Stablecoin Weekly Report | Decrypting How Crypto is Reinventing the Internet's Killer Apps through Coinbase's System Upgrade

Original Article Title: "Cobo Stablecoin Weekly Report NO.36 | The Future of Invisible Finance: From Coinbase's System Upgrade, How Crypto is Reframing the Internet Super App?"

Highlights of this issue:

This week, Coinbase held a system-level product upgrade event as grandiose as WWDC, focusing on the release of updates in trading, derivatives, stablecoins, AI, and payment protocols. Coinbase's envisioned "Everything Exchange" not only reflects Coinbase's ambition to become a super app but also points to a brand-new implementation path in the crypto era, a fundamental financial structure core to stablecoins, asset issuance, and on-chain settlement. Financial capability has thus become a basic resource that can be natively called by software and AI, automatically scheduled in the background, similar to the bandwidth of the internet. Stablecoins have also evolved from investment products to infrastructures supporting the operation of the digital economy. In this context, we can say that Coinbase's boundaries have exceeded traditional internet super apps, financial services are detaching from the app, moving towards ubiquitous "invisible finance."

Simultaneously, mainstream adoption of stablecoins continues to accelerate. On one hand, this is reflected in everyday scenarios that users can perceive: the UAE's largest gasoline retailer ADNOC supports stablecoin payments at nearly a thousand gas stations, Interactive Brokers supports stablecoin deposits, enterprise-focused FinTech company Ramp enables stablecoin direct payment for paper checks, YouTube supports creators receiving payments in PayPal stablecoin PYUSD, and stablecoins are rapidly entering the corporate finance and consumer system. On the other hand, a more profound change is happening at a level that users are almost unaware of. Visa has already launched USDC settlement within the U.S. banking system, allowing some banks to directly fulfill settlement obligations on VisaNet using USDC. This marks a structural overhaul at the settlement layer, occurring deep within the banking system, with a more subtle yet far-reaching impact.

Market Overview and Growth Highlights

Total stablecoin market capitalization reached $308.606 billion, with a weekly decrease of $1.456 billion. In terms of market structure, USDT continues to maintain its dominance, with a 60.32% share; USDC ranks second, with a market capitalization of $77.336 billion, accounting for 25.06%.

Blockchain Network Distribution

Top 3 Stablecoin Market Cap Networks:

Ethereum: $166.19b (USD 1661.9 Billion)

Tron: $80.993b (USD 809.93 Billion)

Solana: $16.048b (USD 160.48 Billion)

Top 3 Fastest Growing Networks of the Week:

USDD (USDD): +20.29%

Resolv USD (USR): +16.97%

First Digital USD (FDUSD): +16.35%

Data source: DefiLlama

Understanding Cryptocurrency's Role in Shaping the Future of Internet Super-Apps through Coinbase's System Upgrade

This week, Coinbase hosted a "System Upgrade Summit" similar to Apple's WWDC, announcing key updates including stock trading, derivatives, prediction markets, Solana DEX integration, enterprise-grade stablecoins, AI investment advisors, and payment protocols. This represents Coinbase's most comprehensive asset class coverage and structural transformation since its establishment, signaling its transition from a single-asset platform to a unified financial gateway.

If the early stage of cryptocurrency focused on the assets themselves, the maturation of stablecoins, tokenized assets, and on-chain settlement has shifted the competition towards asset organization, settlement, and management. Coinbase's answer is to integrate stocks, stablecoins, derivatives, and on-chain assets under a single account and wallet identity, summarizing this direction as the "Everything Exchange."

On the traditional asset side, U.S. users can now trade thousands of stocks and ETFs through Coinbase Capital Markets and settle in USD or USDC, with some stocks supporting 24/7 trading on weekdays. While still using traditional market structures, Coinbase explicitly views this as a transitional form towards tokenized stocks and plans to advance real-world asset on-chain issuance through Coinbase Tokenize. For non-U.S. users, perpetual stock contracts offer a way to gain exposure to U.S. stocks without actual ownership transfer, achieving compliant, continuous, and more capital-efficient cross-border participation through price signal transmission only. These structures are shaping a new synthetic market, enabling global liquidity aggregation around price and risk without waiting for on-chainization of underlying assets, with related products expected to launch next year.

