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🌍 Macro: GENIUS points to $3T by 2030 while USDe shrinks 40% to $8.5B after a $19B wipeout

Only up: GENIUS clears the lane and stables sprint toward $3T circulation

• Treasury Secretary Scott Bessent projected tenfold growth, with stablecoins reaching $3 trillion in circulation by decade’s end.
• He credited the GENIUS Act for enabling rapid innovation and drew attention to stablecoins’ rising U.S. Treasury holdings.
• Bernstein Research said stablecoins will sit “at the center of real-world payments, Treasury liquidity, and the tokenized economy.”

Leverage taketh? Ethena’s USDe trims more than 40 percent on unwind

• USDe circulation fell from nearly $15 billion to about $8.5 billion, marking a supply drop of more than 40 percent.
• Keyrock’s Amir Hajian said lower funding rates directly slow growth and can push users toward redemptions.
• The synthetic design depends on hedging with short perpetual futures, and a $19 billion leverage wipeout triggered heavy redemptions and broad deleveraging.

🔍 Policies: Singapore’s tokenized bills, Hong Kong’s stablecoin moment, and BoE’s systemic framework

Singapore to trial tokenized bills and finalize stablecoin legislation

• MAS Managing Director Chia Der Jiun said asset-backed tokens are “out of the lab” but “not yet at scale.”
• MAS will pilot tokenized bank bills settled in CBDC, emphasizing reserve backing and redemption reliability as key to stability.
• Chia warned that unregulated stablecoins risk “breaking the buck” and that systemic ones will face stronger oversight under Singapore’s upcoming framework.

Hong Kong week belonged to stablecoins as CBDC buzz fades to utility

• Market-led stablecoins are overtaking CBDCs in relevance, with only three CBDCs globally reaching launch so far.
• Commentary argued the private sector is already building the future of money.
• Standard Chartered’s Bill Winters said nearly all transactions will eventually settle on blockchains, with digital money predominantly in stablecoin form.

Czech central bank pilots digital asset portfolio including USD stablecoin - The Czech National Bank (CNB) launched a $1 million digital asset test portfolio that includes a USD stablecoin and a tokenized deposit.

Japan considers new rule restricting crypto custody to registered providers - The FSA is weighing a system that would require custody providers to notify and register with authorities, with exchanges limited to using only registered service providers..

Bank of England opens consultation on systemic GBP stablecoins - The proposals apply to sterling stablecoins designated as systemic, allowing issuers to hold up to 60 percent in short-term gilts and the remainder at the Bank of England.

Brazil expands financial regulation to cover crypto service providers - Providers will be required to obtain authorization from the central bank, and fiat-pegged stablecoin transactions will fall under foreign-exchange regulations.

🔥 Biz Beats: AllScale Pay goes live on BNB Chain, JPM Coin lands on Base, and Visa pilots USDC payouts

AllScale Pay launches on BNB Chain

• AllScale Pay is now live on BNB Chain, expanding access for SMBs and individuals underserved by traditional financial systems.
• The chain’s broad user coverage in AllScale’s key regions, along with its low gas fees and high-speed throughput, supports the high-frequency, small-value payments users depend on.
• The integration leverages deep stablecoin liquidity on BNB Chain, advancing AllScale’s mission as the world’s first self-custody stablecoin neobank.

JPM Coin lands on Base for near-instant transfers and more

• JPM Coin, a deposit-backed institutional token, is now live on Base to enable near-instant transfers.
• Unlike stablecoins, it represents tokenized bank deposits and can carry yield for institutional clients.
• JPMorgan plans to launch JPM Coin on additional blockchains and in other currencies once approved.

Visa launches stablecoin payouts for creators and freelancers

• Visa introduced a pilot allowing businesses to send USDC payouts via Visa Direct, enabling faster cross-border earnings.
• The company plans to expand the program globally in 2026 as part of its broader stablecoin strategy.
• USDC is the only supported asset in the initial phase.

Ark Invest increases Circle stake to $30 million as Arc token rumors build - Ark Invest purchased over $30 million of Circle shares, bringing its total to nearly 3 million shares valued at $255 million.

