Original Title: (Cobo Stablecoin Weekly Report NO.12 | The Capital Narrative of Stablecoins: The 'Monetary Layer' of the Next Generation Internet)
Welcome to the 12th issue of the Cobo Stablecoin Weekly Report. This week, we observe a key trend: stablecoins are no longer just tools for the cryptocurrency industry but are being repriced by mainstream capital markets, becoming a new asset class and growth narrative.
According to the latest survey, nearly 300 global financial executives no longer view stablecoins as a 'cost-saving' means, but as a strategic growth engine that enhances operational efficiency, accelerates market expansion, and generates new revenue. In their view, 'faster settlement speed' and 'stronger market entry capabilities' far surpass the tactical value represented by 'cheaper'.
This cognitive leap is quickly reflected in the capital markets. For instance, Circle's stock price once surged nearly 600%, with a peak market value approaching $45 billion, 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 net interest margin (NIM) of reserve assets, and its growth momentum comes from the channel effects brought by distribution networks like Coinbase. These 'new species of stablecoins' are neither traditional banks nor SaaS companies but are being revalued by the capital market as financial infrastructure for the 'monetary layer' of the next generation internet.
At the same time, global business forces are also synchronously entering the fray. JD.com founder Liu Qiangdong publicly stated that JD.com plans to apply for stablecoin licenses in all major currency countries globally, aiming to reduce cross-border payment costs between enterprises by 90%. This is not only a continuation of China's strategy to go global with payment systems but also an attempt to seize the initiative in future financial infrastructures.
In the U.S., the passage of the (GENIUS Act) sets compliance thresholds for offshore models like Tether while providing institutional endorsement for compliant issuers like Circle, and also reserves policy space for banks like JPMorgan to issue 'tokenized deposit' products (such as JPMD). The future financial system may run two types of digital currency assets simultaneously: interest-free payment tools in an open system (like USDC) and interest-bearing deposit substitutes in a closed system (like JPMD). The stablecoin market is moving towards structural differentiation.
All of this points to a trend: stablecoins are evolving from payment tools into the underlying operating system of global finance and business networks. From the repricing in capital markets to the deployment of cross-border enterprises for settlement efficiency, stablecoins are gradually embedding into the next-generation financial infrastructure.
Market Overview and Growth Highlights
The total market value of stablecoins has reached $251.752 billion, with a week-on-week increase of $835.49 million. In terms of market landscape, USDT continues to dominate, accounting for 62.23%; USDC ranks second with a market value of $61.03 billion (approximately $610 billion), accounting for 24.24%.
Blockchain Network Distribution
Top 3 Stablecoin Market Values:
· Ethereum: $125.747b (1,257 billion dollars)
· Tron: $79.175b (792 billion dollars)
· Solana: $10.614b (106 billion dollars)
Top 3 Networks with the Fastest Weekly Growth:
· Story: +72.91% (USDC accounted for 100%)
· TON: +31.24% (USDT accounted for 89.87%)
· Scroll: +20.50% (USDC accounted for 76.32%)
Data from DefiLlama
From a cost tool to a growth engine, Wall Street is repricing stablecoins as a new asset class.
According to a recent survey of nearly 300 financial executives globally, the value narrative of stablecoins is undergoing a fundamental transformation, rising from a payment tool used for 'cost reduction and efficiency enhancement' to a strategic 'growth engine' capable of opening new markets and generating new revenue. The report data shows that when evaluating the advantages of stablecoins, corporate executives often place greater importance on 'faster settlement speed' and 'market expansion capability', which have surpassed the tactical value represented by mere 'cost savings'.
This cognitive shift is attributed to the increasingly clear global regulatory environment. As much as 90% of surveyed institutions see regulatory frameworks represented by the EU MiCA and the U.S. (GENIUS Act) as a 'green light' rather than an obstacle for institutional capital to enter the market. In this context, multiple parallel adoption paths are emerging globally: Latin America is taking the lead in cross-border payment scenarios; the Asian model represented by JD.com is driven by traditional trade, emphasizing market expansion and integration with the real economy; North America has mature infrastructure with active institutional entry; while Europe, guided by MiCA, steadily advances with compliance and security as priorities.
