Original Title: "Cobo Stablecoin Weekly NO.26 | Cloudflare Issues Stablecoin, AI Payments and Internet Currency Layer Accelerating Formation"

Highlights of This Week's Stablecoin Weekly

· The most notable event this week is Cloudflare's launch of a stablecoin that supports the x402 protocol, bringing the narrative of the "Internet Currency Layer" into reality. Stablecoins will become the critical point of the value internet, reshaping AI payments and the creator economy.

· On a macro level, stablecoins have evolved to the forefront of international currency competition. The United States attracts capital and businesses back due to regulatory advantages, while emerging markets and Europe are accelerating the layout of local currency stablecoins to resist dollar expansion and maintain monetary sovereignty.

· Compliance improvements and capital inflows are driving the rapid "turnaround" of the stablecoin sector. This week's active investment and financing activities indicate that stablecoins have moved from niche narratives to the core infrastructure of global finance, bringing about iterations in models and technologies, while also accumulating new competition and bubble risks.

· Overall, stablecoins are transitioning from niche narratives to the core infrastructure of global finance. The industry is entering a critical stage of scaled growth and market maturity.

Market Overview and Growth Highlights

The total market capitalization of stablecoins has reached $295.616 billion, with a week-on-week increase of $3.788 billion. In terms of market structure, USDT continues to dominate with a share of 58.66%; USDC ranks second with a market capitalization of $73.685 billion, accounting for 24.93%.

Blockchain Network Distribution

Top Three Networks by Stablecoin Market Capitalization:

· Ethereum: $159.64 billion

· Tron: $77.021 billion

· Solana: $13.447 billion

Top 3 Fastest Growing Networks This Week:

· M By M^0 (M): +51.83%

· PayPal USD (PYUSD): +43.48%

· Global Dollar (USDG): +10.49%

Data from DefiLlama

Cloudflare Launches NET Dollar, Stablecoin Moves Towards Universal Internet Currency Layer

Controlling one-fifth of global internet traffic, Cloudflare has announced the launch of the dollar stablecoin NET Dollar and is collaborating with Coinbase to promote the x402 protocol. The entry of such an internet giant, covering millions of websites and businesses, signifies that stablecoins are moving beyond crypto trading and arbitrage scenarios, shedding the narrative of the "Global South," and expanding on a large scale into mainstream commerce and the real economy for the first time.

The combination of NET Dollar and x402 targets a long-standing unresolved issue—micropayments. Can AI agents automatically complete transactions like browsing the web? Previously limited by transaction fees and intermediaries, this vision has always remained on paper. With Cloudflare's distributed network and native stablecoin, the flow of value is beginning to have the potential to be as lightweight and real-time as data packets. For developers, this means that APIs, computing power, and content can be monetized at a finer granularity; for the AI industry, it touches on a more fundamental issue: how to compensate for the use of training data.

However, a truly AI-native payment system goes beyond value transfer; it must also be built on trust and identity. The AP2 protocol binds each transaction to user authorization through a "verifiable intent" mechanism, preventing erroneous payments triggered by AI hallucinations. The ERC-8004 standard and account abstraction provide AI agents with verifiable identities and controllable permissions, akin to digital passports and usage rules. The synergy of these three with x402 creates a closed loop of payment, trust, and identity, which is essential to support a secure and efficient AI transaction infrastructure.

In the long run, Cloudflare's issuance of a stablecoin indicates that the business model of the internet is undergoing a structural transformation. As Cloudflare CEO Matthew Prince stated, the internet has relied on advertising and bank transfers for the past few decades, while the next phase will be driven by on-demand payments, fragmented payments, and micropayments. The emergence of AI has made information production nearly costless, leading to exponential growth in content, but what is truly scarce is human time and attention. The future internet economy will no longer focus on "content quantity" but will unfold based on value filtering; only resources that are genuinely valuable to users can cross the threshold of attention and receive returns.

This is precisely the significance of the x402 protocol and NET Dollar: as the "free model" gradually becomes ineffective, a new layer of value is forming on top of internet infrastructure. Whether it is data, computing power, or services, requests will correspond to payments; even small amounts can effectively distinguish the true "signal" from the endless "noise" in the information flood, establishing an efficient path for value transmission.

Tether Seeks Financing with a $500 Billion Valuation, Free Lunch Model Faces End

The stablecoin sector is undergoing a qualitative change at an unprecedented speed. Among many players, Tether has been the undisputed king, controlling the largest market share with USDT. Now, it is seeking a round of financing, with a valuation potentially reaching $500 billion, placing it among the super giants alongside OpenAI and SpaceX.

At first glance, this figure seems to be supported by its massive profits and a circulating market value of up to $172 billion. However, if we peel back this glamorous exterior, we find that Tether's once-impregnable business model is facing multiple challenges, and its core moat is crumbling.

Tether's balance sheet includes about $5.5 billion in cash, Bitcoin, and equity investments. If we exclude this non-operating asset from the valuation, a $500 billion valuation implies an EV / annual revenue of about 68 times. This would only belong to high-growth, high-barrier tech companies in traditional financial contexts.

