Welcome to another edition of the Money Code newsletter (fka The Weekly Stable), the essential source of stablecoin news coverage for global fintech professionals, brought to you by This Week in Fintech and Stablecon.

This week we cover:

• Fireblocks Acquires TRES to Build Crypto’s Treasury and Accounting Stack
• Ep 15 of Money Code: Stablecoins Are Cheaper, Merchants Don’t Care w/ José Fernández Da Ponte (Stellar)
• Product launches, partnerships and funding news from BVNK, Circle, Coinbase, JPMorgan, Rumble, Tether, Ubyx, World Liberty Financial and more.

Know anyone looking for roles in the stablecoin space? Here’s a list of companies hiring in stablecoins.

For feedback or suggestions, reply to this email, find Chuk and Stablecon online, or join the Stablecon community on Telegram. P.S. Get your tickets for Stablecon 2026 

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🏆 Top Stories

Fireblocks Acquires TRES to Build Crypto’s Treasury and Accounting Stack

Fireblocks acquired TRES Finance for $130M. The deal follows Fireblocks’ ~$90M acquisition of Dynamic in October and expands its platform beyond custody and transfer into crypto accounting, reconciliation, and audit-ready financial reporting. TRES serves 230+ customers, including CoinFund, Nansen, Phantom, Wintermute, and Bank Frick, and will continue operating as a standalone product.

Why it matters:

By stitching together the missing middle between onchain activity and traditional finance operations, Fireblocks is positioning itself as the operating system for institutional digital assets.

• From custody to CFO stack: Fireblocks already moves trillions in digital assets. TRES adds accounting, reconciliation, tax, and controls, enabling a full-spectrum treasury and finance workflow.
• Regulation is forcing the issue: As MiCA in the EU and the GENIUS Act in the U.S. take effect, audit-ready crypto records are no longer optional, especially for firms preparing for IPOs, M&A, or institutional fundraising.
• Enterprise adoption bottleneck: Banks, payment firms, and fintechs running stablecoin and tokenization flows struggle to integrate onchain data into ERPs and general ledgers. TRES directly targets this pain point.
• Clear consolidation trend: Crypto M&A nearly doubled in 2025 to 335 deals. This acquisition reinforces a broader push to control the full operating stack.

📺 Money Code Podcast 

Ep 12: Stablecoins Are Cheaper, Merchants Don’t Care w/ José Fernández Da Ponte (Stellar)

“I’ve never seen a merchant adopt a new payment method because it was cheaper. They adopt because it brings incremental revenue.”

That might explain why stablecoin adoption has lagged expectations in consumer payments, even as the technology dramatically lowers cost and settlement friction behind the scenes.

José Fernández Da Ponte, President and Chief Growth Officer at Stellar Development Foundation and former PayPal crypto lead, has built stablecoins inside one of the world’s largest payments companies and now works directly with banks moving assets onchain.

From treasury flows and capital markets to non-USD stablecoins and open blockchain infrastructure, this episode explains why payments adoption is a decade-long game, and why stablecoins will scale elsewhere first.

We decode:

• How will the recent OCC charters shift the US landscape?
• Why non-USD stablecoins haven’t taken off yet, and what do they need?
• Why enterprises should build on open rails

What you’ll get

• Clear steps for how institutions evaluate blockchains
• A practical lens on stablecoin issuance vs integration decisions
• José's framework for scaling new initiatives within an existing organization

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

Money Code is presented by Stablecon and Powered by BVNK

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

📊 Market Trends

Circle's USDC outpaces growth of Tether's USDT for second year running (read more)

Coinbase’s Crypto-Backed Loans on Morpho Surpass $1B Milestone (read more)

Stablecoins become core market plumbing in Moody’s 2026 outlook (read more)

💸 Fundraises and M&A

Barclays invests in Ubyx stablecoin settlement firm as tokenized infrastructure advances (read more)

Fireblocks acquires crypto accounting platform TRES Finance for $130M (read more)

Tether Invests in Cross-Border QR Payment Platform SQRIL (read more)

🚀 Product Announcements & Partnerships

JPMorgan brings JPM Coin to Canton, its second extension after launching on Base (read more)

Tether and Rumble Launch Rumble Wallet, Bringing Self-Custodial Crypto Payments to Millions of Creators and Users (read more)

The Frontier Stable Token (FRNT) issued by the Wyoming Stable Token Commission is now available on Solana (read more)

⚖️ Regulatory Developments

BVNK secures direct SEPA access for 24/7 instant euro payments (read more)

China gains major advantage if US bans interest on stablecoins, Coinbase exec warns (read more)

DeFi, ethics disputes remain in Senate crypto bill ahead of Jan. 15 vote (read more)

Iran moves to accept crypto payments in weapon sales to evade sanctions (read more)

South Korean regulator wants receipts for every crypto transaction (read more)

Trump-linked World Liberty Financial-connected firm applies for federal bank charter (read more)

💼 Featured Jobs

New year, new hiring budgets. 

Below is a list of teams hiring across payments, infra, wallets, issuers & banks. 

There are roles across product, eng, GTM, ops, risk & compliance

Forward onto anyone who might find it helpful

Companies hiring in Stablecoins

🍻 Upcoming Events

• Weds 14 November, New York: Stablecon Salon vol 12

📖 Reads of the Week

a16z crypto: 8 big ideas for 2026 (and more trends to watch)

Tokenization Solved Representation. Now We Must Solve for Scale by Tom Zschach, Chief Innovation Officer at SWIFT, makes a good point: putting assets on a blockchain is no longer the hard part, trusting what those assets actually represent at scale is. Stablecoins work because a dollar is easy to verify, but more complex assets require shared, verifiable trust without everyone having to blindly rely on the issuer. He uses a (great) shipping container analogy to explain why the next phase of tokenization is about proving assets are real and compliant, without exposing sensitive or proprietary information. Check it out as you're thinking about what comes next after stablecoins.