecom, and others;

• Meanwhile, more local banks, tech companies, and Web3 teams are preparing further around clearing systems, custody mechanisms, and payment interfaces.

Why It Matters

• The Hong Kong Monetary Authority emphasizes that the licensing threshold for stablecoins is high, with only a few licenses to be issued initially, and licensed institutions must meet compliance, specificity, and sustainability requirements. This move marks Hong Kong's transition from sandbox testing to a formal regulatory framework, which will attract traditional banks, tech companies, and Web3 teams to establish stablecoin businesses, strategically significant for consolidating Hong Kong's status as an international financial center.

🏛️U.S. SEC Chair Atkins: "Most Crypto Assets Are Not Securities"

Key Points Overview

• SEC Chair Paul Atkins announced the launch of the "Project Crypto" initiative, aimed at swiftly implementing new crypto policies urged by President Donald Trump, modernizing securities rules to accommodate crypto assets, and explicitly countering the views of former SEC Chair Gensler;

• Atkins emphasized that "most crypto assets are not securities" and instructed SEC staff to draft clear and simple rules for the distribution, custody, and trading of crypto assets;

• The SEC will provide "tailored disclosure requirements, exemptions, and safe harbors" for crypto securities, including ICOs, airdrops, and network rewards, and will support self-custody wallets and "super apps" for one-stop services.

Why It Matters

• This marks a significant shift in the U.S. crypto regulatory philosophy, with Atkins clearly supporting Trump's goal of establishing a "crypto golden age," which will attract crypto companies that have fled the U.S. back to the country. The SEC's new policy will allow broker-dealers to offer trading in multiple assets on a single platform without the need for multiple licenses, while also providing protections for software developers. This major policy shift indicates a fundamental change in the U.S. crypto regulatory landscape, potentially bringing certainty to the market and fostering innovation.

🏛️Germany's AllUnity Launches First Euro Stablecoin EURAU Under BaFin Regulation

Key Points Overview

• EURAU, launched by the joint venture AllUnity, which includes DWS, Galaxy, and Flow Traders, becomes Germany's first euro stablecoin compliant with MiCAR regulations, having received an electronic money license from the German financial regulator BaFin;

• EURAU is issued as an Ethereum ERC-20 token, with the European Banking Union serving as the reserve custodian, primarily targeting financial institutions, fintech companies, and corporate clients that require regulated, instant cross-border euro payments;

• The stablecoin will be listed on the BaFin-regulated digital asset exchange Bullish Europe, with initial trading pairs including BTC/EURAU and USDC/EURAU, with market-making services provided by Flow Traders.

Why It Matters

• The launch of EURAU marks an important milestone in the European regulated stablecoin market. Supported by well-known institutions such as BitGo, Metzler Bank, and Fireblocks, this stablecoin demonstrates the broad trend of embedding regulatory-compliant stablecoins into European financial infrastructure. AllUnity CEO Alexander Höptner described this as an important step towards "financial sovereignty" for digital Europe, showing that the EU is establishing a euro digital payment system independent of dollar stablecoins through the MiCAR framework, providing payment solutions compliant with local regulations for European financial institutions.

🏛️South Korea's Central Bank Establishes Crypto Asset Department in Response to Local Stablecoin Development Momentum

Key Points Overview

• The Bank of Korea (BOK) has newly established a virtual asset department responsible for monitoring the crypto market and leading internal discussions related to the Korean won stablecoin, which is set up under the Financial Payment System Bureau;

• The central bank has also renamed its "Digital Currency Research Team" to "Digital Currency Team," indicating a shift from theoretical exploration to more proactive digital currency practices;

• South Korea's newly elected President Lee Jae-myung has pledged to promote the development of the local currency stablecoin market to prevent capital outflow, and ruling party lawmakers have submitted a bill to establish a regulatory framework for the Korean won stablecoin.

Why It Matters

• The Bank of Korea's move signifies a shift in central banks' attitudes towards stablecoins globally, from caution to active participation. In the context of the U.S. government's support for dollar stablecoins, the South Korean government and financial institutions are taking swift action to prevent capital outflow and dollarization. The decision to pause the CBDC project in favor of focusing on stablecoins reflects that Asian financial centers are seeking to balance between central bank digital currencies and private sector stablecoins, which will accelerate the formation of the Asian stablecoin ecosystem.

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