From 'Value Creation' to 'Capital Narrative'
This fundamental cognitive shift from 'cost-saving' to 'value creation' is also directly reflected in the capital markets, giving rise to a new investment narrative. The newly listed Circle, as a representative of 'new species of stablecoins', is being revalued by mainstream capital.
Wall Street is gradually realizing that companies like Circle are neither traditional banks that bear credit risks nor SaaS enterprises reliant on subscription fees. It represents a new type of financial infrastructure company with extremely high per capita efficiency, where its core profits come from the net interest income (NIM) of reserves, and its growth relies on the distribution network provided by channels like Coinbase.
Thus, Circle's listing is not only a milestone for the company itself but also a landmark event marking the formal acceptance of compliant stablecoins as an emerging asset class by Wall Street. For investors, investing in Circle is no longer just betting on the success or failure of a single company but betting on the 'monetary layer' of the next generation of the internet built by this 'new species'.
After missing the 'first half' of payments, JD.com aims to win the 'second half' with stablecoins.
In the 'first half' of mobile payments in China, JD.com was a complete loser. While WeChat Pay and Alipay dominated the C-end with a 90% market share, JD Pay could only survive in the 1-3% crevice. This was once publicly acknowledged by its founder Liu Qiangdong as 'the biggest mistake' — handing over the crucial payment lifeline of the commercial empire. However, with the paradigm shift in technology, especially the structural opportunities brought by stablecoins for cross-border payments, this entrepreneur has been given a chance to re-play the 'second half'.
Recently, Liu Qiangdong clearly stated that JD.com aims to apply for stablecoin licenses in all major currency countries globally, with the goal of reducing cross-border payment costs between enterprises by 90% and improving efficiency to within 10 seconds. This is not only a continuation of China's strategy to go global with payment systems but also an attempt to seize the initiative in the future financial infrastructure.
JD.com chose stablecoins as a 'new weapon' to break the deadlock, based on the logic that cross-border payments are one of the few areas not yet fully 'formatted' by internet giants. Currently, China's cross-border payments mainly rely on the traditional banking system (CIPS), which is expected to handle an amount of 175.49 trillion yuan in 2024, but faces significant efficiency and cost issues. Existing third-party cross-border payment systems still depend on bank networks for clearing and face challenges in bulk settlement and global compliance. Stablecoins are precisely able to circumvent these issues, as they do not rely on traditional bank networks but achieve real-time, peer-to-peer value transfer globally through blockchain. Against the backdrop of increasingly clear global regulations, compliant stablecoins are paving the way for their large-scale application in B2B trade.
After the Hong Kong Monetary Authority included stablecoins in its regulatory sandbox, JD.com seized the best opportunity to enter the field. This strategic opportunity was concretely manifested in July 2024, when its subsidiary — JD Coin Chain Technology (Hong Kong) Co., Ltd. — officially appeared on the Hong Kong Monetary Authority's list of stablecoin issuers participating in the 'sandbox'. In response, JD.com confirmed to reporters that its plan to 'launch stablecoins as early as the fourth quarter of this year' is accurate, but emphasized that 'the specific timetable depends on regulation'. It is reported that the stablecoin will be issued on a public chain to ensure that issuance volume and other data are completely public and transparent. This marks the entry of JD.com's stablecoin journey into a concrete execution phase, and its international strategy has found the most crucial technological fulcrum.
JD.com's ultimate intention is to create a native, low-cost financial operating system for each independent business node on its globalized 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, with the ultimate goal of building an 'on-chain foreign exchange market' composed of multi-currency compliant stablecoins, evolving from an internal settlement system to an externally open 'international stablecoin settlement hub'.
Who does the U.S. stablecoin bill GENIUS Act open the door for?
