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🌍 Macro: Visa scales stables in 40 countries, Argentina’s $14.3M crypto day and Morpho lands $775M

Visa labeled the ‘stablecoin of stablecoins,’ says Mizuho

• Mizuho called Visa the “stablecoin of stablecoins” as it now supports 130+ stablecoin-linked card programs across 40 countries.
• Visa’s stablecoin spend rose fourfold year-on-year, reflecting rapid integration into payment flows.
• The network also enables banks to mint and burn their own stablecoins, promoting cross-chain interchangeability.

Stablecoin demand surges in Argentina ahead of President Milei’s election win - Trading volumes hit $13.4M in a single day, as Argentines fled the peso for crypto dollars.

Morpho draws $775 million pre-deposit from Stable amid DeFi surge - Morpho received $775 million in pre-deposits from Stable, driving DeFi TVL up to $161 billion, from $93 billion in April.

🔍 Policies: China slams dollar stables, New York freezes $63M USDC, and ECB pilots 2027

China doubles down on crypto bans while warning stablecoins threaten sovereignty

• PBOC Governor Pan Gongsheng said stablecoins “can’t meet the basic requirements like customer identification and anti–money laundering.”
• The central bank will continue to “crack down on relevant activities” to safeguard China’s financial order.
• Pan warned that dollar-pegged stablecoins “undermine monetary sovereignty” in developing economies.

New York court freezes $63 million in stolen USDC tied to Multichain case

• The court directed Circle to maintain a freeze on three Ethereum wallets holding roughly $63 million in stolen USDC.
• The order aims to prevent “immediate and irreparable harm” to Singapore-based liquidators.
• Judges are reviewing whether the foreign case qualifies as a “main proceeding” under Chapter 15 of U.S. bankruptcy law.

Bank of Korea urges banks to lead stablecoin issuance amid depeg fears - A Bank of Korea report stated that “currency operates not on technology, but on trust,” citing past USDC depegs. It flagged higher risk for non-dollar stablecoins with limited circulation.

Australia expands crypto oversight under new ASIC guidance - ASIC’s updated Info Sheet 225 extends financial-services law to include stablecoins, yield tokens, and staking programs.

ECB fast-tracks digital euro rollout, targets full launch by 2029 - The ECB plans a pilot phase in 2027 and potential EU-wide launch in 2029, accelerating at the request of the European Council.

🔥 Biz Beats: Apollo and Coinbase build $3T stablecoin credit rails, Tether profits top $10B, and Visa expands multi-chain reach

Apollo and Coinbase partner to launch stablecoin-based credit products

• Apollo and Coinbase will co-develop stablecoin-backed lending and credit portfolios.
• The collaboration includes tokenized credit holdings and over-collateralized asset lending, launching next year.
• The partners expect the stablecoin market to reach $3 trillion by 2030.

World Liberty Financial airdrops 8.4 million WLFI to USD1 users

• World Liberty Financial will distribute 8.4 million WLFI tokens to early participants of its USD1 Points Program.
• Users earn points by holding or trading USD1 pairs, the sixth-largest stablecoin with $2.98 billion in market cap.
• The team plans additional DeFi integrations and new reward venues for USD1 activity.

Alibaba’s Ant Group files ‘AntCoin’ trademark, signaling stablecoin ambitions - Ant Group filed an “AntCoin” trademark in Hong Kong, covering stablecoin issuance and digital-asset custody.

ClearBank joins Circle’s network to expand MiCA-compliant stablecoin access - ClearBank will integrate Circle Mint to mint and redeem USDC and EURC across Europe.

Trump-backed USD1 stablecoin partners with Enso for cross-chain liquidity - The USD1 stablecoin, now near $3B in market value, will use Enso’s liquidity routing tech to reach multiple blockchains.s

Bitcoin lender Ledn tops $1B in loan originations for 2025 - Ledn originated $1B in loans this year, with $392M BTC-backed in Q3 alone. Annual recurring revenue topped $100M, marking the firm’s strongest year yet.

