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:

• J.P. Morgan Rolls out JPMD Deposit Token on Base for 24/7 Settlement
• Coinbase and BVNK end acquisition talks, BVNK now at $30B APV
• Money Code Ep 8: Tokenized Deposits vs Stablecoins: Inside J.P. Morgan’s Kinexys w/ Naveen Mallela (J.P. Morgan)
• Product launches, partnerships and funding news from BNY Mellon, Coinbase, Gemini, Mastercard, Rain. Ripple, Square, Stripe, Visa and more.

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🏆 Top Stories

J.P. Morgan Rolls out JPMD Deposit Token on Base for 24/7 Settlement

J.P. Morgan has officially launched JPM Coin (JPMD), a dollar-denominated deposit token now live on Coinbase’s Base public blockchain. The token gives institutional clients instant, 24/7 settlement using tokenized commercial bank money rather than stablecoins. The rollout follows months of pilots with Mastercard, Coinbase, and B2C2, and J.P. Morgan plans to expand to additional blockchains and currencies, including a euro version (JPME). JPMD will also be accepted as collateral on Coinbase.

So what?

J.P. Morgan is bringing regulated commercial bank money directly onto public chains, which changes the competitive landscape for institutional settlement.

Deposit tokens are now a real alternative to stablecoins for large players.

• Direct claim on J.P. Morgan gives institutions a higher-familiarity instrument than fintech-issued stablecoins.
• Interest-bearing design aims to undercut the “zero-yield” drawback of payment stablecoins (although platforms can still find a way to get yield to customers).

A public-chain deployment from the world’s largest bank raises the bar for every other financial institution.

• Kinexys moves from permissioned networks to public infrastructure, signalling that regulated banks are ready to operate in open environments with 24/7 uptime.

Institutional settlement is shifting.

• Banks regain control of the value chain by offering their own on-chain money instead of relying on stablecoins.
• PSPs, trading firms, and corporates now have a way to move bank money at crypto speeds without switching to a non-bank issuer.
• Multi-chain expansion hints at deposit tokens becoming a universal rail similar to RTGS, but programmable.

Banks are not giving the tokenized money movement market away. J.P. Morgan is building the institutional rail that competes directly with USDC, PYUSD, RLUSD, and USDT for high-velocity settlement and collateral flows.

Yes, it’s limited to J.P. Morgan customers, and it’s unclear how many customers will adopt but it’s live in production and they can start to experiment and learn in a real world setting. This is just the beginning, and J.P. Morgan is far ahead of other financial institutions in live deployment. 

Hear directly from Naveen Mallela, Global Co-Head of Kinexys, on how J.P. Morgan is approaching the market, and a breakdown of stablecoins vs tokenized deposits, in our latest episode of Money Code below.

There are a range of other limitations that tokenized deposits have, for a deep dive check out the reads for the week. 

Coinbase and BVNK end acquisition talks, BVNK now at $30B APV

Coinbase ended acquisition talks with the U.K.-based stablecoin payments company BVNK, halting what would have been a $1.5B to $2.5B purchase. The two firms had entered exclusivity in October and reached late-stage diligence. Coinbase confirmed the decision without giving reasons. BVNK remains independent for now and.

So what?

While this would have been one of the largest deals in the stablecoin landscape this year, it also would have removed one of the few remaining scaled infrastructure providers. The ending of deal talks removes a major distraction for BVNK at the exact moment the company is hitting its fastest growth to date.

BVNK’s CEO Jesse Hemson-Struthers disclosed new metrics that update the strategic picture:

• Annualized payments volume jumped from $20B to $30B since September.
• More S&P 500 and global enterprises onboarded in 60 days than in all prior years combined.

A few implications:

• Independence eliminates the distraction and slowdown that typically come with multi-month acquisition processes, however other bidders like Mastercard may come back into play.
• Neutrality strengthens BVNK’s position as enterprise infrastructure for stablecoin-powered payments, not tied to any single issuer or exchange.
• Faster scaling increases its eventual valuation and keeps it on the shortlist for networks, banks, and large fintechs looking to own stablecoin distribution.
• Market context: stablecoin M&A is accelerating, and BVNK’s growth profile ensures it remains one of the most attractive standalone assets in the category.