Tether's core advantage was nearly flawless. Its core profit source comes from risk-free interest rates; users entrust their funds to it, and it deposits the funds in safe financial instruments, keeping all the interest without paying a share to token holders. This model is akin to acting as an "unregulated bank" in the crypto world, becoming a profit machine when interest rates are high. However, this model is overly reliant on the macro environment; once interest rates decline, profit margins will be directly compressed, shaking its most certain source of income.

With the clarity of regulations, regulatory clarity such as the GENIUS Act is providing a clear entry ticket for compliant stablecoins. This eliminates Tether's "moat," allowing any giant with a large distribution network (such as major messaging apps or fintech companies) to legally and low-risk issue their own stablecoins. When stablecoins become a homogeneous commodity, competition will no longer be about technology but about distribution and efficiency, which is Tether's greatest weakness.

Deeper challenges come from the awakening of users and developers. The long-standing model of stablecoin issuers "enjoying the interest spread" is being questioned, and the market is beginning to demand that issuers return a portion of interest income to token holders and developers. If Tether cannot meet this demand, it will face the risk of user attrition. This is akin to a bank facing a new competitor that starts paying interest to depositors while not paying interest itself. Tether's business model is under dual pressure from both internal and external sources.

Despite facing numerous challenges, Tether still has a final line of defense: strong brand loyalty established in developing countries. In these regions, Tether is not just a trading tool but a key asset for resisting local currency inflation and storing value. This loyalty provides Tether with a strong network effect, making it unlikely for its users to switch to other higher-yielding stablecoins in the short term. However, as new competitors increase their investments in these regions, whether this line of defense can hold in the long term remains uncertain.

Capital Flows into Stablecoins: Trends in Investment and Financing in the Stablecoin Sector This Week

This week, investment and financing activities in the stablecoin sector have been exceptionally active, with many large deals, indicating that capital's attention to this field has reached unprecedented heights. In just the first nine months of 2025, related startups have raised about $537 million, compared to about $84 million for the entire year of 2024, an increase of more than five times—showing a clear acceleration trend.

Capital is rapidly flowing into several key areas: payment infrastructure for AI agents, enterprise-level compliant stablecoin services, and deep integration of traditional finance and blockchain. The driving forces behind this include: improved regulatory clarity, active entry of traditional financial giants, and ongoing penetration into emerging markets. These factors collectively point to a trend: stablecoins are becoming the core foundation of the future digital economy. However, high-valuation cases like Tether also remind the market not to overlook potential valuation bubble risks amid the frenzy.

Overall, this week we tracked at least 11 significant financing or investment events related to stablecoins and their infrastructure, totaling hundreds of millions of dollars (excluding Tether's massive financing), including strategic late-stage rounds and the birth of new unicorns.

This week's investments and financing focused on the following areas.

AI-driven agent networks are becoming a new growth pole, with Crossmint, Circuit & Chisel, and YC's "Fintech 3.0" project all betting on payment capabilities in AI scenarios. The market generally believes that the automation, micropayment, and high-frequency payment demands of AI agents will lead stablecoins to scaled applications, becoming the currency layer of the AI economy.

Enterprise-level compliant infrastructure continues to attract capital. Bastion is creating "stablecoin as a service," while Zerohash is referred to as "on-chain AWS." These platforms can solve issuance, reserve, and liquidity management within a compliant framework and seamlessly connect with traditional financial systems.

The involvement of traditional finance further accelerates this process. Fnality has attracted investments from several banking giants, focusing on central bank currency tokenization; Zerohash has received investments from Interactive Brokers and Morgan Stanley; PayPal and Stripe are directly laying out stablecoin payments. Capital and collaboration are prompting banks and payment giants to actively embrace tokenization, optimizing for efficiency and cost while positioning for future asset digitization. Cross-border payments and emerging markets continue to be landing scenarios, with RedotPay and Shield focusing on Latin America, Africa, and Asia, while PayPal invests in Stable and increases its investment in the Middle East and Africa. Stablecoins continue to demonstrate the strongest real value in addressing the inefficiencies and high costs of cross-border settlement.

It is worth noting that the optimism of capital is creating tension with concerns over valuation bubbles. Tether is pursuing a $500 billion valuation. The optimistic sentiment highlights the long-term prospects of stablecoins, but the market is also questioning its profit model's heavy reliance on the interest rate environment. This tension is driving investors and regulators to demand that new entrants not only tell growth stories but also prove clear and sustainable value capture and profit pathways.

Regulatory Compliance

Nine European Banks Collaborate to Develop Euro Stablecoin

Key Points:

· Nine European banks, including UniCredit and ING, have formed an alliance to establish a new company in the Netherlands to develop a euro stablecoin, with plans to launch in the second half of 2026.

· The stablecoin will be regulated under the EU's Markets in Crypto-Assets (MiCA) framework, and the alliance will apply for the necessary licenses under the supervision of the Dutch central bank.

· The banks stated that the project will provide a European alternative to the US-dominated stablecoin market, enhancing strategic autonomy in the European payments sector, with participating banks able to offer value-added services such as wallets and custody.

Why It Matters:

· European financial institutions are actively competing for stablecoin market share, challenging the dominance of dollar stablecoins, reflecting a strategic embrace of crypto technology within the European financial system.

