Editor - Jackie

🌍 Macro: USDC triples to $220B and Visa flags on-chain credit at $40T

Bernstein forecasts USDC supply to triple, reaching $220B and one-third market share by 2027

• Bernstein projects USDC’s supply to rise from $76B to $220B by the end of 2027, capturing 33% of the stablecoin market.
• Analysts called USDC the largest regulated stablecoin and said digital dollars will become the “money-rail of the internet.”
• Rival issuers may face liquidity “cold-start” challenges, strengthening Circle’s lead.

DWS says stablecoins now rival Visa and Mastercard in transaction scale - DWS found that stablecoins now have a market cap over $250B and process more volume than Visa and Mastercard.

Analysts see USDC overtaking fiat in $20T cross-border payments market - William Blair analysts called Circle the top stablecoin play, predicting USDC could replace fiat in global cross-border commerce.

Visa sees stablecoins reshaping $40T global credit market - Visa’s report says stablecoin-based lending could bring parts of the $40 trillion credit market onto blockchain rails.

🔍 Policies: Sony joins the charter race, Fed’s Barr flags GENIUS loopholes, and Japan builds an interoperable coin

Stripe’s Bridge applies for U.S. bank charter to scale stablecoin operations

• Bridge, acquired by Stripe for $1.1 billion, has applied for a national bank trust charter with the OCC.
• The bank would offer custody, issuance, and reserve management services for stablecoins in the $300B market.
• Stripe executive Zack Abrams said the license would help “tokenize trillions of dollars” through regulated infrastructure.’

Japan’s top banks to launch joint stablecoin under unified framework

• MUFG, SMFG, and Mizuho will jointly issue a yen-pegged stablecoin, with a dollar version planned later.
• The network ensures interoperability between banks via shared legal and technical standards.
• The initiative expands Japan’s presence in the $300B global stablecoin sector.

OCC gives preliminary approval to Erebor’s crypto banking venture - The OCC granted conditional approval for Erebor Bank’s national charter, backed by $250M in committed capital. Erebor targets crypto, AI, and defense startups, and aims to become the most regulated stablecoin facilitator.

Fed’s Michael Barr warns of regulatory loopholes in GENIUS Act - Barr said the GENIUS Act marks “progress but leaves key risks unaddressed,” allowing regulatory arbitrage.

Sony enters U.S. crypto banking race with stablecoin charter application - Sony Bank filed for a national trust charter to issue dollar-backed stablecoins. It joins Coinbase, Paxos, Ripple, and Fidelity, which await OCC approvals.

UK stablecoin cap proposal draws criticism from crypto advocates - The Bank of England’s £10K–£20K limit for individuals and $10M for firms sparked backlash from lawmakers.

🔥 Biz Beats: Ripple extends RLUSD custody in Africa, Citi targets asset managers, and BlackRock tunes issuer reserves

Citi to debut crypto custody platform in 2026 as banks eye stablecoin integration

• Citi plans to launch crypto custody services in 2026, following two to three years of development.
• The offering will cater to asset managers and institutional clients, marking another step in TradFi’s move into digital assets.
• The initiative aligns with banks’ broader exploration of 1:1 reserve-backed stablecoins and tokenized money.

Societe Generale-FORGE and Bitpanda bring regulated stablecoins to retail DeFi - Bitpanda users can now access and earn yield on EURCV and USDCV, both compliant with the EU’s MiCA framework.

Circle partners with Safe to expand USDC’s institutional storage ecosystem - Circle named Safe as its premier institutional storage solution, securing $60B+ in assets and $2.5B in USDC.

Ripple expands RLUSD custody network through new African partnership - Ripple teamed up with Absa Bank to extend custody and stablecoin services across Africa. The expansion follows the rollout of RLUSD, Ripple’s USD-backed stablecoin, in regional markets.

Cloudflare joins Visa and Mastercard to build payment rails for AI agents - Cloudflare is developing Trusted Agent Protocols with Visa, Mastercard, and AmEx to power AI-driven payments.

Coinbase to relist BNB after earlier delisting Binance stablecoin - Coinbase added BNB to its listing roadmap, reversing its 2023 delisting of BUSD.

Eric Trump to tokenize real estate using World Liberty Financial’s USD1 stablecoin - Eric Trump confirmed plans to tokenize a real estate project using World Liberty Financial’s USD1.

BlackRock readies GENIUS-compliant money fund tailored for stablecoin issuers - BlackRock is repurposing its BSTBL fund to meet GENIUS Act standards, focusing on Treasury-heavy reserves.

Anchorage adds global USD wire transfers, expanding regulated crypto banking - Anchorage became the first crypto-native bank to offer both cash and crypto services on one regulated platform.

BNY Mellon strengthens stablecoin infrastructure focus amid digital asset push - CEO Robin Vince said BNY “partners with stablecoins” rather than issuing its own, focusing on infrastructure.

💡Rollouts: S&P brings onchain stablecoin risk scores, Coinbase offers 4.1% on USDC, and Stripe automates recurring bills

Coinbase launches all-in-one stablecoin payments platform for businesses

• The new platform lets companies receive, manage, and earn up to 4.1% APY on USDC holdings.
• It integrates with QuickBooks and Xero, offering instant settlements and multi-user management tools.
• Coinbase earns 50% of interest revenue on USDC reserves, positioning it as a “crypto operating account.”

Stripe enables recurring subscription payments using USDC stablecoin - Stripe now supports recurring stablecoin payments via USDC on Base and Polygon, with 400+ wallets available for customers.

S&P Global launches onchain stablecoin risk ratings with Chainlink - S&P partnered with Chainlink to bring its Stablecoin Stability Assessments (SSAs) directly onchain.

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

👋 That’s your stablecoin scoop for the week.

Until next time — AllScale Weekly

👉 Learn how AllScale can help your team pay, invoice, and scale globally

‍