As account capabilities expand, Coinbase is unifying different types of risks into a single transaction and settlement framework.

· Prediction Markets: Through a partnership with Kalshi, users can trade election, sports, and economic event outcomes using dollars or USDC, bringing regulated real-world risks directly into the stablecoin settlement system.

· On-chain Assets and DEX: Solana's largest DEX aggregator, Jupiter, has been integrated into the Coinbase App, allowing Base to access a wide range of assets on the Solana network through the same interface, reducing the operational silos between chains.

· Derivatives and AI Advisory: Futures and perpetual contracts have descended into the main app and have been combined with AI advisory capabilities, making the building of cross-asset risk exposure more intuitive.

From an overall structural perspective, Coinbase has established a clear dual-end layout: a Base App for individual users, integrating trading, wallets, payments, and content discovery; and Coinbase Business for enterprises, providing stablecoins, corporate accounts, payment APIs, and financial automation services. The common intersection point between the two ends is stablecoin liquidity.

Within all these updates, Custom Stablecoins and the x402 Open Payments Protocol hold strategic significance over a longer period.

Custom Stablecoins allow businesses to issue their branded digital dollars, backed 1:1 by a mix of USDC and other regulated USD stablecoins, rather than fiat deposits. This design places the collateral layer entirely on-chain, reducing direct reliance on the banking system, while expanding the use cases and circulation of USDC. For Coinbase and Circle, this represents a clear business increment; at a more macro level, it drives the dollar into cross-border payments, the on-chain economy, and emerging markets through stablecoins. The x402 protocol further extends this direction by embedding stablecoin payments into HTTP requests, enabling payments to be automated by software and AI agents. Within 30 days of launch, its annualized transaction volume has surpassed $200 million, demonstrating a real demand for machine-to-machine payments.

Coinbase is not betting on a financially super app in the traditional sense, but rather on a financial structure for the crypto era: the user entry point is just one layer, with another layer comprised of the supply network formed by stablecoins, enterprise issuance, and settlement capabilities. The evolution of Revolut and Cash App is also approaching a unified entry point, but Coinbase's difference lies in its simultaneous attempt to control the demand side and the asset generation side, coupling both through on-chain settlement.

If the endpoint of traditional fintech is to consolidate all financial functions into one app, then the endpoint of a crypto-native platform is more about enabling any app to natively utilize finance. In this trend, stablecoins have become a foundational capability, and crypto finance built on top of it is transitioning from an app form to a system service that can be directly invoked by software and AI agents.

Visa Card Network Supports USDC Settlement: Stablecoin Enters Key Point in Bank Settlement Layer

This week, Visa launched USDC settlement within the U.S. banking system. After completing a pilot program with an annualized volume of around $35 billion, Visa has started allowing selected U.S. banks to settle transactions directly using Circle's USDC on VisaNet.

The initial participants include Cross River Bank and Lead Bank, with settlement operations running on the Solana network. For cardholders and merchants, this change is almost imperceptible: the payment process remains unchanged, the billing format stays the same, and the merchant's receipt of funds is unaffected. However, behind the scenes, funds are now moving in a different way between banks.

Over the past few years, the "mainstream adoption" of stablecoins often occurred at the payment interface layer. Users could make payments with stablecoins, and merchants could receive funds through fintech platforms. However, before truly entering the banking system, these stablecoins would usually be converted back to fiat currency and settled through traditional clearing channels. Stablecoins acted more like a frontend tool, always operating outside the core financial systems.

With this move, Visa has directly incorporated stablecoins into the settlement process itself. Issuing banks no longer need to convert funds back to dollars before settlement; they can settle directly with VisaNet using USDC. This means settlements are no longer restricted to business days, batch processing, or holiday windows, and interbank fund transfers now operate on a 24/7 basis.

The significance of this change lies in settlement. In the modern payment system, the true economic responsibility lies not with the consumer but with the banks. Every card transaction ultimately impacts the balance sheets of two banks. Visa's network is essentially a settlement coordination system connecting banks. When stablecoins are allowed to serve as settlement assets, their role shifts from a means of payment to a bank operational tool.

