🔍 Policies: Treasury hits $10B scam ring, White House prioritizes stablecoin law

$10B busted! Treasury targets Southeast Asian cyber scam ring

• The Treasury sanctioned 19 entities across Southeast Asia tied to scams that cost Americans over $10 billion in 2024, a 66% rise from the prior year.
• Officials said stablecoins like USDT are frequently used by scammers to instantly move stolen funds, though frozen accounts can quickly disrupt these flows.
• Treasury Under Secretary John K. Hurley described the scam networks as exploiting “modern slavery,” with sanctions forcing issuers and exchanges to block related funds。

White House adviser prioritizes stablecoin law and market structure bill - New crypto adviser Patrick Witt said top priorities include Senate market structure legislation, speedy implementation of stablecoin law, and building a federal crypto reserve.

Russia warns US stablecoin plan risks global debt fallout - Kremlin adviser Anton Kobyakov criticized U.S. stablecoin policies, pointing to $35 trillion in national debt and warning America aims to “solve its financial problems at the world’s expense.”

French Hill urges refinements to GENIUS Act in new market structure effort - Rep. French Hill said the bill should “re-cast” stablecoin rules by requiring CEOs and CFOs to provide audited annual financial disclosures.

Democrats propose framework to curb Trump’s crypto influence - Lawmakers outlined a plan giving the CFTC full authority over spot markets for digital commodities, while the SEC would handle tokenized securities.

GOP senators stall on advancing crypto legislation - Sen. John Kennedy said Republicans are “not ready” to advance a sweeping crypto bill, calling the GENIUS Act a “baby step” compared to current proposals.

🔥 Biz Beats: Tether to launch U.S.-regulated USAT, AgriDex clocks $9M Africa trades in stables, Plasma staffs up pre-mainnet with $373M

Tether enters U.S. market with launch of USAT stablecoin

• Tether announced a new U.S.-regulated stablecoin, USAT, set to launch by year-end following passage of the GENIUS Act.
• Former White House crypto adviser Bo Hines will serve as CEO, with Anchorage Digital handling issuance and Cantor Fitzgerald managing reserves.
• The move follows USDT’s growth to $169 billion in market cap, underscoring Tether’s push into regulated U.S. markets.

Plasma bulks team up with $373M fuel ahead of mainnet launch

• Plasma, a stablecoin-focused layer-1 with zero-fee USDT transfers, raised $373 million in token commitments and added senior hires from FTX, Nuvei, and BiLira.
• CEO Paul Faecks said the chain aims to be a key distribution channel for Tether, with Paolo Ardoino and Bitfinex backing the project.
• Plasma promises over 1,000 transactions per second and confidential transactions, positioning itself as stablecoin infrastructure for global payments.

AgriDex turns grain into gains in Africa with $9M stablecoin settlements

• AgriDex processed $9 million in trades, including a $1.5 million grain and fertilizer deal spanning Zimbabwe, Mozambique, and South Africa.
• CFO Morkel van Tonder said same-day $1.5M settlement was transformative for African agricultural trade.
• CEO Henry Duckworth said the platform plans to expand to Latin America and Central Asia by Q2 2026.

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Midwest banks said nah, Minnesota said hodl: first CU stablecoin incoming?

• St. Cloud Financial Credit Union announced plans to launch Cloud Dollar (CLDUSD) by late 2025, calling it the first U.S. credit union-issued stablecoin.
• EVP Chase Larson said the token will enable on-chain money movement with lower fees than card networks and full transparency.
• The token will be issued on Metallicus’ blockchain stack and integrated through DaLand CUSO’s Coin2Core software.

Binance integrates USDe as collateral and on Earn - Binance added Ethena’s USDe, nearly $13 billion in supply, as a spot trading pair with USDT and as collateral with native yield; the move makes USDe the first external dollar asset accepted on Binance.

Spark vaults surpass $1.1B as Morpho adoption grows - Spark’s USDC vault on Base attracted $650 million in deposits within seven months, while its DAI vault holds $540 million, much deployed into PT-USDe loops.

HSBC and ICBC pursue Hong Kong stablecoin licenses - HSBC and ICBC are preparing license applications under the HKMA’s new regime, joining 77 institutions that have expressed interest.

OKX expands USDT0 support across six major chains - OKX added USDT0 to Arbitrum, Optimism, Polygon, Unichain, Berachain, and its own X Layer.

Codex vows to defend Ethereum from stablechain competitors - Codex founder Haonan Li called new stablecoin chains “attacks” on Ethereum and pledged to defend Ethereum’s dominance in stablecoins.

Paytrie joins Circle network to expand stablecoin payments in Canada - Paytrie joined Circle Payments Network to enhance Canada’s stablecoin payment infrastructure.

Whale trades push HYPE token to all-time high - Whales bought $24 million in HYPE within 16 hours, with one wallet purchasing $13 million and another opening a $6.9 million long. HYPE hit a record high of just over $51 following the surge.

USDD launches on Ethereum with audit and airdrop campaign - USDD is now live on Ethereum following a CertiK audit and includes support for a Peg Stability Module (PSM).

Hyperliquid stablecoin plan sparks governance battle - Hyperliquid’s proposal to launch USDH has triggered community pushback over ceding control to Stripe, with $5.5 billion in USDC at stake.

BlackRock executive promotes Ethena’s institutional proposal - BlackRock’s Robert Mitchnick said Ethena’s USDtb is fully backed by BUIDL, offering institutional-grade cash management.

Paxos pitches PayPal rails to win Hyperliquid USDH bid - Paxos proposed integrating USDH with PayPal’s checkout and payments system, with PayPal committing $20 million in incentives to HYPE.

