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:

• JPMorgan Launches Tokenized Money Market Fund on Ethereum
• Visa Launches USDC Settlement for U.S. Banks
• DTCC Secures SEC Clearance for Tokenization, Launches Treasury Pilot on Canton Network
• Coinbase Becomes “Everything Exchange”, Launches Custom Stablecoins
• Ep 13 of Money Code: How Stablecoins Scaled Cross-Border Payments to $80B w/ Daniel Vogel (Bitso)
• Product launches, partnerships and funding news from Anchorage Digital, Circle, Coinbase, Fiserv, Galaxy, MoonPay, Moto, Nexo, RedotPay, Securitize, YouTube and more.

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🏆 Top Stories

So much news this week, let’s dive in:

JPMorgan Launches Tokenized Money Market Fund on Ethereum

J.P. Morgan Asset Management launched its first tokenized money market fund, My OnChain Net Yield Fund (MONY) on the Ethereum blockchain. 

The fund is seeded with $100M of JPMorgan capital, targets qualified investors only, and invests exclusively in U.S. Treasuries and Treasury-backed repos. 

Investors access the fund via Morgan Money, receive tokens directly to their wallets, earn daily-accruing yield, and can subscribe or redeem using cash or stablecoins (including USDC). 

The fund is powered by Kinexys Digital Assets, JPMorgan’s tokenization platform.

Why it matters:

This is the first tokenized MMF from a GSIB on a public blockchain, issued by the world’s largest bank. Expect tokenized MMFs to become a default building block for institutional onchain finance.

• Onchain yield becomes institutional-grade. Tokenized MMFs enable institutions to earn regulated treasury yield in a way that’s seamlessly interoperable with stablecoins. MONY tightens the loop between cash, yield, and settlement.
• Public chains clear the bar. JPMorgan chose Ethereum, reinforcing that public blockchains can meet GSIB standards when combined with permissioned access, transfer-agent controls, and KYC gating.

Visa Launches USDC Settlement for U.S. Banks

Visa launched stablecoin settlement for its U.S. banking network, allowing issuer and acquirer partners to settle VisaNet obligations using Circle’s USDC on Solana. 

This is the U.S. phase of a stablecoin settlement program that has reached a $3.5 billion annualized run rate as of Nov. 30

Initial participants include Cross River Bank and Lead Bank, with broader rollout planned through 2026. 

Visa is also a design partner for Circle’s Arc Layer 1 blockchain and plans to run a validator once it goes live, positioning Arc as a future settlement rail for Visa’s onchain commercial activity.

Why it matters:

Visa is normalizing stablecoins as banking infrastructure. Arc wins a powerful distribution partner.

• Stablecoins move from pilot to production. Visa is enabling 7-day settlement for U.S. banks, improving liquidity management and reducing prefunding needs without changing the consumer card experience.
• Solana wins institutional mindshare. Visa’s choice of Solana-native USDC, alongside JPMorgan, State Street, and Galaxy activity, reinforces Solana’s role as a high-throughput institutional settlement network.
• Circle gains infrastructure wedge. USDC settlement, Circle Mint, Arc, and validator participation tighten Circle’s proposition for institutional dollar rails beyond issuance alone.

DTCC Secures SEC Clearance for Tokenization, Launches Treasury Pilot on Canton Network

DTCC’s depository subsidiary, The Depository Trust Company (DTC), has received a three-year SEC No-Action Letter authorizing a controlled tokenization service for DTC-custodied assets. 

Beginning in H2 2026, DTC participants will be able to tokenize a defined set of highly liquid assets, including Russell 1000 equities, major index ETFs, and U.S. Treasurys, on pre-approved Layer 1 and Layer 2 blockchains, with tokens carrying the same legal entitlements, protections, and ownership rights as traditional securities. 

