Global Stablecoin Newsletter#08
Global Stablecoin Market Overview
Total Market Cap: $303.7 B7-Day Change: +$2.73 B / +0.91%The total global stablecoin market capitalization has surpassed $300 billion, now standing at $303.7 billion, an increase of approximately 6.4% from one month ago. The current market structure shows USDT remains the absolute leader, with its share slightly decreasing but its volume still high, representing about 58.62% of the current market cap. USDC accounts for about 24.78% of the market cap, and together, they continue to dominate the market. The top five stablecoins by market cap are: USDT ($178.08 billion), USDC ($75.28 billion), Ethena USDe ($14.64 billion), DAI ($5.02 billion), and Sky Dollar (USDS) ($4.363 billion). The rankings are generally stable, with USDe having jumped to the third tier and approaching the $15 billion mark.The overall expansion is primarily driven by the recovery of liquidity in the crypto market and increased trading demand fueled by the significant rebound of BTC/ETH. The continued expansion of USDe can be attributed to its recent listing on multiple exchanges/platforms and ecological partnerships, which have enhanced its availability and integration into yield products. The steady issuance of USDT is accompanied by the expansion of market transaction settlement and institutional services.Data source: defillama
Key Highlights
· Federal Reserve Governor Christopher Waller’s Statement → Stablecoins can coexist with traditional payment instruments and have the potential to lower cross-border payment costs.· Six Major UK Banks Launch GBTD Project → Pilot for tokenized Pound Sterling deposits, exploring banking digitalization and improved payment efficiency.· Stripe Applies for Federal Bank and Trust License → Launches the Open Issuance platform, allowing businesses to quickly issue and manage their own stablecoins.· North Dakota Partners with Fiserv → Plans to launch a state-level stablecoin, “Roughrider Coin,” in 2026.· Deutsche Börse Group Signs MOU with Circle → To promote the adoption of USDC and EURC in the European financial system.· PayPal Partners with SparkLend → To expand PYUSD’s on-chain liquidity, targeting a scale of $1 billion.· Visa Expands Settlement Network → Launches a stablecoin pre-funding pilot to enhance cross-border real-time payment capabilities.· Notabene Releases Enterprise Stablecoin Payment Platform → The new platform supports recurring debits, dispute resolution, and compliant regulatory connection.· Hong Kong Monetary Authority (HKMA) Discloses Progress → Has received 36 stablecoin license applications, with the first batch of licenses expected to be issued early next year.· The Hong Kong Monetary Authority issued a statement → Currently, there are no offshore RMB stablecoins issued in Hong Kong.
Western Stablecoin Updates
Regulations & Policies
Federal Reserve Governor Christopher Waller’s Positive Statement: Proper regulation can both ensure safety and allow stablecoins to realize innovative valueOn September 29, Governor Christopher J. Waller of the Federal Reserve delivered a speech at the Sibos conference in Frankfurt, Germany, where he articulated a positive stance on stablecoins. Waller positioned stablecoins as a new option for consumers and businesses, viewing them as a new form of private money that will coexist with traditional payment instruments like cash and bank deposits. He specifically highlighted the potential of stablecoins to lower payment costs, particularly in countries with limited access to US dollar banking services and in the realm of cross-border remittances.Read more: https://www.federalreserve.gov/newsevents/speech/waller20250929a.htmBank of England Governor Bailey States Stablecoins Must Be Regulated in Accordance with Monetary StandardsAndrew Bailey, Governor of the Bank of England, stated on Wednesday that any stablecoin that becomes a widely used means of payment in the UK must be regulated according to standard banking models, including having depositor protection mechanisms and access to the Bank of England’s reserve facilities. Bailey, who has long been skeptical of cryptocurrencies, wrote in a Financial Times article that it is “wrong to be against stablecoins in principle”. However, he noted that the primary use of stablecoins currently is as a channel to enter and exit cryptocurrency trading, which is not equivalent to standard, currency-like payment methods.Read more: https://www.reuters.com/sustainability/boards-policy-regulation/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01/UK