How Crypto is Reshaping Internet Super Apps: A Look at Coinbase's System Upgrade

This week's highlights are as follows:

This week, Coinbase held a system-level product upgrade conference with the scale of WWDC, focusing on updates to trading, derivatives, stablecoins, AI, and payment protocols. Coinbase's vision of "Everything Exchange" not only reflects Coinbase's ambition to become a super app, but also points to a new path for the crypto era: a fundamental financial structure centered on stablecoins, asset issuance, and on-chain clearing. Financial capabilities, therefore, become a basic resource that can be natively invoked by software and AI and automatically scheduled in the background, much like internet bandwidth. Stablecoins have also evolved from investment products into the infrastructure supporting the digital economy. In this context, we can say that Coinbase's boundaries have exceeded those of traditional internet super apps; finance is beginning to move away from apps and towards ubiquitous "invisible finance."

Meanwhile, the mainstream adoption of stablecoins continues to accelerate.

On the one hand, this is reflected in everyday scenarios that users can perceive: ADNOC, the UAE's largest gas retailer, supports stablecoin payments at nearly a thousand gas stations; Interactive Brokers supports stablecoin deposits; Ramp, a fintech company targeting businesses, enables direct stablecoin payments to paper checks; and YouTube allows creators to receive payments using PayPal's stablecoin PYUSD. Stablecoins are rapidly entering corporate finance and consumption systems. On the other hand, a more profound change is occurring at a level that users are almost unaware of. Visa has launched USDC settlement within the US banking system, allowing some banks to fulfill settlement obligations directly in USDC on VisaNet. This signifies a structural restructuring of the settlement layer, occurring deep within the banking system, with a more subtle yet far-reaching impact. Market Overview and Growth Highlights The total market capitalization of stablecoins reached $308.606 billion (approximately US$308.606 billion), a decrease of $1.456 billion (approximately US$1.456 billion) week-on-week. In terms of market structure, USDT continues to dominate with a market capitalization of 60.32%; USDC ranks second with a market capitalization of $77.336 billion (approximately US$77.336 billion), accounting for 25.06%. Blockchain Network Distribution Top 3 Stablecoin Networks by Market Capitalization: Ethereum: $166.19 billion ($166.19 billion) Tron: $80.993 billion ($80.993 billion) Solana: $16.048 billion ($16.048 billion) Fastest Growing Networks (Top 3): USDD Resolv USD (USR): +16.97% First Digital USD (FDUSD): +16.35% This is Coinbase's most comprehensive upgrade in terms of asset classes and structural changes since its inception, marking its transition from a single asset platform to a unified financial gateway. If the early stages of cryptocurrency focused on the assets themselves, then with the maturation of stablecoins, tokenized assets, and on-chain clearing, the new competitive focus has shifted to the organization, settlement, and management of assets. Coinbase's answer is to integrate stocks, stablecoins, derivatives, and on-chain assets under a single account and wallet identity, summarizing this direction as "Everything Exchange." On the traditional asset side, US users can already trade thousands of stocks and ETFs through Coinbase Capital Markets, settling in USD or USDC, with some stocks supporting 24-hour trading on weekdays. Currently, a traditional market structure is still used, but Coinbase has clearly identified it as a transitional form towards tokenized stocks and plans to promote the on-chain issuance of real-world assets through Coinbase Tokenize. For non-US users, perpetual equity contracts offer US stock exposure without relying on the transfer of securities ownership, enabling compliant, continuous, and capital-efficient cross-border participation by simply transmitting price signals. This type of structure is forming a new synthetic market, allowing global liquidity to aggregate around price and risk before the underlying assets are on-chain. Related products are expected to launch next year. As account capabilities expand, Coinbase is unifying different types of risk within a single trading and settlement framework. Prediction Markets: Through a partnership with Kalshi, users can trade election, sports, and economic event results in USD or USDC, allowing regulated real-world risks to be directly integrated into the stablecoin settlement system. On-Chain Assets and DEXs: Jupiter, Solana's largest DEX aggregator, has been integrated into the Coinbase App, making a large number of assets on the Base and Solana networks accessible within the same interface, reducing operational barriers between chains. Derivatives and AI Investment Advisors: Futures and perpetual contracts are integrated into the main application and combined with AI investment advisory capabilities, making the construction of cross-asset risk exposure more intuitive. From an overall structural perspective, Coinbase has formed a clear two-pronged approach: a Base App for individual users, integrating trading, wallets, payments, and content discovery; and