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🌍 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
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