Finance and Six Major Banks Jointly Pilot Tokenized Pound Sterling DepositsUK Finance, an industry association representing over 300 financial service firms in the UK, has launched a pilot project for Tokenized GBP Deposits (GBTD). The pilot, which began its phase one on Friday, aims to digitize traditional Pound Sterling commercial bank deposits. The project is a collaboration with six major UK banks: Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide Building Society, and Santander. UK Finance plans to continue the pilot until mid-2026, exploring benefits for customers, businesses, and the UK economy, and promoting improvements in payment control, fraud prevention, and settlement efficiency.Read more: https://finance.yahoo.com/news/uk-finance-6-major-banks-123435897.htmlStripe to Support Stablecoin Issuance and Apply for Federal Bank LicensePayment giant Stripe plans to apply for a federal bank charter to comply with US stablecoin guidelines, as well as a trust license from the New York State Department of Financial Services. Stripe announced on Tuesday it will allow any business to launch its own stablecoin. The new product, called “Open Issuance,” “allows any business to launch and manage their own stablecoin with just a few lines of code,” Stripe said in a statement. This service will be powered by Bridge, which Stripe acquired for $1.1 billion last year. Stripe stated: “Businesses are free to mint and burn tokens, and customize their reserves to manage the ratio between cash and treasuries, and select their preferred partners. Treasuries are managed by BlackRock, Fidelity Investments, and Superstate. Cash is held by Lead Bank to provide liquidity when necessary”.Read more: https://www.theblock.co/post/372967/stripe-to-help-companies-to-launch-their-own-stablecoins-reportedly-apply-for-federal-banking-charterNorth Dakota to Partner with Fiserv, Planning to Launch State Government-Backed “Roughrider” StablecoinAccording to Bloomberg, North Dakota plans to launch a stablecoin named “Roughrider Coin” in 2026, making it the second US state after Wyoming to issue a state-level stablecoin. The project is led by the Bank of North Dakota — the only state-owned bank in the US — in partnership with Fiserv, which will utilize technology platforms from Paxos and Circle. The stablecoin will be fully backed by the US dollar and initially used for financial transactions such as loan origination, overnight interbank lending, and construction financing among state banks and credit unions, with potential future expansion to offer customers stablecoin deposit accounts.Read more: https://northdakotamonitor.com/2025/10/08/bank-of-north-dakota-to-launch-states-first-stablecoin-known-as-roughrider-coin/
Partnerships and Ecosystem Expansion
Circle Explores Transaction Reversal to Combat Fraud and Disputes: Financial TimesStablecoin issuer Circle is exploring reversible transactions to help recover funds in cases of fraud and hacking, a move that seems to contradict the core decentralized and irreversible principles of cryptocurrency transactions. Circle’s President, Heath Tarbert, revealed to the Financial Times that the company is studying mechanisms to reverse transactions during fraud or hacking incidents while still maintaining settlement finality, acknowledging the inherent contradiction between the two. Tarbert noted that while blockchain is often seen as the future of finance, borrowing features from traditional finance can be beneficial, as the current financial system has advantages that blockchain lacks. Some developers believe that a degree of transaction reversibility for fraud, with the consent of all parties, is necessary and feasible.Read more: https://www.coindesk.com/business/2025/09/25/circle-examines-ways-to-reverse-transactions-to-counter-fraud-disputes-ftDeutsche Börse Group Collaborates with Circle to Promote Stablecoin Adoption in EuropeDeutsche Börse Group, one of the largest market infrastructure providers in the region, announced on September 30 that it has signed a Memorandum of Understanding (MOU) with Circle Internet Group Inc. (NYSE: CRCL) to deploy Circle’s products, including its EURC and USDC stablecoins, within the Deutsche Börse ecosystem. This agreement is the first of its kind between a European exchange operator and a global stablecoin issuer, underscoring the momentum surrounding the European Markets in Crypto-Assets Regulation (MiCAR).Read more: https://www.structuredretailproducts.com/insights/81348/deutsche-brse-circle-team-up-for-stablecoin-adoption-across-europeSociété