This shift brings about a reallocation of efficiency. Real-time settlement reduces fund transit times, enhances liquidity predictability, and minimizes the need for holding redundant positions due to uncertainty. For banks, this directly affects asset-liability management: the same pool of funds can circulate faster and be more precisely allocated.

This is also why we say stablecoins may not necessarily "destroy banks," but will change the way banks operate. As settlement speeds increase and the space gained from time lags and process inertia is continuously compressed, the differences between banks are gradually reflected in liquidity management capabilities and fund utilization efficiency. Settlement efficiency itself is becoming a product capability.

For Visa, this means moving from a card network to a multi-asset settlement network. When VisaNet simultaneously supports fiat and stablecoin settlements, its network value is no longer only reflected in payment coverage but in the scalability of the settlement method and the continuity in the time dimension. Once stablecoin settlement becomes a standard capability, bank adoption is more like a natural outcome of network effects.

Regulatory Compliance

Ripple, Circle, BitGo Granted Conditional Approval for US Bank Charters, Several Crypto Firms Progress Toward Federal Trust Banks

Key Highlights

· The Office of the Comptroller of the Currency (OCC) conditionally approved federal trust bank charters for Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos, allowing them to hold customer assets but not engage in deposit-taking or lending.

· Circle's new entity, First National Digital Currency Bank, and Ripple's Ripple National Trust Bank are included in the approval; the charters will provide a clear pathway for compliant issuance of stablecoins like RLUSD.

· Coinbase, Bridge (a subsidiary of Stripe), and Crypto.com are still in the application process; with the new government's relaxed regulatory stance, the industry is accelerating its integration with the US traditional banking system.

Why It Matters

· Cryptocurrency companies entering the federal banking system will deeply integrate stablecoins, custody, and traditional financial regulations, laying the institutional groundwork for institutional capital entry and compliant stablecoin scalability, and potentially reshaping the competitive landscape of US crypto finance.

PayPal Applies for Utah Industrial Bank Charter, Plans to Establish PayPal Bank to Expand Lending and Savings Offerings

Key Highlights

· PayPal has applied for an Industrial Bank charter in Utah and concurrently applied for Federal Deposit Insurance in the United States, planning to establish PayPal Bank.

· The new bank will provide lending services to small businesses, introduce interest-bearing savings accounts to users, and integrate with the credit card network.

· PayPal is also one of the issuers of the PYUSD stablecoin and has been expanding its cryptocurrency transfer and "crypto payment" merchant services in recent years.

Why It Matters

This marks a significant move by a major payment platform to enter traditional financial core businesses through a relatively flexible banking framework, providing a more robust regulatory and funding infrastructure for its stablecoin and cryptocurrency payment ecosystem, potentially accelerating the integration of crypto and mainstream finance.

The U.S. FDIC Initiates First Stablecoin Rule, Implementing the "GENIUS Act"

Key Takeaways

· The Federal Deposit Insurance Corporation (FDIC) has proposed the first stablecoin regulatory rule, initiating a 60-day comment period.

· The rule focuses on the application process for banks to issue U.S. dollar stablecoins through subsidiaries, establishing a 120-day review and appeal mechanism.

· This is the first formal stablecoin regulatory measure to enter the rulemaking stage after the enactment of the "GENIUS Act."

Why It Matters

· This signifies the transition of U.S. stablecoin regulation from legislation to actionable administrative execution. The FDIC is the first to clarify "how banks can compliantly issue currency," removing procedural uncertainties for bank-sponsored stablecoins and paving the way for subsequent capital, liquidity, and risk rules. Stablecoins are now officially being incorporated into the U.S. banking regulatory system.

UK Aligns with the U.S. in Advancing Crypto Regulation, ECB Accelerates Digital Euro Legislation

Key Takeaways

· The UK plans to integrate crypto firms into its existing financial regulatory framework starting in 2027, with the draft covering cryptocurrency exchanges and stablecoin issuance, aligning the regulatory approach with the United States rather than the EU's MiCA "bespoke legislation" model.

· The European Central Bank has completed all technical and preparatory work for the digital euro and is urging the EU Council and European Parliament to expedite legislation, with the digital euro expected to launch in the second half of 2026.

