Google enters the payment chain, and stablecoins enter the BaaS era

As stablecoins continue to "eat the world," the center of gravity of the value chain is shifting—gradually shifting from issuance to distribution. A clear trend is the rise of the white-label model, where the front-end platform focuses on traffic and users, while professional issuers provide underlying reserves, auditing, and compliance services. This is known as "Stablecoin as a Service" (STaaS). This means that as the barrier to issuance lowers, differentiation will rely more on distribution capabilities and branding rather than the trustworthiness of the asset itself. This suggests that the future market landscape may also shift accordingly, from a monopoly dominated by a few giants to a diversified ecosystem of medium-sized (US$10-25 billion) players. A similar logic is occurring within card schemes and banks. Card issuance is becoming increasingly API-based and modularized. "Issuance as a Service" allows more businesses to quickly integrate into payment processes, and profit models are shifting from interest and annual fees to data accumulation and programmability. Payment blockchains are constrained by the "impossible triangle" of privacy, compliance, and performance. While Google's GCUL meets the needs of financial institutions, it sacrifices openness. Coupled with potential conflicts of interest between advertising and payment networks, its ability to serve as a public infrastructure for stablecoin payments remains questionable. Market Overview and Growth Highlights The total stablecoin market capitalization reached $282.841 billion (approximately US$282.84 billion), a weekly increase of $6.522 billion (approximately US$6.522 billion). USDT maintains its dominant position, accounting for 59.55% of the market; USDC ranks second with a market capitalization of $70.375 billion (approximately US$70.375 billion), representing a 24.88% share.

Blockchain Network Distribution

Top 3 Stablecoin Market Cap:

1. Ethereum: $148.551b (US$148.6 billion)

2. Tron: $81.617b (US$81.6 billion)

3. Solana: $12.178b (US$12.2 billion)

Top 3 Fastest Growing Networks in Week 1:

