As the focus of the value chain shifts towards distribution, the differentiation of stablecoins will increasingly rely on services and branding.

Written by: Cobo

As stablecoins continue to "eat the world," the focus of the value chain is also shifting—from the issuance side to the distribution side. A clear trend is the rise of the white-label model, where front-end platforms focus on traffic and users, while the underlying infrastructure is provided by professional issuers offering reserves, audits, and compliance services, known as "Stablecoin as a Service" (STaaS). This means that as the barriers to issuance lower, differentiation will rely more on distribution capabilities and branding rather than the trustworthiness of the assets themselves. This suggests that the future market landscape may also change from a monopoly by a few giants to a diversified ecosystem of medium-sized players (between $1 billion and $25 billion).

A similar logic is occurring with card organizations and banks. The card issuance business is gradually becoming API-driven and modularized, with "Card Issuing as a Service" allowing more companies to quickly integrate payment processes, shifting the profit model from interest and annual fees to data accumulation and programmability.

Payment blockchains are constrained by the "impossible triangle" of privacy, compliance, and performance. The GCUL developed by Google meets the needs of financial institutions but at the cost of sacrificing openness. Coupled with potential conflicts of interest between its advertising and payment networks, it remains uncertain whether it can become a public infrastructure for stablecoin payments.

Market Overview and Growth Highlights

The total market capitalization of stablecoins has reached $282.841 billion, with a week-on-week increase of $6.522 billion. In terms of market structure, USDT continues to dominate, accounting for 59.55%; USDC ranks second with a market cap of $70.375 billion, representing 24.88%.

Blockchain Network Distribution

Top three networks by stablecoin market cap:

1. Ethereum: $148.551 billion

2. Tron: $81.617 billion

3. Solana: $12.178 billion

Top 3 networks with the fastest weekly growth:

1. M By M^0 (M): +11.32%

2. Dai (DAI): +9.99%

3. USD Coin (USDC): +5.57%

Data from DefiLlama

🎯 Decoupling Brand and Issuance: The Future of STaaS for Stablecoins

As the issuance of stablecoins becomes increasingly commoditized, the focus of the value chain has shifted from the "issuance" of stablecoins to their "distribution." If the first half was dominated by institutional reserves and minting, the second half will depend on who can deliver stablecoins to more users and merchants.

The maturity of compliance and technology has allowed the application scenarios of stablecoins to extend beyond exchanges, reaching corporate treasury, capital markets, and consumer networks, while card organizations and issuing banks push them into the retail payment system. Stablecoins are transitioning from withdrawal tools to long-term circulation within networks, significantly extending their lifecycle and potentially creating a bond between on-chain and off-chain economies.

In business competition, distribution capability is often more important than the product itself, and stablecoins are no exception. The success of stablecoins depends on their widespread acceptance, and the white-label model is becoming popular, allowing platforms to utilize stablecoin capabilities under regulatory frameworks without building their own reserves and compliance systems, optimizing payment and settlement processes. Cases like Metamask with Bridge and PayPal with Paxos demonstrate that user relationships and usage scenarios are controlled by the platform, while reserve management and compliance auditing are outsourced to issuers. Even giants like PayPal can distribute interest-bearing stablecoins without directly issuing them. This "decoupling of brand and issuance" model allows the functionality of stablecoins to be embedded in broader payment and settlement processes in a service-oriented manner.

In traditional finance, banks abstract capabilities like deposits, lending, and card issuance into APIs, known as BaaS (Banking-as-a-Service). In the era of stablecoins, this logic has evolved into STaaS (Stablecoin-as-a-Service), abstracting issuance, reserve management, auditing, and compliance into underlying services handled by professional institutions, allowing platforms to focus on users and scenarios.

