The Capital Narrative of Stablecoins - The "Currency Layer" of the Next Generation Internet

Welcome to the 12th Cobo Stablecoin Weekly Report. This week, we observed a key trend: stablecoins are no longer just tools for the crypto industry, but are being repriced by the mainstream capital market, becoming a new asset class and growth narrative.

According to the latest survey, nearly 300 financial executives around the world no longer regard stablecoins as a means of "cost saving", but a strategic growth engine that drives corporate operational efficiency, accelerates market expansion, and generates new revenue. In their view, "faster settlement speed" and "stronger market access capabilities" have far exceeded the tactical value represented by "cheaper".

This cognitive leap is quickly reflected in the capital market. Taking Circle as an example, its stock price once soared by nearly 600%, and its market value was close to 45 billion US dollars, which is about 70% of the circulating market value of its stablecoin USDC, making it one of the most undervalued IPO cases in Wall Street history. Its core profit model is based on the net interest margin (NIM) of reserve assets, and the growth momentum comes from the channel effect brought by distribution networks such as Coinbase. This kind of "new species of stablecoins" is neither a traditional bank nor a SaaS company, but a financial infrastructure as the "Internet currency layer" that is revalued by the capital market. Investing in Circle is essentially a bet on a new generation of financial networks built by compliant stablecoins.

At the same time, global business forces are also entering the game simultaneously. JD.com founder Liu Qiangdong publicly stated that JD.com plans to apply for a stablecoin license in major currency countries around the world, with the goal of reducing the cost of cross-border payments between companies by 90%. This is not only a continuation of China's payment overseas strategy, but also an attempt to seize the initiative of future financial infrastructure.

In the United States, the passage of the GENIUS Act, on the one hand, sets compliance thresholds for offshore models such as Tether, but on the other hand, provides institutional endorsement for compliant issuers such as Circle, and also reserves policy space for banks such as JPMorgan Chase to issue "tokenized deposit" products (such as JPMD). In the future, the financial system may run two types of digital currency assets at the same time: interest-free payment tools in an open system (such as USDC), and interest-bearing deposit substitutes in a closed system (such as JPMD). The stablecoin market is moving towards structural differentiation.

All this points to a trend: stablecoins are evolving from payment tools to the underlying operating system of the global financial and commercial network. From the repricing of capital markets to the deployment of settlement efficiency by cross-border enterprises, stablecoins are gradually being embedded in the next generation of financial infrastructure.

Market Overview and Growth Highlights

The total market value of stablecoins reached $251.752b (about $251.8 billion), a weekly increase of $835.49m (about $840 million). In terms of market structure, USDT continues to maintain its dominant position, accounting for 62.23%; USDC ranks second, with a market value of $61.03b (about $61 billion), accounting for 24.24%.

Blockchain network distribution

The top three stablecoin networks by market value:

• Ethereum: $125.747b (US$125.7 billion)

• Tron: $79.175b (US$79.2 billion)

• Solana: $10.614b (US$10.6 billion)

Top 3 networks with the fastest weekly growth:

• Story: +72.91% (USDC accounts for 100%)

• TON: +31.24% (USDT accounts for 89.87%)

• Scroll: +20.50% (USDC accounts for 76.32%)

Data from DefiLlama

?From a cost tool to a growth engine, Wall Street is repricing a new asset class called stablecoins

According to the latest survey of nearly 300 financial executives around the world, the value narrative of stablecoins is undergoing a fundamental transformation, from a payment tool used to "reduce costs and increase efficiency" to a strategic "growth engine" that can open up new markets and create new revenues. The data in the report shows that when evaluating the advantages of stablecoins, corporate executives often pay more attention to "faster settlement speed" and "market expansion capabilities", which are more important than simple "cost savings".

This change in cognition is due to the increasingly clear global regulatory environment. Up to 90% of the surveyed institutions believe that the regulatory framework represented by the EU MiCA and the US "GENIUS Act" has become a "green light" rather than an obstacle for institutional funds to enter the market. Against this background, the world is showing multiple parallel adoption paths: Latin America took the lead in cross-border payment scenarios; the Asian model represented by JD.com is driven by traditional trade and emphasizes the integration of market expansion and the real economy; North America has mature infrastructure and institutions are eager to enter the market; and Europe, under the guidance of MiCA, is steadily advancing with compliance and security as the first priority.

