Fintech companies are rapidly expanding into the stablecoin market: Wise is preparing a stablecoin wallet for 16 million users; Revolut, with its dual licenses, has established a complete closed-loop system from custody to issuance in Europe. As these fintech companies, serving tens of millions of users, enter the digital asset space, how will the way ordinary users interact with digital assets change? When payments become independent of banks, traditional banks' profits will be eroded, and their deposit base may experience structural losses. Faced with such a shift, what will be the future direction of banks? Market Overview and Growth Highlights The total market capitalization of stablecoins reached $308.195 billion (approximately $308.2 billion), a weekly increase of $1.016 billion (approximately $1.016 billion). USDT maintained its dominant position, accounting for 59.31% of the market; USDC ranked second with a market capitalization of $76.027 billion (approximately $76.027 billion), accounting for 24.67%.
Blockchain Network Distribution
Top 3 Stablecoin Market Cap:
Ethereum: $162.311b (US$162.311 billion)
Tron: $79.001b (US$79.001 billion)
Solana: $14.89b (US$14.89 billion)
Top 3 Fastest Growing Networks in Week 1:
Frax (FRAX) ：+20.92%
Sky Dollar (USDS): +15.44%
Circle USYC (USYC): +12.76%
Data from DefiLlama
When startups can connect their backends directly to the Fed—The Fed's new proposal to "streamline the master account" reveals the new frontiers of payment innovation
When stablecoin companies no longer rely on the banking system, what new financial companies will emerge? This not only concerns payment innovation but also heralds the transition of "narrow banking" from theory to reality. In the wave of stablecoins, how will banks redefine their position after losing their payment privileges? At the inaugural Payments Innovation Conference, Federal Reserve Board Governor Christopher J. Waller proposed the concept of a "Skinny Master Account"—perhaps the starting point for these issues. Direct access to the Federal Reserve's balance sheet has long been a privilege reserved exclusively for commercial banks. Waller's proposed "Skinny Master Account" concept aims to provide regulated non-bank payment companies with a simplified account that allows them to participate in Federal Reserve settlements without the full functionality and credit burden of a bank. A "Skinny Master Account" is an unprivileged account: it bears no interest, has no overdraft facility, and no discount window. It serves solely as a clearing channel between institutions and the Federal Reserve, representing the smallest unit of trust. Payments have always been a byproduct of banking operations. The 20th-century monetary system relied on fractional reserve banking: banks accepted deposits, made loans, and created money in the process. Clearing was embedded in bank balance sheets. Every transfer was, in essence, the settlement of interbank liabilities. In this structure, anyone who wants to transfer funds must be a bank. The emergence of stablecoins has, for the first time, loosened this structure. Tokens backed by high-quality reserve assets at a 1:1 ratio and instantly settleable, allow funds to flow across ledgers without relying on bank liabilities. As a "pure form" of digital currency, they also redefine the specialized division of labor within the financial system: custodians are responsible for safekeeping, payment companies are responsible for circulation, and lenders bear the risk. The Federal Reserve's proposed "streamlined master account" is an institutional response to this. It provides policy space for the "narrow bank" model—institutions that do not create credit or bear maturity mismatches but can securely custody and transfer funds can directly access the central bank's settlement system. In a sense, Waller's proposal recognizes that the space for payment innovation should be left to market-based institutions and startups, while allowing the Federal Reserve to focus on maintaining the core stability of the money creation and settlement system. If the OCC National Trust Charter removes federal legal friction for stablecoin issuers, allowing them to obtain a unified compliance identity outside of the 50 state money transmission laws (MTL), then the "streamlined master account" provides an operational identity—a direct interface to the Fed's settlement system. For companies like Circle and Paxos, this means settlement can be achieved without partner banks, shortening approval cycles and providing a clearer regulatory path. These two developments together reduce the "institutional friction" surrounding the commercial banking system. This will unlock new space for innovation in fintech, particularly in the payments sector. The previous system was top-down—from the Federal Reserve, to banks, to non-bank institutions—and while fintech could build front-end and compliance tools, the clearing layer was always constrained by banks, locking innovation "above the banks." Stripe, for example, serves small and medium-sized enterprises, yet still relies on commercial banks for fund settlement. The introduction of the "streamlined master account" disrupts this structure, allowing non-bank institutions to directly access the Federal Reserve's clearing system, bypassing correspondent banks and completing final settlement on the central bank's books at a lower cost and higher efficiency. For the first time, the Fed has directly connected