📺 Money Code Podcast 

Ep 8: Tokenized Deposits vs Stablecoins: Inside J.P. Morgan’s Kinexys w/ Naveen Mallela

“We were coming at it from conviction — that distributed ledgers and tokenization have the potential to fundamentally rewire financial services.”

In Episode 8 of Money Code, we were live at Money 20/20 with Naveen Mallela, Global Co-Head of Kinexys at J.P. Morgan.

We discussed how J.P. Morgan’s Kinexys is re-architecting the bank’s global payments and liquidity systems using shared ledgers and tokenization. Naveen traces the evolution from JPM Coin to Partior’s multi-bank platform and now to JPMD, a deposit token designed as a regulated, fractional alternative to stablecoins. We also touched on the persistent inefficiencies in cross-border payments, the role of liquidity and interoperability in solving them, and why stablecoins, deposit tokens, and CBDCs will ultimately coexist, with each serving different layers of the financial system.

This was a great conversation and I highly recommend adding to your watch list if you’re interested in the perspective of the world’s biggest bank.

Key takeaways

• Early institutional conviction: J.P. Morgan treats blockchain as core infrastructure, not a side experiment, enabling firsts like Quorum, JPM Coin, tokenized repo, and now deposit tokens.
• Deposit tokens vs stablecoins: JPMD is structured as commercial bank money (fractional, insured, interest-bearing, clear accounting treatment) and is positioned as more suitable for large institutional and onchain wholesale use than pre-funded stablecoins.
• Stablecoins still win in specific niches: Permissionless, bearer-style, P2P stablecoins are powerful for low-value, hard-to-bank corridors and open ecosystems, even if less suited to regulated institutional flows.
• Liquidity > rails: Real-time payments without real-time, flexible liquidity is incomplete; tokenized collateral, intraday FX swaps, and short-duration credit are essential to scaling 24/7 cross-border payments.
• Interoperability is the moat: Winners will bridge Web2 banking and Web3 infrastructure, making shared ledgers talk seamlessly to RTGS, RTP, stablecoins, and other chains to avoid liquidity fragmentation.

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

Watch on Youtube or subscribe via Apple Podcasts, Spotify or your favorite platform here. 

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

🚀 Product Announcements & Partnerships

a16z Crypto Leads $10M Investment in Privacy-Focused Blockchain Startup Seismic (read more)

Arx Research raises $6.1 million seed round to launch 'Burner Terminal' stablecoin and fiat point-of-sale device (read more)

Blockchain Startup Commonware Raises $25M from Stripe-Backed Tempo (read more)

Coinbase Ends Acquisition Talks for U.K.-Based BVNK (read more)

Paystand acquires stablecoin network Bitwage (read more)

Rain Acquires Uptop to Expand Stablecoin Payment Platform with Rewards Integration (read more)

📊 Market Trends

BNY Sees Stablecoins, Tokenized Cash Hitting $3.6T by 2030 Amid Institutional Adoption (read more)

Japanese Stablecoin JPYC Plans Massive $66B Expansion, Heavy Investment in Government Bonds (read more)

Nigerian Stablecoin cNGN Reaches $15M in Total Transfer Volume with 77% Monthly Growth (read more)

💸 Fundraises and M&A

Bancomat Unveils EUR-BANK Stablecoin for European Cross-Border Payments (read more)

BNY Mellon Expands Cross-Border Instant Payment Capabilities (read more)

Coinbase Launches Business Platform in Singapore, Revolutionizing SME Banking with Stablecoins (read more)

Coinbase Launches FSCS-Protected GBP Savings Account Offering 3.75% Yield (read more)

DBS and J.P. Morgan Partner to Create Cross-Chain Framework for Tokenized Deposits (read more)

Episode Six and Fireblocks Partner to Launch Unified Traditional-Digital Payments Platform (read more)