In the evolution of stablecoin infrastructure, in addition to "Issuance as a Service," we are also seeing a new model—Card Issuing as a Service. The traditional four-party model, which relies on interest and exchange fees for profit, is gradually becoming ineffective in the face of on-chain payments. Banks are beginning to modularize licenses, deposits, and credit limits, outputting them to fintech companies via APIs, and deeply integrating with the programmability of stablecoins for B2B processes like payroll and freelancer settlements. The advantages of this model no longer come from credit expansion but from migration barriers, data accumulation, and programmability. When payments are tightly coupled with business operations, the stablecoin infrastructure gains greater resilience and growth potential, thus creating a new moat.

🎯 Google Cloud Develops Permissioned Payment Chain GCUL for Financial Institutions

According to Rich Widmann, head of Google Cloud's Web3 business strategy, Google is developing a permissioned blockchain called Universal Ledger (GCUL) aimed at financial institutions, supporting native on-chain banking funds, cross-currency settlement, and programmable payments.

Google's core assumption in entering the blockchain space is that banks must transform in the wave of digital currency, upgrading from traditional clearing nodes to on-chain asset issuers and distributors. GCUL provides embedded compliance, Python smart contracts, and API access, allowing banks to migrate deposits, securities, and clearing operations on-chain, taking control of fund flows. An article on Google Cloud's official website titled "Beyond Stablecoins: The Evolution of Digital Currency" points out that "the fragmentation of payment systems and inefficient settlements could lead to a loss of $2.8 trillion by 2030, while the growth of stablecoins has validated market demand."

Unlike Stripe's closed-loop ecosystem, Google aims to provide a neutral underlying infrastructure and has already launched a tokenization pilot with the CME, targeting institutions that do not have their own chains but wish to enter crypto payments. As Rich Widmann stated, "Tether will not use Circle's chain, and Adyen may not use Stripe's chain, but any institution can develop payment services on GCUL." Google hopes to attract multiple parties to connect through a "non-binding" infrastructure.

However, GCUL follows a permissioned route, meeting financial institutions' needs for privacy, compliance, and throughput, but sacrificing the openness of public chains. Given Google's existing interests in cloud, advertising, search, and browsers, there are concerns that it may struggle to remain completely neutral between its advertising and payment networks, raising questions about whether GCUL can become the "public infrastructure" for stablecoin payments.

What is certain is that the previous assumption that "public chain protocols like Ethereum and Solana will capture most of the value" may no longer hold. If the next wave of $2 trillion in stablecoin funds flows into branded chains like Stripe's Tempo, Circle's Arc, or Google's GCUL, the value capture of public chains like Ethereum (ETH) and Solana (SOL) will face serious challenges.

Regulatory Compliance

🏛️ Japan's Monex Group Considers Issuing Yen Stablecoin, Chairman Says "Not Doing So Will Leave Us Behind"

Key Points Overview

• Tokyo-listed financial services company Monex Group is considering issuing a yen stablecoin, with Chairman Oki Matsumoto stating, "Issuing stablecoins requires a lot of infrastructure and capital, but if we don't get involved, we will be left behind";

• The stablecoin is planned to be backed by assets such as Japanese government bonds, redeemable 1:1 for yen, primarily for international remittances and corporate settlements, and will leverage the group's Coincheck exchange and Monex securities brokerage for promotion;

• Matsumoto revealed that Monex is considering acquiring a European crypto-related company, with final negotiations ongoing and an announcement possible "within days," which will expand its influence in Western markets.

Why It Matters

• Monex Group's consideration of issuing a yen stablecoin marks a rapid loosening of Japan's crypto regulatory environment. The Financial Services Agency (FSA) plans to approve the issuance of yen stablecoins as early as this fall, which will be Japan's first allowance for a digital currency pegged to its national fiat currency. Following the lifting of the ban on foreign stablecoins in 2023 and the approval of USDC for use in Japan in March, the entry of financial giants into the stablecoin market will accelerate Japan's competitiveness in the Asian digital asset space, providing a digital option for the yen in international settlements.