Générale’s Crypto Unit Deploys Euro and US Dollar Stablecoins on Uniswap and MorphoSG-FORGE, a subsidiary of Société Générale, has deployed its euro stablecoin EURCV and US dollar stablecoin USDCV to the Ethereum DeFi platforms Uniswap and Morpho. Users can use BTC, ETH, and regulated tokenized money market funds as collateral for borrowing on Morpho, and the Uniswap spot market liquidity is provided by Flowdesk. EURCV currently has a market cap of about $66 million, and USDCV about $32.2 million.Read more: https://finance.yahoo.com/news/societe-generale-crypto-arm-brings-125851372.htmlPayPal Announces Partnership with Spark to Boost PYUSD Liquidity to $1 Billion via DeFi LendingPayPal announced a partnership with the decentralized finance platform Spark to boost PYUSD’s on-chain liquidity through the SparkLend lending market, expanding it to $1 billion. This model avoids the high incentives of traditional market makers, offering fixed borrowing costs and predictable depth. PYUSD, issued by Paxos and pegged to the US dollar, has been integrated into Spark’s lending market SparkLend. This integration allows users to supply and borrow PYUSD, with liquidity backed by Spark’s $8 billion stablecoin reserve pool.Read more: https://www.coindesk.com/business/2025/09/25/paypal-taps-spark-to-boost-pyusd-liquidity-by-usd1b-through-defi-lendingVisa Plans to Open Visa Direct Network to Stablecoins, Promoting Cross-Border Payment UpgradesAccording to overseas media American Banker, following the passage of the GENIUS Act, payment companies are actively seeking real-world applications for stablecoins, with cross-border payments emerging as a key area for initial deployment. Visa is opening its real-time cross-border payment network, Visa Direct, to a stablecoin pre-funding pilot. This move will allow businesses to transfer funds between different countries in real-time, even outside of bank business hours. Mark Nelsen, Head of Product, Business and Money Movement Solutions at Visa, told American Banker: “What we are doing is showing the world how stablecoins and their technology can help modernize existing infrastructure and payment methods. Our payment network itself has not been changed; it is still operating as usual”.Read more: https://finance.yahoo.com/news/visa-launch-stablecoin-pilot-faster-063251847.htmlFintech Company Brex Announces Launch of Stablecoin Payment Feature on Its PlatformSan Francisco-based fintech company Brex announced it will launch a stablecoin payment feature on its platform, allowing corporate clients to send and receive payments using Circle’s USDC. The funds will be automatically converted to US dollars and deposited into the Brex account. A Brex spokesperson emphasized that this means clients can earn interest from the funds typically supporting US dollar-pegged stablecoins, without the need for a transfer mechanism to get a similar return, unlike Coinbase. The waitlist for Brex’s new stablecoin feature opened on Tuesday, with existing crypto clients Solana and Alchemy already in line.Read more: https://www.bloomberg.com/news/articles/2025-09-30/fintech-brex-launches-stablecoin-payment-platform-amid-demandCompliance Tech Company Notabene Launches Enterprise-Grade Stablecoin Payment PlatformCryptocurrency anti-money laundering company Notabene launched its enterprise-grade stablecoin payment platform, Notabene Flow, on September 29. The platform breaks through the limitations of existing cryptocurrency’s “one-way push” payments, adding features like recurring debits, cyclical billing, and dispute resolution, providing a compliance framework for high-value cross-border transactions.The platform is connected to a network of over 2,000 regulated institutions globally, processing an annual transaction volume of $1.5 trillion. Founding partners include Zodia Custody and Bitso. By introducing the Global Legal Entity Identifier (LEI) standard to establish a trusted counterparty system, the platform aims to combine the compliance standards of traditional finance with the settlement efficiency of stablecoins.Read more: https://notabene.id/post/notabene-launches-notabene-flow-the-first-open-stablecoin-payments-platform-enabling-pull-payments-for-businessesWorld Liberty Financial to Tokenize Real-World Assets (RWA) via USD1 Stablecoin PairingWorld Liberty Financial (WLFI), a crypto venture capital firm backed by members of the Trump family, unveiled its latest plans at the TOKEN2049 conference. CEO Zach Witkoff stated that