1. M By M^0 (M) : +11.32%

2. Dai (DAI): +9.99%

3. USD Coin (USDC): +5.57%

Data from DefiLlama

? Decoupling Branding and Issuance: The STaaS Future of Stablecoins

As stablecoin issuance gradually becomes commoditized, the focus of the value chain has shifted from stablecoin issuance to distribution. If the first half of the game was dominated by institutions focusing on reserve and minting, the second half will hinge on who can deliver stablecoins to more users and merchants. The maturation of compliance and technology has expanded the application of stablecoins beyond exchanges, extending to corporate treasury, capital markets, and consumer networks. Card schemes and issuing banks are promoting their integration into the retail payment system. As stablecoins transition from being a means of withdrawal to long-term circulation within the network, their lifecycles are significantly extended, potentially even creating a bridge between the on-chain and off-chain economies. In commercial competition, distribution capabilities are often more important than the product itself, and stablecoins are no exception. The success of stablecoins hinges on widespread adoption, and the white-label model is gaining popularity. This allows platforms to leverage stablecoin capabilities within regulatory frameworks and optimize payment and settlement processes without having to build their own reserves and compliance systems. Case studies such as Metamask and Bridge, and PayPal and Paxos demonstrate that user relationships and usage scenarios are managed by the platform, while reserve management and compliance audits are outsourced to the issuer. Even a giant like PayPal can distribute interest-bearing stablecoins without directly issuing them. This decoupling of branding and issuance allows the functionality of stablecoins to be embedded in a broader payment and settlement process as a service. In traditional finance, banks abstract capabilities like deposits, lending, and card issuance into APIs, a concept known as BaaS (Banking-as-a-Service). In the stablecoin era, this has evolved into STaaS (Stablecoin-as-a-Service), which abstracts issuance, reserve management, auditing, and compliance into underlying services. Professional institutions handle the complexities, allowing platforms to focus on users and use cases. In the evolution of stablecoin infrastructure, in addition to "Issuance-as-a-Service," we've also seen a new model: Card Issuing-as-a-Service. The traditional four-party model, relying on interest and interchange fees for profitability, is gradually failing in the face of on-chain payments. Banks are modularizing licenses, deposits, and credit lines, exporting them to fintech companies through APIs. Combined with the programmability of stablecoins, these capabilities are deeply embedded in B2B processes like payroll payments and freelancer settlements. The advantages of this model no longer stem from credit expansion, but rather from migration barriers, data accumulation, and programmability. When payments are tightly coupled with business operations, stablecoin infrastructure possesses greater resilience and growth potential, thereby creating a new competitive advantage. Google Cloud is developing a permissioned payment chain, GCUL, for financial institutions. According to Rich Widmann, Head of Web3 Business Strategy at Google Cloud, on LinkedIn, Google is developing a permissioned blockchain called Universal Ledger (GCUL) for financial institutions, supporting native on-chain bank funds, cross-currency clearing, and programmable payments. Google's core premise for entering the blockchain industry is that banks must transform in the face of the digital currency wave, upgrading from traditional clearing nodes to on-chain asset issuers and distributors. GCUL offers built-in compliance, Python smart contracts, and API access, enabling banks to migrate deposit, securities, and clearing businesses to the blockchain and proactively control capital flows. An article on Google Cloud's official website, "Beyond Stablecoins: The Evolution of Digital Currency," states: "Fragmentation and inefficient settlement in the payment system could result in $2.8 trillion in losses by 2030, and the growth of stablecoins has validated market demand." Unlike Stripe's closed-loop ecosystem, Google aims to provide a neutral underlying infrastructure. It has already launched a tokenization pilot with the Chicago Mercantile Exchange (CME), targeting institutions that don't have their own blockchains but want to enter the crypto payments market. As Rich Widmann, Head of Web3 at Google Cloud, stated, "Tether won't use Circle's chain, and Adyen may not use Stripe's chain, but any institution can develop payment services on GCUL." Google hopes to attract multiple parties through its "unbound" infrastructure. However, GCUL's permissioned approach meets the privacy, compliance, and throughput needs of financial institutions, but it also sacrifices the openness of a public blockchain. Given Google's existing interests in cloud, advertising, search, and browsers, the market is concerned that it may struggle to maintain complete neutrality between advertising and payment networks, raising questions about GCUL's ability to serve as the "public underlying layer" for stablecoin payments. However, one thing is certain: the previous assumption that public blockchain protocol layers like Ethereum and Solana will capture the majority of value may no longer hold true. If the next $2 trillion in stablecoin funds flows to branded chains like Stripe's Tempo, Circle's Arc, or Google's GCUL, then value capture for public chains like Ethereum (ETH) and Solana (SOL) will be severely challenged.

Regulatory Compliance

?️Japan’s Monex Group is considering issuing a yen stablecoin. The company’s chairman said, “If we don’t do it, we will fall behind.”

Key Points at a Glance

• Monex Group, a Tokyo-listed financial services company, is considering issuing a yen stablecoin. Chairman Oki Matsumoto said, “Issuing a stablecoin requires a lot of infrastructure and capital, but if you don’t get involved, you will be left behind.”;

• The stablecoin is planned to be backed by assets such as Japanese government bonds and can be exchanged for yen at a 1:1 ratio. It will be mainly used for international remittances and corporate settlements. It will be promoted through the group’s Coincheck exchange and Monex securities brokerage business;

• Matsumoto revealed that Monex It is considering acquiring a European crypto-related company, with final negotiations underway and an announcement possible "within days," which would expand its influence in Western markets. Monex Group's consideration of issuing a yen-denominated stablecoin signals a rapid loosening of Japan's crypto regulatory environment. Japan's Financial Services Agency (FSA) plans to approve the issuance of a yen-denominated stablecoin as early as this fall, which would be the first time Japan has permitted a digital currency pegged to its domestic fiat currency. Following the lifting of the ban on foreign stablecoins in 2023 and the approval of USDC for use in Japan in March of this year, the entry of financial giants into the stablecoin market will accelerate Japan's competitiveness in the Asian digital asset sector and provide a digital alternative for the yen in international settlements.