From "Creating Value" to "Capital Narrative"

This fundamental cognitive shift from "cost saving" to "creating value" is also directly reflected in the capital market and has spawned a new investment narrative. The "new species of stablecoins" represented by Circle, which has recently successfully listed, are being revalued by mainstream capital.

Wall Street has gradually realized that companies like Circle are neither traditional banks that bear credit risks nor SaaS companies that rely on subscription fees. It is a brand-new financial infrastructure company with extremely high per capita efficiency. Its core profit comes from the net interest income (NIM) of reserves, and its growth depends on the distribution network with channel parties such as Coinbase.

Therefore, Circle's listing is not only a milestone as a company itself, but also a landmark event that compliant stablecoins, as an emerging asset class, have been officially accepted by Wall Street. For investors, investing in Circle is not just a bet on the success or failure of a company, but also a bet on the "currency layer" of the next generation of the Internet built by this "new species".

? After missing the "first half" of payment, JD.com wants to win the "second half" with stablecoins

In the "first half" of China's mobile payment, JD.com is a complete loser. When WeChat Pay and Alipay dominated the C-end with a 90% market share, JD.com Pay could only survive in the gap of 1-3%. This was once the "biggest mistake" publicly admitted by its founder Liu Qiangdong - handing over the vital payment lifeline of the business empire. However, with the paradigm shift of technology, especially the structural opportunities brought by stablecoins for cross-border payments, this entrepreneur has a chance to replay the "second half".

Recently, Liu Qiangdong clearly announced that JD.com hopes to apply for stablecoin licenses in all major currency countries around the world, aiming to reduce the cost of cross-border payments between global companies by 90% and increase efficiency to within 10 seconds. This is not only a business layout, but also a strategic counterattack aimed at making up for historical regrets and seizing the high ground of the new generation of financial infrastructure.

JD.com chose stablecoins as a "new weapon" to break the deadlock. The logic is that cross-border payments are one of the few areas that have not yet been completely "formatted" by Internet giants. At present, China's cross-border payments are still dominated by the traditional banking system (CIPS), and the amount processed in 2024 is as high as 175.49 trillion yuan, but the efficiency and cost issues are prominent. The existing third-party cross-border payment system still relies on the bank network for clearing, and also faces challenges in bulk settlement and global compliance. Stablecoins can circumvent these problems. Instead of relying on the traditional banking network, it uses blockchain to achieve real-time, point-to-point value transfer around the world. Against the backdrop of increasingly clear global regulation, compliant stablecoins have also paved the way for their large-scale application in the field of B2B trade.

After the Hong Kong Monetary Authority included stablecoins in the regulatory sandbox, JD.com has ushered in the best time to enter the track. This strategic opportunity was specifically reflected in July 2024, when its subsidiary, JD Coin Chain Technology (Hong Kong) Co., Ltd., officially appeared on the list of participants in the Hong Kong Monetary Authority's "sandbox" for stablecoin issuers. In this regard, JD.com also confirmed to reporters that its plan to "launch stablecoins as early as the fourth quarter of this year" is accurate, but at the same time emphasized that "the specific timetable depends on regulation." It is reported that the stablecoin will be issued on the public chain to ensure that data such as the issuance volume is completely open and transparent to the outside world. This marks that JD.com's stablecoin road has entered the specific implementation stage, and its internationalization strategy has also found the most critical technical fulcrum.

JD.com's ultimate intention is to build a native, low-cost financial operating system for each independent business node in its global map of "local e-commerce and local infrastructure". The starting point is to use its own supply chain ecosystem to solve the cold start problem, and the end game is to build an "on-chain foreign exchange market" composed of multi-currency compliant stablecoins, evolving from an internal settlement system of the enterprise to an open "international stablecoin settlement hub".

? Who does the US Stablecoin Act GENIUS Act open the door for?