private innovation with central bank funds at an architectural level, allowing front-end AI payment protocols and stablecoin reserves to grow natively within the secure central bank's orbit, completely eliminating the "ceiling" of financial innovation. When non-banks and banks reach parity in payment functionality, banks' payment revenue will inevitably be eroded. Analysts estimate that over the next three years, approximately $1 trillion in deposits will flow into stablecoins in emerging markets, with the loss potentially reaching as much as $6 trillion in the United States. Even a 10% migration of deposits would be enough to increase bank funding costs by 20–30 basis points, significantly compressing profits. However, banks still hold a rare institutional privilege: they are the only institutions permitted to fully engage in credit and capital markets operations. In the future, large commercial banks will shift their focus to lending, underwriting, risk pricing, and custody services. Even if payment functions gradually fall off the rails, banks will remain deeply embedded in new settlement networks through their core role in credit creation. Stablecoins' European Moment: How MiCA Reshapes Fintech's Regulatory Framework So far, the story of stablecoins remains centered on the US dollar. The United States leads the way in both regulation and market practice. Its unified federal system makes it the only market in the world to achieve "national compliance channels + (soon) direct central bank access." This advantage is not only reflected at the institutional level: the Genius Act established the first federal regulatory framework for dollar-pegged tokens, while the Office of the Comptroller of the Currency (OCC) trust charter gives institutions like Circle and Paxos a clear regulatory identity, freeing them from the constraints of fragmented state MTLs. More importantly, the Federal Reserve's proposed "Skinny Master Account" plan, once implemented, will allow qualified non-bank institutions direct access to the clearing network, raising the ceiling for private fintech innovation. The result is clear: 99% of the world's stablecoins are denominated in US dollars. Regulatory certainty is becoming a core barrier to the US stablecoin ecosystem and a starting point for other regions. The EU is now catching up, most notably through the approval of numerous institutions' compliance licenses. Since the Crypto-Assets Markets Act (MiCA) officially came into effect at the end of 2024, numerous fintech companies have begun applying for new compliance licenses to adapt to the unified EU regulatory system. MiCA requires the previously fragmented VASP (Virtual Asset Service Provider) system across member states to be transformed into a CASP (Crypto Asset Service Provider) system, bringing all crypto businesses under a unified authorization.
Its regulatory structure is divided into two tiers:
The CASP license allows companies to legally provide and promote crypto-asset services within the EU, including custody, trading, order execution, and advisory services;
The EMI license (Electronic Money Institution) specifies the issuance, reserve, and governance requirements for electronic money and stablecoins.
For companies hoping to achieve a closed-loop layout from "custody to issuance" in Europe, dual licenses (CASP + EMI) are becoming a new entry threshold. Blockchain infrastructure company Plasma is simultaneously applying for CASP and EMI licenses under the MiCA, aiming to build a "fully licensed payment stack." By acquiring an Italian VASP entity, it is establishing a three-tiered compliance path, from VASP to CASP to EMI, providing a stablecoin-based clearing system for cross-border settlements and corporate accounts. Another representative company, Revolut, is taking a more banking-like approach: in addition to its Lithuanian EMI license, the company has received a MiCA license from Cypriot regulators, enabling it to provide crypto trading, custody, and stablecoin issuance services within the European Economic Area. According to sources familiar with the matter, Revolut is researching a stablecoin solution based on a 1:1 peg mechanism, with a potential launch as early as 2026, making it the first major digital bank to issue a stablecoin under the EU's unified regulatory framework. As a fintech company valued at $45 billion and serving approximately 65 million users, this clear compliance path provides a practical model for European fintechs to innovate within the regulatory framework.
Regulatory compliance
?️EU supports crypto stablecoins, rejects central bank warnings
Quick overview
On October 10, the European Commission stated that despite the European Central Bank (ECB)’s urgent warning on financial stability risks, it will not impose additional restrictions on stablecoin companies, which is a major victory for major stablecoin issuers such as Circle;
The core of the dispute is whether stablecoin companies can treat tokens issued in the EU as interchangeable with tokens held outside the EU - that is, the "multiple issuance" model. The European Systemic Risk Board has warned that this may lead to the risk of a run on reserves held in the EU;
The European Commission believes that "MiCA The EU's regulatory stance, which provides a robust and proportionate framework to address the risks posed by stablecoins, responds to a request from six crypto industry associations sent to European Commissioner Maria Luis Albuquerque on October 7th.