?️Circle, Paxos and Bluprynt pilot provenance verification technology to explore stablecoin payment traceability and authenticity verification

Key Points

• Stablecoin giants Circle and Paxos are working with financial technology startup Bluprynt to pilot "provenance upfront" technology to prevent stablecoin counterfeiting and verify the identity of the issuer in real time;

• This technology uses cryptography and blockchain to provide token traceability, allowing regulators and investors to confirm whether the token is issued by the claimed issuer, effectively preventing counterfeit tokens and impersonation attacks;

• With the GENIUS This legislation is driving an increase in stablecoin issuers, making verification of tokens' true identities a key security concern. Blockchain analysis firm Chainalysis has listed counterfeiting and impersonation as common risks associated with stablecoins.

Why It Matters

• This technology transforms compliance into a technical product rather than simply a legal document, signaling the maturation of the digital asset industry. As stablecoin adoption expands, trust mechanisms based on technology, rather than branding, become increasingly critical. This innovation paves the way for widespread stablecoin adoption while meeting regulatory requirements, mitigating systemic risk, and providing a reliable verification tool for auditors, law enforcement agencies, and investors.

?️CFTC: Crypto companies leaving the US can return to the US market as "foreign exchanges"

Quick Overview of Key Points

• The U.S. Commodity Futures Trading Commission (CFTC) issued an advisory announcement on Thursday, stating that crypto companies leaving the United States can directly serve U.S. customers by registering as "foreign exchanges" (FBOTs);

• Acting Chairwoman Caroline Pham said the move is part of the "Crypto Sprint" plan, which aims to "provide a path for U.S. companies forced to set up exchanges abroad to return to the U.S. market";

• The CFTC is receiving an increasing number of FBOT registration applications, clarifying that qualified foreign companies do not need to register as a U.S. designated contract market (DCM), but must be strictly regulated in their own country. This policy "reminder" reflects the CFTC's crypto-friendly shift under the Trump administration. Amid regulatory uncertainty that has led several exchanges to withdraw from the US market, the CFTC is actively rebuilding bridges to meet regulatory requirements while providing more trading options for American consumers. Pham called this move "another delivery for President Trump," suggesting it is part of a broader deregulation effort. With the upcoming resumption of confirmation for former CFTC Commissioner Brian Quintenz, nominated by Trump, and Commissioner Johnson's departure next week, the CFTC's crypto-friendly stance is likely to intensify, creating a clearer path for international crypto exchanges to return to the US market.

New Product Express

?Aave launches RWA market Horizon, connecting institutional-grade tokenized assets with DeFi

Quick Summary

• Aave Labs launches the Horizon market, bringing together leading institutions such as VanEck, Circle, Ripple, WisdomTree, Superstate, and Centrifuge to connect institutional-grade tokenized assets with DeFi on Ethereum;

• The first batch of collateral to be launched includes Superstate’s USCC and USTB, Centrifuge’s JRTSY and JAAA, and Circle’s USYC will soon join; stablecoin supply options include USDC, RLUSD and GHO;

• Horizon leverages Chainlink SmartData technology (with NAVLink deployments as an initial deployment) to provide accurate net asset values ​​for tokenized real-world asset collateral, enabling real-time overcollateralized stablecoin loans within a compliant DeFi framework.

Why It Matters

• Horizon represents the convergence of DeFi and traditional finance. By integrating institutional-grade assets into a decentralized lending protocol, it opens the door to trillions of dollars in DeFi liquidity for real-world assets. The platform utilizes an institutional-grade compliance framework and supports a permissionless stablecoin supply, meeting the regulatory requirements of institutional investors while preserving the core open nature of DeFi. Llama Risk and Chaos Labs provide risk analysis support to ensure the platform's security. This marks the official entry of DeFi into the institutional market, creating a new paradigm for on-chain liquidity and capital efficiency for traditional assets.

?Anchorage Digital establishes venture capital arm to support early-stage on-chain protocols and becomes a federally chartered stablecoin issuer

Quick Overview

• Crypto custody unicorn Anchorage Digital launches venture capital arm Anchorage Digital Ventures, focusing on investing in early-stage on-chain protocols, with a particular focus on infrastructure projects such as Bitcoin DeFi, physical assets and decentralized identity;

• Previously, Anchorage Digital Bank announced that it had become the first federally chartered stablecoin issuer, providing a "one-stop" solution that allows institutions to launch their own branded stablecoins without having to deal with technical complexities;

• Why It Matters

  • This collaboration reflects the trend of migrating to digital wallets in cross-border payments. The connection between the Swift system and Alipay+ breaks down the barriers between traditional finance and emerging payment networks, providing banks with a strategy to address the challenges posed by fintech. Research shows that 62% of US and UK banks plan to innovate cross-border payments by partnering with fintech companies. This integration will reshape the global payments landscape, particularly in fast-growing markets in Asia, providing consumers and businesses with faster and more flexible international payment experiences.