· The UK has adopted an "outcome-focused, principle-led" approach to regulation, while the EU is progressing with Central Bank Digital Currency (CBDC) and Markets in Crypto Assets (MiCA) in parallel, forming a dual-track layout of regulation and monetary tools

Why It Matters

· This signifies Europe is simultaneously responding to stablecoin expansion from both the regulatory framework and monetary sovereignty ends: the UK is prioritizing the inclusion of crypto into the financial system to encourage institutional adoption, while the EU is consolidating the digital euro as a public payment anchor. Behind these different paths lies a shared vigilance and rebalancing towards the impact of private stablecoins.

Capital Deployment

Anchorage Digital Acquires Securitize's Advisory Platform SFA to Strengthen Crypto Wealth Management Business

Key Highlights

· Federal-chartered crypto bank Anchorage Digital acquires Securitize For Advisors (SFA), integrating the crypto wealth management platform for registered investment advisors (RIAs) into its ecosystem.

· 99% of SFA's existing assets are already custodied by Anchorage, and this acquisition consolidates custody, trading, and advisory front ends into an integrated platform; Securitize will focus on its core asset tokenization business.

· SFA has seen over a 4,500% net increase in deposits and managed assets in the past year, far exceeding the RIA industry's overall 16% growth rate, highlighting the accelerated adoption of crypto asset allocation in the advisory channel.

Why It Matters

· As RIAs become a key entry point for institutional adoption of crypto assets, Anchorage, by integrating the advisory platform, solidifies its core position in custody and compliant wealth management chains and further drives the connection between tokenization and asset allocation scenarios.

Moto Completes $1.8M Seed Pre-Financing Round, Launches Solana-Based Credit Card

Key Highlights

· Crypto finance startup Moto completes a $1.8 million Pre-seed funding round, led by Eterna Capital and cyberFund, with participation from several crypto and financial industry angel investors.

· The project is positioned as the "first true on-chain credit card," built on the Solana network, emphasizing on-chain settlement, ledger, and risk control logic natively on-chain, rather than traditional card external encrypted payment.

· The product is still in its early stages, with a waitlist open, and partnerships with crypto payment infrastructure such as Privy, Crossmint, Rain, etc.

Why It Matters

Moto directly moves the traditional financial core product of a credit card onto the blockchain, reflecting that the payment track is moving from stablecoin debit cards towards on-chain credit and programmable debt. If successful, it may reshape the risk control, settlement, and revenue distribution models of credit cards.

Stablecoin Challenger Bank Kontigo Completes $20 Million Seed Round, Surpasses $30 Million in Annual Revenue

Key Highlights

· Stablecoin challenger bank Kontigo completes a $20 million seed funding round, achieving $30 million in annual revenue, processing $1 billion in payments, and reaching 1 million users within 12 months.

· Kontigo offers 10% stablecoin savings interest, card payments (in BTC), USDT credit lines, tokenized U.S. stocks, and free international accounts, covering the entire financial needs chain of savings, payments, credit, and investment.

· With only a 7-person team, covering global cross-border fund flows, Kontigo is focused on a blockchain financial architecture that does not require a local banking license.

Why It Matters

· The Kontigo case demonstrates the scale effect of stablecoins + blockchain as underlying financial infrastructure, bypassing the traditional banking licensing system, providing a financial gateway for emerging markets in parallel with the U.S. dollar and bitcoin, challenging the expansion model of traditional challenger banks.

Tether Leads $8 Million Investment, Betting on Bitcoin Lightning Network Payment Processor Speed

Key Highlights

· Tether, along with Ego Death Capital, leads an $8 million investment in the Lightning Network payment processor Speed.

· Speed builds payment settlement channels on the Bitcoin Lightning Network, with an annualized payment volume exceeding $1.5 billion, serving over 1 million users and merchants, covering consumers, content creators, platforms, and corporate merchants, demonstrating that the Lightning Network has reached practical commercial scale.

· Tether has stated that this investment aims to strengthen the Bitcoin payment infrastructure and expand the use cases of USDT

Why It Matters

· This indicates that Tether, as a stablecoin issuer, is investing back into the payment infrastructure, driving stablecoins towards the evolution from being a "funds storage" to a high-frequency payment and settlement layer.