WLFI is actively committed to tokenizing Real-World Assets (RWA) such as oil, natural gas, and real estate, and plans to expand its US dollar stablecoin, USD1, to more blockchain networks.Read more: https://coincentral.com/usd1-stablecoin-set-to-integrate-tokenized-rwas-says-wlfi-ceo/Cloudflare Launches NET Dollar Stablecoin to Serve the AI Internet EconomyGlobal leading cloud service provider Cloudflare (NYSE: NET) announced it will launch a new US dollar-backed stablecoin, NET Dollar, which will provide instant and secure transaction support for its proxy network. Cloudflare co-founder and CEO Matthew Prince stated: “For decades, the internet’s business model relied primarily on advertising platforms and bank transfers. The next business model for the internet will be driven by pay-per-use, fractional payments, and microtransactions”.Read more: https://www.coindesk.com/business/2025/09/25/cloudflare-unveils-u-s-dollar-stablecoin-for-ai-powered-internet-economyGoogle AI Tests Autonomous Agents’ Stablecoin PaymentsOn September 16, 2025, Google officially launched an open-source payment protocol called Agent Payments Protocol (AP2), specifically designed for transactions between AI agents. The protocol supports traditional payment methods (such as credit cards, debit cards, and instant bank transfers) while integrating stablecoins, aiming to create a platform and currency-neutral “universal language” to ensure that transactions between AI agents are secure, compliant, and aligned with human users’ intentions. This is an extension of the Agent2Agent protocol released by Google in April, marking a deep integration of AI and crypto payments.Read more: https://www.forbes.com/sites/digital-assets/2025/09/29/google-ai-stablecoin-payments-a-first-protocol-for-autonomous-agents/Stablecorp Completes $3.6 Million Strategic Funding Round Led by FTP VenturesStablecorp, a provider of banking-grade digital asset infrastructure, announced the completion of a strategic funding round of approximately $3.6 million (CAD 5 million), led by FTP Ventures, with participation from existing shareholders and new investors. The company, which previously received investment from Coinbase Ventures, will use the new funds to expand its digital currency infrastructure, including support for its Canadian dollar-backed digital currency, QCAD, which is fully backed 1:1 by CAD reserves.Read more: https://www.newswire.ca/news-releases/stablecorp-closes-5-million-cad-strategic-round-to-accelerate-scaling-of-canada-s-premier-stablecoin-infrastructure-893505229.htmlEBANX is Launching Its Stablecoin Products and SolutionsPayment platform EBANX is stepping up its expansion into emerging markets, launching stablecoin payments and AI tools, and expanding into the Philippines. The company stated that merchants will soon be able to accept stablecoins like USDC and USDT, in addition to existing fiat currency payments. This move aims to provide faster, lower-cost cross-border transactions and more flexible settlement options for markets with fragmented banking infrastructure. EBANX is also introducing an AI system to improve approval rates, detect fraud, and provide deeper payment insights.Read more: https://fintechnews.sg/118961/payments/ebanx-philippines-stablecoin/SUI Group to Launch suiUSDe and USDi, Calling Them the First Native Stablecoins for the Sui EcosystemSui is set to launch its own stablecoin, suiUSDe. SuiNetwork recently announced a partnership with SUIG and Ethena_labs (the creator of USDe) to launch suiUSDe, the first native stablecoin on Sui. This is the first yield-bearing stablecoin to be born on a non-EVM chain, ushering in a new era for DeFi on Sui. The yield from suiUSDe will be used to repurchase SUI on the market, creating a direct growth mechanism for the ecosystem. Following suiUSDe, USDi, backed by BlackRock, will also be coming to Sui soon. This could become a new pillar for DeFi on Sui, paving the way for a new generation of stablecoins.Read more: https://www.coindesk.com/business/2025/10/01/sui-blockchain-to-host-native-stablecoins-backed-by-ethena-and-blackrock-s-tokenized-fundReuters: Tether Plans to Nominate Candidate for Juventus Football Club BoardAccording to Reuters, crypto giant Tether will submit a list of board candidates and propose changes to the governance structure at the Juventus Annual Shareholders’ Meeting on November 7. Tether increased its stake in Juventus to 10.7% this year, becoming the second-largest shareholder after Exor (the holding company of the Agnelli family, which