The US Senate passed the GENIUS Act Stablecoin Act with a vote of 68-30, which is the first bill focused on stablecoins passed by the first house of Congress. We have seen more of its geo-financial intention to consolidate the hegemony of the US dollar before, but for the players involved, this is a new script that determines their own destiny. This bill will directly determine the future fate of the three core players - offshore king Tether, compliance challenger Circle, and the traditional financial empire banking industry. Understanding this new script is crucial for all developers building the future on the chain.

As the current market leader, Tether has almost no way to bypass the "compliance threshold" set by the bill - including reserve asset requirements and US audit standards. More importantly, the bill requires centralized platforms to stop providing non-compliant stablecoin services to US users within three years, which is tantamount to setting an "orderly delisting" timetable for USDT in the United States. Tether may choose to retreat to the global south, launch compliant products to start over, or strive for "foreign issuer exemptions."

In contrast to Tether's predicament, Circle's multi-year compliance route has been "officially stamped" by legislation. The "GENIUS Act" confirms that its reserve and audit mechanisms are compliant, while strengthening its deep binding relationship with Coinbase. In compliant platforms, USDC is regarded as a "cash equivalent", and its transactions and funds will be quickly concentrated, further amplifying the market dividends of the Circle-Coinbase distribution alliance.

The most critical clause in the "GENIUS Act" is the "prohibition of interest payments" on stablecoins. This is intended to limit compliant stablecoins to "interest-free payment tools" and abandon the high-yield DeFi path in exchange for a safe, stable, and institution-friendly digital cash form. But at the same time, the bill clearly states that "bank deposits" are not subject to this restriction - opening up compliant interest payment space for "tokenized deposits" such as JPMD issued by JPMorgan Chase and others, forming an institutional arbitrage advantage.

This marks the emergence of two parallel structures in the financial system:

• USDC: Payment-based digital cash in the open market

• JPMD: Income-based digital liabilities in a closed system

It is interesting to note that JPMorgan Chase chose to release assets on Coinbase's second-layer chain Base instead of sticking to its own private chain. This move itself reveals that even the most powerful banks have realized that they cannot sit back and wait in the "walled garden" and must think about how to compete and interact with a broader, vibrant open ecosystem.

On a deeper level, the GENIUS Act attempts to "instrumentalize" the US dollar stablecoin and encourage jurisdictions such as Singapore, Hong Kong, and the European Union to align with the US regulatory system through the export of regulatory standards. However, USD stablecoins cannot eliminate the exchange rate risk for non-USD users, which instead verifies the global demand for localized stablecoins and on-chain foreign exchange markets.

Macro Trends

? Circle is valued at $55 billion, but analysts question whether the current valuation has limited upside

Key Points

• Jon Ma, founder of Artemis, an institutional cryptocurrency data platform, said on the X platform that Circle’s enterprise value is $55 billion, corresponding to 58.1 times gross profit, 125.2 times EBITDA and 163.7 times net profit in 2025.

• The model predicts that Circle’s revenue will reach $9 billion (up 25% year-on-year), gross profit will reach $3.1 billion (up 26% year-on-year), and EBITDA will reach $1.6 billion (up 26% year-on-year) in 2029. The model includes new revenue growth for the Circle Payment Network (CPN), with B2B payments expected to exceed $570 billion in 2029, of which 20% will go to CPN, charging a fee of 0.10%.

Why it matters

This valuation model suggests that Circle's current $55 billion valuation may have fully reflected future growth expectations, with limited upside. The analyst updated the stablecoin growth assumption, predicting that the stablecoin supply will increase by 30% to $1.2 trillion in 2029, with USDC's market share reaching 28.5% (about $370 billion), an annual growth rate of 32%. Despite strong long-term growth prospects, the current high valuation multiples mean that investors have placed high hopes on Circle's payment network expansion and USDC market share growth. This analysis highlights the potential disconnect between the current valuation of the stablecoin market leader and its long-term profitability, which serves as a reference for the valuation of the entire stablecoin industry.