RedotPay Completes $107 Million Series B Funding Round to Accelerate Stablecoin Payment Expansion

Key Takeaways

· Hong Kong-based stablecoin payment platform RedotPay has completed a $107 million Series B funding round with Goodwater leading the round, and participation from Pantera, Circle Ventures, and others. This oversubscribed round was entirely equity financing.

· The platform has an annualized payment volume exceeding $10 billion, annual revenue surpassing $150 million, and has achieved profitability. It operates in 100+ markets, serving 6 million users. The funds will be used for product development, regulatory licenses, and M&A expansion.

· RedotPay offers stablecoin payment cards, cross-border payment channels, multi-currency wallet accounts, and a proprietary P2P marketplace, catering to both crypto-native and non-crypto users. It focuses on providing an instant, predictable, and cross-border fund transfer experience.

Why It Matters

· RedotPay's profitable growth demonstrates the commercial scalability of stablecoin payments amidst high growth. Continued capital infusion indicates that stablecoins are evolving from being a "cross-border alternative" to a global payment infrastructure. RedotPay's growth showcases the strong demand and scaling potential of the "USD stablecoin + local consumption" model in emerging markets.

Tether's Bid to Acquire Juventus Declined, Fan Token JUV Plunges Over 13%

Key Takeaways

· After Tether's €11 billion all-cash acquisition bid was rejected, the Juventus fan token JUV plummeted over 13% from its peak, while Juventus' publicly listed stock rose approximately 14%, illustrating a clear divergence in trends.

· The greater decline in JUV reflects sentiment reversal and profit-taking, whereas the stock price increase reflects the traditional market's positive pricing of the 21% premium acquisition signal.

· Tether has already held a 11.53% stake in Juventus, planned to acquire Exor's 65.4% controlling stake and committed to an additional €1 billion investment, but has been explicitly rejected

Why It Matters

· The event highlights that fan tokens are not equity assets, their value has limited correlation with corporate governance and acquisition outcomes, and they are subject to higher volatility. For Tether, acquiring Juventus would strengthen its institutional image and global brand reach; however, this setback shows that the financial prowess of crypto capital does not equate to institutional endorsement in the European football system.

New Product Express

StraitsX to Introduce New Yuan and USD Stablecoins on Solana, Enabling Instant Forex Exchange

Key Highlights

· Crypto infrastructure company StraitsX plans to launch the new yuan stablecoin XSGD and USD stablecoin XUSD on Solana by early 2026, enabling on-chain instant SGD ↔ USD exchange, creating an on-chain forex trading scenario

· XSGD will be Solana's first new yuan stablecoin, filling the gap for a major Asian fiat currency

· Leveraging Solana's high speed, low fees, and its x402 payment standard, XSGD/XUSD is particularly suitable for AI auto-payments, microtransactions, DeFi, cross-border settlements, and other machine-driven economic scenarios.

Why It Matters

· This move advances stablecoins from "single currency settlement" to "on-chain forex layer," enabling Solana to have real-time multi-fiat exchange capabilities, benefiting cross-border payments, DeFi, AI automation economic development, and reinforcing its positioning as a global payment infrastructure.

Exodus Partners with MoonPay to Issue USD Stablecoin, Expanding into Self-Custody Payments

Key Highlights

· Crypto wallet company Exodus will collaborate with MoonPay to launch a fully collateralized USD stablecoin, expected to go live in January 2026, within its wallet's payment feature Exodus Pay.

· This stablecoin will be issued and managed by MoonPay and backed by the stablecoin infrastructure provider M0; Exodus will focus on distribution, user experience, and self-custody wallet scenarios.

· The issuance of stablecoins has further expanded to include wallet companies, aligning with Circle, PayPal, and Fiserv to demonstrate the movement of stablecoins towards the front-end application layer.

Why It Matters

· The competitive focus of the stablecoin market is shifting from issuance to user onboarding and payment experience. The combination of wallets and stablecoins is enabling stablecoins to gradually move towards more widespread daily consumer applications.

Tempo Launches Native Transaction Type, Enabling On-chain Stablecoin Payments and Enterprise Transaction Capabilities

Key Highlights

· Tempo has introduced "Tempo Transactions," a native transaction type that supports stablecoin payments, batch processing, scheduled transactions, fee delegation, and biometric login.

