Author: Cobo
As stablecoins continue to "take over the world," the focus of the value chain is shifting—from the issuance end to the distribution end. 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, auditing, and compliance services, known as "Stablecoin as a Service" (STaaS). This means that as the barriers to issuance lower, differentiation will increasingly rely 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 (with valuations between $1 billion and $25 billion).
A similar logic is occurring with card organizations and banks. Card issuance is gradually becoming API-driven and modularized, with "Card Issuing as a Service" allowing more businesses 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. Google's development of GCUL 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 share, USDT continues to dominate with a 59.55% share; USDC ranks second with a market cap of $70.375 billion, accounting for 24.88%.
Blockchain Network Distribution
Top three networks by stablecoin market cap:
- Ethereum: $148.551 billion
- Tron: $81.617 billion
- Solana: $12.178 billion
Top 3 networks with the fastest weekly growth:
- M By M^0 (M): +11.32%
- Dai (DAI): +9.99%
- USD Coin (USDC): +5.57%
Data from DefiLlama
Decoupling Brand and Issuance: The Future of Stablecoin STaaS
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 into corporate treasury, capital markets, and consumer networks, while card organizations and issuing banks are pushing them into retail payment systems. 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 leverage stablecoin capabilities without building their own reserves and compliance systems, optimizing payment and settlement processes within regulatory frameworks. 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 via APIs to fintech companies, and combining them with the programmability of stablecoins to deeply embed into B2B processes like payroll and freelancer settlements. The advantages of this model no longer stem 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, thereby 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 currencies, 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, actively controlling the flow of funds. 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 result in 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 Group, 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 its "non-binding" infrastructure.
However, GCUL follows a permissioned route, meeting financial institutions' essential 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 about its potential inability 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) of Japan plans to approve the issuance of yen stablecoins as early as this fall, which will be the first time Japan allows 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, allowing regulators and investors to confirm whether tokens are issued by the claimed issuer, effectively preventing counterfeit tokens and impersonation attacks;
As the GENIUS Act drives stablecoin issuers to increase, verifying the "true identity" of tokens has become a key security issue. Blockchain analytics firm Chainalysis has identified counterfeiting and impersonation as common risks associated with stablecoins.
Why It Matters
This technology transforms compliance into a technological product rather than just legal documents, 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: U.S. Crypto Companies Leaving 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 a friendly shift in the CFTC's approach to the crypto industry under the Trump administration. Against the backdrop 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 U.S. consumers with more trading options. Pham referred to this move as "another achievement delivered to President Trump," suggesting it is part of a broader regulatory easing. With the confirmation process for Brian Quintenz, a former CFTC commissioner nominated by Trump, set to resume, and Commissioner Johnson's departure 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 Dispatch
Aave Launches RWA Market Horizon, Connecting Institutional-Grade 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-grade tokenized assets with DeFi on Ethereum;
The first collateral to go live includes 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 for real assets by incorporating institutional-grade assets into decentralized lending protocols. This platform employs an institutional-grade 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 on-chain protocols, with particular attention to infrastructure projects like Bitcoin DeFi, real 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, offering startup teams 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 financial services value chain. 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;
Research from PYMNTS Intelligence 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 to 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, offering consumers and businesses 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 on these networks by September.
Why It Matters
This integration marks a strategic move by Tether to deepen its investment in the Bitcoin ecosystem. The company holds over 100,000 Bitcoins and has invested $2 billion in building 15 mining facilities in Latin America, 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 users' purchases of v0 credits using the USDC stablecoin;
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 for Stablecoin Settlements in the EEMEA Region
Key Points Overview
Mastercard has partnered with Circle to allow acquiring institutions 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, providing faster and more secure 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 foundational 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 $50 Trillion in Global Cross-Border Payments
Key Points Overview
London-based fintech provider Finastra has announced the connection 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 $50 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 high-fee, slow-processing correspondent banking networks without needing to build independent payment processing infrastructure.
Why It Matters
This move signifies that stablecoins are expanding from the crypto industry into the mainstream financial system. With payment giants like Stripe and PayPal already establishing their own stablecoin infrastructures, 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 financial infrastructure integration 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 using stablecoins to pay employee salaries, and universities beginning to offer digital asset courses;
Venezuela ranks 13th globally in Chainalysis's 2024 Cryptocurrency Adoption Index, with a 110% surge in usage over the past year. As the Bolívar currency has depreciated by over 70% since the government ceased intervention last October, and inflation reached 229% in May, citizens are 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 households increasingly rely on cryptocurrencies instead of traditional services like Western Union, which are costly and slow.
Why It Matters
The Venezuela case demonstrates the practical value of cryptocurrency 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 pattern 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 payment 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 1% on other purchases, with up to 10% cashback at specific partner merchants;
The card supports XRP and Ripple's dollar 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, with revenue increasing compared to the same period last year but losses widening.
Why It Matters
This credit card signifies that cryptocurrency is further integrating into everyday consumption 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 since the Trump administration took office. 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 custodial 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 custodial services for debt instruments issued, settled, and managed through JPMorgan's blockchain, supporting precise timing settlements (including same-day settlements), automated lifecycle management, and simplified corporate actions through 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 from blockchain experimental projects by financial giants 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 custodial services for $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 becoming 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 payroll, indicating a growing confidence among businesses in using crypto assets as practical payment tools, which may shift the application of cryptocurrency in everyday business transactions from speculation to practicality.
Square Publishes Product Roadmap, Launches Bitcoin Payments, First-Week Loans, and Self-Service Terminals
Key Points Overview
Square has announced a public 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 credit card applications can be made 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 business 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.
Macro Trends
U.S. Stablecoin Bill Repositions EU's 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 tightly 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 economic 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. Blockchain dollars have 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 threatened interests.
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 formulated legislation for stablecoins and cryptocurrencies, with another 22% in development, 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 regulatory actions 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 utilizing existing laws, indicating that stablecoins are viewed as a distinct financial instrument requiring special regulation, which will have profound implications for the global digital currency landscape.
Capital Layout
Visa-Backed Stablecoin Company Rain 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's venture capital arm (Samsung Next), Dragonfly, Galaxy Ventures, and others, bringing total funding to $88.5 million;
Rain provides Visa debit and credit card services, offering "enterprise-grade stablecoin payment infrastructure" for fintech companies, banks, and marketplace platforms, enabling clients 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 EU's MiCA framework create a clear regulatory path for stablecoins, driving a surge of interest from businesses in stablecoins. Rain connects stablecoins to Visa's global network, transforming digital assets into payment methods 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 interest in issuing their own stablecoins, with the market expected to reach a trillion-dollar scale in 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 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; in July, the total supply on the M0 platform exceeded $300 million, doubling since January.
With the U.S. passing the stablecoin regulatory bill (GENIUS Act) this year, companies like M0 are creating bridges for traditional businesses 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. The Bridge platform, acquired by payment giant Stripe 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 industry transformation, 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's cross-border payment infrastructure platform Tazapay has completed a Series B funding round led by Peak XV Partners, with digital asset giants Ripple and Circle participating. 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. It currently boasts one of the most extensive fiat collection networks in emerging markets;
The investment from Ripple and Circle underscores 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 in cross-border payments, such as multi-day settlement times, high costs, and reliance on intermediaries. 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 cross-border payment solution.
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