Regulatory compliance

?️ The GENIUS Act, the US stablecoin bill, was passed by the Senate with bipartisan support

Quick overview of key points

• The US Senate passed the GENIUS Act Stablecoin Bill with a vote of 68-30, the first bill focused on stablecoins passed by one house of Congress;

• The bill requires stablecoin issuers to maintain fully backed U.S. dollars or "similar liquidity" government-issued assets (such as bonds) as reserves, and institutions with issuance amounts exceeding US$50 billion are required to complete annual audits;

Why it matters

The GENIUS Act (full name: "Guiding and Establishing the National Innovation of Stablecoins in the United States") marks a major shift in the U.S. regulatory framework for stablecoins, which will create huge opportunities for compliant issuers while having a profound impact on the existing market landscape. Although individual Americans will retain the ability to hold USDT, access to USDT will be strictly limited and its use cases will be far less than compliant alternatives. Tether CEO Paolo Ardoino said a new stablecoin that meets GENIUS requirements may be launched, but such a token will not be supported by margin loans (one of the ways USDT is minted). As compliant Tether competitors get the green light for use in key financial and banking applications, USDT's market dominance may be quickly replaced. This regulatory change would move the U.S. payments system into the 21st century and promote the practical use of stablecoins, but it would also restructure existing market forces.

New Product Express

? Coinbase launches USDC payment service based on Base network, stock price soars 16%

Key Points

• Coinbase officially launched the "Coinbase Payments" service, built on its own Ethereum Layer-2 network Base, which has been integrated with Shopify to support merchants to seamlessly accept USDC stablecoin payments;

• The payment system consists of three modular components: "stablecoin checkout" that provides consumers with a gas-free experience, an "e-commerce engine" that provides APIs for the platform, and a "commercial payment protocol" that executes complex on-chain transactions;

• Why it matters

  Coinbase's strategy to build payment services on its own Layer-2 network has far-reaching significance. By attracting merchants and transactions to the Base network, Coinbase can generate additional revenue from transaction sorting and fees, while controlling the user experience and achieving gas-free transactions. This model not only replicates the functions of traditional payment systems, but also uses blockchain technology to provide higher efficiency, building a strong ecological barrier for the company. The cooperation with Shopify marks an important step in the penetration of crypto payments into mainstream e-commerce, creating a practical application scenario for the USDC stablecoin. This move also reflects that crypto exchanges are transforming from pure trading businesses to broader financial services. The payment infrastructure with stablecoins as the core is expected to become a key component of the Web3 ecosystem, bringing new sources of revenue to Coinbase and enhancing its market competitiveness.

  ? Paxos establishes subsidiary Paxos Labs to provide institutions with customized branded stablecoin issuance services

  Quick Overview of Key Points

  • Paxos established a new company Paxos Labs to help fintech companies, exchanges and blockchain networks issue their own branded stablecoins;

  • Paxos Labs provides a complete "Issuance-as-a-Service" solution, including core infrastructure such as regulatory compliance frameworks, reserve management, minting and destruction APIs and audit reports;

  • This business model allows client institutions to quickly launch their own branded stablecoin products without spending years and huge amounts of money applying for licenses and building compliance systems, while obtaining Paxos

  Why it's important

  Paxos's stablecoin OEM model has greatly lowered the threshold for institutions to enter the stablecoin field, and is expected to accelerate the large-scale popularization of stablecoin applications. As a company strictly regulated by the New York Department of Financial Services (NYDFS), Paxos has replicated its core compliance qualifications and technical infrastructure on a large scale, allowing various institutions to focus on scenario applications and user services. This marks that the stablecoin industry is evolving from a "self-built and self-operated" model to an "infrastructure as a service" model, similar to the changes in traditional IT brought by cloud computing. Financial institutions can use stablecoins to explore innovative businesses such as DeFi income and payment settlement without taking on regulatory risks, injecting new vitality into the stablecoin ecosystem. This move also reflects that after the regulation becomes clear, the demand for stablecoin business by institutions is exploding.