US CFTC Advances Stablecoin Use in Tokenized Collateral

Key Points:

· The U.S. Commodity Futures Trading Commission (CFTC) has launched a new initiative allowing stablecoins to be used as tokenized collateral to meet margin requirements in the large derivatives market, and has solicited industry input on how to implement this policy.

· CFTC Acting Chair Caroline Pham has long advocated for exploring the use of stablecoins in collateral management, calling it a "killer application" for stablecoins in the market, and announced the advancement of a stablecoin-supported tokenization pilot project after taking office.

· The CFTC will accept written suggestions until October 20, further exploring stablecoin applications under the new regulatory framework following the introduction of the U.S. Stablecoin Innovation and Establishment Act (GENIUS Act).

Why It Matters:

· Pham's collaboration with SEC Chair Paul Atkins on the "Crypto Sprint" initiative responds to a presidential task force report on crypto policy, which called for the CFTC to "provide guidance on the adoption of tokenized non-cash collateral as regulatory margin." This will enable market participants to utilize dollar assets more intelligently and efficiently, potentially unlocking growth potential for the U.S. economy and paving new pathways for stablecoin applications in institutional market infrastructure.

SEC Chair Atkins Pushes for Implementation of "Innovation Exemption" Policy for Crypto Products by Year-End

Key Points:

· SEC Chair Paul Atkins stated in an interview with Fox Business that he hopes to implement an "innovation exemption" policy by the end of 2025, allowing crypto products to be brought to market quickly, enabling companies to "bring on-chain products and services to market."

· Since taking office in April, Atkins has taken several steps to adopt a friendly stance toward the crypto industry, including launching "Project Crypto" to modernize the SEC's existing digital asset regulatory framework.

· The SEC and CFTC plan to hold a roundtable next week to discuss how to bring "novel and innovative products" back to the U.S., with Atkins stating that the two agencies are "working closely together," emphasizing regulatory harmony rather than merging regulatory bodies.

Why It Matters:

· Following Congress's passage of the first bill specifically targeting stablecoins, lawmakers are looking to comprehensively regulate the crypto industry, with one version of a crypto market structure bill in both the House and Senate needing to be reconciled. Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, expects the crypto market structure bill to pass by year-end. Atkins' "innovation exemption" proposal marks a shift in SEC regulatory direction, creating a clearer and more favorable regulatory environment for the digital asset industry, likely attracting more crypto innovation back to the U.S. market.

White House Plans to Complete Comprehensive Cryptocurrency Market Structure Bill by Year-End

Key Points:

· Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, stated that the crypto market structure bill is expected to pass by the end of 2025, currently working with both houses of Congress to advance the legislative process.

· The legislation will consolidate multiple bills, including the CLARITY Act, which passed the House in July, and the Senate's proposed 2025 Responsible Financial Innovation Act, clarifying the CFTC and SEC's regulatory authority over crypto assets.

· The White House is actively attracting crypto companies to return to U.S. operations, with Witt emphasizing that "the U.S. is open for crypto business, moving full speed ahead."

Why It Matters:

· The Trump administration's shift in attitude toward crypto regulation, pushing for a complete regulatory framework, will bring certainty to the industry and is expected to reverse the trend of crypto companies leaving during the previous administration.

Singapore Stablecoin XSGD Launches on Coinbase, Creating a Local Currency Crypto Trading Bridge

Key Points:

· The Singapore dollar stablecoin XSGD has officially launched on the Coinbase trading platform and will be issued on the Ethereum Layer 2 network Base, incubated by Coinbase.

· XSGD has been recognized by the Monetary Authority of Singapore (MAS) and complies with the upcoming single currency stablecoin regulatory framework, having processed over 8.7 billion on-chain transactions since its launch.

· The stablecoin has integrated with over 120 digital asset platforms and financial institutions, supporting zero-fee conversions between SGD and XSGD, and providing an XSGD/USDC trading pair.

Why It Matters:

· The launch of XSGD on Coinbase represents growing support for non-dollar stablecoins from global mainstream exchanges, providing Singapore with a local digital option to compete with dollar stablecoins and offering 24/7 settlement capabilities for cross-border payments and foreign exchange trading.

Macro Trends

Citi Raises Stablecoin Market Forecast to $4 Trillion by 2030

Key Points:

· Citibank has raised its forecast for stablecoin issuance by 2030, increasing the baseline scenario from $1.6 trillion to $1.9 trillion, and the optimistic scenario from $3.7 trillion to $4 trillion.

· The stablecoin market size has grown from $200 billion at the beginning of 2025 to the current $280 billion, with annual transaction volumes expected to reach $10-20 trillion if the velocity of circulation is comparable to fiat currencies.

· The report indicates that the trading volume of bank tokens (tokenized deposits) may exceed that of stablecoins in the future, primarily driven by corporate demand for regulatory assurance, real-time settlement, and compliance needs.

Why It Matters:

· The blockchain is experiencing an explosive moment similar to a "ChatGPT moment," where stablecoins and bank tokens are not a zero-sum game but rather important components of financial infrastructure reconstruction, with the dollar still dominating the digital currency ecosystem.

