The Stable Scoop: White House favors “limited” stables rewards, Circle shares jump 40% for Q4, and MetaMask co-launches card with Mastercard

Editor - Jackie

🌎 Macro: Stables scale up fast with $127B monthly inflows to the U.S., Stripe at $159B, and reserves facing a bill-shortfall test

B2B stablecoin payments jumped 730% in 2025 as SMBs chased faster settlement

• Artemis and Stablecon said B2B stablecoin payments grew over 730% year over year in 2025.
• The report mapped large monthly inflows, with the U.S. receiving nearly $127B per month, China nearly $71B per month, and Hong Kong almost $51B.
• It estimated total annual stablecoin payments reached $390B, with B2B making up about 60%, and said card-linked stablecoin transactions rose 840% YoY as SMBs looked to reduce payment times.

Stripe’s $159B tender offer spotlights “stablecoin summer” as Bridge volume surges - Stripe valued itself at $159B and said Bridge volume more than quadrupled last year, while its annual letter cited $1.9T in business volume and 5M+ businesses.

StanChart sticks with $2T stablecoins by 2028 and warns T-bill supply could lag reserve demand - Standard Chartered reiterated a $2T end-2028 forecast and modeled a potential ~$0.9T T-bill shortfall unless issuance rises, citing Treasury’s QRA monitoring of SOMA bill purchases and private-sector bill demand.

🔍 Policies: Policy week turns "messy" as White House backs limited perks, SEC gives stables a 98% capital boost, and Terraform sues Jane Street

We are so back? White House signals support for limited stablecoin rewards and tells banks to compromise

• The White House favored keeping limited stablecoin rewards that do not threaten deposits, while drawing a line against rewards for idle stablecoin holdings that resemble deposit accounts.
• Bank representatives actively worked on draft language during the meeting and an updated draft would be circulated, with Section 404 of the Clarity Act draft as the key battleground.
• The White House team, led by Patrick Witt, pressed for a quick resolution to keep the legislation moving.

OCC rolls out GENIUS rule proposals as Senate grilling spotlights stablecoin guardrails and charters - The OCC proposed core GENIUS rules (reserves, custody, redemptions, issuer registration) as Warren pressed regulators on crypto-linked charter approvals. The OCC has also flagged that AML/sanctions coordination is still needed with Treasury.

SEC FAQ tweak lets broker-dealers count stablecoins as regulatory capital with a 2% haircut - The SEC now allows broker-dealers to recognize 98% of stablecoin value as capital, with Peirce and Carbone saying the change reduces uncertainty and makes more tokenized-securities activity feasible.

Terraform’s administrator sues Jane Street over alleged Terra-era manipulation tied to Curve pool moves - Todd Snyder sued Jane Street and named employees, alleging trading was rigged around a May 7, 2022 event where Terraform pulled 150M UST from Curve3pool. A wallet allegedly linked to Jane Street withdrew 85M UST within 10 minutes.

FT-linked “Board of Peace” explores a USD stablecoin concept for Gaza in early-stage talks - The effort is described as preliminary and framed as a way for Gazans to transact digitally (not a “Gaza Coin”), with leadership and rollout details still unclear.

🔥 Biz Beats: Circle jumps 40% on earnings, MetaMask launches a self-custody Mastercard, and Meta explores a stablecoin return

Bouncebackkk!! Circle shares jump 40% on Q4 results as USDC metrics accelerate despite a 2025 net loss

• Circle’s CRCL stock rose 40% over the last two trading days following Q4 earnings.
• It cited YoY increases of 64% in revenue and 104% in earnings, alongside an 82% increase in total USDC minted and a 59% rise in “meaningful wallets” holding more than 10 USDC.
• Despite this huge growth, Circle still posted a $70M net loss in 2025, driven largely by $424M in stock-based compensation.

That’s not it from Circle....They are also hinting at a native Arc token coming later this year

• Jeremy Allaire said Circle is learning how a token could support incentives, governance, security, and utility on Arc, but the article said no launch timeline was provided.
• Arc’s public testnet went live in October 2025 and a full mainnet release is expected later this year.
• The piece framed Arc as purpose-built for issuing and transacting stablecoins with faster settlement and lower transaction costs.

Partnering-up: MetaMask and Mastercard launch a self-custodial U.S. payment card with cashback paid in mUSD

• MetaMask is launching a Mastercard payment card in the U.S. that is described as fully self-custodial, with users controlling assets until the moment they pay.
• The card would be able to work where Mastercard is accepted, supports Apple Pay and Google Pay, and is powered by Baanx (Monavate).
• Users can earn cashback paid in MetaMask’s mUSD stablecoin at 1% standard and up to 3% on the first $10,000 spent per year for premium users, with nationwide U.S. availability.