holds 65%). Tether also plans to participate in the club’s capital increase plan of up to €110 million (approximately $129 million).Read more: https://www.reuters.com/sustainability/sustainable-finance-reporting/crypto-giant-tether-propose-candidates-juventus-board-2025-10-06/Despite Facing Multiple Sanctions, Ruble-Backed A7A5 Stablecoin Becomes the Largest Non-Dollar StablecoinThe Russian Ruble-backed stablecoin A7A5, issued by Kyrgyzstan, has become the largest non-dollar stablecoin globally, despite facing multiple sanctions. According to data from CoinMarketCap and DefiLlama, A7A5’s market cap reached nearly $500 million on Monday, accounting for approximately 43% of the total non-dollar stablecoin market cap of $1.2 billion. “We have proven that national digital currencies can not only be an alternative to the dollar but also a driving force for global change,” A7A5 wrote on its Telegram channel on Saturday. This statement came as the project gained attention at the major crypto industry event Token2049 in Singapore, with its presence raising questions about sanctions compliance and the project’s growing international exposure. The A7A5 stablecoin was launched in February as a token “backed by a diversified portfolio of fiat deposits held by reliable banks within the Kyrgyz banking network”.Read more: https://cointelegraph.com/news/sanctioned-a7a5-largest-non-us-dollar-stablecoin
Eastern Stablecoin Updates
Regulations & Policies
HKMA: Received 36 Stablecoin License Applications as of End of SeptemberOn October 1, a spokesperson for the Hong Kong Monetary Authority (HKMA) disclosed in a written reply to a Daily Economic News reporter that as of September 30, the HKMA had received a total of 36 applications for stablecoin licenses. These applicants include banks, technology companies, securities/asset management/investment firms, e-commerce companies, payment institutions, and startups/Web3 companies. The HKMA spokesperson stated: “We will review the application materials and approve them in accordance with the Stablecoin Ordinance and relevant regulatory requirements, aiming to announce the first batch of stablecoin issuer licenses early next year.” The spokesperson added, “The license application sets a high threshold, and only a few licenses will be issued in the first phase”. The HKMA also reminded the public to be vigilant against the promotion of unlicensed stablecoins.Read more: https://coincentral.com/hkma-confirms-36-stablecoin-license-applications-by-end-of-september/HKMA: No Offshore RMB Stablecoins Currently Issued in Hong KongThe Hong Kong Monetary Authority issued a reminder that recent social media rumors claiming the world’s first offshore RMB-pegged stablecoin has been issued in Hong Kong are false news. The HKMA stated that it has not yet issued any stablecoin issuer licenses, and therefore, any issuance or promotion of a stablecoin is illegal.Read more: https://coincentral.com/hong-kong-central-bank-denies-issuance-of-offshore-yuan-stablecoins/DBS Bank Hong Kong CEO: Hong Kong Stablecoin Regulation Will Restrict Its Use in On-Chain Derivatives TradingAccording to Sebastian Paredes, CEO of DBS Hong Kong, Hong Kong’s stablecoin regulatory framework restricts the stablecoin’s functionality in derivatives trading on blockchain networks. The Standard reported on Friday that Paredes pointed out that Hong Kong’s AML and KYC regulations for stablecoins will significantly limit their application in blockchain derivatives trading. He stated that the bank will continue to monitor related developments but will currently focus on promoting the overall stablecoin capacity building in Hong Kong. This statement was made after Hong Kong’s new stablecoin regulations officially came into effect on August 1. The new rules criminalize the promotion of unlicensed stablecoins and establish a public register of authorized issuers.Read more: https://cointelegraph.com/news/hong-kong-s-regulation-limits-stablecoin-derivative-trading-dbs-hong-kong-ceoChina’s Central Bank Officially Establishes the Digital Yuan International Operations CenterAmid the global trend of accelerating digital transformation in the financial system, China has taken another milestone step in the deployment of its sovereign digital currency (CBDC). On September 24, 2025, the People’s Bank of China (PBOC) officially inaugurated the “International Operations Center” for its Digital Yuan (e-CNY) in Shanghai, the international financial center. This move is not only a key step for China to promote the