The Stable Scoop: Stricter rules ahead for the GENIUS Act, B2C2 picks Solana, and Circle launches cirBTC

Editor - Jackie

🌎 Macro: From trading to plumbing...stables hit $7.2T in a milestone month

Stablecoins overtake the U.S. automated clearing house volume in Feb

• In Feb 2026, stablecoin transaction volume ($7.2T) exceeded the US Automated Clearing House volume ($6.8T), marking stablecoins’ rise as foundational global payment rails.
• This is a major milestone for stablecoins moving from crypto markets into real payment infrastructure.
• ACH is a core part of traditional US money movement, so beating it signals scale that is hard to ignore.

‘Unstable velocity’: Standard Chartered says stablecoin usage rising faster than expected as new use cases emerge

• Standard Chartered said stablecoin usage was rising faster than expected as new use cases emerged.
• The report framed this as the clearest macro stablecoin story during the coverage window.
• The takeaway is that adoption is broadening beyond trading into more practical uses.

🔍 Policies: U.S. Pushes stricter rules and HK still has no issuers

US Treasury seeks public input for state-level stablecoin regulations

• The US Treasury issued an Notice of Proposed Rulemaking (NRPM) under the GENIUS Act calling for comment on state frameworks that mirror federal rules.
• It requires 1:1 reserve backing, monthly audits, full AML and sanctions compliance, and bans on token rehypothecation.
• This matters because it shows Washington trying to shape how state-level stablecoin regimes can qualify under a national framework.

Fed’s Barr invokes ‘long and painful history’ while encouraging strong stablecoin oversight

• Federal Reserve Governor Michael Barr called for robust oversight of stablecoins and reserve monitoring.
• He tied those comments to wider U.S. legislative fights around crypto regulation.
• The message reinforces that reserve quality and supervision remain central to the U.S. policy debate.

Hong Kong hasn’t issued a single HKD stablecoin license after March target

• Hong Kong missed its own March 2026 target to approve HKD stablecoin issuers.
• As of Apr 1, the HKMA had approved zero issuers, delaying the rollout of its tokenized Hong Kong dollar framework.
• The delay matters because it slows one of the most-watched bank-friendly stablecoin jurisdictions in Asia.

Coin Center warns future U.S. crackdowns stay possible if Congress leaves crypto rules vague - Crypto advocates argue that without clearer law, future administrations could still squeeze stablecoin activity through enforcement rather than formal rulemaking.

🔥 Biz Beats: Ripple-Convera embed settlement, Solana wins institutions, and TRON expands USDT access

Convera and Ripple empower stablecoin-enabled cross-border payments

• Payments firm Convera partnered with Ripple to integrate stablecoin settlement into its FX network.
• The deal combines Convera’s global payments platform with Ripple’s blockchain infrastructure to offer faster, stablecoin-backed cross-border and treasury solutions.
• It matters because this is a clear example of stablecoins getting embedded into existing enterprise payment workflows.

SBI Holdings’ B2C2 designates Solana as primary stablecoin network for institutional clients

• Institutional liquidity provider B2C2 said it would route and settle large-scale stablecoin transactions for institutional clients primarily through Solana.
• The move stands out as one of the biggest infrastructure decisions in the coverage window.
• It signals stronger institutional confidence in Solana for stablecoin settlement.

South Korea’s KB Card taps Avalanche for ‘hybrid’ stablecoin credit card

• KB Kookmin Card said it would build a hybrid stablecoin payment model with Avalanche.
• The announcement shows major traditional card infrastructure moving closer to stablecoin-linked consumer payments.
• It matters because it points to stablecoins entering everyday card experiences, not just crypto-native platforms.

NovaBay’s pivot into crypto turns a former biotech company into a Sky-heavy stablecoin bet - NovaBay rebranded as Stablecoin Development Corporation after raising $134 million and building a large SKY position to anchor its new strategy.

TRON opens more institutional access to TRC-20 USDT through zerohash - TRON said expanded enterprise access will let fintech and business clients use TRX and TRC-20 USDT for custody, liquidity, trading, and settlement more easily.

OSL says stablecoins are becoming central to its business model - OSL claimed stablecoin trading made up 60% of transaction volume as it repositioned itself around global stablecoin payments and trading.

💡Rollouts: Circle drops cirBTC!

USDC Stablecoin Issuer Circle Unveils New Token to Give Bitcoin More Utility

• Circle launched cirBTC, a new fully-backed wrapped Bitcoin token.
• It is designed to bring BTC liquidity to DeFi and will debut on Ethereum and Circle’s Arc blockchain.
• The launch matters because it extends Circle’s role from stablecoins into broader tokenized infrastructure around Bitcoin liquidity.

💲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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