🏛️ Circle and Paxos Partner with Bluprynt to Pilot Provenance Verification Technology, Exploring Stablecoin Payment Traceability and Authenticity Verification

Key Points Overview

• Stablecoin giants Circle and Paxos are collaborating with fintech startup Bluprynt to pilot "provenance upfront" technology, which can prevent stablecoin counterfeiting and verify the identity of issuers in real-time;

• This technology utilizes cryptography and blockchain to provide token traceability, enabling regulators and investors to confirm whether tokens are issued by the claimed issuers, effectively preventing counterfeit tokens and impersonation attacks;

• As the GENIUS Act promotes the increase of stablecoin issuers, verifying the "true identity" of tokens has become a key security issue, with blockchain analytics firm Chainalysis listing counterfeiting and impersonation as common risks for stablecoins.

Why It Matters

• This technology transforms compliance into a technological product rather than just legal documentation, marking the maturation of the digital asset industry. As the application of stablecoins expands, trust mechanisms based on technology rather than branding become particularly critical. This innovation paves the way for the large-scale adoption of stablecoins while meeting regulatory requirements, reducing systemic risks, and providing reliable verification tools for auditors, law enforcement, and investors.

🏛️ CFTC: Departed U.S. Crypto Companies Can Return to U.S. Market as "Foreign Exchanges"

Key Points Overview

• The U.S. Commodity Futures Trading Commission (CFTC) released a consultation announcement on Thursday, stating that crypto companies that have left the U.S. can directly serve U.S. customers by registering as "Foreign Exchanges" (FBOT);

• Acting Chair Caroline Pham stated that this move is part of the "Crypto Sprint" initiative, aimed at providing a pathway for "U.S. companies forced to set up exchanges abroad to return to the U.S. market";

• The CFTC is receiving an increasing number of FBOT registration applications, clarifying that eligible foreign companies do not need to register as U.S. Designated Contract Markets (DCM) but must be strictly regulated in their home countries.

Why It Matters

• This policy "reminder" reflects the CFTC's friendly shift towards the crypto industry under the Trump administration. In the context of regulatory uncertainty leading to the withdrawal of several exchanges from the U.S. market, the CFTC is actively rebuilding bridges to meet regulatory requirements while providing more trading options for U.S. consumers. Pham referred to this move as "another achievement delivered for President Trump," implying it is part of a broader regulatory relaxation. With the confirmation process for former CFTC commissioner Brian Quintenz, nominated by Trump, about to resume, and Commissioner Johnson set to leave next week, the CFTC's crypto-friendly stance may further strengthen, creating a clearer path for international crypto exchanges to return to the U.S. market.

New Product Releases

👀 Aave Launches RWA Market Horizon, Connecting Institutional Tokenized Assets with DeFi

Key Points Overview

• Aave Labs has launched the Horizon market, bringing together leading institutions such as VanEck, Circle, Ripple, WisdomTree, Superstate, and Centrifuge to connect institutional tokenized assets with DeFi on Ethereum;

• The first collateral assets include Superstate's USCC and USTB, as well as Centrifuge's JRTSY and JAAA, with Circle's USYC set to join soon; stablecoin supply options include USDC, RLUSD, and GHO;

• Horizon utilizes Chainlink SmartData technology (initially deploying NAVLink) to provide accurate net asset values for tokenized real-world asset collateral, enabling real-time over-collateralized stablecoin loans within a compliant DeFi framework.

Why It Matters

• Horizon represents the fusion of DeFi and traditional finance, opening the door to trillions of dollars in DeFi liquidity by incorporating institutional-grade assets into decentralized lending protocols. This platform employs an institutional compliance framework while supporting permissionless stablecoin supply, meeting regulatory requirements for institutional investors while retaining the core open characteristics of DeFi. Llama Risk and Chaos Labs provide risk analysis support to ensure platform security. This marks the official entry of DeFi into the institutional market, creating a new paradigm for on-chain liquidity and capital efficiency for traditional assets.

