Welcome to another edition of The Weekly Stable, the essential source of stablecoin news coverage for global fintech professionals, brought to you by This Week in Fintech.

This week we cover:

• Cash App adds stablecoin support
• Aave launches high yield savings app with $1M insurance
• MoonPay launch stablecoin issuance platform
• Circle’s xReserve is a stablecoin issuance platform in disguise
• Citi and SWIFT tested a payment-vs-payment end-to-end workflow
• UBS and HSBC join the battle to win clients on to their tokenized deposit offerings
• Product launches, partnerships and funding news from BNY, Brale, Coinbase, Deblock, dLocal, Grab, Hercle, Kalshi, Mastercard Paxos, SocGen, StraitsX, Thunes, Toku, VALR, Zand Bank, and more.

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📺 Money Code Podcast 

Ep 9: Stablecoin Use Cases From Dollar Access to Onchain Lending w/ Cuy Sheffield (Visa)

What are stablecoin actually being used for?

What are the big use cases beyond cross border payments? 

These are the questions we dug into in Episode 9 of Money Code, where we were joined by Visa’s Cuy Sheffield to discuss how stablecoins move from speculation to real-world finance. 

We cover:

• Interchange 101 and why stablecoin-linked cards align incentives for wallets and merchants
• Where stablecoin traction is real today: dollar access, P2P, and emerging-market demand
• What’s behind $670B of onchain lending and what’s missing for multi-trillion-scale
• Agentic commerce and micro-payments: early experiments (agent-to-agent economies)

Key takeaways

• Network > tech alone: Speed/fees are necessary but not sufficient. Acceptance, incentives, and risk frameworks decide winners.
• Dollar access is the killer app: Hundreds of millions already hold stablecoins; path to 1B+ users is plausible in 2–3 years.
• Banks must “go on-chain” now: Start with sending/receiving value, then layer capabilities; waiting widens the gap with fintechs.
• Regulatory reality: U.S. clarity contrasts with EM ambiguity; local banks should push for rules that let them compete.
• Onchain lending could have greater LT impact than cross border payments Smart-contract credit could reshape global lending more than payments do.

Give it a listen and share your feedback by sending me a DM or replying to this email. 

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🏆 Top Stories Summary

This week we saw two big consumer initiatives. Cash App added stablecoin support, bringing seamless onramps to USDC on Solana to its 58M users. This is a massive development, not just because Block has typically been solely Bitcoin focused, but because of how prevalent Cash App usage is. This would quickly become the easiest way to onramp to stablecoins in the US for consumers, and they built on Solana without any formal partnership. 

Meanwhile, Aave, the onchain lending protocol that recently received its MiCA approval for European on/off ramps, released a new app offering high yield savings (c. 9%). The app abstracts blockchain completely and is a sign of the DeFi mullet (web 2-like user friendly interface in the front, blockchain in the back) going mainstream. The insurance up to $1M balance is particularly key, it helps remove the need for users to assess risk, and mentally will be compared to banks’ $250K FDIC insurance. Most retail users (nor sophisticated professionals) know how to properly price risk, and so the psychological effect should go a long way to assuaging concerns. 

On the institutional side, Citi and SWIFT tested a payment-vs-payment end-to-end workflow, Societe Generale integrated its stablecoins into the Deutsche Börse ecosystem while UBS and HSBC progressed their tokenized deposit offerings. 

In infrastructure, MoonPay announced their entry into the stablecoin issuance-as-a-service market, partnering with M0 for interoperability. This makes them a direct competitor to similar offerings from Bridge, Brale, Agora, Paxos, Anchorage, Ethena, Bitgo… you get the picture. Issuance is quickly becoming commoditized but if the stablecoin market post-GENIUS is going to reach $3T by 2030, there’s more than enough room for a few players. The question will be how each player positions themselves (enterprise vs startup, self-serve vs white-glove etc).

In the same week, Circle launched xReserve, enabling developers to create fully reserved, USDC-backed stablecoins with seamless 1:1 cross-chain interoperability. It’s targeted at new blockchains and it seems like their response to the commodification of issuance, especially in light of blockchains like Sui and MegaETH deciding to launch their own stablecoins. This is relevant because typically new blockchains would start with a form of USDC called Bridged USDC which enabled them to bootstrap liquidity with a well known brand, however this bridged USDC could not easily interact with the USDC or bridged USDC from other chains. xReserve fixes this.

However it'd have been much more compelling if they could renegotiate their deal with Coinbase in order to pass along a big chunk of the yield. Otherwise I think the newer multi-issuers will still provide a more competitive offering.

The tokenized money ecosystem continues to progress rapidly each week.  