Why It Matters
This EU regulatory stance removes a major uncertainty for the stablecoin industry. Amidst US legislation enacted this year to promote the use of stablecoins, European regulators have avoided regulations that could undermine the competitiveness of their digital asset industry. According to JPMorgan analysts on October 10th, 99% of the stablecoin supply is pegged to the US dollar, and the growth of the industry will increase demand for the US dollar. For issuers like Circle, the European Commission's stance validates their business model, eliminating the need to treat each EU jurisdiction as a separate island, thereby avoiding significant operational costs and complexity, and paving the way for continued expansion across EU member states.
?️Senator Warren slams stablecoin bill, urges Treasury to address Trump’s conflicts of interest and financial risks
Quick Points
In a letter to Treasury Secretary Scott Bessent, Elizabeth Warren, the chief Democrat of the Senate Banking Committee, called the Stablecoin Innovation Guidance and Establishment Act (GENIUS) a “light regulatory framework for crypto banks”;
Warren paid special attention to the potential conflicts of interest brought about by World Liberty Financial USD (currently one of the world’s largest stablecoins) run by the Trump family, and asked the Treasury Department to propose specific measures to address corruption;
She cited Paxos’ recent accidental minting of 3 trillion PYUSD stablecoin tokens, pointing out that GENIUS The bill lacks necessary safeguards to "ensure stablecoins don't blow up the entire financial system," suggesting that operational failures pose serious risks to issuers, market integrity, and financial stability.
Why It Matters
Warren's criticism reflects Democrats' concerns about gaps in the regulatory framework for stablecoins, echoing comments made by Federal Reserve Governor Michael Barr last week. As Congress begins drafting a major bill to regulate the entire crypto industry, Democrats and Republicans plan separate meetings with crypto industry executives. Warren called on the Treasury Department to propose specific plans to combat illicit finance, protect consumers from fraudulent stablecoin transactions, and address shortcomings in financial stability when implementing the GENIUS Act.
?️The U.S. Office of the Comptroller of the Currency (OCC) downplayed concerns that stablecoins could trigger a "bank run."
Key Points at a Glance
OCC Director Jonathan Gould stated at the American Bankers Association annual meeting that stablecoins would not trigger a sudden deposit crisis, and any large-scale deposit outflows "would not happen unnoticed" or "would not happen overnight."
Standard Chartered Bank predicts that stablecoins could siphon off $1 trillion in deposits from emerging market banks within three years, while a U.S. Treasury report estimates that, depending on yields, stablecoins could lead to up to $6.6 trillion in deposit outflows from the United States.
Community banks are encouraged to view stablecoins as a tool to compete with Wall Street giants rather than an existential threat, stating that payment stablecoin connectivity "may present an opportunity for community banks to break the dominance of the largest banks in the U.S. payment system."
Why It Matters
Amid growing concerns within the banking industry, over 50 state banking groups, including the American Bankers Association and the Bank Policy Institute, sent a letter to Congress in August demanding the closure of "multiple loopholes" in the GENIUS Act, including extending the prohibition on interest payments to "digital asset exchanges, brokers, dealers, and affiliated entities" and eliminating the approval process for non-financial companies to issue stablecoins. While stablecoins pose challenges, they also create opportunities for banks to adopt blockchain infrastructure to tokenize deposits, streamline payments, and issue regulated, interest-bearing digital dollars.
?️Crypto industry executives will discuss the market structure bill with Senate Democrats
Quick Overview
According to reporter Eleanor Terrett, a group of crypto industry executives including Coinbase CEO Brian Armstrong and Galaxy Digital CEO Mike Novogratz will hold a roundtable meeting with pro-cryptocurrency Senate Democrats on Wednesday to discuss the crypto asset market structure bill;
The meeting was led by Senator Kirsten Gillibrand and attended by several industry leaders including Uniswap CEO Hayden Adams and Circle Chief Strategy Officer Dante Disparte. The meeting took place at a time when negotiations with Republican lawmakers have stalled;
TD Cowen Analysts warn that U.S. lawmakers are slow to advance a bill on crypto market structure, which could delay its passage until after the midterm elections.