Kazakhstan Partners with Mastercard to Launch National Currency Stablecoin KZTE

Key Points:

· Kazakhstan has officially launched the tenge-pegged stablecoin KZTE, developed based on Solana blockchain technology.

· The project is a collaboration between the Kazakhstan government, Mastercard, Intebix, and Eurasian Bank.

· KZTE is the first non-dollar sovereign stablecoin supported by major payment networks, representing an alternative path for central bank digital currencies.

Why It Matters:

· Mastercard's involvement indicates that traditional payment giants are actively embracing blockchain-based national currency solutions, providing a viable model for other emerging markets to resist the dominance of dollar stablecoins.

US and UK Establish Transatlantic Taskforce to Coordinate Cryptocurrency and Capital Market Policies

Key Points:

· U.S. Treasury Secretary Scott Bessent and U.K. Chancellor of the Exchequer Rachel Reeves announced the formation of a Transatlantic Taskforce, which will bring together officials from the U.K. Treasury, U.S. Treasury, and market regulators from both countries to coordinate digital asset regulation and capital market policies.

· The taskforce will submit recommendations within 180 days through the existing U.K.-U.S. Financial Regulatory Working Group, which will be formed after close consultation with the private sector.

· Although the taskforce covers traditional capital markets, digital assets are expected to be a focus, with officials examining short-term measures (such as promoting cross-border use cases amid legislative uncertainty) and long-term strategies (such as advancing wholesale digital market infrastructure).

Why It Matters:

· This collaboration marks a significant step as the world's two major financial centers work together to address the digital asset revolution. In the context of the U.S. pushing for innovation-supportive policies, this move is expected to narrow the regulatory approach gap between the U.S. and the U.K., enhancing the U.K.'s competitiveness. Blockchain analytics firm Elliptic commented that this structured cooperation will strengthen the shared commitment to transparency and accountability, potentially establishing a global benchmark. With London and New York positioned as the "twin pillars of global finance," this move will have profound implications for the global digital asset regulatory framework.

The GENIUS Act Drives Stablecoin Cross-Border Transaction Volume to an Expected $4 Trillion, 54% of Companies Plan to Adopt Within a Year

Key Points:

· A recent EY survey shows that with the regulatory clarity provided by the GENIUS Act, 54% of companies not currently using stablecoins indicated they plan to adopt stablecoins within the next 6-12 months, with 13% already using stablecoins for cross-border payments.

· Cost savings are the primary motivation for companies adopting stablecoins, with 41% of current users reporting at least a 10% savings in costs for international transactions, while the GENIUS Act addresses uncertainties related to liquidity, tax treatment, and custody services.

· Executives surveyed expect that by 2030, stablecoins will account for 5%-10% of global cross-border payments, with transaction volumes reaching $2.1 trillion to $4.2 trillion, but currently only 8% of companies accept stablecoin payments, with most still relying on banks and fintech partners for integration.

Why It Matters:

· The GENIUS Act, signed in July, provides a long-awaited regulatory framework for dollar stablecoins, including reserve requirements and issuance approval processes, marking a turning point for companies adopting stablecoins. As regulatory clarity improves and the cost advantages of cross-border transactions become evident, stablecoins are moving from the crypto world to mainstream traditional finance and enterprise applications, playing an important role in the global payment system, although infrastructure integration remains a major challenge.

Market Adoption

AWS Becomes the Preferred Infrastructure Platform for Stablecoin Startups

Key Points:

· The stablecoin market is growing rapidly, with on-chain transaction volumes exceeding $27.6 trillion in 2024. Citi expects the circulating supply to reach $1.6-3.7 trillion by 2030.

· Startups like zerohash, Yellow Card, and Bastion are choosing AWS to build stablecoin infrastructure, leveraging its security and global scalability to handle cross-border payments, payroll, and fund management.

· AWS provides critical technical support: Amazon EKS handles workloads, AWS Nitro Enclaves protect cryptographic signatures, and Lambda and DynamoDB enable serverless auto-scaling, helping businesses reduce operational costs by 40-50%.

Why It Matters:

· Stablecoins are transitioning from trading tools to global payment infrastructure. AWS's technological advantages enable fintech companies to quickly build compliant and high-performance stablecoin services, reshaping the cross-border payment landscape.

Fold Partners with Stripe to Launch Bitcoin Rewards Credit Card, Offering Up to 3.5% Bitcoin Back on Purchases

Key Points:

· Nasdaq-listed Fold (FLD) announced a partnership with Stripe and Visa to launch the first pure Bitcoin rewards credit card, which will operate on the Visa network using Stripe Issuing's infrastructure.

· Cardholders can earn an immediate 2% Bitcoin reward on every purchase, with an additional 1.5% reward available through Fold's checking account under specific conditions, and up to 10% back when spending with retail partners like Amazon, Target, and Home Depot.

· The card has no category management, token staking, exchange account, or balance requirements, with rewards automatically issued in real Bitcoin for every purchase. Fold has processed over $3.1 billion in transactions and distributed over $83 million in Bitcoin rewards.