The U.S. Senate passed the GENIUS Act stablecoin bill by a vote of 68-30, which is the first stablecoin-focused bill to pass in one house of Congress. While we have previously seen its geopolitical intent to consolidate U.S. dollar hegemony, for the players involved, it is more a new script that determines their fate. This bill will directly decide the future of three core players — offshore king Tether, compliant challenger Circle, and the traditional financial empire of banking. For all developers building the future on-chain, understanding this new script is crucial.
As the current market leader, Tether faces compliance thresholds set by the bill — including reserve asset requirements and U.S. audit standards — that are nearly impossible to bypass. More critically, the bill requires centralized platforms to cease providing non-compliant stablecoin services to U.S. users within three years, effectively setting a timeline for the 'orderly delisting' of USDT in the U.S. Tether may choose to retreat to the global south, launch compliant products anew, or seek 'foreign issuer exemptions'.
In contrast to Tether's predicament, Circle's years of compliance are 'officially stamped' by legislation. The (GENIUS Act) confirms the compliance of its reserves and audit mechanisms while reinforcing its deep-binding relationship with Coinbase. In compliant platforms, USDC is viewed as a 'cash equivalent', and its transactions and funds will rapidly concentrate, further amplifying the market dividends of the Circle-Coinbase distribution alliance.
(GENIUS Act) the most critical provision prohibits stablecoins from paying interest. This aims to limit compliant stablecoins to 'interest-free payment tools', giving up high-yield DeFi pathways in exchange for a safe, stable, and institution-friendly form of digital cash. However, at the same time, the bill explicitly states that 'bank deposits' are not subject to this limit — opening compliance space for 'tokenized deposits' issued by banks like JPMorgan, creating institutional arbitrage advantages.
This marks the emergence of two parallel structures in the financial system:
· USDC: Payment-oriented digital cash in the open market.
· JPMD: Yield-bearing digital liabilities in a closed system.
Interestingly, JPMorgan chose to release assets on Coinbase's Layer 2 chain Base rather than sticking to its private chain, indicating that even the most powerful banks have realized they cannot sit idle in a 'walled garden' and must think about how to compete and interact with a broader and more vibrant open ecosystem.
At a deeper level, the (GENIUS Act) attempts to 'toolify' dollar stablecoins, encouraging jurisdictions like Singapore, Hong Kong, and the EU to align their regulatory frameworks with the U.S. system through regulatory standards. However, dollar stablecoins cannot eliminate exchange rate risks for non-dollar users, which further verifies the global demand for localized stablecoins and on-chain foreign exchange markets.
Macro Trends
Circle's valuation has reached $55 billion, with analysts questioning the current upward potential of the valuation.
Key Points Overview
· Jon Ma, founder of the cryptocurrency data platform Artemis, stated on the X platform that Circle has a corporate value of $55 billion, corresponding to expected 2025 data of 58.1 times gross profit, 125.2 times EBITDA, and 163.7 times net profit.
· The model predicts that Circle's revenue will reach $9 billion by 2029 (a year-on-year growth of 25%), with gross profit of $3.1 billion (a year-on-year growth of 26%) and EBITDA of $2.4 billion (a year-on-year growth of 32%).
· The model includes new growth points for Circle's payment network (CPN) revenue, expecting B2B payment volume to exceed $570 billion by 2029, with 20% flowing to CPN, charging a 0.10% fee.
Why It Matters
· This valuation model indicates that Circle's current valuation of $55 billion may have fully reflected future growth expectations, with limited upside potential. Analysts have updated stablecoin growth assumptions, predicting that by 2029, stablecoin supply will grow by 30% to $1.2 trillion, with USDC's market share reaching 28.5% (approximately $370 billion) and an annual growth rate of 32%. Despite strong long-term growth prospects, the currently high valuation multiples suggest that investors have high expectations for Circle's payment network expansion and USDC market share growth. This analysis highlights the potential disconnect between the valuation of current stablecoin market leaders and their long-term profitability, serving as a reference for the overall stablecoin industry's valuation.
Regulatory Compliance
The GENIUS Act for U.S. stablecoins has received bipartisan support in the Senate.