Coinbase Business for businesses, providing stablecoins, enterprise accounts, payment APIs, and financial automation services. The common point of convergence for both is stablecoin liquidity. Of all the updates, Custom Stablecoins and the x402 open payment protocol have long-term strategic significance. Custom Stablecoins allow businesses to issue their own branded digital dollars, with 1:1 collateral consisting of USDC and other regulated USD stablecoins, rather than fiat currency deposits. This design places the collateral layer entirely on-chain, reducing direct reliance on the banking system while expanding USDC's use cases and circulation scale. For Coinbase and Circle, this represents a clear commercial increment; on a broader level, it drives the US dollar into cross-border payments, the on-chain economy, and emerging markets through stablecoins. The x402 protocol further extends this direction by embedding stablecoin payments into HTTP requests, enabling payments to be automated by software and AI agents. Within 30 days of its launch, its annualized transaction volume exceeded $200 million, demonstrating a genuine demand for machine-to-machine payments. Coinbase is not betting on a traditional financial super-application, but rather on a financial structure for the crypto era: the user portal is only one layer; another layer is a supply network comprised of stablecoins, corporate issuance, and clearing capabilities. While Revolut and Cash App are also approaching a unified portal, Coinbase differs in that it simultaneously attempts to control both the demand and asset generation sides, coupling them together through on-chain clearing. If the ultimate goal of traditional fintech is to cram all financial functions into a single app, then the ultimate goal of crypto-native platforms is more like enabling any application to natively use finance. Under this trend, stablecoins have become a fundamental capability, and crypto finance built upon them is transforming from an app-like form into a system service that can be directly invoked by software and AI agents. Visa supports USDC settlement: a key step for stablecoins into the banking settlement layer. This week, Visa launched USDC settlement within the US banking system. After completing a pilot program with an annualized scale of approximately $3.5 billion, Visa is now allowing some US banks to directly use Circle's USDC to fulfill settlement obligations on VisaNet. The first participating banks include Cross River Bank and Lead Bank, with settlements running on the Solana network. For cardholders and merchants, this change is almost imperceptible: the payment process remains unchanged, the billing format remains unchanged, and the merchant's payment method remains unchanged. However, between banks, funds are beginning to flow in different ways. In the past few years, the "mainstream adoption" of stablecoins has often occurred at the payment interface layer. Users can pay with stablecoins, and merchants can receive funds through fintech platforms, but before actually entering the banking system, these stablecoins are usually exchanged back to fiat currency and then settled through traditional clearing channels. Stablecoins are more like a front-end tool, always remaining outside the core financial system. Visa, however, has directly incorporated stablecoins into the settlement process itself. Issuing banks no longer need to exchange funds back to USD before settlement; instead, they can directly clear with VisaNet using USDC. This means that settlement is no longer subject to weekdays, batch processing, or holiday windows, and interbank fund transfers are now operating 24/7. The significance of this change lies in settlement. In modern payment systems, the true economic responsibility rests not with consumers, but with banks. Every credit card transaction ultimately ends up on the balance sheets of two banks. Visa's network is essentially a settlement coordination system connecting banks. When stablecoins are allowed to serve as settlement assets, their role shifts from a means of payment to a tool for bank operations. This shift leads to a redistribution of efficiency. 24/7 settlement reduces the time funds are in transit, improves liquidity predictability, and reduces redundant positions held for uncertainty. For banks, this directly impacts asset and liability management: the same amount of capital can be turned over faster and allocated more precisely. This is why we say stablecoins may not "destroy banks," but they will change how banks behave. As settlement speed increases, the space gained by relying on time differences and procedural inertia is continuously compressed, and the differences between banks gradually manifest in liquidity management capabilities and capital utilization efficiency. Settlement efficiency itself is becoming a product capability. For Visa, this means moving from a card organization to a multi-asset settlement network. When VisaNet supports both fiat and stablecoin settlements, its network value is no longer limited to payment coverage, but also lies in the scalability of settlement methods and continuity over time. And once stablecoin settlement becomes a standard capability, banks following suit will be a natural consequence driven by network effects.