· This transaction type includes built-in batching and atomic execution at the protocol layer, catering to use cases such as payroll distribution, merchant settlements, and subscriptions.

· Infrastructure providers like Crossmint, Fireblocks, Privy, and Turnkey have already integrated, reducing the barriers for enterprise on-chain payments.

Why It Matters

· Tempo is directly bringing traditional financial-grade payment capabilities to the blockchain layer, elevating stablecoins from a transferable asset to a scalable payment tool. This move is poised to accelerate the adoption of on-chain payment systems by enterprises and financial institutions.

Market Adoption

JPMorgan Chase Introduces JPMD to Base Chain, Bringing Bank Deposits Deep Onto Public Blockchain for the First Time

Key Highlights

· JPMorgan Chase has expanded the tokenized bank deposit JPMD from its private chain to the Coinbase Layer 2 Base, allowing controlled exposure to the public blockchain.

· JPMD represents a blockchain representation of bank deposits that are interest-bearing, with regulatory characteristics different from stablecoins.

· It is currently used for on-chain settlements, margining, and collateral, meeting institutional compliance requirements for on-chain funds.

Why It Matters

· This is the "defensive on-chain" of the banking system, extending the core form of money, deposits, to the public blockchain before the expansion of stablecoins. In the future, on-chain funds will present a pattern of coexistence and division of labor between stablecoins and tokenized deposits.

Visa Establishes Stablecoin Consultancy Business to Assist Banks and Enterprises in Developing On-Chain Payment Strategies

Key Highlights

· Visa has launched a "Stablecoin Consultancy Business" in its consulting division to provide training, market analysis, strategic planning, and technical support to banks, fintech companies, merchants, and others.

· Visa's annualized stablecoin settlement volume has reached $3.5 billion, supporting over 40 countries and more than 130 stablecoin-related issuing projects. Some clients have started evaluating the role of stablecoins in the payment system.

· Early clients include Navy Federal, VyStar, and Pathward, focusing on exploring real-world scenarios such as cross-border payments and B2B settlements, rather than native crypto experiments.

Why It Matters

A payment giant incorporating stablecoins into its formal consulting and solution framework signifies that stablecoins are transitioning from a "crypto tool" to mainstream financial infrastructure. This move is expected to accelerate the on-chain transformation of banks and large enterprises and expand the scale of USD digital circulation.

Ramp Achieves Stablecoin Direct Payment via Paper Check, Enabling Stablecoin Integration into Corporate Financial Systems

Key Highlights

· FinTech company focused on enterprises, Ramp's stablecoin lead tweeted that they had completed a real payment path of USDC → paper check → bank account, possibly the first of its kind.

· Stablecoin is integrated as a source of corporate funds, without requiring the payee to change their reliance on checks.

· By integrating blockchain funds into the most traditional payment rail in the U.S. (paper checks), this essentially represents stablecoins' "reverse compatibility" with traditional financial infrastructure.

Why It Matters

· In scenarios highly dependent on checks in fields such as accounting, law, government, and healthcare, Ramp allows stablecoins to permeate the corporate payment system as a backstage fund layer. This demonstrates that stablecoins are not replacing traditional rails but are providing vital support to ACH, wire transfers, and checks, quietly taking over the core part of "where the money comes from."

Japanese SBI to Partner with Startale to Launch Yen Stablecoin, Targeting Institutional Settlement

Key Takeaways

· Japanese financial giant SBI Holdings is collaborating with blockchain company Startale Group to launch a yen-pegged stablecoin in Q2 2026, positioned as a compliant token for global settlement and institutional adoption.

· The stablecoin will be issued and redeemed by SBI's subsidiary trust bank, Shinsei Trust & Banking, and will circulate through the compliant trading platform SBI VC Trade, embodying the Japanese-style compliance path of "bank custody + licensed trading."

· Startale has been involved in co-building the Sony-backed Soneium network and has already issued the USD stablecoin USDSC, which will in the future form a dual stablecoin stack with the yen stablecoin.