Why It Matters:

· This collaboration marks a milestone for Stripe's new consumer issuing product, allowing fintech companies to launch innovative payment tools without managing their own infrastructure. Fold has already offered Bitcoin debit cards, exchanges, and gift card programs, and this credit card is the next step in building a complete suite of Bitcoin-native financial services. As a company holding nearly 1,500 Bitcoins, Fold further lowers the barrier for consumers to acquire Bitcoin, making "stacking sats" a natural extension of everyday spending and pushing Bitcoin payments and rewards mechanisms into the mainstream.

LINE and Kaia Team Up to Launch Cross-Border Payment Stablecoin Super App

Key Points:

· Blockchain company Kaia and LINE NEXT (LINE's Web3 division) announced plans to launch the "Project Unify" stablecoin super app, set to debut later this year on LINE's Dapp Portal.

· The Unify service will integrate consumption payments, remittances, and deposit/withdrawal channels into a single interface, allowing users to deposit stablecoins for real-time incentives, transfer funds via messaging, and make online and in-store payments globally while earning spending rewards.

· The app plans to support stablecoins pegged to the U.S. dollar and other major currencies, including the Japanese yen, Thai baht, South Korean won, Indonesian rupiah, Philippine peso, Malaysian ringgit, and Singapore dollar.

Why It Matters:

· This collaboration aims to expand the stablecoin ecosystem by launching a development kit (SDK) while addressing the highly fragmented payment infrastructure in Asia. Kaia was formed from the merger of Kakao's Klaytn and LINE's Finschia blockchain in April 2024, backed by mainstream messaging platforms in South Korea, Japan, Taiwan, and Thailand, boasting a large user base. Since the launch of Mini Dapps in January 2025, this partnership has attracted over 130 million new registered users, likely driving widespread adoption of stablecoin payments and cross-border financial inclusion in Asia.

New Product Launches

Rainbow Plans to Launch RNBW Token for Non-Custodial Crypto Wallets in Q4

Key Points:

· Rainbow announced plans to launch a native RNBW token for its non-custodial crypto wallet by the end of 2025, just days after Consensys founder Joe Lubin confirmed that MetaMask is developing the MASK token.

· Rainbow also unveiled several wallet improvement plans, including real-time price updates, instant balance updates, enhanced price chart features, and perpetual contract trading powered by Hyperliquid.

· The company stated that users' previously accumulated Points will play a role in the new token program, calling it "just the beginning of the third phase," with future roadmaps including DeFi positions and support for more blockchains.

Why It Matters:

· This trend signifies that major crypto wallet providers are enhancing user engagement and ecosystem value by launching native tokens. Following MetaMask's announcement of the MASK token and Coinbase's consideration of launching a token for Base, Rainbow's entry shows that non-custodial wallets are leveraging tokenization to compete for users. As an EVM-compatible browser and mobile crypto wallet, Rainbow's launch of a points program at the end of 2023 aimed to attract users from MetaMask, and this year, linking those points to a native token further deepens its user incentive strategy.

World Liberty Financial Set to Launch Debit Card and Retail App, Founder States No Plans for Own Blockchain

Key Points:

· World Liberty Financial co-founder Zak Folkman announced at Korea Blockchain Week in Seoul that the project will "soon" launch a debit card, allowing users to connect USD1 stablecoin and the World Liberty Financial app to Apple Pay.

· The company will also launch a retail app described as "Venmo meets Robinhood," combining traditional Web2-style peer-to-peer payment features with Robinhood-like trading elements.

· Folkman explicitly stated that the project will "never" launch its own blockchain, emphasizing that World Liberty Financial's positioning is to be a neutral party completely free from chain, technology, and distribution platform constraints.

Why It Matters:

· World Liberty Financial is set to launch in September 2024, backed by members of the Trump family, and has issued the WLFI token and USD1 stablecoin. Despite WLFI's price dropping 37% since its official release on September 1 (currently at $0.21), Folkman emphasized that this is a long-term project focused on "decades" of development. The company has just signed a memorandum of understanding with one of South Korea's largest cryptocurrency exchanges, Bithumb, indicating its active expansion into global markets and commitment to bridging traditional finance and on-chain markets.

ChaosChain Launches SDK for Autonomous Agents, Introducing Triple Verification Stack to Support AI Payment Systems

Key Points:

· ChaosChain has launched an SDK for autonomous agents, installable via a simple pip install chaoschain-sdk command, featuring a "triple verification stack" to address trust issues in AI agents.

· The SDK integrates ERC-8004 identity, reputation, and verification registration features, supporting various payment methods (including crypto payments and traditional payments), and is currently deployed on the Sepolia testnets of Base, Ethereum, and Optimism.

· The core technology is a three-layer verification architecture: the first layer is Google AP2 intent verification (confirming human authorization), the second layer is process integrity verification (ensuring correct code execution), and the third layer is ChaosChain adjudication (validating result value), with ChaosChain controlling two of the layers.

Why It Matters:

· ChaosChain's SDK creates a verifiable trust infrastructure for autonomous AI agents by providing a complete three-layer verification system, especially in the payment domain. The project supports real-time crypto payments, including USDC, as well as traditional payment methods like Stripe, PayPal, Google Pay, and Apple Pay, while ensuring the verifiability and transparency of AI agent behavior. This infrastructure could become a key trust layer for the autonomous economy, providing technical support for applications such as DeFi risk prediction, autonomous e-commerce agents, and decentralized service markets.