Key Points Overview
· The U.S. Senate passed the GENIUS Act stablecoin bill by a vote of 68-30, making it the first stablecoin-focused bill to pass in one house of Congress.
· The bill requires stablecoin issuers to maintain fully backed US dollars or 'similar liquidity' government-issued assets (such as bonds) as reserves. Institutions issuing more than $50 billion must complete annual audits.
· The bill grants state regulators more power but requires their regulatory frameworks to be 'substantially similar' to federal levels; institutions issuing over $10 billion must be federally regulated or apply for exemptions.
Why It Matters
The GENIUS Act (full name 'Guiding and Establishing National Innovation in U.S. Stablecoins') marks a significant shift in the U.S. regulatory framework for stablecoins, creating huge opportunities for compliant issuers while having a profound impact on the existing market landscape. Although individual Americans will still retain the ability to hold USDT, the channels to acquire USDT will be strictly limited, and its use cases will be far less than compliant alternatives. Tether's CEO Paolo Ardoino stated that a new stablecoin compliant with GENIUS requirements may be launched, but this token will not be supported through margin loans (one of USDT's minting pathways). As compliant Tether competitors receive the green light for use in key financial and banking applications, USDT's market dominance may be rapidly replaced. This regulatory change will drive the U.S. payment system into the 21st century, promoting the practical application of stablecoins while also restructuring existing market forces.
New Product Dispatch
Coinbase launched USDC payment services based on the Base network, with its stock price soaring by 16%.
Key Points Overview
· Coinbase officially launched 'Coinbase Payments' service, built on its own Ethereum Layer-2 network Base, which has been integrated with Shopify to support merchants in seamlessly accepting USDC stablecoin payments.
· The payment system consists of three modular components: 'stablecoin checkout' providing a gas-free experience for consumers, an 'e-commerce engine' providing API for platforms, and a 'commercial payment protocol' for executing complex on-chain transactions.
· This news propelled Coinbase (COIN) stock up by 16%, and USDC issuer Circle (CRCL) stock rose by 25%, reflecting the market's positive response to the integration in the crypto payment field.
Why It Matters
· Coinbase's strategy of building payment services on its own Layer-2 network has profound implications. By attracting merchants and transactions to the Base network, Coinbase can generate additional revenue from transaction sorting and fees while controlling user experience and achieving gas-free transactions. This model not only replicates the functionality of traditional payment systems but also utilizes blockchain technology to provide greater efficiency, creating a strong ecological barrier for the company. The collaboration with Shopify signifies an important step for crypto payments to penetrate mainstream e-commerce, creating practical application scenarios for USDC stablecoin. This move also reflects that crypto trading platforms are transitioning from purely trading businesses to broader financial services, with stablecoin-based payment infrastructure likely to become a key component of the Web3 ecosystem, bringing new revenue sources to Coinbase and enhancing its market competitiveness.
Paxos established a subsidiary, Paxos Labs, to provide customized brand stablecoin issuance services for institutions.
Key Points Overview
· Paxos established a new company, Paxos Labs, aimed at helping fintech companies, trading platforms, and blockchain networks issue their own branded stablecoins.
· Paxos Labs provides complete 'Issuance-as-a-Service' solutions, including regulatory compliance frameworks, reserve management, minting and burning APIs, and audit reports as core infrastructure.
· This business model allows client institutions to quickly launch their own branded stablecoin products without spending years and huge sums of money on licensing and compliance systems, while also gaining regulatory assurance and technical support from Paxos.
Why It Matters
· Paxos's stablecoin OEM model significantly lowers the barriers to institutional entry into the stablecoin field and is expected to accelerate the large-scale adoption of stablecoins. As a company strictly regulated by the New York Department of Financial Services (NYDFS), Paxos is scaling its core compliance qualifications and technical infrastructure, allowing various institutions to focus on scenario applications and user services. This marks a shift in the stablecoin industry from 'self-built and self-operated' to an 'infrastructure as a service' model, similar to how cloud computing has transformed traditional IT. Financial institutions can explore innovative businesses like DeFi yields and payment settlements using stablecoins without bearing regulatory risks, injecting new vitality into the stablecoin ecosystem. This move also reflects that demand for stablecoin business is experiencing explosive growth after regulatory clarity.