Why it matters
Despite the swift passage of the GENIUS Act, Republicans and Democrats remain sharply divided on the crypto market structure bill, with the Democrats' six-page proposal on DeFi regulation drawing criticism from both Republicans and the crypto community.
New Product Express
?Ledger releases $179 Nano Gen5, building digital identity for an AI-driven world
Quick Points
French crypto hardware wallet company Ledger has launched a comprehensive product line update, including the redesigned Ledger Nano Gen5 hardware device, the revamped Ledger Wallet application (formerly Ledger Live), and the Ledger Enterprise Multisig platform for institutional asset management;
Ledger now calls its devices "signers" instead of "wallets," positioning them as security tools for digital assets and digital identities in an AI-driven world, supporting Clear Signing The new Nano Gen5, designed by Susan Kare, the designer of Apple's original Macintosh icons, features Bluetooth and NFC connectivity, supports signing on the go, and includes the Ledger Recovery Key for an additional layer of security for asset recovery. It retails for $179 USD/€179. Why It Matters: As society transitions to digital identity, faces AI challenges, and blurs the lines between the physical and online worlds, verifying authenticity is crucial. Ledger's transformation marks the evolution of the company's vision for the next generation of security at the heart of the digital age, redefining its products as tools that not only manage crypto assets but also enable "proof of identity" and "proof of authority." Ledger Enterprise Multisig extends the concept of signature from individuals to teams and organizations, allowing multiple parties to co-sign transactions using their own Ledger devices. This provides security for financial management, smart contract governance, and multi-chain workflows, reflecting the growing importance of hardware security in the field of digital assets and identity management.
?Coinbase launches American Express card, offering up to 4% Bitcoin rebate for Coinbase One members
Quick Overview
Coinbase announced that its Coinbase One Card is now open to all US Coinbase One members. The annual membership fee is US$49.99, and each purchase can earn up to 4% Bitcoin rebate;
The card has no foreign currency transaction fees, and cardholders can use cryptocurrencies in their linked bank accounts or Coinbase accounts to pay their credit card bills. The Bitcoin rewards earned will not appear on the 1099 form when they are earned, and may only incur taxes when they are subsequently sold;
The physical card is specially designed with Satoshi Nakamoto’s The original data from Bitcoin's Genesis Block, created on January 3, 2009, is etched in the original data, emphasizing its Bitcoin-first identity.
Why It Matters
The crypto rewards credit card market is becoming increasingly competitive. Gemini recently announced the launch of a Solana-based credit card, offering up to 4% SOL cashback, merchant discounts of up to 10%, an automatic staking option, and no annual fee. The two companies' strategies represent different market positions: Coinbase focuses on single-asset Bitcoin returns and the legacy of the Genesis Block, targeting Bitcoin enthusiasts willing to pay an annual fee; while Gemini offers multi-asset options, category-based rewards, and a no-annual-fee model. As crypto payments become mainstream, these products will help more consumers acquire crypto assets through everyday purchases while strengthening user loyalty to each exchange.
?Swiss Crypto Bank AMINA Partners with Tokeny to Build a "Bridge" for Regulated Asset Tokenization
Key Points at a Glance
AMINA (formerly SEBA Bank), a crypto bank regulated by the Swiss Financial Market Supervisory Authority (FINMA), is partnering with Tokeny, a blockchain platform under Apex Group, to create a regulated infrastructure for institutional tokenization;
Under the partnership, AMINA will be responsible for the banking, custody and regulatory oversight of traditional assets, while Tokeny will provide the technology to convert these assets into tokens, enabling customers to seamlessly transfer funds between traditional accounts and blockchain-based systems;
Tokeny's platform is based on ERC-3643 Built on standards, AMINA adds a compliance layer, allowing only authorized investors to hold or trade tokenized assets, covering asset classes such as government bonds, corporate securities, and treasury bills.
Why It Matters
This collaboration reduces the time to market for tokenized financial instruments from months to weeks, laying the foundation for a more interconnected and regulated on-chain financial system. As traditional financial institutions seek to integrate blockchain technology into their operations, AMINA's Swiss regulatory status, combined with Tokeny's tokenization technology, provides a regulated "bank bridge" for financial institutions to securely enter the digital asset space. This collaboration represents the accelerating trend of integrating traditional banking with blockchain technology, particularly in the regulated Swiss environment, providing reliable infrastructure support for institutional-grade asset tokenization.
