Industry News
Visa Adds PayPal and Paxos Stablecoins to Global Settlement Network. Visa broadened its stablecoin settlement program by supporting PayPal’s PYUSD and Paxos’ USDG (Global Dollar), alongside Circle’s USDC. It also added Stellar and Avalanche as new blockchains for settlement. Visa cited $27 trillion in 2024 stablecoin volume and affirmed that “every institution that moves money will need a stablecoin strategy,” underscoring its push for an interoperable digital dollar layer.
Hong Kong’s RD Technologies Raises $40M to Launch Regulated HKD Stablecoin. RD Technologies, one of only three firms in Hong Kong’s stablecoin sandbox, secured a $40 million Series A2 led by ZA Bank’s parent to accelerate its HKD-pegged stablecoin (HKDR) ahead of new licensing rules. The funding comes as Hong Kong’s stablecoin law takes effect, with officials signaling only a few licenses will be granted initially. ZA Bank signed on to custody HKDR reserves and distribute the coin, positioning RD as a front-runner for full authorization in 2024.
FIS Integrates USDC Stablecoin into Banking Payments Hub. Fintech giant FIS partnered with Circle to enable over 13,000 banks to settle payments in USDC via its Money Movement Hub, treating stablecoins as a new rail alongside ACH and wire transfers, following the passage of landmark legislation clarifying U.S. stablecoin oversight.
Anchorage and Ethena Labs Launch First GENIUS Act-Compliant Stablecoin. Anchorage Digital Bank – the only federally chartered U.S. crypto bank – will issue Ethena Labs’ USDtb as the first stablecoin fully compliant with the new GENIUS Act, aligning the digital dollar with strict federal reserves and audit standards under the law signed July 18.
PayPal Unveils ‘Pay With Crypto’ for 100+ Coins, Boosting Stablecoin Use. PayPal’s new service enables U.S. merchants to accept over 100 cryptocurrencies with near-instant conversion to fiat or stablecoins. The system converts incoming crypto via PayPal’s own PYUSD stablecoin and charges a 0.99% promotional fee, undercutting card rates by ~90% to drive mainstream adoption.
Belo and OpenTrade Bring Stablecoin Yield to 4 Million LatAm Users. Argentine fintech Belo has integrated OpenTrade’s treasury platform, allowing customers to earn daily interest on idle USDC and USDT balances backed by money market fund assets. This enables dollar-denominated returns with 24/7 liquidity, eliminating the need for an off-ramp.
AllUnity Debuts EURAU, Germany’s First MiCA-Compliant Euro Stablecoin. Backed 1:1 with euros under BaFin oversight, EURAU launched on Ethereum as a fully reserved euro stablecoin co-developed by DWS, Galaxy Digital, and Flow Traders. AllUnity obtained an EMI license on July 1 and partnered with multiple banks to hold reserves, positioning EURAU as a MiCA-era European alternative with trading pairs (BTC/EURAU, USDC/EURAU) already lined up.
Circle Expands USDC Payouts to Africa via Partnership with Yellow Card. Stablecoin issuer Circle added Nigerian Naira support to its Circle Payments Network through a deal with pan-African exchange Yellow Card, enabling real-time USDC-to-Naira remittances and FX for millions. Yellow Card, active in over 20 countries with $6B processed, will serve as a key on/off-ramp as Nigeria adopts regulated crypto transfers.
Clear Junction Launches On-Chain Stablecoin Transfers for Fintechs. U.K.-based payments platform Clear Junction has rolled out a service that enables clients to send, receive, and convert USDC and USDT across Ethereum, Solana, and Tron networks. The service – already live with several partners – provides exchanges, PSPs, and EMIs with a compliant way to leverage blockchain speed and transparency. According to Clear Junction’s CEO, stablecoins have evolved into “genuine settlement infrastructure” that bridges the gap between cryptocurrency and traditional finance.
SoFi CEO Reveals Plans for Stablecoins in Fintech Super-App. U.S. fintech SoFi is developing blockchain-based remittances and considering its own fully reserved stablecoin as it reenters the crypto services market. CEO Anthony Noto said SoFi aims to let users send dollars overseas via stablecoins and will re-enable crypto trading (BTC, ETH) this year – part of a broader strategy to offer staking, crypto-backed loans, and integrate digital assets into SoFi’s banking platform amid clearer U.S. regulations.
Interactive Brokers Eyes Launch of 24/7 Stablecoin for Brokerage Accounts. Online brokerage IBKR (market cap: $110B) is considering issuing a fully reserved stablecoin to enable customers to fund their trading accounts at any time instantly. Founder Thomas Peterffy confirmed they’re working on a stablecoin strategy – alongside support for third-party coins from “credible issuers” – as part of Interactive Brokers’ embrace of crypto after the U.S. GENIUS Act created a federal framework. The firm already partners with Paxos for crypto trading and now aims to enable near-instant settlement and transfers via stablecoins within its platform.
Coinbase Gains $300M from USDC in One Quarter, with More Upside Ahead. A JPMorgan analysis found that Coinbase earned approximately $300 million in Q1 2025 from its revenue-sharing deal with Circle on USDC, illustrating the stablecoin’s growing contribution to Coinbase’s income. The bank estimated that Circle-related economics could be worth $55–$60 billion to Coinbase’s long-term valuation, as U.S. stablecoin adoption expands under clearer regulations. Coinbase, which owns a stake in Circle, stands to benefit significantly if USDC usage (and interest earnings on reserves) continues its steep rise.
BNY Mellon & Goldman Sachs Tokenize Money Market Fund Shares for Collateral. In a first-of-its-kind pilot, BNY Mellon used its Digital Assets platform to tokenize shares of BlackRock and Fidelity money market funds, mirroring them onto Goldman’s private GS DAP blockchain. The tokens, launched via BNY’s LiquidityDirect platform, enable instant transfers and the reuse of MMF shares as collateral, paving the way for same-day settlement and margining. “Mirrored tokenization of MMF shares is a first step toward a more digital, real-time architecture,” said BNY’s head of liquidity, as the project aims to unlock collateral mobility for institutions.
BNP Paribas Joins Fnality Network, Pushing Tokenized Bank Money. BNP Paribas went live on Fnality’s distributed ledger for interbank settlement, executing a test payment on the sterling Fnality Payment System (a tokenized central bank reserve. BNP is the fourth major backer to integrate, after Santander, UBS, and Lloyds. Fnality, which represents cash-on-ledger backed by central bank deposits, aims to provide real-time, cross-border payment rails. BNP’s global markets head said such platforms will be “instrumental in building interconnected, global networks for real-time settlement and liquidity” as more banks trial tokenized deposits.
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