Why It Matters

· This is a domestic stablecoin project led by a major Japanese financial group, indicating that the yen stablecoin is transitioning from a pilot to a financial infrastructure level, paving the way for Japan to take the lead in tokenized assets and on-chain settlement competition.

SoFi Launches Bank-Issued Stablecoin SoFiUSD, Targeting Institutional Settlement Infrastructure

Key Takeaways

· SoFi is issuing the USD stablecoin SoFiUSD through its licensed national bank SoFi Bank, with SoFi Bank being regulated by the OCC, insured by the FDIC, SoFiUSD backed 1:1 with cash reserves, funds held directly in a Federal Reserve account, reducing liquidity and credit risk, and allowing for a portion of the earnings to be shared with partners or holders.

· SoFiUSD is deployed on Ethereum, providing 24/7 near real-time settlement for banks, fintech, and enterprises.

· SoFi allows partners to directly use SoFiUSD or issue white-label stablecoins to access its settlement system.

Why It Matters

· This marks the first time a nationwide U.S. bank has issued a stablecoin on a public blockchain, signaling the transition of stablecoins from a "crypto product" to regulated financial infrastructure, accelerating the migration of the traditional banking system to on-chain settlement.

JPMorgan Launches Ethereum-Based Tokenized Money Market Fund, Self-Invests $1 Billion

Key Highlights

· JPMorgan's asset management arm has launched the tokenized money market fund MONY (My OnChain Net Yield Fund) on Ethereum, with JPMorgan self-investing $1 billion to kickstart the fund, and a minimum investment amount of $1 million for eligible investors.

· MONY allows for subscription and redemption using cash or USDC, with investors holding tokenized fund shares in a "wallet" and earning daily yields; the underlying assets consist of short-term, low-risk bonds.

· Following other financial institutions like BlackRock, JPMorgan's entry signals Wall Street's acceleration toward tokenization, a model that reduces settlement times, lowers operational costs, and allows for on-chain collateralization.

Why It Matters

· With the establishment of the Genius Act stablecoin regulatory framework, mainstream finance is integrating "interest rates + on-chain settlement" into its core product offerings, potentially reshaping the flow of funds in the crypto ecosystem and driving the maturation of institutional-grade on-chain financial infrastructure.

Interactive Brokers Supports Stablecoin Deposits to Address Retail Trading Competition

Key Highlights

· Interactive Brokers allows U.S. retail traders to deposit funds into their brokerage accounts using stablecoins.

· The feature will be gradually rolled out to eligible users, with funds able to come directly from a crypto wallet rather than a bank.

· The company has previously invested in stablecoin infrastructure provider ZeroHash and is considering issuing its own stablecoin.

Why It Matters

· Traditional brokerage firms are integrating stablecoins into their core fund pipelines to reduce transfer friction and compete against native crypto platforms. This move signifies that stablecoins are further penetrating the mainstream securities trading system beyond being just payment and settlement tools.

UAE's Largest Gas Station Retailer ADNOC to Support Stablecoin Payments at Nearly a Thousand Sites

Key Highlights

· The Abu Dhabi National Oil Company's retail arm (ADNOC Distribution) will accept the UAE stablecoin AE Coin, covering nearly 980 gas stations in the UAE, Saudi Arabia, and Egypt, for fuel, convenience store, and car wash services.

· Users can make payments at gas stations, convenience stores, and car washes using the AEC Wallet from Al Maryah Community Bank.

· AE Coin is the first stablecoin licensed by the UAE Central Bank, pegged 1:1 to the dirham.

Why It Matters

This is a significant case of a sovereign-backed digital asset entering high-frequency, offline daily consumption scenarios, validating the feasibility of blockchain payments in physical retail, potentially driving the Middle East region towards adopting compliant stablecoins and accelerating the convergence of digital payments with traditional energy retail.

YouTube Enables U.S. Creators to Receive Payments in PayPal Stablecoin PYUSD

Key Highlights

· U.S. YouTube creators can choose to receive income in the USD stablecoin PYUSD issued by PayPal.

· This feature is built on YouTube's existing partnership with PayPal, where PayPal has provided stablecoin settlements to some bulk payment recipients.

· With a market cap of around $3.9 billion, PYUSD, YouTube has paid creators over $100 billion in the past four years.