Regulatory Compliance

Ripple, Circle, and BitGo Receive Conditional Approval for US Banking Licenses; Multiple Crypto Institutions Move Towards Federal Trust Banking

Key Highlights

• The Office of the Comptroller of the Currency (OCC) has granted conditional approval to the federal trust bank license applications of Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. These entities can hold customer assets but are prohibited from accepting deposits or making loans;

• Circle's new entity, First National Digital Currency Bank, and Ripple's Ripple National Trust Bank are both under review; the licenses will provide a clear path for the compliant issuance of stablecoins such as RLUSD;

The U.S. FDIC launches its first stablecoin rule, implementing the GENIUS Act

Key Highlights

• The Federal Deposit Insurance Corporation (FDIC) has released its first draft stablecoin regulatory rule, opening a 60-day comment period;

• The rule focuses on the application process for banks issuing dollar-denominated stablecoins through subsidiaries, establishing a 120-day review and appeal mechanism;

• This is the first stablecoin regulatory measure to formally enter the rule-making stage since the GENIUS Act took effect.

Why is it important

• This marks the shift of US stablecoin regulation from legislation to an operational administrative enforcement level. The FDIC has taken the lead in clarifying "how banks can issue stablecoins in compliance with regulations," clearing procedural uncertainties for bank-issued stablecoins and paving the way for subsequent capital, liquidity, and risk rules. Stablecoins are being formally incorporated into the US banking regulatory system.

Why is it important

• This marks the shift of US stablecoin regulation from legislation to an operational administrative enforcement level.

The UK is aligning with the US in advancing crypto regulation, while the ECB is accelerating legislation for a digital euro

Key Highlights

• The UK plans to integrate crypto companies into the existing financial regulatory system from 2027. The draft already covers crypto exchanges and stablecoin issuance, and the regulatory path clearly aligns with the US, rather than the EU's MiCA "dedicated legislation" model;

• The ECB has completed all the technical and preparatory work for the digital euro and is urging the Council of the European Union and the European Parliament to accelerate legislation. The digital euro is expected to be launched in the second half of 2026;

• The UK has chosen an "functionally equivalent, principle-oriented" integration-based regulation approach, while the EU is advancing in parallel through central bank digital currencies and MiCA, forming a dual-track layout of regulation and monetary tools.

• This signifies that Europe is simultaneously responding to the expansion of stablecoins from both the regulatory framework and monetary sovereignty ends: the UK is prioritizing the integration of crypto into the financial system to promote institutional adoption, while the EU is consolidating the public payment anchor with a digital euro. Behind these different paths lies a shared vigilance and rebalancing regarding the influence of private stablecoins. Capital Layout

  Anchorage Digital Acquires Securitize For Advisors (SFA), Strengthening Crypto Wealth Management Business

  Key Highlights

  Key Highlights

  Federal Chartered Crypto Bank Anchorage Digital acquired Securitize For Advisors (SFA), integrating its crypto wealth management platform for Registered Investment Advisors (RIAs) into its own system;

  99% of SFA's existing assets were already custodied by Anchorage. This acquisition unifies custody, trading, and the investment advisory front end into a single platform; Securitize will focus on its core asset tokenization business;

  SFA's net new deposits and assets under management grew by more than [percentage missing] in the past year.