Read on for a round up of this week’s news:

🚀 Product Announcements & Partnerships

Aave launches high yield savings app with $1M insurance on balances (read more)

African Crypto Exchange VALR Partners with Mukuru to Launch USDC Stablecoin Wallet (read more)

Alibaba to Use JPMorgan’s Blockchain for Tokenized Dollar and Euro Payments (read more)

BitMart Launches BMRUSD: New Yield-Bearing Stablecoin with 6-8% Annual Returns (read more)

Block's Cash App Expands Beyond Bitcoin to Support Stablecoins (read more)

BNY Eyes $1.5T Stablecoin Market With New Reserve Fund for Issuers (read more)

Cardano Partners With Brale to Launch OnChain Stablecoin Platform (read more)

Circle launches xReserve: fully reserved, USDC-backed stablecoins with seamless 1:1 cross-chain interop. (read more)

Circle Unveils StableFX and Partner Stablecoins to Build a Global Onchain FX Infrastructure (read more)

Citi Completes Landmark Fiat-to-Digital Currency Payment Settlement Workflow Trial with Swift (read more)

Deutsche Börse to Add SocGen’s MiCA Stablecoins to Core Market Systems (read more)

dLocal and Félix Partner for Instant WhatsApp Remittances Using Stablecoins in LatAm (read more)

Figment, OpenTrade and Crypto.com Offer 15% Stablecoin Yield Product for Institutions (read more)

Grab Partners with StraitsX to Launch Web3 Wallet and Stablecoin Payments in Asia (read more)

Hercle and Lightspark Partner to Unlock Money Movement Across the EU & UK in Fiat and Bitcoin (read more)

Hong Kong Launches Real-Value Tokenised Deposit Platform with Seven Major Banks (read more)

HSBC to launch expansion of its tokenized deposits services (read more)

India to Launch Rupee-Backed ARC Stablecoin in Q1 2026 (read more)

Kalshi Teams Up with Coinbase for USDC Custody in Prediction Markets (read more)

Mastercard and Thunes Bring Stablecoin Payouts to the Mainstream (read more)

Mastercard Partners with Circle to Launch Stablecoin Settlement in EEMEA Region (read more)

MoonPay Launches Enterprise Stablecoin Business with M0 Integration (read more)

Opera’s MiniPay Brings Stablecoin Payments to Local Rails in Argentina and Brazil (read more)

Palm USD Launches New Stablecoin Backed by UAE and Saudi Currencies (read more)

Paxos Launches USDG0 in Partnership with LayerZero, Now Live on HyperliquidX, Plume, and Aptos (read more)

Societe Generale issues US digital bond partnering Broadridge (read more)

South Africa's First Rand-Backed Stablecoin Launches by Super Money (read more)

Toku partners with PDAX to enable Stablecoin Payroll to Filipino Workers (read more)

UAE's First AED Stablecoin Launches: Zand Bank Gets Central Bank Approval (read more)

UBS Singapore Partners with Ant International for Digital Cash Integration (read more)

USDT to Anchor Cross-Border Payments in Major AfCFTA Trade Modernization Push (read more)

Valuno Partners with Mandato and Zodia Markets for Stablecoin-Based Trade Finance Platform (read more)

💸 Fundraises and M&A

Deblock raises €30m Series A funding round led by Speedinvest, along with Commerz Ventures and Latitude (read more)

Obex Raises $37M to Build 'Y Combinator' for RWA-Backed Stablecoins, Led by Framework, Sky (read more)

⚖️ Regulatory Developments

Brazil Considers Applying IOF Tax to Stablecoin Cross-Border Transfers (read more)

Canada Approves Budget That Advances Policy for Stablecoins (read more)

ECB Official Warns Stablecoin Instability Could Disrupt European Economy (read more)

FDIC to Issue Guidelines for Tokenized Deposit Insurance (read more)

Global crypto rules for banks need reworking, says Basel chair (read more)

ICBA Opposes Stripe's Bridge Stablecoin Trust Bank Charter Application (read more)

Singapore's Central Bank to Trial Tokenized Bills, Introduce Stablecoin Laws (read more)

South Korean FSC Commissioner Warns of Stablecoin Risks and Calls for International Regulatory Alignment (read more)

UAE launches wholesale CBDC with government transaction using mBridge (read more)

🍻 Upcoming Events

• Wed 3 December, New York: Stablecon Salon vol 10
• Wed 3 December, San Francisco: Stablecon Salon vol 11

💬 Posts of the Week

📖 Reads of the Week

Variant Fund’s Alana Levin released the Crypto Trends Report for 2025. Think of it as a crypto version of Mary Meeker’s Internet Trends. Alana’s report frames crypto’s growth as a story of 3 compounding s-curves: asset creation, asset accumulation, and asset utilization. The report applies this lens across five key thematic areas – macro, stablecoins, centralized exchanges, onchain activity, and frontier markets – to predict where the industry may be headed.