Fellow launches a payment routing platform enabling instant fund transfers between banks and crypto wallets.
Key Points Overview
· Fellow officially launched cross-system financial routing services, allowing users to instantly transfer funds between any wallet, bank, or application via simple text messages, supporting various paths like Apple Pay to Coinbase and Phantom wallet to bank accounts.
· The service achieves instant finality settlement through stablecoin technology, eliminating the need to wait days for transfers, removing fees between different payment tracks, and providing users with a single interface to connect to modern financial networks.
· Fellow adopts a peer-to-peer design based on messaging applications, allowing users to send and receive funds directly through existing messaging apps without cumbersome registration processes, with payments settled in seconds.
Why It Matters
Fellow is building a mobile-first infrastructure connecting traditional finance and crypto finance, designed for the stablecoin-native world. Founders Josh and @freeslugs come from Framework and MoonPay, respectively, with rich experience across crypto funds, globally systemically important banks, and consumer fintech, and a deep understanding of the pain points in payment systems. This service addresses friction between current financial applications, breaking down account silos and allowing value to flow as freely as information. The emergence of Fellow represents a key step towards seamless integration in the payment industry, responding to users' demands for instant, low-cost, cross-system payments, and is expected to reshape users' funds circulation experience as stablecoin payments gradually become mainstream.
X plans to launch investment trading features, accelerating Musk's comprehensive vision for a financial ecosystem.
Key Points Overview
· X platform CEO Linda Yaccarino announced that users will 'soon' be allowed to invest or trade on the platform, stating that 'users will be able to realize their entire financial life on the platform'.
· X has partnered with Visa to develop the digital wallet and P2P payment service 'X Money' as a key component of Musk's strategy to build a 'super app'.
· Musk has a close relationship with cryptocurrency, with Tesla holding $1.2 billion worth of 11,500 bitcoins and having long supported meme coins like DOGE.
Why It Matters
· The expansion of financial functions on the X platform signifies that Musk's vision of transforming social media into a 'super app' akin to China's WeChat is accelerating. Yaccarino mentioned in an interview at the Cannes Lions Advertising Festival that in the future, users will be able to carry out P2P payments, store value, pay creators, or watch paid live streams on the X platform. Given Musk's close ties to cryptocurrency, there is widespread expectation 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 access to cryptocurrencies, promoting the popularization and application scenario expansion of digital assets.
Alchemy Chain plans to launch its own stablecoin by the fourth quarter of 2025.
Key Points Overview
· Alchemy Pay plans to launch the Alchemy Chain blockchain designed for stablecoins by the fourth quarter of 2025, followed by issuing its own stablecoin, aiming to become a central exchange hub for both global and local stablecoins.
· Alchemy Chain will support frictionless conversion between global stablecoins (like USDT, USDC) and local stablecoins (like EURC, MBRL), integrating liquidity across chains and jurisdictions.
Why It Matters
· As various countries' regulatory frameworks for stablecoins become increasingly refined, the global financial system is preparing to integrate digital assets more deeply into mainstream commerce. The introduction of the U.S. GENIUS Act, the Hong Kong Stablecoin Bill, the EU MiCA regulations, and Japan's new stablecoin rules has created a clear legal environment for compliant stablecoins. Alchemy Pay has aligned its blockchain and stablecoin roadmap with the world's most advanced regulatory developments, not only building a more efficient payment layer but also shaping the future of compliant cross-border financial infrastructure. As a payment gateway connecting crypto and traditional fiat currencies, Alchemy Pay leverages its fiat payment capabilities in 173 countries to position itself as a key infrastructure provider for the stablecoin economy.
Financial giant Revolut is actively exploring the issuance of its own stablecoin.