  4,500%, far exceeding the overall RIA industry growth rate of 16%, highlighting the accelerated adoption of crypto asset allocation through investment advisory channels. As RIAs become a key entry point for the institutional adoption of crypto assets, Anchorage consolidates its core position in the custody and compliant wealth management chain by integrating investment advisory platforms, and also promotes further integration of tokenization and asset allocation scenarios. Moto Raises $1.8 Million in Pre-Seed Funding to Launch Solana On-Chain Credit Card Key Takeaways Crypto finance startup Moto has raised $1.8 million in pre-seed funding, led by Eterna Capital and cyberFund, with participation from several angel investors in the crypto and finance sectors; Positioned as "the first truly on-chain credit card," the project is built on the Solana network, emphasizing native on-chain settlement, ledger, and risk control logic, rather than traditional cards connected to external crypto payment systems; The product is still in its early stages, the shortlist is open, and partnerships have been established with crypto payment infrastructures such as Privy, Crossmint, and Rain.

Why it matters

• Moto has moved the traditional core financial product of credit cards directly onto the blockchain, reflecting that the payment industry is moving from stablecoin debit cards to on-chain credit and programmable liabilities. If successful, this could reshape the risk control, clearing, and profit distribution models of credit cards. ...strong>Why it matters

  Why it matters

  Moto has moved the traditional core financial product of credit cards directly onto the blockchain, reflecting that the payment industry is moving from stablecoin debit cards to on-chain credit and programmable liabilities.

If successful, this could reshape the risk control, clearing, and profit distribution models of credit cards.

Why it Kontigo, a new stablecoin bank, has raised $20 million in seed funding, aiming for $30 million in annual revenue within 12 months. Key Takeaways: Kontigo aims to achieve $30 million in annual revenue, $1 billion in payment volume, and 1 million users within 12 months. Kontigo offers services such as 10% stablecoin interest, card payments (with BTC back), USDT credit lines, tokenized US stocks, and free international accounts, covering the entire financial needs from savings and payments to credit and investment. The team consists of only a small number of employees. With 7 people covering global cross-border capital flows, they focus on a blockchain financial architecture that "does not require a local banking license." The Kontigo case demonstrates the scale effect of stablecoins + blockchain as underlying financial infrastructure, bypassing the traditional banking license system and providing emerging markets with a financial gateway that allows for both USD and Bitcoin transactions, challenging the expansion models of traditional new banks. Tether Leads $8 Million Funding Round for Bitcoin Lightning Network Payment Provider Speed ​​Tether, in partnership with Ego Death Capital, led an $8 million funding round for Lightning Network payment processor Speed. Speed, built on the Bitcoin Lightning Network, has an annualized payment volume exceeding $1.5 billion, serving over 1 million users and merchants, covering consumers, content creators, platforms, and enterprise merchants, demonstrating the Lightning Network's commercial viability. Tether stated that this investment aims to strengthen Bitcoin payment infrastructure and expand USDT's use cases.

Why it matters

• This shows that Tether, as a stablecoin issuer, is investing in payment infrastructure, driving the evolution of stablecoins from "funds storage" to high-frequency payment and settlement layers.

This indicates that Tether, as a stablecoin issuer, is investing in payment infrastructure in reverse, driving stablecoins to evolve from "funds storage" to high-frequency payment and settlement layers.