Capital Layout

Stablecoin Startup RedotPay Raises $47 Million, Achieves Unicorn Status

Key Points:

· Hong Kong-based stablecoin payment company RedotPay has completed a $47 million strategic financing round, surpassing a $1 billion valuation, with Coinbase Ventures participating for the first time, alongside Galaxy Ventures and Vertex Ventures.

· Founded in 2023, the company has over 5 million users across more than 100 markets, with its stablecoin payment card, multi-currency wallet, and global payment services achieving an annual transaction volume of $10 billion.

· RedotPay's global payment functionality allows users to send stablecoins directly to local bank accounts or e-wallets, experiencing strong growth in emerging markets like Latin America.

Why It Matters:

· RedotPay's unicorn status comes at a time when competition among global stablecoin issuers and payment tracks is intensifying, with regulatory frameworks in multiple countries gradually clarifying to provide development opportunities for such innovative payment solutions.

Circle Ventures Announces Strategic Investment in Crossmint to Promote Stablecoin Payment Adoption

Key Points:

· Circle Ventures, the corporate venture capital arm of Circle Internet Group, announced a strategic investment in Crossmint to deepen collaboration in the stablecoin payment sector.

· Crossmint will provide stablecoin deposit channels, transaction orchestration, and smart agent payment services through its wallet and API technology, in conjunction with the regulated, fully-backed USDC issued by Circle, to jointly offer payment services to billions of users, businesses, and AI agents.

· This collaboration has been applied in various fields, including helping MoneyGram reshape the remittance process, building new fintech products, and partnering with Google to enable agent payments, with stablecoin technology becoming a core component of Crossmint's tech stack.

Why It Matters:

· This investment signifies the commitment of both companies to build a new financial era characterized by near-instantaneous fund flow, global accessibility, and systems designed for both humans and machines. By combining Crossmint's technology with the stability of USDC, this partnership will accelerate low-cost, global, and instant transaction innovations in stablecoins, further pushing crypto payments from a technical concept to mainstream application, especially in the context of the rise of the AI agent economy.

Bastion Stablecoin Infrastructure Secures $14.6 Million in Funding, Totaling Over $40 Million

Key Points:

· Regulated stablecoin infrastructure provider Bastion announced the completion of a $14.6 million strategic funding round, led by Coinbase Ventures, with participation from Sony Innovation Fund, a16z crypto, Samsung Next, and Hashed, bringing its total funding to over $40 million.

· Bastion offers a "Stablecoin-as-a-Service" platform, providing tools for enterprises and financial institutions to issue, hold, and use stablecoins at scale, including issuance, reserve management, liquidity management, and built-in regulatory licensing and compliance features.

· The company has recently made several strategic hires to strengthen its leadership team, including appointing a revenue officer, CFO, general counsel, and chief risk and compliance officer to meet the growing global demand for stablecoin solutions.

Why It Matters:

· This funding round reflects institutional support for stablecoins as the next generation of financial cornerstones, demonstrating that the enterprise-grade stablecoin infrastructure market is rapidly expanding. As global enterprises and financial institutions accelerate the adoption of digital assets, Bastion, with its compliance-oriented stablecoin infrastructure, becomes a key driver. The company holds a trust license from the New York Department of Financial Services (NYDFS) and other state licenses, enabling it to provide secure and compliant digital asset services to enterprises, thereby eliminating regulatory barriers and simplifying the application of stablecoins in the enterprise ecosystem.

Fnality Completes $136 Million Series C Funding to Expand Bank Blockchain Payment System

Key Points:

· Fintech company Fnality announced the completion of a $136 million Series C funding round, led by WisdomTree, Bank of America, Citigroup, KBC Group, Temasek, and Tradeweb, with continued participation from existing investors such as Goldman Sachs, UBS, and Barclays.

· The company is building a major currency tokenized version backed by central bank-held cash, providing real-time transaction settlement, digital securities delivery versus payment (DvP), and foreign exchange payment versus payment (PvP) services, effectively reducing intermediaries, speeding up settlement, and improving capital efficiency.

· The new funds will be used to launch similar systems in more currencies, enhance liquidity management tools, and support the settlement of tokenized assets such as securities and stablecoins, further scaling after a $95 million funding round led by Goldman Sachs and BNP Paribas in 2023.

Why It Matters:

· Fnality CEO Michelle Neal stated that this funding marks an important step towards a "global financial hybrid future," where traditional financial institutions and decentralized markets will interact seamlessly. The company has launched settlement infrastructure for on-chain GBP payments using central bank currency in the UK. Major investors view this investment as part of a broader strategy to modernize financial infrastructure to accommodate tokenized assets, indicating that traditional banking is actively embracing blockchain technology to enhance efficiency and competitiveness.

PayPal Announces $100 Million Investment to Accelerate Digital Economy Growth in the Middle East and Africa

Key Points:

· PayPal announced a commitment to invest $100 million in the Middle East and Africa, driving innovation and inclusive economic growth in this fastest-growing digital commerce region through minority equity investments, acquisitions, the PayPal Ventures fund, talent, and technology deployment.