As an initial step, DTCC is launching a pilot in H1 2026 to tokenize U.S. Treasury entitlements on Digital Asset’s Canton Network, and has joined the Canton Foundation as co-chair alongside Euroclear, underscoring its intent to shape long-term institutional tokenization standards.

Why it matters:

The DTCC companies process almost $4 quadrillion of securities transactions and custody over $100T of assets. This is the core of U.S. market infrastructure moving onchain. 

• Legal finality preserved: Tokens mirror existing securities rights, avoiding the regulatory ambiguity that has limited prior tokenized equity efforts.
• Permissioned path to scale: Pre-approved chains, registered wallets, and a limited asset set favor incumbents and compliance over open access.
• Foundation for payments: DTCC explicitly signals future extensions, including stablecoin or tokenized deposit distributions, subject to approval.

Coinbase Becomes “Everything Exchange”, Launches Custom Stablecoins

Coinbase unveiled its most expansive product rollout to date, pushing beyond crypto into stocks, prediction markets, derivatives, custom stablecoins, tokenised RWA platform, and payments. 

Coinbase’s Custom Stablecoins  extend Coinbase from distributing USDC to issuing stablecoins as a managed service, letting partners launch branded, onchain dollars backed 1:1 by USDC and other USD-stablecoins, with Coinbase running issuance, custody, compliance, rewards, and payments infrastructure end to end.

Why it matters:

Coinbase is betting that control of the front door matters more than control of any single market.

• Distribution beats features: Trading stocks, prediction markets, perps, and DEX assets are increasingly commoditized. The durable advantage shifts to platforms that aggregate users and keep them inside one ecosystem.
• Robinhood vs. Coinbase convergence: Both are racing toward the same end state, a retail super-app for all assets, blurring lines between fintech, brokerage, and crypto exchange.
• Tokenization is the endgame: Stocks are framed as a bridge toward tokenized equities, not the destination. Coinbase Tokenize signals a longer-term push to own issuance and infrastructure.
• Stablecoins as plumbing: Custom Stablecoins and payment APIs put Coinbase in direct competition with Bridge, Paxos and Anchorage and others. Coinbase earns 100% of yield from their USDC holdings, meaning they can create a competive product with an asset that effectively works as a tokenized MMF.

📺 Money Code Podcast 

Ep 13: How Stablecoins Scaled Cross-Border Payments to $80B w/ Daniel Vogel (Bitso)

Long before stablecoins were taken seriously by incumbents, Bitso was already using them to move real money across borders at scale.

Bitso CEO Daniel Vogel joins us to explain how a company founded to fix cross-border payments evolved from early Bitcoin experiments into infrastructure now handling 10% of all US-to-Mexico remittances and more than $80B in annualized payment volume across Latin America.

Bitso is now betting that local-currency stablecoins (like MXNB and BRL1) will become the building blocks of onchain finance and a more competitive financial system. 

Daniel explains what it actually takes to scale these rails, and why builders should expect the next decade of payments innovation to come from emerging markets.

We decode:

• The composition of Bitso’s $80B payment volume
• How do you scale cross-border payments when liquidity, regulation, and technology mature at completely different speeds?
• Can local currency stablecoins outcompete entrenched local banking rails like SPEI? 

What you’ll get:

• A clear model for how Bitso built an $80B cross-border infrastructure business using stablecoins end-to-end.
• A practical lens for understanding when local-currency stablecoins matter.
• Builder lessons for navigating hype cycles, regulatory ambiguity, and liquidity fragmentation while still shipping durable products.