👀 Anchorage Digital Establishes Venture Capital Division to Support Early On-Chain Protocols and Becomes a Federally Chartered Stablecoin Issuer

Key Points Overview

• Crypto custody unicorn Anchorage Digital has launched a venture capital division, Anchorage Digital Ventures, focusing on investing in early-stage on-chain protocols, particularly infrastructure projects related to Bitcoin DeFi, real-world assets, and decentralized identity;

• Previously, Anchorage Digital Bank announced it would become the first federally chartered stablecoin issuer, providing a "one-stop" solution that allows institutions to launch their own branded stablecoins without dealing with technical complexities;

• The platform integrates funding, strategic guidance, and institutional connection channels, providing startup teams with full-process support from product design to market access, while promising unlimited issuance capacity and instant network access.

Why It Matters

• Anchorage's strategy demonstrates the trend of crypto infrastructure companies expanding into the full spectrum of financial services. As the first crypto institution in the U.S. to obtain a federal banking license, its GENIUS compliant stablecoin issuance service synergizes with its venture capital division: it can incubate innovative projects while providing compliant pathways and institutional-grade application scenarios for these projects. This business model will accelerate institutional adoption of blockchain technology while ensuring that emerging protocols meet regulatory expectations from the outset.

👀 Ant Group and Standard Chartered Test Bank-to-Wallet Payment Solutions

Key Points Overview

• Ant Group and Standard Chartered are piloting a bank-to-digital wallet payment solution based on the Swift system, having completed initial transaction tests using the ISO 20022 financial messaging standard;

• This solution leverages Ant's Alipay+ global wallet gateway service, connecting over 11,500 financial institutions across more than 200 countries and regions covered by the Swift network, interfacing with 1.7 billion user accounts across 36 global digital wallets within the Alipay+ ecosystem;

• PYMNTS Intelligence research found that 42% of consumers list digital wallets as their preferred method for cross-border remittances, surpassing traditional bank account transfers and remittance services, with this figure rising to 44% among U.S. consumers.

Why It Matters

• This collaboration reflects the trend of migrating towards digital wallets in the cross-border payment space. The connection between the Swift system and Alipay+ breaks down barriers between traditional finance and emerging payment networks, providing banks with strategies to address fintech challenges. Research shows that 62% of banks in the U.S. and U.K. plan to innovate cross-border payments through partnerships with fintech companies, and this integration will reshape the global payment landscape, particularly in rapidly growing markets in Asia, providing consumers and businesses with a faster and more flexible international payment experience.

👀 Tether to Issue Bitcoin-Native USDT Stablecoin on RGB

Key Points Overview

• Tether has announced plans to issue USDT on the RGB protocol, which is a smart contract and asset issuance protocol anchored to Bitcoin and compatible with the Lightning Network, expanding the native support of the world's largest stablecoin on the Bitcoin network;

• RGB allows issuers to mint and transfer crypto assets anchored to Bitcoin transactions but verified off-chain, reducing on-chain data usage while inheriting Bitcoin's security, enabling near-instant settlements on the Lightning Network and enhancing privacy;

• USDT currently circulates mainly on the Tron and Ethereum networks, with a total supply exceeding $167 billion; Tether is gradually phasing out support for less scalable chains like Omni, EOS, and Algorand, with plans to completely shut down support for these networks by September.

Why It Matters

• This integration marks Tether's strategic move to deepen its investment in the Bitcoin ecosystem. The company holds over 100,000 Bitcoins and has invested $2 billion in Latin America to build 15 mining facilities, aiming to become the world's largest Bitcoin miner by the end of 2025. Providing a Bitcoin-native stablecoin payment channel through the RGB protocol will enable USDT to seamlessly integrate with Lightning Network wallets, merchant tools, and exchanges, offering users a faster, cheaper, and more private transaction experience. This aligns with Tether's broader strategy of expanding into regulated markets, including a recent stake in the Spanish exchange Bit2Me to establish a foothold in Europe. This move strengthens the deep integration of stablecoins with Bitcoin infrastructure, providing a more efficient alternative for cross-border payments and remittances.

Market Adoption

🌱 Cloud Development Platform Vercel's AI Frontend Tool v0 Accepts USDC for Purchasing Credits

Key Points Overview

• U.S. cloud development platform Vercel's AI frontend development tool v0 has begun accepting USDC stablecoin for purchasing v0 credits;

• v0 is positioned as a full-stack development experience platform created by Vercel, a provider of website deployment and frontend development services;

• This move marks the beginning of exploring crypto payment options in the development tools space, providing developers with more payment channels.