RedotPay Raises $107 Million in Series B Funding to Accelerate Stablecoin Payment Expansion. (Key Highlights) Hong Kong-based stablecoin payment platform RedotPay has raised $107 million in Series B funding, led by Goodwater, with participation from Pantera, Circle Ventures, and Circle Ventures. The round was oversubscribed and entirely equity-based. The platform boasts an annualized payment volume exceeding $10 billion and annualized revenue exceeding $150 million, and is already profitable. It covers over 100 markets and has 6 million users. The funds will be used for product development, compliance licensing, and M&A expansion. RedotPay offers stablecoin payment cards, cross-border payment channels, multi-currency wallet accounts, and a self-built P2P marketplace, targeting both crypto-native and non-crypto users, emphasizing an instant, predictable, and cross-border fund transfer experience. RedotPay's high growth coupled with profitability proves that stablecoin payments have achieved scalable commercial viability. Continued capital investment indicates that stablecoins are evolving from a "cross-border alternative" into a global payment infrastructure. RedotPay's growth demonstrates the strong demand and scalability potential of the "USD stablecoin + local consumption" model in emerging markets. Tether's €1.1 billion all-cash offer to acquire Juventus was rejected, causing the Juventus fan token JUV to plummet by over 13%. Meanwhile, Juventus' listed stock rose by approximately 14%, showing a clear divergence in performance. The JUV decline largely reflects a pullback in sentiment and expectations, while the stock price increase reflects the traditional market's positive pricing of the 21% premium acquisition signal. Tether already holds an 11.53% stake in Juventus and plans to acquire Exor's 65.4% controlling stake, committing to an additional 10... A €100 million investment was offered but explicitly rejected. This incident highlights that fan tokens are not equity assets; their value has limited correlation with corporate governance and acquisition outcomes, and is more volatile. For Tether, acquiring Juventus would have strengthened its institutional image and global brand reach; however, this setback shows that the financial strength of crypto capital does not equate to institutional recognition within the European football system.

New Product Alert

StraitsX to Introduce Singapore Dollar and US Dollar Stablecoins to Solana, Supporting Instant Forex Exchange

Key Highlights

• Crypto infrastructure company StraitsX plans to launch the Singapore Dollar stablecoin XSGD and the US Dollar stablecoin XUSD on Solana in early 2026, enabling instant on-chain exchange of SGD ↔ USD, forming an on-chain forex trading scenario;

• XSGD will become Solana's first Singapore Dollar stablecoin, filling the gap in mainstream Asian fiat currencies;

• Combined with Solana's high speed, low fees, and its x402 The payment standard, XSGD/XUSD, is particularly suitable for machine-driven economic scenarios such as AI-automated payments, micropayments, DeFi, and cross-border settlements. This initiative advances stablecoins from "single-currency settlement" to an "on-chain foreign exchange layer," enabling Solana to achieve real-time multi-fiat currency exchange capabilities. This is beneficial for cross-border payments, DeFi, and the development of AI-automated economies, and also strengthens its position as a global payment infrastructure. Exodus Partners with MoonPay to Launch USD Stablecoin, Expanding into Self-Custodial Payments

Exodus Partners with MoonPay to Launch a Fully Reserved USD Stablecoin, Expected to Launch in January 2026, and Integrated into its Wallet Payment Function, Exodus Pay;

The stablecoin will be issued and managed by MoonPay, and supported by stablecoin infrastructure provider M0; Exodus focuses on distribution, user experience, and self-custodial wallet scenarios;

The issuers of stablecoins are expanding further to wallet companies, forming a similar camp with Circle, PayPal, and Fiserv, indicating that stablecoins are moving towards the front-end application layer. The focus of competition in the stablecoin market is shifting from the issuance stage to user access and payment experience. The combination of wallets and stablecoins is enabling stablecoins to gradually move towards wider everyday consumption applications. Tempo Launches Native Transaction Type, Enabling Stablecoin Payments and Enterprise-Level Transaction Capabilities on-Chain

Key Highlights

• Tempo launches the "Tempo Transactions" native transaction, supporting stablecoin payments, batch concurrency, scheduled transactions, fee payment on behalf of clients, and biometric login;

• This transaction type incorporates batch processing and atomic execution at the protocol layer, targeting scenarios such as payroll, merchant settlement, and subscriptions;

• Infrastructure providers such as Crossmint, Fireblocks, Privy, and Turnkey have integrated it, lowering the barrier for enterprises to access on-chain payments.

• Infrastructure providers such as Crossmint, Fireblocks, Privy, and Turnkey have already integrated it, lowering the barrier for enterprises to access on-chain payments.