Key Points Overview
· According to informed sources, UK digital bank Revolut, which serves 550,000 retail customers and 500,000 business clients with a valuation of $48 billion, is actively exploring the issuance of its own stablecoin.
· Revolut is in talks with at least one crypto-native company regarding its stablecoin project, and the centralized crypto trading platform Revolut X, launching in the EU in 2024, may become part of its stablecoin ecosystem.
· This plan appears against the backdrop of the U.S. Senate passing the GENIUS Act and the global regulatory environment for stablecoins changing, joining the ranks of large institutions like 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 costs, increase settlement speed, and earn returns from reserve assets. As the U.S. GENIUS Act advances and global regulations clarify, traditional finance and tech giants are flocking to this $251 billion market. Industry experts expect that thousands of new stablecoins may soon emerge, bringing strong competition to existing market leaders like Tether and Circle. Revolut, as one of the world's largest digital banks, entering the stablecoin field will further blur the lines between traditional finance and cryptocurrency, creating conditions for large-scale adoption. This trend has also raised concerns, with Senator Elizabeth Warren warning that tech giants may create stablecoins that 'track purchasing behavior, exploit user data, and squeeze out competitors', highlighting the complex political and regulatory considerations behind the imminent competition in the stablecoin market.
Capital Layout
Haun Ventures led the seed round for XFX, addressing foreign exchange bottlenecks in stablecoin payments.
Key Points Overview
· XFX secured seed funding led by Haun Ventures, with participation from institutions and angel investors including Castle Island VC, Oak HC/FT, Maya Capital, and Coinbase Ventures.
· As of May 2025, stablecoin trading volume reached $37 trillion, doubling from the previous year; through stablecoins, cross-border payment costs dropped from $40 to a few cents, and time decreased from several days to minutes.
· The XFX platform was founded by three former Bitso executives, combining on-chain stablecoin transfers with a proprietary liquidity network to solve the current foreign exchange conversion delays and liquidity bottlenecks in stablecoin payments.
Why It Matters
· Stablecoin payments have become the most widely used and promising application scenario in the crypto field but face major foreign exchange and liquidity challenges. Most current stablecoins are dollar-denominated, meaning that cross-border payments still require foreign exchange conversion. Traditional foreign exchange channels are slow, forcing market makers to hold stablecoins like USDC and wait days to replenish local currencies, resulting in a mismatch of 'crypto instantaneous but fiat days'. As the trading volume of stablecoins increases, this liquidity pressure intensifies. XFX's solution ensures that the receiving end obtains local currency instantly, eliminating multi-day delays and foreign exchange gaps. The team's deep understanding of stablecoins and cross-border payments positions XFX to become the infrastructure for crypto-native foreign exchange, making global payments as seamless and instant as sending emails, fundamentally changing the current cross-border payment model and liquidity management methods.
The concept of stablecoins has driven a surge in digital currency stocks, and Lakala is planning an H-share listing to lay out cross-border scenarios.
Key Points Overview
· The stablecoin index has surged for two consecutive days, rising 4.29% on June 17 and 9.05% on June 16; driving up shares of digital currency concept stocks like Chuangshi Technology by 20.02% and Lakala by 16.16%.
· 'First Stablecoin Stock' Circle has seen its stock price rise about 4 times in just 8 trading days since listing on the NYSE, with a market value exceeding $33 billion.
· Lakala announced plans for an H-share listing, clearly stating its aim to 'accelerate the application of digital currency in cross-border scenarios', showing that domestic payment institutions are beginning to actively lay out digital currency businesses.
Why It Matters
· With the Hong Kong (Stablecoin Regulation) set to be implemented on August 1, and countries like the U.S. and the U.K. advancing stablecoin regulation, the global stablecoin market is ushering in institutional opportunities. Stablecoins have clear advantages in cross-border payments, potentially reducing fees by over 80% and shortening transaction times from the traditional 3-5 days to minutes. International payment giants like Stripe and PayPal have already seized the market through acquisitions and product innovations, while domestic payment institutions like Lakala have begun active layouts. Hong Kong's Financial Secretary Chen Maobo pointed out that the global stablecoin market is worth about $240 billion, with trading volume exceeding $20 trillion last year, and demand is expected to further increase as the digital asset market develops. This trend will reshape the global payment landscape and bring revolutionary changes to cross-border payments and financial inclusion.