  ? Fellow launches payment routing platform to enable instant fund transfer between banks and crypto wallets

  Key Points

  • Fellow officially launched a cross-system financial routing service, allowing users to instantly transfer funds between any wallet, bank or application through a simple text message, supporting multiple paths such as Apple Pay to Coinbase, Phantom wallet to bank account, etc.;

  • The service uses stablecoin technology to achieve instant final settlement, without waiting for several days of transfer time, eliminating the fees between different payment tracks, and providing users with a single interface to connect to the modern financial network;

  • Fellow With a peer-to-peer design based on messaging apps, users can send and receive funds directly through existing messaging apps without the cumbersome registration process, and payments are cleared in seconds.

  Why it matters

  Fellow is building a mobile-first infrastructure that connects traditional finance and crypto finance, designed for the native world of stablecoins. Founders Josh and @freeslugs come from Framework and MoonPay respectively, with rich experience across crypto funds, global systemically important banks, and consumer fintech, and have a deep understanding of the pain points of the payment system. The service solves the friction between current financial applications, breaks down account silos, and enables value to flow as freely as information. The emergence of Fellow represents a key step in the payment industry's move toward seamless integration, responding to users' demand for instant, low-cost, cross-system payments, and is expected to reshape users' money flow experience as stablecoin payments become increasingly popular.

  ? X plans to launch investment and trading functions, and Musk's vision of a comprehensive financial ecosystem is accelerating.

  Quick Overview of Key Points

  • X platform CEO Linda Yaccarino announced that it will "soon" allow users to invest or trade on the platform, saying that "users will be able to realize their entire financial life on the platform";

  • X has cooperated with Visa to develop a digital wallet and P2P payment service "X Money", as a key component of Musk's strategy to create a "super application";

  • Musk has a close personal relationship with cryptocurrency. His Tesla holds 11,500 bitcoins worth US$1.2 billion, and has long supported meme coins such as DOGE.

  Why it matters

  The expansion of X’s financial functions marks the acceleration of Musk’s vision of transforming social media into a “super app” similar to China’s WeChat. In an interview at the Cannes Lions Advertising Festival, Yaccarino mentioned that in the future, users will be able to conduct P2P payments, deposits, pay creators, or watch paid live broadcasts on the X platform. Given Musk’s close relationship with cryptocurrencies, the industry generally expects that X’s financial services are likely to integrate cryptocurrency functions in some form. This development will not only reshape the business model of social media platforms, but may also provide mainstream users with more convenient channels to access cryptocurrencies, promoting the popularization of digital assets and the expansion of application scenarios.

  ? Alchemy Chain plans to launch its own stablecoin in the fourth quarter of 2025

  Quick Overview of Key Points

  • Alchemy Pay plans to launch Alchemy Chain, a blockchain designed for stablecoins, in the fourth quarter of 2025, and subsequently issue its own stablecoin, aiming to become a central exchange hub for global and local stablecoins;

  • Alchemy Chain will support frictionless conversion between global stablecoins (such as USDT, USDC) and local stablecoins (such as EURC, MBRL), integrating cross-chain and cross-jurisdictional liquidity.

  Why it matters

  As regulatory frameworks for stablecoins in various countries become more complete, the global financial system is preparing to integrate digital assets more deeply into mainstream commerce. The introduction of the US GENIUS Act, the Hong Kong Stablecoin Act, the EU MiCA Regulation, and Japan's new stablecoin rules have created a clear legal environment for compliant stablecoins. By aligning its blockchain and stablecoin roadmap with the world's most advanced regulatory developments, Alchemy Pay is not only building a more efficient payment layer, but also has the potential to shape the future of compliant cross-border financial infrastructure. As a payment gateway connecting crypto and traditional fiat currencies, Alchemy Pay actively positions itself as a key infrastructure provider for the stablecoin economy by leveraging its fiat payment capabilities in 173 countries.

  ? Financial giant Revolut actively explores issuing its own stablecoin

  Quick overview of key points

  • According to people familiar with the matter, Revolut, a British digital bank with a valuation of US$48 billion and serving 550,000 retail customers and 500,000 corporate customers, is actively exploring the issuance of its own stablecoin;

  • Revolut has been in talks with at least one crypto-native company on a stablecoin project, and the company's centralized crypto exchange Revolut X, which will be launched in the European Union in 2024, may become part of its stablecoin ecosystem;

  • The plan appeared in the U.S. Senate's passage of GENIUS Against the backdrop of the GENIUS Act and the shifting global regulatory environment for stablecoins, Revolut has joined the ranks of large institutions such as Amazon, Walmart, and Bank of America that are considering issuing stablecoins.