JPMorgan upgrades Circle to Overweight on accelerating USDC growth - JPMorgan analysts raised Circle’s rating to Overweight and lifted the target to $100 per share, citing faster USDC adoption.

Coinbase ends negotiations to acquire stablecoin firm BVNK - Coinbase halted discussions to buy BVNK in a deal that valued the UK-based issuer at $2 billion.

Dubai court freezes $456 million tied to Justin Sun’s TrueUSD bailout - A Dubai court issued a worldwide freeze covering $456 million linked to TrueUSD’s bailout. The action involves assets tied to Aria Commodities DMCC, which is accused of diverting stablecoin reserves for unauthorized investments.

Exodus reports strong Q3 results and expands into Latin American stablecoin payments - Revenue grew 51 percent in Q3, raising net income to $17 million for the quarter.

Standard Chartered to support DeCard’s stablecoin payments infrastructure in Singapore - Standard Chartered will serve as DeCard’s principal banking partner to help make stablecoin spending function like traditional card payments.

ClearToken secures UK approval for settlement of crypto and tokenized assets - The FCA approved ClearToken’s CT Settle system to handle settlement for crypto, stablecoins, and fiat through a delivery-versus-payment model.

💡Rollouts: Startale debuts Soneium super-app, Circle’s Arc heats up, and Cash App goes multi-chain

SoFi launches crypto trading with plans for a USD stablecoin in 2026

• SoFi became the first nationally chartered U.S. consumer bank to offer in-app crypto trading across dozens of assets.
• The company emphasized user trust, citing survey data showing 60 percent prefer trading at a licensed institution.
• SoFi plans to expand into remittances, crypto-integrated lending, and a U.S. dollar stablecoin in 2026.

Circle evaluates native token for Arc as USDC revenue surges

• USDC supply doubled year-over-year, with Circle reporting Q3 net income of $214 million, up 202 percent.
• Circle is exploring a native token for its Arc chain, a Layer 1 designed around stablecoin commerce.
• Partnerships through the Circle Payments Network continue to expand USDC adoption, with projections that supply could triple by 2027.

Sui to launch USDsui stablecoin via Bridge - Sui will issue USDsui using Bridge’s Open Issuance to enable interoperability with wallets like Phantom and MetaMask.

Circle launches StableFX for on-chain currency trading on Arc blockchain - StableFX enables 24/7 on-chain trading of stablecoin currency pairs on Circle’s new Arc testnet.

Cash App adds stablecoin payments on Solana in shift toward multi-chain rails - Block’s Cash App will let users send stablecoins instantly worldwide, starting with USDC on Solana.

BlackRock and Binance expand BUIDL integration onto BNB Chain - BlackRock’s BUIDL fund is launching on BNB Chain, extending beyond its Ethereum base.

Coinbase introduces token-sale platform using USDC for purchases - Token purchases must be funded exclusively in USDC, with allocation determined by an algorithm to ensure broad participation.

Startale unveils super-app for Sony’s Soneium blockchain - The Startale App will serve as a unified entry point to the Soneium ecosystem with account-abstraction features enabling gasless transactions.

💲Money in motion: This week’s hottest stablecoin industry financing moves!

Exodus acquires Grateful to expand stablecoin payments in Latin America

• The acquisition adds merchant tools enabling wallet-to-wallet stablecoin payments, QR checkout, and on-chain invoicing.
• The features will integrate into Exodus’ self-custodial wallet, which already supports major chains like Solana and Arbitrum.
• Market research cited forecasts that stablecoin payment volumes could reach $1 trillion annually by decade’s end.

Seismic raises $10 million from a16z to expand privacy-focused fintech infrastructure

• Seismic secured $10 million from a16z Crypto to scale its encrypted blockchain infrastructure.
• The network already supports stablecoin-enabled services, including Brookwell’s cash-account products.
• The company aims to address privacy gaps in fintech systems that use crypto-based transaction rails.

👋 That’s your stablecoin scoop for the week.

Until next time — AllScale Weekly

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