? Crypto market maker B2C2 launches PENNY platform to enable cross-chain zero-fee stablecoin swaps
Key Points
Institutional liquidity provider B2C2 launches PENNY platform, supporting instant, zero-fee swaps between major stablecoins including USDT, USDC, USDG, RLUSD, PYUSD and AUSD to meet the growing demand of institutions for frictionless liquidity tools;
The platform currently supports stablecoin swaps on Ethereum, Tron, Solana and multiple Layer 2 networks, with plans to add more asset support regularly. Target customers include banks, merchant acquirers, exchanges and stablecoin infrastructure companies;
PENNY is available through B2C2 B2C2's PENNY platform settles on-chain using its institutional trading infrastructure, which processes approximately $1 billion in stablecoin trading volume daily, enabling users to automatically swap tokens without fees or counterparty risk.
Why It Matters
As the stablecoin market expands from crypto-native trading to payments, banking, and settlement use cases, B2C2's PENNY platform provides traditional financial institutions and enterprises with real-time execution and settlement infrastructure, avoiding the risks of network fragmentation and the friction and high costs of trading on exchanges. Thomas Restout, CEO of B2C2 Group, stated that "stablecoins have transcended crypto trading use cases," and that accelerating regulatory clarity in the United States, the European Union, and Asia is promoting the adoption of regulated stablecoins and encouraging new issuers, including banks and fintech companies.
?Coinbase launches tools that allow AI agents such as Claude and Gemini to use crypto wallets directly
Quick Points
Coinbase releases a new system, Payments MCP, designed to enable large language models (including Anthropic's Claude and Google's Gemini) to be "on-chain", directly access blockchain wallets and use cryptocurrencies for transactions;
The tool was developed by Coinbase Developer Platform and was launched after the launch of the x402 Foundation, supported by Coinbase and Cloudflare, which aims to standardize AI payments;
Payments MCP is a Model Context Protocol that allows AI Models can access the same on-chain financial tools as humans, from wallets and deposit rails to stablecoin payments, through natural language.
Why It Matters
This move signals growing interest among major tech companies in giving AI models direct access to on-chain financial systems. Coinbase executives stated that crypto payment rails, particularly stablecoins, "are the ideal payment infrastructure for intelligent commerce" because they "run at the speed of code, integrate seamlessly with APIs, and enable autonomous agents to act without human friction." Notably, Payments MCP can be run natively on a desktop, requires little to no user input, and can be customized to specific agent needs. This will, for the first time, allow widely used LLMs to be natively connected to the crypto economy and payment protocols.
?Coinbase will add private transaction functionality to the Base network
Quick Points
Coinbase CEO Brian Armstrong announced that the company is developing private transaction functionality for its Layer 2 network Base and will share more details in the near future;
The move is part of Coinbase's privacy strategy, which was strengthened by the acquisition of the Iron Fish team in March 2025. The Iron Fish team has been integrated into the "Privacy Team" within Base, focusing on developing "privacy primitives." This news comes as privacy coins are garnering renewed global attention. Despite regulatory pressure, privacy coins like ZEC, XMR, and DASH have seen significant gains this year, with ZEC up 460% in the past 30 days. Why It Matters: Armstrong stated that "privacy is critical to unlocking the full potential of the on-chain future," and this move demonstrates that Coinbase is proactively addressing user privacy demands. While privacy coins have faced intense regulatory scrutiny due to their potential use for illicit activities, leading to bans and exchange delistings, research shows that only approximately 7% of privacy coin transactions are linked to suspected illicit activity, compared to only 0.14% of cryptocurrency transactions overall. Coinbase's move will bring enhanced privacy protection features to mainstream blockchains and may redefine the balance between privacy and compliance in the crypto ecosystem.
?Tether open-sources cross-chain wallet toolkit, supporting humans and AI agents on multiple chains
Key Points at a Glance
Tether has open-sourced a modular wallet development kit (WDK), allowing developers to build self-hosted wallets that support multiple blockchains including Bitcoin, Lightning Network, Ethereum, Arbitrum, Polygon, Solana and TON;
The toolkit can be deployed on mobile devices, desktops and embedded hardware, and includes templates and modules that allow developers to add wallet functions such as exchange and lending without relying on closed platforms;
Tether CEO Paolo Ardoino said this is about building a "free and resilient monetary infrastructure" that supports "humans, autonomous machines and AI agents to control their own finances."