  Why it matters

  Stablecoins are becoming a strategic tool for financial institutions to reduce payment processing fees, increase settlement speed, and earn returns from reserve assets. As the US GENIUS Act advances and global regulation becomes clearer, traditional financial and technology giants are scrambling to lay out this $251 billion market. Industry experts predict that the market may soon see thousands of new stablecoins, bringing strong competition to existing market leaders such as Tether and Circle. As one of the world's largest digital banks, Revolut's entry into the stablecoin field will further blur the boundaries between traditional finance and cryptocurrency, creating conditions for mass adoption. This trend has also raised concerns, with Senator Elizabeth Warren warning that technology giants may create stablecoins that "track purchases, exploit user data, and squeeze competitors," highlighting the complex political and regulatory considerations behind the upcoming competition in the stablecoin market.

  Capital Layout

  ? Haun Ventures leads XFX seed round to solve foreign exchange bottleneck in stablecoin payment

  Quick Overview

  • XFX received seed round financing led by Haun Ventures, with participation from Castle Island VC, Oak HC/FT, Maya Capital and Coinbase Ventures and other institutions and angel investors;

  • In the year ending May 2025, the transaction volume of stablecoins reached 37 trillion US dollars, doubling from the previous year; through stablecoins, the cost of cross-border payments dropped from 40 US dollars to a few cents, and the time was shortened from several days to several minutes;

  • Why it matters

    Stablecoin payments have become the most widely used and promising use case in crypto, but face significant FX and liquidity challenges. Most stablecoins are currently denominated in USD, which means that cross-border payments still require FX conversion. Traditional FX channels are slow, forcing market makers to hold stablecoins such as USDC and wait days to replenish local currency, creating a mismatch of "crypto in seconds but fiat in days", a liquidity pressure that is increasing as stablecoin trading volumes grow. XFX's solution ensures instant access to local currency on the receiving end, eliminating multi-day delays and FX gaps. The team's deep understanding of stablecoins and cross-border payments makes XFX a promising platform to become the infrastructure for crypto-native foreign exchange, making global payments as seamless and instant as sending an email, and completely changing the current cross-border payment model and liquidity management methods.

    ? Stablecoin concept drives digital currency stocks up, Lakala plans H-share listing to layout cross-border scenarios

    Key points

    • The stablecoin index rose for two consecutive days, up 4.29% on June 17 and 9.05% on June 16; it drove Chuangshi Technology up 20.02%, Lakala up 16.16% and other digital currency concept stocks to strengthen;

    • Circle, the "first stablecoin stock", has been listed on the New York Stock Exchange for only 8 trading days, and its stock price has risen by about 4 times compared with the IPO issue price of US$31, with a market value of more than US$33 billion;

    • Lakala announced the planning of H The listing of the Hong Kong Stock Exchange clearly stated that it was to "accelerate the application of digital currency in cross-border scenarios", indicating that domestic payment institutions have begun to actively deploy digital currency business.

    Why it is important

    With the implementation of the Hong Kong Stablecoin Ordinance on August 1, and the United States, the United Kingdom and other countries promoting stablecoin supervision, the global stablecoin market has ushered in institutional opportunities. Stablecoins have obvious advantages in the field of cross-border payments, which can reduce handling fees by more than 80% and shorten transaction time from the traditional 3-5 days to minutes. International payment giants such as Stripe and PayPal have seized the market through acquisitions and product innovations, and domestic payment institutions Lakala have also begun to actively deploy. Hong Kong Financial Secretary Paul Chan pointed out that the global stablecoin market value is about US$240 billion, and the transaction volume last year exceeded US$20 trillion. With the development of the digital asset market, demand will increase further. This trend will reshape the global payment landscape and bring revolutionary changes to cross-border payments and financial inclusion.

