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🌍 Macro: M&A hits $37B across 356 deals, PwC leans in post-GENIUS, and PYUSD rockets 600% to $3.6B

Finance giants double down on stablecoins and “super-app” ambitions for 2026

• Revolut’s Leonid Bashlykov said 2026 is going to be massive, as major finance firms position for a bigger crypto footprint.
• PayPal CEO Alex Chriss argued that if you rebuilt payments from scratch today, you would start with blockchain rails that look a lot like stablecoins.
• DL News reported PYUSD supply jumped 600% to $3.6 billion, which it pegged at about 1.6% of the stablecoin market, while Coinbase’s Brian Armstrong reiterated a super-app goal for becoming a primary financial account.

Crypto M&A is expected to stay hot in 2026 as buyers chase stablecoins and payments

• DL News said crypto M&A surged more than sevenfold in 2025 to $37 billion across 356 transactions, including 39 deals above $100 million and 17 above $500 million.
• Areta told DL News that traditional buyers are most interested in the stablecoins and payments segment.
• The report argued that even in a risk-off environment, scaled players have meaningful M&A ammunition, keeping deal activity elevated.

Fintech heavyweights ramp crypto hiring as Tempo and KlarnaUSD advance - Major fintechs are accelerating crypto hiring as Stripe-linked Tempo advances toward production with major partners and Klarna rethinks its crypto stance ahead of a 2026 KlarnaUSD launch.

PwC leans into stablecoins as U.S. rules turn clearer - PwC said clearer U.S. crypto regulation is driving the firm to push stablecoin-based payment solutions, with leadership citing the GENIUS Act as a key confidence catalyst.

Chainalysis says stablecoins dominated illicit crypto flows in 2025 - Chainalysis reported that illicit crypto activity surged to $154 billion in 2025, with stablecoins accounting for 84% of transaction volume tied largely to state-backed actors.

🔍 Policies: FCA sets Sept ’26 gateway, Senate bill at do-or-die, and Korea stalls on reserves/51% issuer rule

UK FCA targets September 2026 for a new crypto licensing gateway

• The FCA said it expects to open a formal licensing gateway in September 2026, with the regime slated to take effect in October 2027.
• Existing registrations will not automatically carry over, meaning currently registered firms will need to reapply.
• The FCA said it will prioritize stablecoin payments and market integrity, and firms that miss the window enter a transitional provision that blocks new regulated crypto offerings.

Senate crypto bill hits a do-or-die window as yield and Trump ethics loom

• A source said a deal either comes together in the next two to 14 days or it will not.
• Sen. Angela Alsobrooks proposed allowing exchanges to offer yield only if customers take certain actions, not for funds just sitting in accounts.
• Sen. Ruben Gallego warned about backsliding on ethics tied to President Trump’s crypto ventures, and the bill needs 60 votes to survive without strong bipartisan support.

Senate crypto bill hits a do-or-die window as yield and Trump ethics loom - The Senate crypto bill faces a narrow window to secure 60 votes amid disputes over stablecoin yield limits and renewed ethics concerns tied to President Trump’s crypto activities.

Senate market structure negotiations hit DeFi developer and stablecoin-yield sticking points - Senate market structure talks are stalled over protections for DeFi developers, self-custody, and disagreements on stablecoin yield as a vote is scheduled for next week.

Community banks warn GENIUS stablecoin yield loophole could drain deposits - Community banks warned a GENIUS Act yield loophole could pull trillions from deposits and local lending, a claim disputed by crypto groups citing limited evidence of outflows.

Colombia orders crypto platforms to report detailed user and transaction data starting 2026 tax year - Colombia will require crypto platforms to submit extensive user and transaction reports starting in the 2026 tax year, with penalties of up to 1% of unreported transaction value.

TRM report alleges IRGC moved $1B through UK-registered exchanges mostly in USDT on Tron - A TRM Labs report alleges IRGC-linked actors moved about $1 billion mainly in USDT on Tron through two closely linked UK-registered exchanges.

South Korea stablecoin rules remain stuck on reserves, liability, and a 51% issuer threshold - South Korea’s stablecoin framework remains deadlocked over reserve custody, strict liability, and a proposed 51% bank-ownership threshold, delaying progress into 2026.