  ?Tether will issue Bitcoin native USDT stablecoin on RGB

  Key Points at a Glance

  • Tether announced plans to issue USDT on the RGB protocol. RGB is a smart contract and asset issuance protocol anchored to Bitcoin and compatible with the Lightning Network, which will expand the native support of the world's largest stablecoin on the Bitcoin network;

  • RGB allows issuers to mint and transfer assets that are cryptographically anchored to Bitcoin transactions but verified off-chain, reducing on-chain data usage while inheriting Bitcoin's security guarantees, achieving near-instant settlement on the Lightning Network, and improving privacy;

  • USDT is currently mainly circulated on the Tron and Ethereum networks, with a total supply of more than US$167 billion; Tether is gradually phasing out Less scalable chains like Omni, EOS, and Algorand plan to completely shut down support on these networks by September.

  Why It Matters

  • This integration marks a strategic move by Tether to deepen its investment in the Bitcoin ecosystem. The company already holds over 100,000 Bitcoins and has invested $2 billion in 15 mining farms in Latin America, aiming to become the world's largest Bitcoin miner by the end of 2025. Providing a Bitcoin-native stablecoin payment channel through the RGB protocol will enable USDT to seamlessly integrate with Lightning Network wallets, merchant tools, and exchanges, providing users with a faster, cheaper, and more private transaction experience. This also aligns with Tether's broader strategy of expanding into regulated markets, including its recent investment in Spanish exchange Bit2Me to establish a European presence. This move strengthens the deep integration of stablecoins into Bitcoin infrastructure, providing a more efficient alternative for cross-border payments and remittances.

  Market Adoption

  ? Vercel, a cloud development platform, accepts USDC to purchase points for its AI front-end tool v0

  Quick Overview

  • Vercel, a US cloud development platform company, now accepts users to purchase v0 points using USDC stablecoins;

  • v0 is positioned as a full-stack vibe coding platform created by Vercel, a website deployment and front-end development service provider;

  • This move marks the beginning of the exploration of crypto payment options in the development tool field, providing developers with more payment channels. Why It Matters: The acceptance of USDC by developer tool subscription services reflects the expansion of stablecoins beyond pure crypto applications into SaaS and developer services. As a leading front-end development company, Vercel's support for USDC could drive more tech companies to adopt crypto payments while providing international developers with an alternative to traditional payment methods. This trend demonstrates the gradual integration of stablecoins into software-as-a-service business models, lowering the barrier to cross-border payments.

  ?Mastercard and Circle collaborate to enable stablecoin settlement in the EEMEA region

  Quick Points

  • Mastercard and Circle have partnered to allow acquirers in Eastern Europe, the Middle East, and Africa (EEMEA) to use USDC and EURC stablecoins for settlement and payment settlement with merchants, promoting digital trade in emerging markets;

  • Arab Financial Services and Eazy Financial Services are among the first institutions to adopt the solution, stating that the new feature reduces friction in high-volume settlements and provides faster and more secure payment solutions;

  • Circle reports that as of June 30, USDC circulation had surged 90% year-on-year to By August 10th, the total value of stablecoins reached $61.3 billion, and by August 10th, it had increased by another 6.4% to $65.2 billion, reaching a 28% share of the fiat-backed stablecoin market, a year-on-year increase of 595 basis points.

  Why It Matters

  • This collaboration marks the official entry of stablecoin settlement into the core infrastructure of the global payment network. As a traditional payments giant, Mastercard is applying its security and compliance expertise to the stablecoin sector, providing institutional-grade trust backing for USDC and EURC. This integration not only expands the two companies' existing collaboration on crypto card solutions but also positions stablecoins as fundamental tools for everyday financial activities. As demand for USD and Euro payments grows in emerging markets such as the Middle East and Africa, this solution will streamline cross-border transactions and create new opportunities for financial inclusion and business development in these regions.

