The Stable Scoop: $1.5T July, SEC softens on stablecoins, Ripple buys Rail for $200M

Editor - Jackie

🌍 Stablecoin transactions hit $1.5T in July, DeFi TVL climbs to $153B!

Best month ever! Stablecoin transactions hit $1.5T in July

• July’s $1.5T stablecoin volume is the largest monthly total ever, up from $1.26T in June.
  • For comparison, by assuming an even distribution across three months based on Visa and Mastercard’s 2025 Q1 data, Visa’s monthly transaction volume would be roughly $1.312 trillion and Mastercard’s at around $805 billion.
• USDC (~$748B), USDT ($420B), and DAI ($261B) dominate.
• The GENIUS Act set Fed-overseen reserve rules, prompting big firms like JPMorgan and Meta to explore stablecoin payments.

Crypto salaries go stable: USDC tops, USDT trails

• According to survey results based on 1,600 industry participants, USDC (63%) and USDT (28.6%) account for 90%+ of crypto salaries; few choose volatile tokens like SOL or ETH.
• Major payroll platforms don’t support USDT, helping USDC lead.

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TVL Surge: DeFi market hits $153B as ETH nears $4K - Although Ethereum dominates, stablecoin yield farming also drives on-chain activity, with Investors using restaking and looping on Euler and Spark to earn up to 25% yields with low risk.

Mind the Gap! UK risks “losing” stablecoin race - Over 98% of fiat-backed stablecoins are dollar-pegged; sterling-based options face higher fees and no yield.

Stablecoin adoption on the rise for SEA countries - Four ASEAN countries rank in the global top 15 for crypto usage and countries like Singapore are now conducting live pilots for tourists.

🔥 SEC softens on fully backed stables, Trump to punish debanking banks”

From ‘Security’ to ‘Cash Equivalent’: SEC softens on stablecoins

• USD-pegged stablecoins with guaranteed redemption and stable value may now qualify as cash equivalents without being treated as securities, reducing compliance risk.
• The qualification criteria holds that they must be fully backed by cash/T-bills, maintain a 1:1 USD peg, and offer guaranteed redemption rights.
• Issuers and redeemers won’t need SEC registration, which is part of Chair Paul Atkins’s Project Crypto push to bring markets on-chain.

Trump to punish banks that cut off crypto firms

• Banks that debank crypto companies could face fines, consent decrees, and investigations under the Equal Credit Opportunity Act and other laws.
• Firms like Coinbase, Frax Finance, Custodia, Gemini, and Bitcoin Foundation leaders say they were cut off from banking.

📈USDe jumps to #3 at $9.3B, Korean banks race into stables pre-DABA

South Korea’s KakaoBank positions for KRW stablecoin play

• There is now strategic prep happening in terms of issuance/custody with Kakao’s stablecoin task force, which is active in crypto KYC/AML.
• Kakao bank offers a scale advantage, with 25.86M users equating to about half of South Korea, with deposits up 19% to $45.8B.

GENIUS Act bans issuer yield, sparks loophole debate

• The new federal law bars stablecoin issuers from paying interest, but Coinbase offers 4.1% on USDC and PayPal 3.7% on PYUSD via “rewards.”
• Both firms argue the ban applies only to issuers; critics say it exploits a loophole undermining the law’s intent.
• With the stablecoin market at $275B, pressure is rising for regulators to clarify treatment of interest-like payments.

XRPL sees July transaction boom and stablecoin growth - XRPL processed 70M transactions in July (1.8M/day) and added 3,000 new accounts daily, crossing 1M in 2025.

Ethena’s USDe market cap surges 75% to $9.3B - Stablecoin X plans to buy $260M ENA (8% of supply), with tokens locked for reinvestment.

USDe becomes #3 stablecoin after GENIUS Act boost - Only USDT ($164B) and USDC ($63B) are larger; USDe offers 10–19% APY.

Ethena’s $4.7B (55%) of USDe-backed assets parked on Aave raises liquidity risk - Dual use of backing assets for redemption and Aave liquidity could magnify stress in deleveraging events.

Hong Kong taxis may be stablecoin’s new test drive - HK’s taxi industry is getting pushed into digital payments as ANT Group’s blockchain could enable 1:1 cash-stablecoin taxi fares, skirting mainland ban.

Tether to launch fee-free USDT chain 'Plasma’ - Tether has raised $373M (XPL token), $1B deposits at launch, and has Bitfinex backing for liquidity scale, posing a huge threat to competitors like Tron.

CrediX exploited for $4.5M via unbacked stablecoins - Admin privileges enabled minting of unbacked stables which resulted in funds bridged from Sonic to Ethereum.