Why It Matters

• The acceptance of USDC payments for development tool subscription services reflects the expansion of stablecoins from purely crypto applications into the SaaS and developer services space. As a well-known player in the frontend development field, Vercel's support for USDC may drive more tech companies to adopt crypto payments while providing international developers with alternatives to circumvent traditional payment restrictions. This trend indicates that stablecoins are gradually integrating into the business models of software services, lowering the barriers for cross-border payments.

🌱 Mastercard Partners with Circle to Enable Stablecoin Settlements in the EEMEA Region

Key Points Overview

• Mastercard has partnered with Circle to allow acquirers in Eastern Europe, the Middle East, and Africa (EEMEA) to use USDC and EURC stablecoins for settlements and payments with merchants, promoting digital trade in emerging markets;

• Arab Financial Services and Eazy Financial Services are among the first institutions to adopt this solution, stating that the new feature reduces friction in high-volume settlements and provides faster, safer payment solutions;

• Circle reported that as of June 30, USDC circulation surged 90% year-on-year to $61.3 billion, and by August 10, it grew another 6.4% to $65.2 billion, capturing 28% of the fiat-backed stablecoin market share, an increase of 595 basis points year-on-year.

Why It Matters

• This collaboration marks the formal entry of stablecoin settlements into the core infrastructure of the global payment network. As a traditional payment giant, Mastercard applies its security and compliance expertise to the stablecoin space, providing institutional-grade trust backing for USDC and EURC. This integration not only expands the existing collaboration between the two companies on crypto card solutions but also positions stablecoins as fundamental tools for everyday financial activities. As demand for dollar and euro payments grows in emerging markets like the Middle East and Africa, this solution will simplify cross-border transactions, creating new opportunities for financial inclusion and business development in these regions.

🌱 Financial Giant Finastra Integrates USDC for Settling $5 Trillion in Global Cross-Border Payments

Key Points Overview

• London-based fintech provider Finastra has announced the integration of its payment hub with Circle's USDC stablecoin, enabling banks to settle cross-border transfers using USDC;

• The integration will start with Finastra's Global PAYplus (GPP), which processes over $5 trillion in cross-border payment flows daily, providing around-the-clock, near-instant settlement services via blockchain;

• By enabling USDC settlements while maintaining fiat instructions, banks can reduce reliance on costly and slow correspondent banking networks, innovating without the need to build separate payment processing infrastructure.

Why It Matters

• This move marks the expansion of stablecoins from the crypto industry into the mainstream financial system. With payment giants like Stripe and PayPal establishing their own stablecoin infrastructure, Finastra's integration of USDC will accelerate institutional adoption. Coinbase predicts that the stablecoin market will grow from its current $270 billion to $1.2 trillion by 2028, and this integration of financial infrastructure will drive the convergence of blockchain technology with traditional banking systems, bringing revolutionary changes to international payments.

🌱 Venezuela's Inflation and Currency Collapse Drive Surge in Cryptocurrency Usage

Key Points Overview

• From small family shops to large retail chains, merchants across Venezuela are accepting cryptocurrency payments through platforms like Binance and Airtm, with some businesses even paying employee salaries in stablecoins, and universities beginning to offer courses in digital asset specialties;

• Venezuela ranks 13th globally in Chainalysis's 2024 Cryptocurrency Adoption Index, with a 110% increase in usage over the past year. As the Bolívar currency has depreciated by over 70% since the government ceased intervention last October, and with an inflation rate reaching 229% in May, the public is turning to crypto assets for value preservation;

• Cryptocurrency remittances have become a vital lifeline for Venezuelans, with digital assets accounting for 9% (approximately $461 million) of the total remittance volume of $5.4 billion in 2023, as families increasingly rely on cryptocurrencies instead of traditional high-fee, delayed services like Western Union.