  ?Financial giant Finastra introduces USDC to settle $5 trillion in global cross-border payments

  Quick Points

  • London-based fintech provider Finastra announced the connection of its payment hub with Circle’s USDC stablecoin, enabling banks to settle cross-border transfers in USDC;

  • The integration will start with Finastra’s Global PAYplus (GPP), which processes more than $5 trillion in cross-border payment traffic daily and provides 24/7, near-instant settlement services through blockchain;

  • By enabling USDC settlement while maintaining fiat currency instructions, banks can reduce their reliance on high-cost, slow-processing correspondent banking networks and innovate without having to build independent payment processing infrastructure.

  Why It Matters

  • This move signals the expansion of stablecoins from the crypto industry into the mainstream financial system. With payment giants like Stripe and PayPal already building their own stablecoin infrastructure, Finastra's integration with USDC will accelerate institutional adoption. Coinbase predicts the stablecoin market will grow from $270 billion today to $1.2 trillion by 2028. This integration of financial infrastructure will drive the convergence of blockchain technology and the traditional banking system, revolutionizing international payments.

  ? Venezuela’s inflation and currency collapse drive a surge in cryptocurrency usage

  Quick Points

  • From small family stores to large retail chains, merchants across Venezuela are accepting cryptocurrency payments through platforms such as Binance and Airtm. Some companies even pay employees in stablecoins, and universities have begun offering professional courses in digital assets.

  • Venezuela ranks 13th globally in the Chainalysis 2024 Cryptocurrency Adoption Index report, with usage surging 110% in one year. With the bolivar currency depreciating by over 70% since the government ceased intervention in October last year, and inflation reaching 229% in May, Venezuelans are turning to crypto assets for a safe haven. Cryptocurrency remittances have become a vital lifeline for Venezuelans, with digital assets accounting for 9% of the $5.4 billion in remittances (approximately $461 million) in 2023. Households are increasingly relying on cryptocurrencies over traditional services like Western Union, which carry high fees and significant delays. The Venezuelan case demonstrates the practical value of cryptocurrencies in an environment of extreme inflation and currency collapse. Faced with a currency crisis, foreign exchange shortages, and difficulties opening bank accounts, ordinary people are forced to seek alternative financial instruments to protect their assets. Despite obstacles such as US sanctions and connectivity issues, the crypto ecosystem has demonstrated strong resilience, becoming a core component of the everyday economy. This model of mass adoption could provide insights for other countries facing similar economic challenges, while highlighting the practical application of stablecoins as a store of value and medium of payment in a high-inflation environment.

  ? Gemini partners with Ripple to launch XRP rewards credit card

  Key Points at a Glance

  • Crypto exchange Gemini partners with Ripple to launch XRP rewards credit card, issued by WebBank based on the Mastercard network. 4% XRP cashback is available on gas, electric vehicle charging and ride-hailing purchases, 3% on dining, 2% on groceries, 1% on other purchases, and up to 10% cashback at specific partner merchants;

  • This card supports XRP and Ripple's US dollar stablecoin RLUSD. After its launch, Gemini surpassed Coinbase in the US Apple App Store's financial category, ranking 16th and 20th respectively. Although Gemini's daily trading volume (3.82 $67.9 million) is only about one-third of Coinbase's $4.54 billion. Gemini, which is preparing for an IPO, reported revenue of $67.9 million and a net loss of $282.5 million for the first half of 2025. Revenue increased year-over-year, but losses widened. Why It Matters: This credit card signals the further integration of cryptocurrencies into everyday consumption, creating a low-barrier entry point for non-crypto users. The product's success has driven a surge in Gemini app downloads, reflecting the accelerated mainstreaming of the crypto industry since the Trump administration took office. This move represents both a strategic expansion of Gemini's business lines ahead of its IPO and a demonstration of the industry's shift from speculation to a practical payment tool, as well as the new competitive landscape in which crypto companies compete for users through traditional financial products.