Ubyx secured $10 million in a seed round to build a global stablecoin clearing system.
Key Points Overview
· The stablecoin infrastructure project Ubyx completed a $10 million seed round led by Galaxy Ventures, with notable participation from Coinbase Ventures, Founders Fund, VanEck, and other well-known institutions.
· Ubyx aims to address the key barriers to the large-scale adoption of stablecoins by connecting multiple stablecoin issuers with various financial institutions to achieve seamless conversion between stablecoins across multiple blockchains and traditional banking systems.
· The platform allows stablecoins to be directly exchanged at 1:1 value into existing banking and fintech accounts, greatly expanding market access and practicality, enabling businesses and banks to treat stablecoins as cash equivalents.
Why It Matters
Ubyx's innovation lies in building a multi-party stablecoin clearing ecosystem that addresses core issues currently faced in the stablecoin market, such as deposit/withdrawal friction, the need for issuers to build their own distribution networks, and the inability of institutions to treat stablecoins as cash equivalents. The platform's diversified approach enables interchangeability of stablecoins with other forms of currency, paving the way for the widespread adoption of stablecoins. Amid an increasingly clear regulatory environment, Ubyx's clearing system is expected to become a key infrastructure connecting traditional finance and digital assets, providing financial institutions with wallets, analytics, and other necessary technologies to help various businesses and institutions formulate and implement stablecoin strategies. This development signifies that the stablecoin industry is transitioning from a single issuer competition model to a collaborative and win-win ecosystem.
Fintech unicorn Ramp's valuation has soared to $16 billion, with annual payment processing volume reaching $80 billion.
Key Points Overview
· Ramp completed a $200 million Series E funding round, with a valuation of $16 billion, a $3 billion increase from $13 billion three months ago, and more than doubling from $7.6 billion last April.
· The company's annual payment processing volume has reached $80 billion (including card transactions and bill payments), an 8-fold increase from $10 billion in January 2023, serving over 40,000 businesses.
· Ramp recently announced an expanded partnership with Stripe to launch stablecoin-based corporate cards, aiming to simplify cross-border transactions and support the simultaneous issuance of new card programs in multiple countries.
Why It Matters
· Ramp is transforming from a single corporate card business into a comprehensive financial operating platform, building a complete ecosystem that includes expense management, bill payments, procurement, travel, and financial and accounting automation. In January of this year, the company launched Ramp Treasury solutions, allowing businesses to obtain operational cash yields 35 times higher than the national average in Ramp business accounts. CEO Eric Glyman emphasized that the company is using AI to completely transform how businesses operate: 'Let robots track receipts and close the books so you can use your brain to build things.' Ramp's stablecoin-supported corporate card launched in partnership with Stripe highlights the company's active embrace of digital currency innovations, which will provide new avenues for cross-border payments and international expansion.
Market Adoption
Circle collaborates with Matera to integrate USDC stablecoin into core banking systems.
Key Points Overview
· Circle collaborates with fintech company Matera to integrate USDC stablecoin into core banking systems, achieving seamless connection between traditional finance and digital currency.
· Matera becomes one of the first companies to integrate USDC into core banking infrastructure, with its Digital Twin ledger technology allowing banks and fintech companies to concurrently provide real-time dollar and local currency (such as Brazilian real) accounts.
· Through this collaboration, USDC settlements will flow through Brazil's Pix payment system and other local payment channels, providing users with direct access within banking applications.
Why It Matters
This collaboration marks a key transformation of stablecoins from the crypto ecosystem to mainstream financial infrastructure. By integrating USDC into core banking systems, Circle and Matera provide millions of users with faster, lower-cost, and always-available global payment solutions without leaving existing banking applications. This model is particularly suitable for emerging markets like Brazil, significantly improving cross-border payment efficiency and reducing transaction costs. This collaboration also showcases 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 in similar integrations, stablecoins are expected to become standard components of the global financial system rather than merely tools limited to the crypto realm.