Why It Matters

• The Venezuelan case demonstrates the practical value of cryptocurrencies in environments of extreme inflation and currency collapse. Faced with a currency crisis, foreign exchange shortages, and difficulties in opening bank accounts, ordinary people are forced to seek alternative financial tools to protect their assets. Despite obstacles such as U.S. sanctions and connectivity issues, the crypto ecosystem has shown remarkable resilience, becoming a core component of the everyday economy. This model of widespread adoption may serve as a reference for other countries facing similar economic challenges, while highlighting the practical applications of stablecoins as a store of value and medium of exchange in high-inflation environments.

🌱 Gemini Partners with Ripple to Launch XRP Rewards Credit Card

Key Points Overview

• Cryptocurrency exchange Gemini has partnered with Ripple to launch an XRP rewards credit card, issued by WebBank on the Mastercard network, offering 4% XRP cashback on gas, electric vehicle charging, and rideshare spending, 3% on dining, 2% on groceries, and up to 10% cashback at select partner merchants;

• The card supports XRP and Ripple's USD stablecoin RLUSD, and after its launch, Gemini surpassed Coinbase in the financial category of the U.S. Apple App Store, ranking 16th and 20th respectively, despite Gemini's daily trading volume ($382 million) being only about one-third of Coinbase's ($4.54 billion);

• Gemini is preparing for an IPO, with its financial report for the first half of 2025 showing revenue of $67.9 million and a net loss of $282.5 million, indicating revenue growth compared to the same period last year but an increase in losses.

Why It Matters

• This credit card signifies the further integration of cryptocurrencies into everyday consumer scenarios, creating a low-barrier entry point for non-crypto users. The product has successfully driven a surge in Gemini app downloads, reflecting the accelerated mainstreaming of the crypto industry following the Trump administration's arrival. This move is both a strategic initiative to expand the business line ahead of Gemini's IPO and a demonstration of the industry's shift from speculation to practical payment tools, as well as a new competitive landscape where crypto companies vie for users through traditional financial products.

🌱 TD Securities Becomes First Third-Party Custodian to Join JPMorgan's Blockchain Debt Platform

Key Points Overview

• TD Securities has become the first financial institution to provide third-party custody services on JPMorgan's Digital Debt Services (DDS) blockchain platform, marking a milestone in the application of blockchain technology in the institutional bond custody space;

• This collaboration enables TD Securities to offer custody services for debt instruments issued, settled, and managed through JPMorgan's blockchain, supporting precise timing of settlements (including same-day settlements), automated lifecycle management, and simplified corporate actions via smart contracts;

• TD Securities' investment management division has seamlessly executed a $100 million commercial paper transaction on-chain as a test, validating the feasibility of the technology.

Why It Matters

• This collaboration marks a shift for financial giants from blockchain experimental projects to actual large-scale deployment in traditional capital markets, bringing advantages such as reduced operational risks, increased settlement speed, and lower costs to the bond market. As a global financial giant managing approximately $47 trillion in assets and custodian of $46.6 trillion in assets, TD Securities' participation sets a precedent for other custodians and banks to adopt blockchain technology, confirming the evolving role of custodians in supporting new digital asset classes.

🌱 Arrive AI Announces Bitcoin Payments for Employees and Vendors, Plans to Issue Proprietary Token

Key Points Overview

• Logistics company Arrive AI has announced a Bitcoin payment plan, allowing employees, vendors, and customers to choose to receive cryptocurrency instead of dollars, with CEO Dan O'Toole being the first employee to adopt this scheme;

• The company plans to issue a proprietary token for paying staff, settling vendor contracts, and streamlining transaction processes within the delivery network, aiming to enhance transparency, speed, and efficiency;

• Arrive AI is actively expanding, planning to double its workforce with a focus on hiring AI scientists, software engineers, and product developers, emphasizing the company's "AI-first" operational strategy.