  ?TD Securities becomes first third-party custodian to join JPMorgan’s blockchain debt platform

  Quick Points

  • TD Securities has become the first financial institution to offer third-party custody services on JPMorgan’s Digital Debt Services (DDS) blockchain platform, marking a milestone in the application of blockchain technology in institutional bond custody;

  • The collaboration enables TD Securities to provide custody services for debt instruments issued, settled, and managed via the JPMorgan blockchain, supporting precisely timed settlement (including same-day settlement), automated lifecycle management, and corporate actions streamlined by smart contracts;

  • TD Securities Investment Management has seamlessly executed a $100 million commercial paper transaction on the blockchain as a test, validating the feasibility of the technology.

  Why It Matters

  • This collaboration marks a shift by financial giants from blockchain experimental projects to actual large-scale deployment in traditional capital markets, and will bring advantages to the bond market such as reduced operational risk, faster settlement, and lower costs. As a global financial giant managing approximately US$4.7 trillion in assets and custodying US$46.6 trillion in assets, TD Securities' participation sets a precedent for other custodians and banks to adopt blockchain technology, confirming the evolving role of custodians in supporting new digital asset classes.

  ?Arrive AI announced that it will pay employees and suppliers with Bitcoin and plans to issue its own token

  Quick Overview

  • Logistics and delivery company Arrive AI announced the launch of a Bitcoin payment plan, allowing employees, suppliers and customers to choose to receive cryptocurrencies instead of US dollars. CEO Dan O'Toole will become the company's first employee to adopt this plan;

  • The company plans to issue exclusive tokens to pay staff, settle supplier contracts and simplify transaction processes within the delivery network, aiming to improve transparency, speed and efficiency;

  • Arrive AI is actively expanding and plans to triple its headcount, focusing on recruiting AI scientists, software engineers and product developers, emphasizing the company's "AI-first" operating strategy. Arrive AI's crypto payments initiative demonstrates the convergence of blockchain technology and logistics AI. By issuing its own token, the company not only simplifies cross-border payments but also provides employees and partners with opportunities to participate in the platform's growth. Unlike payment giants like Mastercard, which focus on stablecoins, Arrive's direct adoption of Bitcoin for payroll payments demonstrates growing corporate confidence in crypto assets as a practical payment tool, potentially driving the adoption of cryptocurrencies in everyday commercial transactions from speculation to practical applications.

  ?Square unveils product roadmap, launching Bitcoin payments, loans in first week and self-service terminals

  Quick Overview

  • Square announced the public release of its product roadmap, planning to launch a Bitcoin payment system, including a Bitcoin wallet and the ability to automatically convert some credit card sales into Bitcoin;

  • In terms of financial services, Square will allow merchants to apply for loans in the first week of using its payment processing services and apply for credit cards without pre-approval;

  • New features for the restaurant industry include meal combo options, self-service terminals, centralized menu management across stores, automatic credit card surcharges, and enhanced back-of-house and reporting tools.

  Why It Matters

  • Square's public roadmap signals its strategic shift from a payments processor to a comprehensive business technology platform. Bitcoin payments will establish Square as a bridge between traditional commerce and the crypto economy, while its first lending service directly challenges the traditional banking industry's long-standing credit approval process. These initiatives not only lower the barrier to financing for small businesses but also demonstrate Square's long-term commitment to mainstreaming Bitcoin, potentially integrating crypto assets into everyday commerce.

  Macro Trends

  ? US Stablecoin Bill Leads to Repositioning of EU Digital Euro Strategy

  Quick Overview

  • The EU is reconsidering its digital euro plan due to the US GENIUS Act and may consider issuing it on public chains such as Ethereum or Solana rather than private chains. This is a major shift for Europe, which strictly controls cash transactions and supports CBDCs.

  • Senior European Central Bank officials warned that if stablecoins are not regulated, they will weaken the European banking system, threaten financial stability, and even lead to "geopolitical dependence", while the ECB president warned that stablecoins may weaken the central bank's ability to influence the economy through monetary policy;

  ? BIS Survey: One-third of central banks accelerated CBDC research and development due to stablecoins

  Quick Overview of Key Points

  • BIS 2024 Central Bank Digital Currency Survey shows that one-third of central banks have accelerated CBDC research due to the development of stablecoins and crypto assets. The European Central Bank has repeatedly cited the United States' expansionary stablecoin policy as the urgency of the digital euro;

  • Overall CBDC research work has declined slightly, from 94% in 2023 to 91% in 2024, with a more obvious decline in emerging markets. "Research work" includes research, pilot projects or promotion of production plans;

  • 45% of central banks have formulated stablecoin and cryptocurrency legislation, and another 22% The development process means that two-thirds of economies will soon establish relevant regulatory frameworks, with approximately 80% adopting dedicated legislation rather than reforming existing regulations.