Why it’s important
This move is part of Tether’s strategy to enter the field of AI. Ardoino predicts that in the next 15 years “every AI agent will have a wallet,” machine-to-machine commerce will explode, and AI agents will use stablecoins and Bitcoin for transactions instead of traditional bank accounts.
Macro Trends
?JPMorgan Chase: Stripe's "Dual Revolution" in AI and Capital Flow May Open Up a $350 Billion Market
Quick Highlights
A JPMorgan analyst report points out that Stripe is making arrangements in two major areas: AI commerce and digital asset infrastructure. It predicts that by the end of 2030, it may open up market opportunities exceeding $350 billion;
This fintech company, valued at $107 billion, will achieve profitability in 2024, with an annual payment processing volume of more than $1.4 trillion across 195 countries, and net revenue will increase by 28% year-on-year to approximately $5.1 billion;
?Japan's three major banking groups plan to jointly launch a stablecoin
Quick overview of key points
According to Nikkei, Japan's three major banking groups - Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group - plan to jointly launch a stablecoin to create a shared issuance and transfer framework for corporate clients;
The stablecoin will initially be anchored to the Japanese yen, and a US dollar-denominated version may be launched later. It will achieve inter-bank interoperability under common technical and legal standards;
Mitsubishi UFJ Financial Group created the blockchain infrastructure and tokenization platform Progmat as early as 2023, which was supported by many Japanese institutions.
Why it matters
Capital Layout
?Aave Labs acquires Stable Finance to expand on-chain savings consumer channels
Quick Points
Aave Labs, the company behind DeFi giant Aave, announced the acquisition of San Francisco startup Stable Finance, which focuses on simplifying the on-chain savings experience for ordinary users. The specific terms of the acquisition were not disclosed;
After the acquisition, Stable Finance founder Mario Baxter Cabrera and his engineering team will join Aave Labs. Cabrera will serve as product director to jointly develop consumer-oriented DeFi products;
Stable Finance Primarily known for its mobile app, which allows users to deposit USD or cryptocurrencies to earn interest through stablecoin yield strategies, it hides the technical complexity of DeFi and provides users with a single interface for on-chain savings.
Why It Matters
This acquisition reinforces Aave Labs' goal of transforming on-chain finance into everyday finance. Aave already operates Aave.com and the institutional platform Horizon, launched in August and attracting over $300 million in deposits. Stable's technology will be integrated into future Aave Labs products, while its existing application will be phased out. This acquisition marks Aave's third talent-focused deal, following the acquisitions of Sonar in 2022 and Family in 2023, demonstrating the company's continued expansion of its product design capabilities and its commitment to simplifying DeFi products, making them more user-friendly and practical for the average consumer. This strategic move indicates that on-chain stablecoin savings are gradually expanding from the cryptocurrency enthusiast group to the mainstream consumer market.
?Tether participated in Pave Bank’s $39 million financing, betting on “programmable” banking business
Quick Overview
“Programmable Bank” Pave Bank completed a $39 million Series A financing round led by Accel and participated by Tether Investments. Other investors include Wintermute, Quona Capital and Helios Digital Ventures;
Pave Bank has a Georgian banking license and claims to be “the world’s first programmable bank built for the digital asset and AI era”, allowing corporate clients to manage fiat and digital assets in real time, automate financial operations and reduce dependence on intermediaries;
? Salesforce-backed payment technology company Modern Treasury acquires Beam for $40 million
Quick Points
Modern Treasury will acquire the stablecoin infrastructure project Beam for $40 million in an all-stock transaction. The latter provides plug-and-play stablecoin adoption solutions for banks and enterprises. It was previously valued at approximately $44 million.