    ? Ubyx received $10 million in seed round financing to build a global stablecoin clearing system

    Quick Overview of Key Points

    • Stablecoin infrastructure project Ubyx completed a $10 million seed round of financing, led by Galaxy Ventures, with participation from well-known institutions such as Coinbase Ventures, Founders Fund, and VanEck;

    • Ubyx aims to solve the key obstacles to the large-scale adoption of stablecoins by connecting multiple stablecoin issuers with multiple financial institutions to achieve seamless conversion of stablecoins across multiple blockchains and traditional banking systems;

    • The platform allows stablecoins to be exchanged at a 1:1 ratio The value is directly redeemed to existing bank and fintech accounts, greatly expanding the market access and utility of stablecoins, allowing businesses and banks to treat stablecoins as cash equivalents.

    Why it matters

    Ubyx's innovation lies in building a multi-party stablecoin clearing ecosystem, solving the core problems facing the current stablecoin market, such as deposit/withdrawal friction, issuers need to build their own distribution network, and institutions cannot treat stablecoins as cash equivalents. The platform's diversified approach makes stablecoins interchangeable with other forms of currency, paving the way for the popularization of stablecoins. In the context of an increasingly clear regulatory environment, Ubyx's clearing system is expected to become a key infrastructure that connects traditional finance and digital assets, providing financial institutions with wallets, analytics and other necessary technologies to help all types of businesses and institutions develop and implement stablecoin strategies. This development marks the evolution of the stablecoin industry from a single issuer competition model to a collaborative and win-win ecosystem.

    ? Ramp raises $200 million at a valuation of $16 billion, global stablecoin payments and government service transformation

    Quick Overview

    • Enterprise expense management provider Ramp has completed $200 million in financing, with a valuation of $16 billion, led by Founders Fund, and an annual transaction processing volume of over $55 billion;

    • Ramp is rapidly expanding its global business by launching stablecoin services in 120 markets, a move that provides key support for its internationalization strategy;

    • The company is drawing on the government cooperation models of companies such as Palantir, SpaceX and Anduril in the Founders Fund portfolio to enter the field of government service transformation.

    Why It Matters

    Ramp’s dual-track strategy marks a paradigm shift in the corporate payments space. Its stablecoin initiative not only addresses the efficiency and cost issues of traditional cross-border payments, but also provides a shortcut to quickly enter emerging markets. At the same time, its strategy to enter the government services field follows the successful path of Founders Fund portfolio companies, which may enable Ramp to obtain large government customers and participate in the digital transformation of the public sector. This financing and strategic positioning shows that the integration of corporate payments and crypto technology has become a new engine driving the rapid growth of fintech companies, and also shows that stablecoins are expanding from the cryptocurrency market to mainstream applications in corporate financial services.

    Market Adoption

    ?Circle and Matera collaborate to integrate USDC stablecoin into core banking systems

    Key Points

    • Circle has reached a strategic partnership with fintech company Matera to integrate USDC stablecoin into core banking systems to achieve seamless integration of traditional finance and digital currencies;

    • Matera has become one of the first companies to integrate USDC into core banking infrastructure, and its Digital Twin ledger technology allows banks and fintech companies to provide real-time US dollar and local fiat currency (such as Brazilian real) accounts in parallel;

    • Through this partnership, USDC settlement will be available through Brazil’s Pix Payment systems and other local payment channels, providing users with direct access within banking applications.

    Why it matters

    This collaboration marks a critical shift in stablecoins from the crypto ecosystem to mainstream financial infrastructure. By integrating USDC into the core banking system, Circle and Matera provide millions of users with a faster, lower-cost, and 24-hour global payment solution without leaving existing banking applications. This model is particularly suitable for emerging markets such as Brazil, which can significantly improve cross-border payment efficiency and reduce transaction costs. This collaboration also demonstrates a technical path for the integration of stablecoins with traditional financial infrastructure, providing a replicable template for other markets and financial institutions. With the increase of similar integrations, stablecoins are expected to become a standard component of the global financial system, rather than a tool limited to the crypto field.