Why it matters

• Tempo directly introduces traditional financial-grade payment capabilities into the underlying blockchain, upgrading stablecoins from transferable assets to scalable payment tools, which is expected to accelerate the adoption of on-chain payment systems by enterprises and financial institutions.

Market Adoption

JPMorgan Chase introduces JPMD into the Base chain, marking the first time bank deposits have penetrated a public blockchain

Key Highlights

• JPMorgan Chase extends its tokenized bank deposit JPMD from its own chain to Coinbase's Layer 2 Base, allowing it to enter the public blockchain under controlled conditions;

• JPMD is an on-chain mapping of bank deposits, earns interest, and has different regulatory attributes from stablecoins;

• Currently used for on-chain settlement, margin, and collateral, meeting the compliant funding needs of institutions on public blockchains.

Why is it important

• This is a "defensive on-chain" approach for the banking system, extending the core form of currency—deposits—to the public blockchain before the expansion of stablecoins. In the future, on-chain funds will exhibit a pattern of coexistence and collaboration between stablecoins and tokenized deposits.

Why is it important?

• This is a "defensive on-chain" approach for the banking system, extending deposits—a core form of currency—to the public blockchain before the expansion of stablecoins.

Why it matters

• The inclusion of stablecoins in the formal consulting and solutions systems of payment giants marks the transition of stablecoins from "crypto tools" to mainstream financial infrastructure, which is expected to accelerate the on-chain transformation of banks and large enterprises and expand the scale of digital circulation of the US dollar.

Ramp Enables Direct Payment of Stablecoins to Paper Checks, Integrating Stablecoins into Corporate Financial Systems

Key Takeaways

• Ramp, a fintech company targeting businesses, announced on Twitter that it has completed a real-world payment path from USDC to paper checks to bank accounts, potentially the first of its kind;

• Stablecoins can be integrated as a source of corporate funds without changing the recipient's existing habit of relying on checks;

• Integrating blockchain funds into the most traditional payment system in the United States (paper checks) is essentially a "reverse compatibility" of stablecoins with traditional financial infrastructure.

• By integrating blockchain funds into the most traditional payment system in the United States (paper checks), stablecoins represent a "reverse compatibility" with traditional financial infrastructure.

Why is it important

• In scenarios that heavily rely on checks, such as accounting, law, government, and healthcare, Ramp allows stablecoins to penetrate corporate payment systems through a back-end funding layer. This indicates that stablecoins are not replacing traditional methods, but rather supplying funds for ACH, wire transfers, and checks, quietly taking over the core aspect of "where the money comes from."

Why is it important? ...

Why is it important

• Traditional brokerages are incorporating stablecoins into their core funding channels to reduce transaction friction and counter competition from native crypto platforms. This signifies that stablecoins are moving beyond payment and settlement tools and further penetrating the mainstream securities trading system.

ADNOC, the UAE's largest petrol retailer, will support stablecoin payments at nearly 1,000 stations. (Highlights) ADNOC Distribution, the retail arm of Abu Dhabi National Oil Company, will accept the UAE stablecoin AE Coin at nearly 980 petrol stations across the UAE, Saudi Arabia, and Egypt, for use at gas stations, convenience stores, and car washes. Users can make payments at gas stations, convenience stores, and car washes through Al Maryah Community Bank's AEC Wallet. AE Coin is the first stablecoin authorized by the Central Bank of the UAE and is pegged 1:1 to the UAE Dirham. This is an important case of sovereign-backed digital assets entering high-frequency, offline daily consumption scenarios, verifying the feasibility of blockchain payments in physical retail, and may promote the adoption of compliant stablecoins in the Middle East, accelerating the integration of digital payments with traditional energy retail. YouTube Enables US Creators to Receive Payments in PayPal Stablecoin PYUSD ...

Why it matters

• YouTube's introduction of stablecoin settlement signifies the first large-scale entry of stablecoins into the creator payment system of a mainstream content platform, strengthening their "payment tool" attributes and opening up new possibilities for the application of stablecoins in the global platform economy.