· This move follows PayPal's establishment of its first regional center in Dubai earlier this year, aimed at providing frictionless payments, robust security, and broader international market access for businesses ranging from large enterprises to small merchants.

· PayPal Ventures has invested in several promising startups in the region, including Tabby, Paymob, and Stitch, highlighting PayPal's long-term partnership role as a shaper of the future of digital commerce.

Why It Matters:

· This investment commitment underscores PayPal's determination to expand its influence in the Middle East and Africa, aiming to strengthen the connection between local businesses and global markets. With some of the world's most vibrant and rapidly growing companies in the region, PayPal's strategic investment will help local businesses scale, open new opportunities for innovators, and bring millions of consumers and communities into the digital economy, further solidifying its leadership as a global payment infrastructure provider.

Cloudburst Completes $7 Million Series A Funding to Expand Off-Chain Crypto Intelligence Platform

Key Points:

· Cloudburst Technologies announced the completion of a $7 million Series A funding round, led by Borderless Capital, with participation from Strategic Cyber Ventures, CoinFund, Coinbase Ventures, Bloccelerate VC, and In-Q-Tel, bringing its total funding to $11 million since its establishment in 2022.

· Unlike traditional blockchain analytics companies focused on on-chain activities, New York-based Cloudburst specializes in off-chain intelligence analysis, collecting data from sources such as Telegram groups, professional forums, regulatory filings, and news outlets to identify fraud networks, illicit actors, scams, and social sentiment.

· The company's platform processes millions of off-chain data points, applying proprietary AI models to identify emerging threats and patterns, and has collaborated with major crypto exchanges, compliance teams, and government agencies to provide real-time intelligence and predictive insights for regulators, law enforcement, and market participants.

Why It Matters:

· The funding will be used to expand Cloudburst's AI and data science team, accelerate product development, and expand into global markets. As the crypto industry matures, off-chain intelligence analysis becomes crucial for identifying fraud and illicit activities. Cloudburst's innovative approach provides financial institutions with risk visibility beyond the blockchain, helping to understand the narratives shaping the digital asset ecosystem and filling intelligence gaps that traditional blockchain analytics tools cannot cover.

zerohash Completes $104 Million Series D-2 Funding, Valuation Reaches $1 Billion

Key Points:

· zerohash announced the completion of a $104 million Series D-2 funding round, led by Interactive Brokers (IBKR), with participation from notable financial institutions such as Morgan Stanley, SoFi, and Apollo Global, making it one of the largest cryptocurrency and stablecoin funding rounds of 2025.

· The company has achieved a $1 billion "unicorn" valuation and now provides on-chain solutions to top financial and fintech companies such as Stripe, Interactive Brokers, and BlackRock's BUIDL fund, with its infrastructure serving over 5 million users across 190 countries.

· zerohash positions itself as the "AWS" of on-chain infrastructure, focusing on cryptocurrency, stablecoins, and asset tokenization, with new funds allocated for product expansion, team growth, and addressing complex user and technical challenges.

Why It Matters:

· This funding round, led by traditional financial giants, signifies that institutional capital is accelerating its entry into the crypto industry. zerohash has seen year-over-year revenue growth, increased enterprise onboarding speed, and improved global regulatory clarity, while stablecoins and asset tokenization are transitioning from theoretical phases to mainstream applications. As the default infrastructure provider for enterprises integrating digital assets, payments, and tokenization, zerohash's success reflects the accelerating convergence of traditional finance and blockchain technology.

Y Combinator, Base, and Coinbase Ventures Launch "Fintech 3.0" Initiative to Drive Financial On-Chain

Key Points:

· Silicon Valley startup incubator Y Combinator has partnered with Base and Coinbase Ventures to launch the "Fintech 3.0" initiative, which is now open for applications, seeking founders building the next generation of financial services on blockchain infrastructure.

· The initiative focuses on three key areas: expanding stablecoins to local currencies beyond the U.S. dollar, asset tokenization in stock and credit markets, and building consumer-facing applications, including AI-driven financial agents.

· Base is an Ethereum Layer 2 blockchain associated with Coinbase, recently partnering with Shopify to provide global USDC payments, showcasing the ongoing efforts of these companies to migrate the financial industry on-chain.

Why It Matters:

· This initiative comes at a time when the regulatory environment in the U.S. is becoming clearer, with new regulations like the GENIUS Act providing clear rules for stablecoin issuers, while broader legislative efforts for crypto market structure are also advancing. As regulation, infrastructure, and adoption rates gradually align, the collaboration between mainstream tech incubators like Y Combinator and crypto giants marks a transition of blockchain finance from experimental phases to mainstream applications, providing new opportunities for innovation, creativity, and freedom in the global economy.

Bullish Completes IPO and Invests $4 Million in USD.AI

Key Points:

· NYSE-listed company Bullish has invested $4 million in AI infrastructure financing platform USD.AI through its venture capital arm, Bullish Capital.

· USD.AI creates synthetic dollars to provide financing for AI infrastructure, having secured $250 million in deposits during its private testing phase through a standardized loan model backed by GPU hardware.

· Bullish CFO David Bonanno stated, "Tokenization is at the core of the next generation of capital markets, and USD.AI extends this trend into the capital-intensive AI industry."