internationalization of the Digital Yuan from domestic pilots but is also regarded as a major strategic deployment to seek a greater voice in the global payment system and challenge the existing structure. The new Shanghai Operations Center will be responsible for promoting the internationalization of the Digital Yuan, developing financial market services, and supporting digital finance innovation. Its core business will revolve around three major platforms, signaling China’s attempt to build an efficient and controllable future financial infrastructure.Read more: https://www.bloomberg.com/news/articles/2025-09-25/china-opens-digital-yuan-hub-in-shanghai-to-boost-global-useIndia to Launch Digital Currency, Remains Cautious About Non-Sovereign-Backed Cryptocurrencies Like BitcoinIndian Minister of Commerce and Industry, Piyush Goyal, revealed that India will soon launch a digital currency backed by the Reserve Bank of India (RBI), similar to stablecoins in the US, to utilize blockchain technology for faster and more secure transactions. However, Piyush Goyal emphasized that the Indian government remains cautious about non-sovereign-backed cryptocurrencies like Bitcoin and pointed out the risks associated with unregulated digital assets.Read more: https://www.coindesk.com/markets/2025/10/07/india-to-introduce-rbi-backed-digital-currency-for-faster-transactions-reportHigh Threshold Leads to Zero Applications, Vietnam’s Cryptocurrency Pilot Project Encounters Cold ReceptionVietnam’s Ministry of Finance confirmed that despite growing global interest in regulated cryptocurrency markets, no companies have applied to participate in the country’s five-year digital asset trading pilot project. At a press conference on Sunday, Deputy Minister of Finance Nguyen Duc Chi told local media that the ministry has not yet received any proposals from businesses seeking to pilot digital asset trading in the country. Chi stated that the pilot project allows a maximum of 5 participants. He also mentioned that the Ministry of Finance is accelerating the process so that the first eligible business can obtain a license and begin operations as soon as possible. “We hope to launch this pilot project before 2026,” Chi said. “But the progress will depend on how well businesses can meet the required conditions”.Read more: https://coincentral.com/vietnams-crypto-pilot-receives-no-applicants-amid-high-barriers/
Partnerships & Ecosystem Expansion
OKX Singapore Launches Stablecoin Payment Functionality at GrabPay MerchantsCryptocurrency exchange OKX Singapore announced on Tuesday (September 30) that its users can now use USDC and USDT stablecoins for payments at GrabPay merchants by scanning the SGQR code. OKX users will now be able to use the OKX Pay service to use these two stablecoins for daily transactions by scanning Singapore’s national unified payment QR code (SGQR). This allows merchant partners to accept stablecoin payments without personally handling Digital Payment Tokens (DPT).Read more: https://www.reuters.com/sustainability/boards-policy-regulation/okx-singapore-launches-stablecoin-payments-local-grabpay-merchants-2025-09-30/Naver to Acquire Upbit Operator Dunamu, Eyeing Stablecoin EcosystemAccording to South Korean media Dong-A Ilbo on Thursday, South Korean internet giant Naver plans a share swap with Dunamu, the parent company of Upbit, which would make Dunamu its subsidiary. This means that South Korea’s largest internet company will control South Korea’s largest cryptocurrency exchange.Read more: https://cointelegraph.com/news/naver-financial-dunamu-upbit-acquisition-stablecoin
This report is jointly produced by MathWallet and its stablecoin wallet product, StableWallet, aiming to provide a biweekly selection of global stablecoin-related policy, market, and technology updates.MathWallet is a multi-chain wallet for the Web3 era, supporting over 100 blockchains including BTC, ETH, Polkadot, Cosmos, Filecoin, Solana, and BNBChain, with more than 4 million users worldwide.StableWallet is an innovative AA wallet designed specifically for stablecoin management and trading, offering seamless, secure, and compliant stablecoin operations, with over 700K users already onboard.Follow us for the latest insights and analysis on the stablecoin ecosystem.
Website: www.mathwallet.org | www.stablewallet.ai
X：@MathWallet｜@StableWallet_aiThe above content is for reference only and does not constitute any investment advice. Information is sourced from public channels; please refer to official announcements for accuracy.