Macro Trends Bank of America: US Banking Industry Moving Towards Multi-Year On-Chain Transformation Key Takeaways The Office of the Comptroller of the Currency (OCC) has issued conditional trust banking licenses to several digital asset institutions, accelerating the integration of crypto into the banking system; The FDIC and the Federal Reserve will advance stablecoin capital, liquidity, and approval rules under the GENIUS Act; JPMorgan Chase and DBS Bank have tested tokenized deposits and on-chain settlements on public and permissioned blockchains. Bank of America believes that the shift in regulation from "discussion" to "implementation" is bringing stablecoins and tokenized deposits into the compliant banking system. Banks are no longer standing idly by in the crypto space, but are being institutionally driven towards on-chain assets and payments, initiating a long-term migration of financial infrastructure. JPMorgan: Stablecoins Unlikely to Reach $1 Trillion, Potentially Only $500 Billion by 2028 [Key Takeaways] JPMorgan predicts the total market capitalization of stablecoins will be approximately $500 billion to $600 billion by 2028, far below the $1 trillion forecast. They believe current demand for stablecoins primarily comes from crypto trading, derivatives, and DeFi, rather than real-world payment scenarios. New stablecoin demand is projected to reach approximately $100 billion by 2025, with USDT and USDC contributing the majority. This year alone, stablecoin holdings on derivatives exchanges have increased by approximately $20 billion; stablecoins are increasingly being used as collateral for transactions and as idle cash, rather than as payment currencies. Banks' push for tokenized deposits, central bank digital currencies (CBDCs), and SWIFT on-chain solutions (potentially solidifying banks' role in cross-border settlements) will divert demand for stablecoins. Why it matters: The future of stablecoins does not depend on how much they are used for payments, but on their ability to become a long-term accrual layer for funds. If payments primarily increase the speed of circulation rather than the amount of money in circulation, stablecoins will face structural competition from bank tokenized deposits and CBDCs. JPMorgan Chase believes the future scenario will be a coexistence and division of labor between stablecoins, bank tokenized deposits, and CBDCs, with the scale of stablecoins growing along with the overall crypto market, rather than experiencing an independent explosion. Gold-pegged stablecoins approach $4 billion in market capitalization, on-chain demand for safe-haven assets is rising. Key Takeaways: The total market capitalization of gold-pegged stablecoins has exceeded $4 billion, nearly tripling from approximately $1.3 billion at the beginning of 2025, indicating a significant increase in demand for on-chain "safe-haven assets." Tether Gold (XAUt) has a market capitalization of approximately $2.2 billion, accounting for half of the market, while Paxos Gold (PAXG) has approximately $1.5 billion, together accounting for nearly 90%. Gold prices have cumulatively increased by approximately [missing information - likely related to gold price increases in 2025]. 66%, driven by macroeconomic uncertainty, geopolitical tensions, and persistent inflation expectations, is fueling a simultaneous flow of funds into both physical and tokenized gold. Gold stablecoins demonstrate that crypto funds are actively embracing traditional safe-haven assets and choosing to "stay on-chain." This means stablecoins are no longer solely pegged to fiat currencies and are becoming a crucial channel connecting macroeconomic safe-haven assets with on-chain finance, broadening the risk hedging dimensions of crypto assets.

The UAE elevates asset tokenization to a national strategy, reshaping its economic infrastructure

Key Takeaways

• The UAE is not only regulating tokenization, but also embedding it into its core economic systems such as real estate, trade finance, and carbon credits;

• Dubai's VARA has established "Asset Reference Virtual Assets (ARVA)," incorporating the tokenization of real-world assets into formal financial regulation;

• Multiple departments have already implemented practical applications, such as blockchain real estate registration, replacing lengthy traditional processes.

• Why it matters

  Why it matters

  • The UAE views tokenization as "infrastructure for the digital age," rather than a financial experiment, and has taken the lead in leaping from rules to deployment. This path of "building the system first, then regulating in real time" is making it a model for the global tokenized economy and may also export a new regulatory paradigm.