    ?JPMorgan Chase launches US dollar deposit token JPMD on Coinbase's Base blockchain

    Quick overview of key points

    • JPMorgan Chase launched a "quasi-stablecoin" deposit token JPMD for institutional clients, which is backed by bank deposits and has both on-chain advantages and FDIC insurance protection;

    • This is the first deployment of JPMorgan Chase's Kinexys distributed ledger technology studio on a public blockchain, marking a major shift in the bank's encryption strategy;

    • The bank applied for a trademark for the JPMD platform earlier this week, and plans to provide digital asset trading, exchange, transfer and payment services, as well as digital asset issuance.

    Why it matters

    The launch of JPMD represents a strategic response by the traditional banking industry to the challenge posed by stablecoins. JPMorgan Chase combines the regulatory protection of bank deposits with the efficiency advantages of blockchain technology to provide institutional clients with a solution that is both compliant and innovative. This move will trigger other large banks to follow suit, accelerating the pace of the banking industry's entry into on-chain finance. Although JPMD is currently limited to use within the JPMorgan Chase ecosystem, its issuance on Coinbase's Base network indicates that the bank intends to expand to a wider range of consumer and commercial payment scenarios in the future. Competition between stablecoin companies and bank deposit tokens will drive innovation throughout the payment industry, and the ultimate beneficiaries are businesses and consumers seeking more efficient and low-cost cross-border payment solutions.

    ? Visa expands stablecoin coverage in Europe, the Middle East and Africa

    Quick Points

    • Visa expands stablecoin capabilities in the Central and Eastern Europe, the Middle East and Africa (CEMEA) region and establishes a strategic partnership with African crypto exchange Yellow Card

    • Visa executives said: "In 2025, we believe that every institution that moves money will need a stablecoin strategy," showing that the payment giant is doubling down on stablecoins;

    • Since becoming one of the first major payment networks to use Circle's USDC to settle transactions in 2023, Visa has settled more than $225 million in stablecoin transactions through its participating customers.

    Why It Matters

    Visa’s continued expansion into stablecoins demonstrates that global payment infrastructure is undergoing a major transformation, with stablecoins rapidly becoming “the new payment rails of the internet.” The company also invested in stablecoin-based payments firm BVNK last month, further demonstrating its long-term commitment to this space. The partnership with Yellow Card will explore cross-border payment options, streamline financial operations, and enhance liquidity management to provide more efficient financial services to emerging markets. These developments are particularly important for regions underserved by traditional banks, such as Africa, and could provide millions of people with more convenient and lower-cost access to financial services.

    ?Animoca Brands is preparing to issue a Hong Kong dollar-pegged stablecoin and hopes to cooperate with mainland institutions on blockchain applications

    Key points

    • Animoca Brands has established a joint venture with Standard Chartered Bank and Hong Kong Telecom, and plans to apply for the issuance of a Hong Kong dollar stablecoin regulated by the Hong Kong Monetary Authority. The Hong Kong Stablecoin Ordinance will be implemented on August 1;

    • Animoca Brands is responsible for the development of native Web3 application scenarios in the cooperation, Standard Chartered Bank is responsible for driving bank customer resources, and Hong Kong Telecom focuses on reaching retail customers;

    • Animoca Brands President Ouyang Qijun said in an interview with the Daily Economic News that the Hong Kong dollar stablecoin will be widely used in virtual asset transactions, cross-border trade and financial settlements within the gaming ecosystem, and can serve as an important link for mainland asset transactions to go international.

    Why it is important

    As a financial hub with the world's largest offshore RMB pool and trade settlement center, the development of Hong Kong's stablecoin is of strategic significance. Ouyang Qijun pointed out that in the face of geopolitical influences, Hong Kong needs to establish a neutral financial system, and the Hong Kong dollar stablecoin on the public chain will become a key bridge for the internationalization of mainland assets. He predicts that almost all financial products and assets will be on the chain in the future, which will create a huge market for the Hong Kong dollar stablecoin. As a practitioner in the Web3 field, Animoca Brands hopes to connect traditional finance with the Web3 ecosystem through the Hong Kong dollar stablecoin, and expressed its willingness to cooperate with mainland institutions in blockchain applications.