The acquisition is part of a trend of fintech companies absorbing stablecoin talent and tools, similar to Stripe’s $1.1 billion acquisition of Bridge last year to develop the stablecoin Layer 1 “Tempo”, while Coinbase and Mastercard are embroiled in a fierce battle for BVNK. Beam founder Dan Mottice will join Modern Treasury to lead its stablecoin business. Beam joined the Global Dollar Network consortium, founded this summer by Paxos, Robinhood, and others, which is developing the USDG stablecoin. Why It Matters: The surge in fintech interest in stablecoins stems from the July signing of the GENIUS Act, which formalized the regulatory framework for dollar-pegged tokens, and the successful listing of USDC issuer Circle on the New York Stock Exchange. For Modern Treasury, Beam's technology will help it compete with Stripe and Coinbase in instant, programmable dollar payments, expand its traditional payment rail services, and enter the rapidly growing stablecoin market.
? Stripe-backed payment chain Tempo completes $500 million Series A financing with a $5 billion valuation
Quick Overview
Tempo Blockchain completes $500 million Series A financing, led by Thrive Capital and Greenoaks, with a valuation of $5 billion, becoming one of the most valuable new entrants in the stablecoin infrastructure track;
The Ethereum-compatible Layer 1 incubated by Stripe and Paradigm has cooperated with OpenAI, Shopify, Visa, etc., and is optimized for high-throughput payments and settlements;
Renowned Ethereum developer Dankrad Feist (co-founder of Danksharding) joins Tempo Feist's role as a senior engineer demonstrates that payment infrastructure is attracting top blockchain talent. He is the co-creator of the Danksharding sharding design and was appointed a strategic advisor to the Ethereum Foundation for L1 scaling and user experience earlier this year. He has proposed increasing Ethereum's gas limit by 100 times.
Why It Matters
?Tether strategically invests in Kotani Pay to advance digital asset infrastructure and cross-border payments in Africa
Key Points
Tether announced a strategic investment in Kotani Pay, an infrastructure provider connecting African Web3 users with local payment channels, aiming to lower the threshold for African citizens and businesses to participate in global finance;
According to the Chainalysis regional report, although the crypto economy in sub-Saharan Africa is small, the on-chain crypto transaction volume exceeded US$205 billion between July 2024 and June 2025, a year-on-year increase of 52%, mainly driven by retail use and remittances;
Market Adoption
?Zepz launches Sendwave Wallet, enabling customers to use stablecoins in everyday transactions
Quick Points
Global payments group Zepz (parent company of WorldRemit and Sendwave) has launched Sendwave Wallet, a global peer-to-peer cross-border funds solution based on stablecoins, allowing customers to seamlessly send, store and use funds in over 100 countries;
The wallet is built on Circle’s USDC, the Solana blockchain and Portal’s cross-border wallet infrastructure. By pegging balances to the US dollar, it maintains a stable value, addressing currency debasement issues, while providing near-instant, reliable and affordable transfer services;
?Wise recruits a digital asset product manager to provide customers with stablecoin wallet services
Quick Overview
Wise is recruiting a digital asset product manager to explore ways to allow customers to hold and use digital assets within their Wise accounts while maintaining a seamless and convenient experience for their existing fiat currency services;
The job description clearly states that this is an opportunity to "enable millions of customers to benefit from blockchain and digital currency at a leading global fintech company", indicating that Wise is expanding its business into the digital asset field;
The core goal of the stablecoin integration strategy is to "monetize the recipient" - once users hold funds in the application, the company can provide value-added services such as savings, credit, and investment to build a financial super application ecosystem. Wise's move represents an accelerating trend among mainstream payment companies to embrace blockchain technology. The industry's focus is shifting from simple settlement to full customer lifecycle services. As a leading global fintech company serving 16 million customers, Wise's entry into the digital asset space will not only add a new dimension to its existing multi-currency account system but also potentially transform the way millions of ordinary users interact with digital assets.
?US retail chain Bealls now accepts cryptocurrency payments
Quick Points
Bealls, an American retail chain founded in 1915, announced a partnership with digital payment company Flexa to begin accepting cryptocurrency payments in its stores;
By integrating the Flexa Payments system, Bealls is able to accept more than 99 cryptocurrencies from more than 300 digital wallets;
Bealls currently operates more than 660 stores across the United States, and customers of Bealls, Bealls Florida and Home Centric brand stores can now pay with cryptocurrencies.
Why it's important
This move demonstrates the acceptance of emerging payment technologies by traditional, century-old retailers. According to published data, as of early 2025, approximately 65 million Americans (28% of U.S. adults) owned cryptocurrencies, demonstrating the enormous potential user base for cryptocurrencies as a payment method.
Alex