🔥 Biz Beats: Ripple stays private after $500M round and Kontigo reimburses 1,005 users post-hack

Ripple secures FCA approvals to expand UK payments footprint

• The FCA granted Ripple both an Electronic Money Institution license and a crypto asset registration, covering digital money issuance, payment services, and AML/KYC compliance.
• The Block noted the UK plans to regulate crypto assets as financial products by 2027, and the FCA is prioritizing stablecoin payments as part of that roadmap.
• Ripple President Monica Long framed the licensing as a way to unlock dormant capital by enabling value to move instantly.

Ripple says it’s staying private and points to strong funding terms and balance sheet - Ripple reaffirmed it will remain private, citing favorable funding terms from a $500 million round and a strong balance sheet that supports growth while positioning its products as connective infrastructure for traditional finance and stablecoin adoption.

Ruble stablecoin A7A5 posts outsized supply growth despite sanctions and no CEX listings - The ruble-backed stablecoin A7A5 saw outsized on-chain growth, adding $89.5 billion in supply despite sanctions, no centralized exchange listings, and usage largely confined to Uniswap-linked cross-border flows.

Kontigo reimburses 1,005 users after hack as it touts scale - Kontigo fully reimbursed 1,005 users after a hack while emphasizing its $20 million seed raise and over $1 billion in processed volume, disputing reports of banking disruptions and highlighting its operational scale.

💡Rollouts: Binance lists USDT-settled gold/silver perp, Jupiter’s JupUSD debuts, and JPM Coin joins Canton

Binance launches USDT-settled TradFi perps for gold and silver under ADGM regulation

• Binance introduced a new product category, TradFi Perpetual Contracts, starting with gold- and silver-tracking contracts settled in USDT.
• The Block said the contracts are offered via a Binance entity regulated by the Abu Dhabi Global Market and mirror crypto perps with no expiry dates.
• Binance said the goal is to bring traditional assets into crypto markets through USDT-settled exposure.

Jupiter launches JupUSD with reserves largely tied to BlackRock-linked USDtb

• Jupiter launched JupUSD with 90% of reserves held in USDtb, which is backed by BlackRock’s BUIDL.
• JupUSD will be immediately composable across the Jupiter product suite.
• Jupiter said around $500 million of USDC in its Perps LP will swap into JupUSD, and it will offer 24/7 minting for onboarded institutions with published limits.

Wyoming issues FRNT, described as the first state-backed stable token

• FRNT is described as the first blockchain-based asset backed by a U.S. state and is launching on Solana with availability on six EVM chains.
• Reserves will be held in a Wyoming trust and invested in U.S. dollars and short-duration U.S. Treasuries.
• The state said interest will fund Wyoming’s school program, while the token targets seconds-level settlement and fees under $0.01.

Polygon unveils the Open Money Stack for cross-border stablecoin payments

• Polygon introduced a modular framework intended to support stablecoin payments and cross-border transfers.
• The stack combines liquidity, orchestration, and regulatory controls with fiat access and compliance tooling.
• Polygon said the system is interoperable across chains and customizable to reduce provider sprawl, aiming to move money onchain seamlessly.

Vince Trust launches stablecoin-based and tokenized ETF products with insured contracts - Vince Trust launched compliant stablecoin-based and tokenized ETF products backed by regulated custodians, insured contracts, and portfolios including USDT-linked strategies with gold and dynamic sector exposure.

Brazil’s BRD stablecoin offers yield sharing tied to local rates - Former central bank official Tony Volpon unveiled BRD, a real-pegged stablecoin that shares Brazil’s roughly 15% interest rate with holders, positioning it as a yield-bearing alternative to existing local stablecoins.

JPMorgan plans to bring JPM Coin natively to the privacy-focused Canton Network - JPMorgan will issue JPM Coin directly on the Canton Network as regulated digital cash, enabling near-real-time transactions with a phased rollout through 2026.

Sei warns USDC.n holders to swap ahead of March upgrade - Sei warned USDC.n holders to swap into native USDC before its March upgrade, as the network moves to EVM-only and deprecates Cosmos-native assets.

BNY Mellon activates tokenized deposits for payments and collateral - BNY Mellon activated a tokenized deposit service for select clients, positioning interest-bearing bank liabilities as a regulated alternative to stablecoins with automated settlement capabilities.

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

👋 That’s your stablecoin scoop for the week!

Until next time — AllScale Weekly

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