$290B and climbing: Stables market double since early 2024

• The market is roughly $290 billion, up 18% in 90 days and more than double since early 2024.
• Mastercard enabled access to USDG, USDC, PYUSD, and FIUSD in June.
• The CFTC calls collateral management the “killer app” for stablecoins, and observers say the TradFi–blockchain boundary is fading.

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JPMorgan readout! U.S. GENIUS act fuel 42% YTD stablecoin growth

• The stablecoin market is up 42% year-to-date to nearly $300 billion and now equals ~7.5% of the $3.8 trillion crypto market cap.
• USDC has climbed to $73.7 billion (25.5% share) while Tether’s dominance slipped to 60.4%.
• Since the GENIUS announcement on July 18, the sector’s market cap has risen 19%.

Base’s Jesse Pollak says non-USD stablecoins are the missing piece - Pollak argues stablecoin activity is “99%” dollar-denominated and needs local-currency options for real utility.

Tether adds $1B in BTC; USDT nears $175B supply - Tether bought 8,889 BTC (~$1 billion), lifting its bitcoin reserves to $9.7 billion. USDT supply reached $175 billion, up 10.7% over the last quarter.

🔍 Policies: GENIUS Act tightens rules on stablecoin yield but loopholes remain

• The GENIUS Act will classify any return that “looks like interest” as such, tightening yield rules.
• Platforms may route rewards through partner banks or frame them as payment incentives — like PayPal’s 3.7% APR on PYUSD — to stay compliant.
• Analysts expect a split market between regulated stablecoins and unregulated ones used for remittances.

🔥 Biz Beats: Tether targets $1T goal via Rumble, Deutsche Börse brings USDC and EURC into Europe, and Abu Dhabi builds ADI Chain for a dirham stablecoin

Tether teams with Rumble to push USAT adoption in the U.S.

• Tether aims to tap Rumble’s 51 million monthly active users by enabling stablecoin use in the U.S. through the video platform.
• Rumble plans to launch a crypto wallet powered by Tether tech later this year.
• After a $775 million investment for ~48% of Rumble, Tether touts its new USAT (U.S.-only, dollar-backed) alongside USDT’s $174.6 billion supply.

Société Générale integrates euro and dollar stablecoins with Uniswap, Morpho

• The French bank’s crypto unit connected its EURCV and USDCV stablecoins to Uniswap and Morpho for DeFi lending.
• Users can borrow against BTC, ETH, and tokenized money market funds like USTBL and EUTBL.
• DeFi lending deposits hit a record $130 billion amid new U.S. and EU stablecoin regulations.
• Flowdesk provides liquidity; USDT remains dominant at $174.8B in supply.

Deutsche Börse and Circle to integrate stablecoins into European infrastructure

• The partnership will bring EURC and USDC into Europe’s trading, settlement, and custody systems.
• Stablecoins will be listed on 360T’s 3DX exchange and used through Crypto Finance.
• Circle CEO Jeremy Allaire said the move reduces settlement risk and lowers costs across markets。
• Circle, already MiCAR-compliant, aims to position EURC and USDC as core settlement instruments in Europe.

Tether’s USAT ambitions: $1T in 3–5 years, says Paolo Ardoino - Ardoino targets about $1 trillion for USAT within three to five years and says USDT and USAT will be 1:1 swappable.

Abu Dhabi’s IHC backs Layer 2 chain for dirham-backed stablecoin - IHC will launch ADI Chain, a Layer 2 built on Ethereum; the network will host an AED-pegged stablecoin from First Abu Dhabi Bank under UAE Central Bank oversight.

World Liberty Financial to tokenize commodities and pair with USD1 - The firm plans to tokenize real-world assets like oil, gas, and timber, pairing them with its USD1 stablecoin.

Mantle launches RWA tokenization service, adds USD1 stablecoin - Mantle introduced a “tokenization-as-a-service” platform for compliant real-world asset issuance.

Mantle tokenization launch drives 73% monthly surge in MNT price - Mantle’s token MNT hit a record $2, rising 73% over the past month. The network offers full compliance tools; licensing, KYC, legal structuring, and smart contract deployment.

Arf and Huma join Circle network for instant cross-border stablecoin payment - The partnership enables on-demand credit and same-day USDC settlements, freeing up working capital for users.

Crypto.com partners with Morpho to expand DeFi lending markets - The collaboration will let users borrow against crypto deposits via Morpho on the Cronos network.

Bitwise CIO: Tether’s profits could rival world’s most valuable firms - USDT now reaches over 400 million users, adding 35 million wallets each quarter.

Visa pilots stablecoin payments for corporate remittances - Businesses can now test USDC and EURC through Visa Direct for cross-border payments.

OKX brings USDT and USDC scan-to-pay feature to Singapore shoppers - OKX Pay now lets users pay with USDT and USDC in stores via a Grab-powered scan-to-pay service.

💡Rollouts: Stripe ships Open Issuance, Phantom turns wallet into money app, Paxos and Aleo prep a privacy stablecoin

Stripe unveils Open Issuance to let firms create custom stablecoins

• Stripe’s Open Issuance lets businesses launch and manage stablecoins with a few lines of code.
• Backed by BlackRock, Fidelity, Superstate, and Lead Bank, which handle reserves and cash custody.
• Stripe is pursuing a federal banking charter and a New York DFS trust license for regulatory coverage

Phantom becomes a money app…say hello to Phantom Cash!

• Phantom launched Phantom Cash, turning its crypto wallet into a multiuse money app.
• Users can spend via Visa through Apple Pay or Google Pay, backed by the CASH stablecoin issued via Bridge.
• Stablecoins minted through Open Issuance are interoperable, cutting transaction costs.

Paxos and Aleo partner to launch privacy-focused U.S. stablecoin - Paxos Labs and the Aleo Network Foundation will issue USAD, a U.S. dollar-backed stablecoin.

Sui blockchain to host new stablecoins backed by Ethena and BlackRock - Sui will introduce USDi (backed 1:1 by BlackRock’s BUIDL) and suiUSDe (mirroring Ethena’s $14B USDe).

Solstice Finance launches USX stablecoin and YieldVault on Solana - Solstice introduced USX, a stablecoin backed 1:1 by verified collateral using Chainlink proofs.

Notabene launches compliance network for regulated stablecoin payments - Notabene’s new platform adds payment authorization, invoicing, and dispute resolution for stablecoin transfers.

Sky launches Keel with $2.5B plan to expand Solana DeFi and RWAs - Keel will direct $2.5 billion in capital across Solana’s DeFi and real-world asset ecosystem. The project receives allocations from Sky’s USDS reserves and acts as an on-chain capital allocator.

Andre Cronje’s Flying Tulip raises $200M at $1B valuation - The project raised $200 million at a $1 billion token valuation, with plans for another $800 million public sale.

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