Dragonfly partner claims Hyperliquid contest is biased - Dragonfly’s Haseeb Qureshi alleged Hyperliquid validators were only considering Native Markets, suggesting a pre-arranged deal. Validators rejected the claim, saying they reviewed multiple bids, including from Ethena, Paxos, Agora, and Sky.

Plasma chooses Crypto.com for custody and liquidity - Plasma selected Crypto.com Custody to safeguard its stablecoin infrastructure and provide deep liquidity access. Plasma CEO Paul Faecks said the partnership underpins its mission to build global stablecoin infrastructure.

Solana considers SOL-backed stablecoin amid USDC revenue concerns - Helius Labs’ Mert Mumtaz suggested Solana should launch a native stablecoin with 50% of yield burned to support SOL. He argued Solana is funding its biggest competitor, as Circle retains all USDC interest revenue on Solana.

Ethena exits Hyperliquid stablecoin race after community pushback - Ethena Labs withdrew its bid to issue Hyperliquid’s USDH after validators cited concerns that it was not a native team, operated outside products, and had ambitions beyond one exchange.

Native Markets emerges as frontrunner for Hyperliquid USDH bid - Polymarket bettors now give Native Markets a 92% chance of winning the right to issue Hyperliquid’s USDH, which manages a $5.9 billion stablecoin reserve dominated by Circle’s USDC.

World Liberty Financial backs buyback-and-burn plan with near-unanimous support - WLFI holders voted 99.57% in favor of using 100% of fees from protocol-owned liquidity to permanently buy and burn WLFI. The initiative ties directly into its USD1 stablecoin operations and broader treasury-style model.

Mega Matrix launches $3M ENA purchase for governance token strategy - Mega Matrix acquired 3.86 million ENA tokens at an average $0.7117, worth around $3 million, to begin its DAT (Stablecoin Governance Token Treasury Reserve) strategy.

Gemini surges on Nasdaq debut, valued at $4.4 billion - Gemini’s IPO raised $425 million, with shares opening at $37.01, up 32% from the $28 IPO price; Analysts linked enthusiasm to the broader stablecoin trend, noting Circle’s IPO success reinforced excitement around stablecoin-linked firms.

💡Rollouts:USDD native on ETH with airdrop, Paxos pitches USDH with 95% revenue buybacks, Figure boosts IPO target to ~$693M

The boldest cashback program ever: Paxos’ 95% buyback USDH

• Paxos pledged that 95% of interest earned from USDH reserves would go toward buying back HYPE tokens.
• The proposal includes rolling out USDH across HyperEVM and HyperCore to attract institutional investors.
• Hyperliquid recently generated $106 million in revenue on $400 billion trading volume, holding a 70% market share in decentralized perpetuals.

Ethereum gets a new tenant: USDD moves in with airdrops at the door

• USDD is now deployed natively on Ethereum, following an audit by CertiK and launch of a Peg Stability Module.
• The team announced an exclusive airdrop campaign and teased a savings token, sUSDD, to let users earn interest.
• Justin Sun said the token will offer up to 12% APY, framing Ethereum deployment as a multi-chain milestone.

MegaETH unveils USDm stablecoin to fund sequencer fees - MegaETH launched USDm, designed to use reserve yield to subsidize sequencer fees and keep transactions low-cost.
Figure Technologies boosts IPO size as crypto interest grows - Figure Technologies raised its IPO price range to $20–$22 per share, which could raise about $693 million and value the firm at $4.66 billion.

Bitget Wallet and Aave roll out Stablecoin Earn Plus with 10% APY - The product offers a guaranteed 10% APY on USDC deposits up to $10,000, backed by Aave’s lending pools and Bitget subsidies.

Bitget lists WLFIPERP futures with USDC settlement - Bitget launched WLFIPERP, a USDC-margined futures contract with up to 50x leverage and integrated trading bots. Settlement is conducted entirely in USDC to reduce volatility in margin management.

Sky pitches Genius-compliant USDH with $8B balance sheet - Sky proposed issuing Hyperliquid’s USDH stablecoin, citing its $8 billion balance sheet and B- S&P rating. Validators are set to vote on September 14, with the Hyperliquid Foundation abstaining.

Seoul Labs to debut Super Wallet at CES 2026 - The Super Wallet integrates DID, multi-asset wallets, stablecoin payments, tax refunds, and e-governance into one app.

WLFI brings USD1 payments to Korea Blockchain Week with RaveDAO - WLFI and RaveDAO will debut USD1-powered real-world payments for ticketing, purchases, and entertainment.

Falcon Finance announces $FF community sale and $1.5B USDf supply - Falcon Finance reported USDf stablecoin supply at $1.5 billion, backed by over $1.6 billion in reserves.

LitFinancial debuts litUSD for mortgage lending on Ethereum - LitFinancial launched litUSD, a USD-pegged stablecoin on Ethereum, to reduce funding costs and improve treasury operations.

Ledger adds TRON support and launches enterprise mobile app - Ledger’s new iOS enterprise app enables secure, rapid approvals for stablecoin transfers. TRON now processes about $80 billion in USDT, making it the leading network for cross-border transfers.

Bybit lists StraitsX USD and launches XUSD HODLverse - Bybit listed StraitsX USD (XUSD) on September 10 with an XUSD/USDT trading pair. A rewards pool of 60,000 XUSD is available, with 35,000 for MNT holders and 25,000 for XUSD holders.

CBI Bank and Kima launch blockchain cross-border settlement - CBI Bank and Kima partnered to deliver secure cross-border transactions via blockchain. Payments can settle instantly in either fiat currencies like EUR or stablecoins such as USDC.

💲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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