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

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

💸 Fundraises and M&A

Circle Signs Deal to Acquire Interop Labs Team and IP to Accelerate Cross-Chain Strategy (read more)

Fiserv Acquires StoneCastle to Link Banking, Merchant Services and FIUSD Stablecoin (read more)

RedotPay raises $100 million Series B to push global stablecoin payments (read more)

Moto raises $1.8M pre-seed round led by Eterna Capital & Cyber Fund (read more)

Nexo Agrees to Buy Argentina’s Buenbit to Expand Crypto Services Across Latin America (read more)

Paystand Acquires Bitwage: Stablecoins as Gateway to Enterprise Bitcoin Adoption (read more)

Tether Leads $8M Strategic Investment in Speed to Advance Lightning-Native, Stablecoin-Powered Payments (read more)

🚀 Product Announcements & Partnerships

Anchorage Digital to Serve as Issuer for OSL’s New U.S. Regulated Stablecoin, USDGO (read more)

BNY and Sygnum Partner to Bridge Traditional and Digital Finance (read more)

Coinbase Expands Beyond Crypto, Launches Stock Trading and New Financial Services (read more)

DTCC to Tokenize US Treasuries on Canton Blockchain Network (read more)

Exodus to Launch Native Stablecoin Managed by MoonPay in Partnership with M0 (read more)

JPMorgan Arranges Galaxy’s Tokenized Commercial Paper on Solana (read more)

JPMorgan Launches Tokenized Money Market Fund on Ethereum as Wall Street Moves Onchain (read more)

Marshall Islands Launches Digital Dollar UBI Program on Stellar Blockchain (read more)

Moody’s proposes stablecoin ratings framework focused on reserve quality (read more)

Noah and Fin.com launch fiat-to-stablecoin virtual accounts (read more)

Ondo Finance Expands Tokenized Stock Offerings to Solana (read more)

Pakistan Partners with Binance to Tokenize $2B in Government Assets (read more)

Paxos Partners with Mesh to Enable Verified Crypto Deposits (read more)

SBI and Startale to launch regulated yen stablecoin for global settlement (read more)

Securitize to Launch Natively Tokenized Stocks with Real Shareholder Rights in Q1 2026 (read more)

Singapore Gulf Bank Launches Zero-Fee Stablecoin Minting on Solana (read more)

Visa Launches Stablecoin Settlement in the United States, Marking a Breakthrough for Stablecoin Integration (read more)

Visa launches Stablecoins Advisory Practice to help institutions build stablecoin strategies: Fortune (read more)

Volt taps BVNK to add stablecoin acceptance to its checkout (read more)

YouTube Integrates PayPal's PYUSD for Creator Payouts in US (read more)

⚖️ Regulatory Developments

Australian Regulator ASIC Simplifies Stablecoin Rules, Removes Separate Licensing Requirements (read more)

Federal Reserve Reverses 2023 Crypto Restrictions on State Banks (read more)

OCC conditionally approves 5 national trust bank charters including for Circle and Ripple (read more)

PayPal, issuer of PYUSD, applies for Utah industrial bank license (read more)

SEC Approves DTCC to Launch Blockchain-Based Stock Tokenization Service (read more)

Stablecoins Get Backing From Cross-Party UK Lawmakers Urging Pro-Innovation Rules (read more)

U.S. FDIC proposes first U.S. stablecoin rule to emerge from GENIUS Act (read more)

UK aims to regulate crypto like financial products by 2027 (read more)

💬 Posts of the Week

📖 Reads of the Week

Bluechip released a report on The Ramping Bottleneck on stablecoin on/off ramps that maps the entire ramp stack, compares global cost structures and regulations, and shows why better ramps will unlock the next wave of stablecoin adoption.

Lattice, the venture capital firm, released a state of crypto venture report based on 1000's of announced rounds.

In How Banks Learned To Stop Worrying And Love Stablecoins, Christian Catalini, Co-founder of Lightspark and of the MIT Cryptoeconomics Lab, shares his take on a recently published research paper by Professor Will Cong of Cornell University arguing that fears of stablecoin-driven deposit erosion are overstated. Under proper regulation, stablecoins complement banks by preserving deposit stickiness, disciplining deposit pricing, and modernizing settlement infrastructure. Worth a read, especially for bank executives and policymakers evaluating the GENIUS Act.