Why It Matters:

· This investment reflects the optimism of digital asset platforms regarding the potential application of tokenization in traditional capital markets, particularly in addressing the financing bottlenecks of AI infrastructure by combining DeFi with institutional-grade risk management.

Former Stripe Executives Raise $19.2 Million to Launch ATXP Protocol for AI Agent Payment Infrastructure

Key Points:

· Former Stripe head of crypto and AI partnerships Louis Amira and former crypto engineering lead David Noël-Romas founded Circuit & Chisel, raising $19.2 million for their first product, the ATXP protocol, aimed at becoming the "HTTP protocol for AI agent payments."

· The ATXP protocol addresses communication and payment issues between AI agents, enabling them to execute complex tasks involving funds, such as booking flights or deploying investment strategies, filling a critical gap where current AI agents cannot perform financial transactions.

· The funding was led by Stripe, with participation from Primary Venture Partners, ParaFi, and Coinbase Ventures.

· ATXP will support Stripe's own stablecoin blockchain, Tempo, competing with similar solutions recently launched by companies like Google and Coinbase.

Why It Matters:

· If successful, ATXP could fulfill the long-standing promise of microtransactions, allowing AI agents to autonomously pay small fees for information, such as viewing private LinkedIn profiles or accessing paid articles. This could fundamentally change how the web operates, driving explosive growth in the AI agent application ecosystem, similar to the rise of iOS apps after the launch of the iPhone. Although the solution faces the "chicken or egg" dilemma, providing infrastructure for the AI agent economy is a crucial first step.

PayPal Invests in Stable to Integrate PYUSD into Stablechain and Expand Stablecoin Payment Ecosystem

Key Points:

· PayPal Ventures has strategically invested in Stable, and the two will collaborate to integrate PayPal USD (PYUSD) into Stablechain, joining forces to promote the mainstream application of stablecoins in global payments.

· This partnership addresses the shortcomings of existing stablecoin infrastructure: high volatility fees, inconsistent settlement times, and fragmented tools. Stablechain resolves these pain points by using USDT as native fuel fees, sub-second confirmations, and enterprise-level throughput.

· David Weber, head of PayPal PYUSD, emphasized that this move will expand the utility of PYUSD across a multi-blockchain ecosystem, unlocking more business use cases; PayPal Ventures partner Amman Bhasin noted a focus on real-world applications in emerging markets.

Why It Matters:

· This collaboration combines the trust of a traditional payment giant with innovative stablecoin infrastructure, marking a shift of stablecoins from crypto-native use cases to everyday payments, commercial, and financial products. Together, they are building cross-chain compatibility, deposit and withdrawal channels, and new payment processes, paving the way for stablecoins to become a core pillar of global finance. This initiative is particularly crucial for emerging markets, where reliable dollar payments can have the most significant impact, accelerating scalability and real-world application through partnerships with trusted distribution partners.

a16z-Backed Shield Secures $5 Million in Funding to Facilitate Cross-Border Transactions for International Businesses via Cryptocurrency

Key Points:

· Crypto neobank Shield has completed a $5 million seed funding round, led by Giant Ventures, with participation from a16z's crypto startup accelerator, Factor Capital, Coinbase, and Bank of America as strategic angel investors.

· Shield allows importers and exporters to conduct cross-border transactions using dollar stablecoins while providing compliance services such as sanctions screening and anti-money laundering. Since its launch, it has processed over $100 million in payments, with $40 million occurring just last month.

· Co-founder and CEO Emmanuel Udotong stated that trade businesses in parts of Latin America, Africa, and Asia often wait days or weeks to complete international wire transfers, incurring high fees or even being unable to access dollars. Shield aims to address this pain point.

Why It Matters:

· Against the backdrop of a strong resurgence in the cryptocurrency market, Shield brings innovative solutions to the traditional international payments space, directly addressing the cross-border payment challenges faced by businesses in developing countries. The company plans to leverage the new funding to expand banking partnerships and enhance compliance products, competing with payment giants like PayPal's Xoom and Stripe's Bridge. Shield's success could create a fairer global competitive environment for businesses in underdeveloped regions, while also representing the real-world application of stablecoins in the physical economy.

Stablecoin Startups Set Record Funding, Total Supply Expected to Reach $1 Trillion

Key Points:

· Stablecoin startups have raised $537 million in 2025, a fivefold increase from $84 million in 2024, indicating a surge in investor interest in the sector.

· Hong Kong-based stablecoin infrastructure company OSL Group completed a $300 million equity financing in July, becoming the largest deal of the year. Including Circle and Figure, the total funding in the stablecoin industry has exceeded $2.4 billion this year.

· Competition in the stablecoin market is intensifying, with traditional financial giants entering the fray: Stripe announced the launch of its own stablecoin network, Société Générale plans to issue a dollar stablecoin, and JPMorgan has launched JPMD, while Bank of America, Wells Fargo, and Citigroup are also actively exploring.

Why It Matters:

The U.S. "Genius Act" provides regulatory clarity for stablecoins, becoming a key catalyst for corporate investment confidence, while also provoking resistance from the banking sector, which believes the act gives crypto companies an unfair advantage.

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