Europe's First Stablecoin Infrastructure ETP Launches on Major Exchanges (read more)

Figure Launches $YLDS on Solana: SEC-Registered Yield-Bearing Stablecoin (read more)

Fireblocks, Polygon, Solana, Stellar & TON Form $10T Consortium to Standardize Stablecoin Payments (read more)

J.P. Morgan Rolls Out JPM Coin Leveraging Coinbase's Base (read more)

MetaComp Launches StableX Network for Instant Cross-Border Settlement with Built-in Risk Intelligence (read more)

Monerium's EUR Stablecoin Partners with Finery Markets for Global Institutional Trading (read more)

Nium Partners with Visa for Stablecoin Settlement Pilot Program (read more)

Ripple Teams up with Mastercard, WebBank, and Gemini to Bring Stablecoin Settlement with RLUSD to Improve Fiat Payments (read more)

South Korea's NH NongHyup Bank pilots stablecoin-led tax refunds on Avalanche (read more)

Square Enables Bitcoin Payments for 4 Million U.S. Merchants via Lightning Network (read more)

Standard Chartered, DCS partner to support stablecoin credit card in Singapore (read more)

Sui to Launch Native Stablecoin USDsui with Bridge (read more)

Thunes Launches Global Fiat On/Off-Ramp Solutions for Digital Asset Platforms (read more)

Visa now supports stablecoin payouts for creators in new 'breakthrough' pilot (read more)

⚖️ Regulatory Developments

Australia must act on tokenization or be 'left behind,' ASIC chair warns (read more)

Bank of England Unveils Regulatory Framework for Systemic Stablecoins (read more)

Brazil to Regulate Stablecoins as Foreign Currency from 2026 (read more)

Canada Announces Regulatory Framework for Stablecoins in 2025 Budget (read more)

EBA Confirms EU Crypto Rules Sufficient to Address Stablecoin Risks Despite ECB Concerns (read more)

Fed Governor: Stablecoin Growth Could Lower Interest Rates (read more)

Italy's banks back digital euro, want costs spread over time (read more)

Japan's regulator backs joint stablecoin project by three major banks (read more)

Korea's KRW Stablecoin Legislation Stalled by Regulatory Turf Wars (read more)

Nebraska Issues First-Ever Digital Asset Bank Charter to Telcoin (read more)

Ripple Powers Hong Kong's e-HKD CBDC Pilot as HKMA Plans 2026 Stablecoin Licenses (read more)

Saudi Arabia Plans Regulated Stablecoin Launch with Central Bank Oversight (read more)

Singapore Central Bank to Launch Tokenized MAS Bills and Stablecoin Regulations in 2024 (read more)

South African Central Bank Governor Warns USD Stablecoins Threaten African Monetary Control (read more)

Swiss Government Proposes Major Regulatory Changes for Stablecoins and Crypto (read more)

Transak secures 6 new US state licenses as it expands stablecoin payments footprint (read more)

UAE Completes First Government Transaction Using Digital Dirham CBDC (read more)

UK FCA Approves ClearToken's Digital Asset Settlement Platform (read more)

🍻 Upcoming Events

• Wednesday 3 December, New York: Stablecon Salon vol 10

💬 Posts of the Week

📖 Reads of the Week

Report: Blockstories released European Banks & Stablecoins Report, a collection of 8 in-depth interviews with leading banks including BBVA, ING, Société Générale, and DZ Bank on their stablecoin strategies, offering transparent insights into how banks are approaching stablecoins.

Report: Yield Bearing Assets & Stablecoins Report 2025 by Redstone. Gauntlet, Stablewatch Tokenized Asset Coalition and DL Research

In his article, Everyone Is Wrong About Tokenized Bank Deposits, Omid Malekan, adjunct professor at Columbia Business School makes a good argument against tokenized deposits, particularly in the context of permissionless use cases. It’s a good primer for folks who want to understand how tokenized deposits might work, and the comments beneath the article provide some good rebuttals that overall provide a balanced perspective.