Why It Matters

• Arrive AI's crypto payment plan showcases the trend of integrating blockchain technology with logistics AI. By issuing a proprietary token, the company can not only simplify cross-border payments but also provide employees and partners with opportunities to participate in the platform's growth. Unlike payment giants like Mastercard that focus on stablecoins, Arrive directly adopts Bitcoin for salary payments, indicating a growing confidence among businesses in using crypto assets as practical payment tools, which may shift the application of cryptocurrencies in everyday business transactions from speculation to practicality.

🌱 Square Unveils Product Roadmap, Launches Bitcoin Payments, First Week Loans, and Self-Service Terminals

Key Points Overview

• Square has announced its product roadmap, planning to launch a Bitcoin payment system, including a Bitcoin wallet and a feature that automatically converts a portion of credit card sales into Bitcoin;

• In financial services, Square will allow merchants to apply for loans in the first week of using its payment processing services, and apply for credit cards without pre-approval;

• New features for the restaurant industry include combo options, self-service terminals, centralized menu management across locations, automatic credit card surcharges, and enhanced back-office and reporting tools.

Why It Matters

• Square's public roadmap signifies its strategic shift from a payment processor to a comprehensive business technology platform. The Bitcoin payment feature will position Square as a bridge connecting traditional commerce with the crypto economy, while the first-week loan service directly challenges the long-standing credit approval processes of traditional banking. These initiatives not only lower the financing barriers for small businesses but also demonstrate Block's long-term bet on the mainstreaming of Bitcoin, with the potential to deeply integrate crypto assets into everyday business activities.

Macroeconomic Trends

🔮 U.S. Stablecoin Bill Repositions EU Digital Euro Strategy

Key Points Overview

• The EU is reconsidering its digital euro plan due to the U.S. GENIUS Act, potentially considering issuing it on public chains like Ethereum or Solana rather than private chains, which represents a significant shift for Europe, which strictly controls cash transactions and supports CBDCs;

• European Central Bank officials have warned that unregulated stablecoins could undermine the European banking system, threaten financial stability, and even lead to "geopolitical dependency," while the ECB president cautioned that stablecoins could weaken central banks' ability to influence monetary policy;

• The EU faces a dilemma in designing the digital euro: it must be good enough for people to choose it over dollar stablecoins, yet not so good that users abandon bank deposits. Economist Luis Garicano described the ECB's position as "We fear stablecoins, but we also don't want to give CBDCs too much of an advantage."

Why It Matters

• The EU's strong reaction to U.S. stablecoins may enhance the practical impact of the GENIUS Act. The blockchain dollar has put the EU in a bind, forcing it to make difficult choices regarding the positioning of central bank digital currencies (half stablecoin, half CBDC). This showcases the true power of blockchain technology; even if Trump's claim that stablecoins will significantly expand the dollar's dominance is not entirely credible, Europe's strong reaction to this threat reveals the scale of the interests at stake.

🔮 BIS Survey: One-Third of Central Banks Accelerate CBDC Development Due to Stablecoins

Key Points Overview

• The BIS 2024 central bank digital currency survey shows that one-third of central banks are accelerating their CBDC research due to the development of stablecoins and crypto assets, with the European Central Bank repeatedly citing the U.S. expansionary stablecoin policy as a reason for the urgency of the digital euro;

• Overall CBDC research work has slightly decreased, from 94% in 2023 to 91% in 2024, with a more pronounced decline in emerging markets. "Research work" includes studies, pilots, or advancing production plans;

• 45% of central banks have already developed legislation for stablecoins and cryptocurrencies, with another 22% in the process, meaning that soon two-thirds of economies will establish relevant regulatory frameworks, with about 80% adopting dedicated legislation rather than modifying existing regulations.

Why It Matters

• The central banks' response to stablecoins indicates an intensifying competition between public and private digital currencies, with national regulators shifting from observation to action. Although stablecoin usage remains low in most regions, the growth of cross-border payment applications in emerging markets has drawn regulatory attention. Countries are increasingly establishing dedicated regulatory frameworks rather than relying on existing laws, indicating that stablecoins are now viewed as a distinct financial instrument requiring special regulation, which will have profound implications for the global digital currency landscape.