  Why It Matters

  • Central banks' responses to stablecoins indicate intensifying competition between public and private digital currencies, and that regulators are shifting from observation to action. While stablecoin usage remains low in most regions, the growth of cross-border payment applications in emerging markets has attracted regulatory attention. The fact that countries are establishing dedicated regulatory frameworks rather than leveraging existing regulations indicates that stablecoins are now recognized as a distinct type of financial instrument requiring special oversight, which will have profound implications for the global digital currency landscape.

  Capital layout

  ? Visa-backed stablecoin company Rain received $58 million in investment from Samsung and other institutions

  Key points

  • Stablecoin payment infrastructure startup Rain completed $58 million in Series B financing, led by Sapphire Ventures, with participation from Samsung Next, Dragonfly, Galaxy Ventures and others, bringing the total financing to $88.5 million;

  • Rain provides Visa Rain offers debit and credit card services, providing "enterprise-grade stablecoin payment infrastructure" to fintech companies, banks, and marketplaces, enabling clients to issue "stablecoin-powered cards, wallets, and payment apps." The company's cards are accepted anywhere Visa is accepted, and transaction volume has increased tenfold since January of this year. MetaMask also recently announced plans to launch a MetaMask card for Mastercard merchants by the end of the year. The GENIUS Act and the European MiCA framework create a clear regulatory path for stablecoins, driving a surge in corporate interest. Rain connects stablecoins to Visa's global network, transforming digital assets into a viable means of payment for everyday consumption and bridging the gap between crypto and traditional financial systems. After the Trump administration established regulatory clarity for stablecoins, major US banks such as Bank of America have expressed their intention to issue their own stablecoins. The market is expected to reach a trillion-dollar scale within a few years, creating huge growth space for infrastructure providers such as Rain.

  ?Stablecoin platform M0 completes $40 million in Series B financing

  Quick Overview

  • Swiss stablecoin platform M0 has completed $40 million in Series B financing, led by Polychain Capital, Ribbit Capital and Endeavor Catalyst, with participation from existing investors Pantera and Bain Capital Crypto, bringing the total financing to $100 million since its establishment in 2023;

  • M0’s unique “first principles” approach separates stablecoin reserve management from programmability: regulated entities manage the assets behind stablecoins (such as cash and U.S. Treasuries), while developers can use the M0 platform to define who can create, hold and transfer these assets;

  • ?Ripple and Circle jointly invest in cross-border payment platform Tazapay

    Quick Overview

    • Singapore cross-border payment infrastructure platform Tazapay has completed its Series B financing round, led by Peak XV Partners, with participation from digital asset giants Ripple and Circle. The funds will be used to accelerate its license application in key markets such as the United States, Australia, Hong Kong and the UAE;

    • Tazapay is building a global payment collection and settlement infrastructure based on modern payment rails. Its key use case is to provide fiat currency bridging services for stablecoins in emerging markets. It currently has one of the most extensive fiat currency collection networks in emerging markets;

    • The investment by Ripple and Circle highlights Tazapay’s Tazapay plays a key role in bridging the worlds of traditional finance and digital currencies, particularly in building compliant "last mile" connections.

    Why It Matters

    • This financing marks a key step in the expansion of stablecoin infrastructure into emerging markets. As the boundaries between traditional finance and the crypto world gradually dissolve, Tazapay's fiat currency bridging service will address pain points in cross-border payments, such as multi-day settlement times, high fees, and reliance on intermediaries. The strategic investments from two blockchain payment giants, Ripple and Circle, demonstrate the industry's commitment to building a more complete global payment network, particularly in emerging markets where traditional financial services are underserved, accelerating the practical application and adoption of stablecoins as a cross-border payment solution.