Korean banks race into stablecoins pre-DABA (Digital Asset Basic Act) law - Woori has revived custody projects, KB files 81 trademarks, while Hana explores KRW stablecoin issuance

China re-enters crypto via stablecoins - China will allow its first stablecoins to internationalize the RMB and compete with the USD, using Hong Kong’s new fiat-backed token rules.

Loyalty points for USD1 stablecoin users - Trump-backed World Liberty Financial will reward USD1 stablecoin users with airline-style loyalty points for trading, holding, staking, and DeFi use.

Trump signs EO allowing crypto in 401(k)s - A new executive order lets 401(k) plans include crypto, private equity, and real estate, targeting the $12.5T U.S. retirement market.

Paxos fined $26.5M over BUSD oversight failures - NY regulators fined Paxos $26.5M for due diligence lapses in its Binance USD partnership, plus $22M to overhaul compliance.

💡Ripple buys Rail for $200M, Gate adds USDG for 34M users, and JPMorgan unveils on-chain intraday repo

Bullish targets $629M US IPO with stablecoin allocation

• Cayman Islands-based exchange Bullish aims to raise $629.3M in a U.S. IPO at a $4.2B valuation, down from its abandoned $9B target in 2021, offering 20.3M shares at $28–$31 each under ticker “BLSH.”
• A significant portion of the IPO proceeds will be converted into stablecoins, potentially benefiting issuers, with underwriters including JP Morgan, Jefferies, and Citigroup.

Slash neobank debuts Global USD account with USDSL stablecoin

• California-based neobank Slash launched a Global USD account letting businesses store, send, and receive both stablecoins and U.S. dollars, built on its own USDSL stablecoin.
• Businesses can convert between USDT, USDC, and USDSL, off-ramp to U.S. bank accounts via ACH/SWIFT/wire, avoid 5-day settlement and 1% FX fees, and redeem or mint USDSL 1:1 with no slippage.

Gate joins Global Dollar Network with USDG stablecoin

• Gate integrated the USD-pegged stablecoin USDG for its 34 million users across Ethereum, Solana, and Ink, fully backed 1:1 with USD or equivalent liquid assets under MAS Singapore, FIN FSA, and MiCA oversight.

MetaMask to launch mmUSD with Stripe [ALLEGED]- MetaMask is launching a dollar-pegged stablecoin, mmUSD, in partnership with Stripe, backed by M^0 and intended as the cornerstone asset integrated across all MetaMask surfaces.

WSPN launches Global Payment 1.0 for stablecoin-fiat flow - The Worldwide Stablecoin Payment Network (WSPN) has launched Global Payment 1.0, an API-centric infrastructure for converting USDT, USDC, WUSD and other stablecoins to fiat for institutional clients.

Bybit expands USDT0 support to new chains - Bybit now enables native USDT0 deposits and withdrawals on HyperEVM, Corn, and Berachain, using LayerZero’s OFT standard.

FTFT forms RWA Division for stablecoin issuance - Future FinTech Group has launched a Real-World Asset Tokenization Division to explore issuing asset-backed stablecoins and seek licenses in the U.S. and Hong Kong.

USDC now live on Flamingo Finance - Flamingo Finance has listed USDC, Circle and Coinbase’s fully backed $30B stablecoin.

Coinbase wallet adds 4.1% USDC rewards - Coinbase launched developer-focused Embedded Wallets with features such as automatic 4.1% USDC rewards, aiming to accelerate stablecoin-native apps post-GENIUS Act.

Flipster–Kaia partner for Asian stablecoin adoption - Flipster partnered with Kaia to integrate Kaia USDT into trading, payments, and tokenized asset ecosystems across LINE and Kakaotalk’s 250M+ user base.

Stabull Finance launches stablecoin pools on Base - Stabull Finance launched on Base with new multi-currency stablecoin pools, governance token $STABUL, liquidity mining rewards, and support for 16 stablecoins across 11 currencies.

Wirex integrates tGBP for 6M+ users - Wirex added the FCA-regulated, 1:1 GBP-backed tGBP stablecoin to custodial and non-custodial platforms, enabling instant mint/redeem, upcoming Layer 2 support, and Visa card spending at 80M+ merchants.

JPMorgan debuts blockchain intraday repo tool - JPMorgan launched an intraday blockchain repo solution with HQLAx and Ownera, already handling $1B+ daily and designed for future integration with stablecoins, CBDCs, and its own JPMD deposit token.

Ripple’s RLUSD stablecoin gains custody support in Korea - BDACS launched institutional custody for XRP and Ripple’s dollar-backed RLUSD stablecoin, aligning with Korean tokenization regulatory goals.

💲 Money in motion: This week's hottest stablecoin industry financing rounds!

👋 That's your stablecoin scoop for the week.

Until next time — AllScale Weekly

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