Capital Layout

💰 Stablecoin Company Rain, Backed by Visa, Secures $58 Million Investment from Samsung and Others

Key Points Overview

• Stablecoin payment infrastructure startup Rain has completed a $58 million Series B funding round, led by Sapphire Ventures, with participation from Samsung Next, Dragonfly, Galaxy Ventures, and others, bringing its total funding to $88.5 million;

• Rain offers Visa debit and credit card services, providing "enterprise-grade stablecoin payment infrastructure" for fintech companies, banks, and marketplace platforms, enabling customers to issue "stablecoin-driven cards, wallets, and payment applications";

• The company's cards are usable anywhere Visa is accepted, with transaction volume increasing tenfold since January; MetaMask has also recently announced plans to launch a MetaMask card supporting Mastercard merchants by the end of the year.

Why It Matters

• The GENIUS Act and the European MiCA framework have created a clear regulatory path for stablecoins, driving a surge in corporate interest in stablecoins. Rain connects stablecoins to the Visa global network, transforming digital assets into a payment method usable for everyday consumption, bridging the gap between crypto and traditional financial systems. Following the establishment of stablecoin regulatory clarity by the Trump administration, major U.S. banks like Bank of America have expressed intentions to issue their own stablecoins, with the market expected to reach a trillion-dollar scale within a few years, creating significant growth opportunities for infrastructure providers like Rain.

💰 Stablecoin Platform M0 Completes $40 Million Series B Funding

Key Points Overview

• Swiss stablecoin platform M0 has completed a $40 million Series B funding round, led by Polychain Capital, Ribbit Capital, and Endeavor Catalyst, with existing investors Pantera and Bain Capital Crypto participating, bringing its total funding to $100 million since its establishment in 2023;

• M0's unique "first principles" approach separates stablecoin reserve management from programmability: regulated entities manage the assets (such as cash and U.S. Treasuries) backing the stablecoins, while developers can use the M0 platform to define who can create, hold, and transfer these assets;

• The M0 platform will support the issuance of the mUSD stablecoin for MetaMask, which is expected to launch later this year on Ethereum and Linea; as of July, the total supply on the M0 platform exceeded $300 million, doubling since January.

Why It Matters

• With the U.S. passing the stablecoin regulatory bill (GENIUS Act) this year, companies like M0 are creating bridges for traditional enterprises to enter the crypto space. M0's application-specific stablecoin model decouples reserve management from token functionality, allowing developers to flexibly control digital dollar features while maintaining compliance. Payment giant Stripe's acquisition of the Bridge platform for $1.1 billion last year has been integrated into the M0 platform as the first U.S. regulated issuer, highlighting the deep integration of traditional finance with emerging stablecoin infrastructure. This reflects market expectations of a potential transformation in the industry, with thousands of competitors to Tether and USDC emerging under the new regulatory framework.

💰 Ripple and Circle Co-Invest in Cross-Border Payment Platform Tazapay

Key Points Overview

• Singapore-based cross-border payment infrastructure platform Tazapay has completed a Series B funding round, led by Peak XV Partners, with participation from digital asset giants Ripple and Circle. The funds will be used to accelerate its licensing applications in key markets such as the U.S., Australia, Hong Kong, and the UAE;

• Tazapay is building a global payment collection and settlement infrastructure based on modern payment rails, with a key use case of providing fiat bridging services for stablecoins in emerging markets, currently boasting one of the most extensive fiat collection networks in these markets;

• The investment from Ripple and Circle highlights Tazapay's core role in connecting traditional finance with the digital currency world, particularly in building compliant "last-mile" connections.

Why It Matters

• This funding marks a critical step in the expansion of stablecoin infrastructure into emerging markets. As the boundaries between traditional finance and the crypto world gradually dissolve, Tazapay's fiat bridging services will address pain points such as multi-day settlement times, high costs, and reliance on intermediaries in cross-border payments. The strategic investments from blockchain payment giants Ripple and Circle indicate that the industry is building a more complete global payment network, particularly targeting the underserved emerging markets, accelerating the practical application and adoption of stablecoins as a solution for cross-border payments.

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