Why It Matters

· The introduction of stablecoin settlements by YouTube signifies the first large-scale entry of stablecoins into the mainstream content platform's creator payment system, strengthening its "payment tool" attribute and opening up new avenues for stablecoin applications in the global platform economy.

Macro Trends

Bank of America: U.S. Banking Sector Moving Towards Long-Term On-Chain Transformation

Key Highlights

· The Office of the Comptroller of the Currency (OCC) has granted conditional trust bank charters to multiple digital asset firms, accelerating crypto integration into the banking system

· The FDIC and the Federal Reserve will advance stablecoin capital, liquidity, and approval rules under the GENIUS Act

· JPMorgan Chase and DBS Bank have tested tokenized deposits and on-chain settlement on public and permissioned blockchains

Why It Matters

· Bank of America believes that regulation has shifted from "discussion" to "implementation," bringing stablecoins and tokenized deposits into the compliant banking system. Banks are no longer bystanders to crypto but are institutionally driven towards on-chain assets and payments, initiating a long-term financial infrastructure migration.

JPMorgan Chase: Stablecoins Unlikely to Reach Trillion-Dollar Scale, Estimated at $500 Billion by 2028

Key Highlights

· JPMorgan Chase anticipates stablecoins' total market capitalization to be around $500-600 billion by 2028, significantly lower than earlier trillion-dollar expectations

· The current demand for stablecoins is seen to originate mainly from crypto trading, derivatives, and DeFi, rather than real-world payment scenarios. In 2025, stablecoins saw an addition of about $100 billion, with USDT and USDC contributing the majority. Just this year, stablecoin holdings on derivatives trading platforms have increased by around $200 billion; stablecoins are increasingly used as trading collateral and idle cash rather than as a means of payment currency.

· Banks driving tokenized deposits, central bank digital currencies (CBDCs), and SWIFT on-chain solutions (potentially solidifying banks' role in cross-border settlements) will divert stablecoin demand

Why It Matters

· The future of stablecoins does not depend on "how much they are used for payments" but rather on whether they can become a long-term reservoir of funds. If increased payment activity boosts transaction speed rather than the stock of money, stablecoins will face structural competition from bank tokenized deposits and CBDCs. JPMorgan Chase envisions a future scenario where stablecoins + bank tokenized deposits + CBDCs coexist and specialize, and the scale of stablecoins will grow with the overall crypto market rather than experiencing an independent explosion.

Gold Stablecoin Approaches $4 Billion Scale, On-chain Safe Haven Demand Rises

Key Takeaways

· Total market value of gold-pegged stablecoins has exceeded $4 billion, nearly tripling from about $1.3 billion in early 2025, with significant increase in on-chain "safe haven asset" demand.

· Tether Gold (XAUt) has a market value of about $2.2 billion, occupying half of the market, while Paxos Gold (PAXG) has around $1.5 billion, combining to account for nearly 90%.

· Gold price has increased by approximately 66% in 2025, driving funds simultaneously towards physical gold and tokenized gold amid macro uncertainty, geopolitical tensions, and ongoing inflation expectations.

Why It Matters

Gold stablecoins indicate that crypto funds are actively embracing traditional safe-haven assets and choosing to "stay on-chain." This means stablecoins are no longer just pegged to fiat currencies but are also becoming a vital bridge connecting macro safe-haven assets and on-chain finance, expanding the risk hedging dimension of crypto assets.

UAE Elevates Asset Tokenization to National Strategy, Reshaping Economic Infrastructure

Key Takeaways

· UAE is not only regulating tokenization but embedding it into core economic systems such as real estate, trade finance, carbon credits, and more.

· Dubai's VARA has established "Asset-Referenced Virtual Assets (ARVA)" to formalize the tokenization of real-world assets under financial supervision.

· Multiple departments have already implemented practical applications, such as blockchain real estate registration to replace lengthy traditional processes.

Why It Matters

· The UAE views tokenization as "digital-age infrastructure" rather than a financial experiment, leading the way in achieving a leap from regulation to deployment. This path of "building the system first, then regulating in real time" is positioning it as a model for the global tokenized economy and may also introduce new regulatory paradigms.

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