Ethena migrates $1.5 billion in BUIDL collateral to three new chains - Ethena shifted $1.5 billion in BUIDL reserves from Ethereum to Aptos, Avalanche, and Polygon, allocating $500M per chain.

Chainlink powers Balcony’s $240 billion real-estate tokenization effort - Balcony will use Chainlink oracles to bring $240 billion of authenticated property data onchain for tokenized real-estate markets.

Polymarket prepares U.S. relaunch using licensed exchange QCX - Polymarket plans a U.S. comeback in November, initially limited to sports prediction markets. Its on-chain platform will again use stablecoins for trading, supported by an upcoming utility token.

Stablecoins move into remittances as on-chain volumes double - Stablecoin firms announced a “Stablecoins in Remittances” initiative as USDT and USDC volumes doubled year-to-date. USDC remittance corridors show faster settlement and lower fees compared with traditional rails.

Western Union files WUUSD trademark after Solana stablecoin reveal - Western Union filed for the WUUSD trademark covering stablecoin payment and exchange services. The firm plans to launch USDPT in early 2026, issued by Anchorage Digital Bank.

Visa adds four new stablecoins across four blockchains as usage surges - Visa CEO Ryan McInerney said support is expanding to four additional stablecoins on four distinct blockchains.

Coinbase rebuts political favoritism claims, highlights GENIUS-era boom - Coinbase’s Faryar Shirzad dismissed Senator Murphy’s allegations of pro-Trump bias as “ridiculous.”

Tether earns over $10 billion this year as reserves climb to $135 billion - Tether’s annual profit has surpassed $10 billion, fueled by U.S. Treasury holdings totaling $135 billion.

Coinbase beats Q3 forecasts as stablecoin revenue climbs 43% - Coinbase posted $1.9B revenue and $433M net income, with $1B in trading fees.

Crypto M&A accelerates as banks and fintechs race for scale - Citizens Bank reported that crypto M&A is re-accelerating as regulations ease. Major deals include Mastercard-ZeroHash ($2B) and Coinbase-BVNK ($2B), following Stripe’s $1.1B Bridge purchase.

Mastercard in late-stage talks to acquire ZeroHash for $2 billion - Mastercard is negotiating a $2B acquisition of ZeroHash, joining a wave of fintech consolidation.

💡Rollouts: JPYC’s first ever regulated yen, KRWQ’s cross-chain won, and TIS builds on Avalanche

JPYC debuts Japan’s first regulated yen-backed stablecoin

• JPYC Inc. launched Japan’s first legally recognized yen-pegged stablecoin, fully backed by deposits and government bonds.
• The token operates across Avalanche, Ethereum, and Polygon, requiring national “My Number” ID for KYC.
• The firm targets 10 trillion yen (~$65.4B) in circulation within three years.

KRWQ launches as first Korean-won stablecoin on Base

• KRWQ debuted as the first won-pegged stablecoin on Base, using LayerZero’s OFT standard and Stargate bridge.
• The coin is not yet available to Korean residents, due to local restrictions.
• Founder Navin Vethanayagam said no won-denominated stablecoin has ever scaled successfully—until now.

IBM and Dfns unveil blockchain platform for governments and enterprises - IBM’s “Digital Asset Haven” platform lets institutions build digital-asset systems with policy-driven compliance tools.

Circle begins Arc blockchain trials with major institutions onboard - Circle’s Arc offers sub-second settlement and U.S. dollar-based fees, aiming to standardize institutional payments.

Japan’s $2 trillion payment processor TIS teams with Avalanche for multi-token platform - TIS and Ava Labs launched a platform supporting programmable finance and multi-token settlements.

BOB launches Bitcoin-secured lending engine for stablecoin borrowers - BOB’s new vault system lets users borrow stablecoins directly against native Bitcoin while keeping BTC on-chain.

👋 That’s your stablecoin scoop for the week.

Until next time — AllScale Weekly

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