Meta explores a stablecoin comeback and issues an RFP as Stripe is floated as a possible partner

• Meta issued an RFP to third-party firms for stablecoin-based payments, citing CoinDesk.
• A Stripe partnership is allegedly being discussed but it is emphasized that there is no official confirmation.
• It positioned the move as a potential re-entry after Libra/Diem was shut down under regulatory scrutiny and cited stablecoin market cap above $308B versus $206B in January 2025.

Telegram’s Wallet adds onchain yield vaults for BTC, ETH, and USDT, touting up to 18% blended APY - TON Wallet is rolling out vault-based yield with Morpho, TAC, and Re7, citing 150M+ registered users and positioning the product as a bridge from self-custody into third-party DeFi strategies.

Safe enables EURCV yield in-wallet via a Morpho vault curated by Steakhouse Financial - Safe{Labs} added euro-denominated earning for Societe Generale’s MiCA-compliant EURCV, with yield paid into Safe wallets as Steakhouse sets risk parameters and collateral standards.

TruStage pilots TSDA stablecoin for credit unions with 1:1 cash reserves and GENIUS-era tailwinds - TruStage (working with ~93% of U.S. credit unions) is recruiting pilots through H1 2026 for loan funding/settlement and payments use cases, with reserves managed by a TruStage affiliate and ops support from Block Time Financial.

Tether-backed Oobit adds wallet-to-bank transfers worldwide with stablecoin support and local-rail settlement - Oobit now supports fast bank payouts via rails like SEPA/ACH/SPEI with transparent pricing, initially covering USD/EUR/MXN/PHP and crypto options including USDT, USDC, XAUT, and EURC.

SEC and FINRA clear WisdomTree’s tokenized treasury fund for 24/7 trading with stablecoin settlement - WTGXX can trade and settle 24/7 with stablecoins facilitating settlement, while WisdomTree Securities gained FINRA approval for principal trading of registered fund shares and WisdomTree’s conversion service supports USDC and PYUSD.

Armstrong hits proposed UK stablecoin caps as Coinbase posts $1.35B stablecoin revenue in 2025 - The UK proposed limits and reserve rules that Armstrong warned could curb innovation, while reporting Coinbase made $1.35B in stablecoin revenue in 2025 (including $364M in Q4) and Bloomberg Intelligence projected GENIUS could expand it 2–7x.

💡Rollouts:  IPO season? RedotPay eyes $1B plus at $4B plus while Payoneer seeks an OCC trust bank for PAYO USD

RedotPay explores a $1B+ U.S. IPO at $4B+ valuation as its stablecoin payments user base passes 6M

• RedotPay is exploring raising more than $1B in a U.S. IPO at a valuation above $4B, potentially listing in New York as soon as this year.
• RedotPay is working with JPMorgan, Goldman Sachs, and Jefferies, and noted it raised $194M in 2025, with a December Series B that made it a unicorn.
• Backers including Accel, Blockchain Capital, Goodwater, HSG, Pantera, Vertex and said the firm had over 6M registered users as of November, framing the move against Hong Kong’s regulated push and stablecoin adoption nearing $300B supply.

MoonPay launches “MoonPay Agents” to let AI agents transact via a non-custodial layer with verified users

• MoonPay launched MoonPay Agents, a non-custodial software layer built on MoonPay CLI that enables AI agents to transact after a user completes identity verification and funds a wallet.
• The feature set includes recurring buys, cross-chain swaps, and compatibility with x402.

IQMM’s $17B debut fuels Circle speculation as analysts point to ETF-to-ETF reshuffles - ProShares’ GENIUS-aligned IQMM logged $17B in first-day volume, sparking issuer-tie chatter that Morningstar attributed largely to $6B moving from QTTT while Circle’s reserve fund showed no major change.

Better and Framework tie up on a $500M Sky stablecoin credit plan to cut mortgage funding costs - Better will integrate into Sky as a “Star” to access up to $500M of credit as Framework takes a reported $45M (~10%) stake, with Better claiming tokenized capital could cut costs by 100+ bps and support a push toward $1B+ monthly originations by 2026.

Payoneer seeks an OCC trust bank to issue PAYO-USD stablecoin and unify custody under GENIUS-era supervision - Payoneer applied to form PAYO Digital Bank, N.A. to issue a dollar-backed token and provide stablecoin transmission/custody, framing a national trust charter as a way around state-by-state licensing.

💲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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