JPMorgan launched the dollar deposit token JPMD on Coinbase's Base blockchain.
Key Points Overview
· JPMorgan launched the 'quasi-stablecoin' deposit token JPMD for institutional clients, supported by bank deposits, combining on-chain advantages with FDIC insurance protection.
· This is JPMorgan Chase's first deployment of Kinexys distributed ledger technology on a public blockchain, marking a significant shift in the bank's cryptocurrency strategy.
· The bank has applied for a trademark for the JPMD platform earlier this week, planning 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 from traditional banking to the challenges posed by stablecoins. JPMorgan combines the regulatory assurance of bank deposits with the efficiency advantages of blockchain technology, providing institutional clients with a compliant and innovative solution. This trend will prompt other large banks to follow suit, accelerating the banking sector's move into on-chain finance. Although JPMD is currently limited to use within JPMorgan's ecosystem, its issuance on Coinbase's Base network indicates the bank's intention to expand into broader consumer and commercial payment scenarios. The competition between stablecoin companies and bank deposit tokens will drive innovation across the entire payment industry, ultimately benefiting businesses and consumers seeking more efficient and cost-effective cross-border payment solutions.
Visa expands its stablecoin business coverage in Europe, the Middle East, and Africa.
Key Points Overview
· Visa expands its stablecoin capabilities in Central and Eastern Europe, the Middle East, and Africa (CEMEA) and establishes a strategic partnership with African crypto exchange Yellow Card.
· Visa executives stated: 'By 2025, we believe every institution moving funds will need a stablecoin strategy', indicating that the payment giant is doubling down on stablecoins.
· Since becoming one of the first major payment networks to use Circle's USDC settlement transactions in 2023, Visa has settled over $225 million in stablecoin transaction volume through its participating clients.
Why It Matters
· Visa's continued expansion into stablecoin business indicates a significant transformation in the global payment infrastructure, with stablecoins rapidly becoming 'the new payment track of the internet'. Last month, the company also invested in the stablecoin-based payment company BVNK, further demonstrating its long-term commitment to this field. Collaboration with Yellow Card will explore cross-border payment options, streamline financial operations, and enhance liquidity management, providing more efficient financial services for emerging markets, particularly important for regions like Africa with traditional banking services being inadequate, potentially offering more convenient and lower-cost financial service channels for millions.
Animoca Brands is preparing to issue a Hong Kong dollar-pegged stablecoin and hopes to collaborate with mainland institutions on blockchain applications.
Key Points Overview
· Animoca Brands established a joint venture with Standard Chartered Bank and Hong Kong Telecom, planning to apply for the issuance of a Hong Kong dollar stablecoin regulated by the Hong Kong Monetary Authority, which will be implemented on August 1.
· Animoca Brands is responsible for developing native Web3 application scenarios in the collaboration, Standard Chartered Bank focuses on leveraging banking customer resources, while Hong Kong Telecom targets retail customer reach.
· Animoca Brands President Ouyang Qijun stated in an interview with (Daily Economic News) that the Hong Kong dollar stablecoin will be widely used in scenarios such as virtual asset transactions within game ecosystems, cross-border trade, and financial settlements, serving as a crucial link for mainland asset transactions to go international.
Why It Matters
· Hong Kong, as a financial hub with the world's largest offshore RMB fund pool and trade settlement center, has strategic significance for its stablecoin development. 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 a public chain will become a key bridge for the internationalization of mainland assets. He predicts that in the future, almost all financial products and assets will be on-chain, creating a huge market for the Hong Kong dollar stablecoin. Animoca Brands, as a practitioner in the Web3 field, hopes to connect traditional finance with the Web3 ecosystem through the Hong Kong dollar stablecoin and has expressed willingness to cooperate with mainland institutions on blockchain applications.
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