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:

• NYSE Plans 24/7 Tokenized Stock Trading Platform
• Bermuda Picks Circle and Coinbase to Go Fully Onchain
• Ep 16 of Money Code: Stablecoins Make Global Expansion a Single Integration w/ Joao Del Valle (EBANX)
• Product launches, partnerships and funding news from Ripple, LMAX Group, Goldman, Tether, Interactive Brokers, PayPal, Noble, and more.

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🏆 Top Stories

NYSE Plans 24/7 Tokenized Stock Trading Platform

Intercontinental Exchange (parent of the NYSE) announced plans to build a separate digital venue that pairs NYSE’s Pillar matching engine with blockchain-based post-trade systems to enable tokenized equities and ETFs, with 24/7 trading, instant settlement, dollar-sized orders, and stablecoin-based funding, pending U.S. regulatory approval.

Why it matters:

This is a regulated market-structure upgrade that uses blockchain to compress post-trade and enable new trading hours, but it does not deliver open finance (permissionless access, composability, censorship resistance).

• What’s unlocked vs not: ICE can deliver 24/7 access, faster settlement, dollar-sized orders, and stablecoin funding. It does not create a public, permissionless financial layer.
• Nasdaq contrast: Nasdaq is trying to tokenise inside the existing exchange wrapper (lower fragmentation risk). ICE is creating a parallel venue (faster iteration, more freedom, harder coordination questions).
• Clearing and control: ICE signals a push to upgrade clearing for round-the-clock markets and capture more post-trade workflow. US listed equities likely stay DTCC-compatible, given DTC’s tokenization pilot targeting H2 2026. 

Bermuda Picks Circle and Coinbase to Go Fully Onchain

The Government of Bermuda announced plans to become the world’s first “fully onchain” national economy, partnering with Circle and Coinbase to deploy digital asset infrastructure, enterprise tools, and nationwide education/onboarding across government, banks/insurers, SMEs, and consumers.

Why it matters:

This is a broader national payments rails upgrade across government, merchants, and FIs, far more substantial than the Marshall Islands’ on-chain UBI program, which was essentially a single G2C disbursement flow.This is also a rare, real-economy sandbox for regulated stablecoin adoption, not a single pilot inside one bank or PSP.

• Go-to-market proof: If USDC acceptance becomes routine, Bermuda becomes a repeatable template for high-fee micro-jurisdictions and tourism-heavy economies.
• Policy signal: Bermuda markets “clear rules + rollout support” as an economic strategy, pulling firms onshore and pressuring peers to modernize payments regulation.
• Platform wedge: Circle and Coinbase gain a national reference customer for compliant wallet UX, merchant tooling, and FI tokenization, strengthening enterprise sales motion.
• Important caveat: The program is described as voluntary and non-exclusive, so outcomes hinge on incentives and execution, not mandates.

📺 Money Code Podcast 

Ep 16: Stablecoins Make Global Expansion a Single Integration w/ Joao Del Valle (EBANX)

Stablecoins are many things, at their simplest they are a universal payment rail collapsing painful country-by-country rollouts into a single integration that can scale globally.

In episode 16 we’re joined by Joao Del Valle (CEO, EBANX) and Chris Harmse (CBO, BVNK) who operate at the intersection of emerging-market acceptance, global settlement, and payouts, where fragmentation drives cost, delay, and prefunding risk.

The unresolved question is what seeds liquidity and usage fast enough for stablecoin checkout to go mainstream. Stablecoin payments are still early, but when EBANX enables them for the world’s largest ecommerce merchants, millions of consumers in emerging markets will encounter stablecoins as a default option, giving the adoption flywheel room to compound over time. 

We decode

• How do stablecoins become “one payment rail for 100 countries” if mainstream users still do not have wallets?
• What happens when domestic RTP systems get excellent but cross-border interconnectivity stays broken?
• Can non-USD stablecoins win first through tokenized asset settlement rather than everyday payments?

What you’ll get

• A model for how PSPs prioritize stablecoins for pay-ins, payouts, and treasury operations.
• Hear why speed and predictability beat marginal basis-point savings in settlement.
• Insights into how liquidity, licensing, and corridor build-out actually constrain global expansion.

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:

📊 Market Trends

China-led cross-border CBDC platform mBridge surges past $55 billion in transaction volume: Reuters (read more)

Goldman is 'spending a lot of time' on crypto, prediction markets efforts, CEO Solomon says (read more)

Venezuela shows how locals turn to Tether-issued USDT stablecoin as governments wobble (read more)

ARK Invest Forecasts $22T Crypto Market Value by 2030 (read more)

BlackRock CEO Calls for Single Blockchain Standard for Global Asset Tokenization (read more)

White House Advisor: Banks Will Be Forced to Enter Crypto Due to Yield-Bearing Stablecoins (read more)

💸 Fundraises and M&A

Cork Raises $5.5M to Build Tokenized Risk Infrastructure for DeFi (read more)

OneDosh Secures $3M Pre-Seed to Build Stablecoin Payment Infrastructure (read more)

Ripple, LMAX Group strike deal to expand institutional stablecoin use with $150 million in financing (read more)

VelaFi Raises $20M Series B to Expand Global Stablecoin Infrastructure (read more)

🚀 Product Announcements & Partnerships

Bermuda teams up with Coinbase and Circle, aiming to build a 'fully onchain' economy (read more)

BIS Project Agorá enters testing phase for tokenized cross border payments (read more)

Interactive Brokers unlocks 24/7 funding with USDC, plans to rollout Ripple and PayPal stablecoins next week (read more)

Japan's Resona, JCB to bring stablecoin payments to everyday shopping (read more)

Noble to Launch Standalone EVM Layer 1 for Stablecoin Applications (read more)

NYSE-parent Intercontinental Exchange develops platform for 24/7 tokenized securities trading (read more)

Binance's CZ in Talks with 12 Nations for State Asset Tokenization (read more)

Circle Partners with UN to Transform Humanitarian Aid Delivery Using Stablecoins (read more)

DXC and Ripple Partner to Integrate Digital Asset Services into Core Banking Systems (read more)

Gusto Partners with Zerohash to Enable Stablecoin Payroll for Global Workers (read more)

LINE NEXT Partners with JPYC to Integrate Yen Stablecoin into Its Services (read more)

Ondo Finance Launches 200+ Tokenized Traditional Assets on Solana (read more)

Ripio Exchange Launches Local Currency Stablecoins in Latin America (read more)

Shinhan Investment Partners with Etherfuse to Launch Korean Government Bond-Backed Token (read more)

Solana and Fireblocks Partner to Offer Enterprise Treasury Solutions with Sub-Cent Settlement (read more)

WSPN Partners with HIFI to Enable Institutional Stablecoin-Fiat Conversions (read more)

⚖️ Regulatory Developments

Hong Kong to issue first batch of stablecoin licenses in Q1, finance chief says (read more)

Bank of England Unveils Strategic Stablecoin Regulations with Mixed Controls (read more)

Bank of Italy Governor: Banks Must Tokenize Money to Compete with Stablecoins (read more)

Federal Financial Education Institute Releases Framework for Tracking Money Laundering in Stablecoin Era (read more)

IMF Official: Stablecoins May Force Countries to Improve Monetary Policies (read more)

Iran's Central Bank Accumulated Over $500M in USDT Stablecoins, Reports Elliptic (read more)

UAE Launches Comprehensive Stablecoin Regulations with Payment Token Services Framework (read more)

📖 Reads of the Week

Report: Zero Hash releases The 2026 Stablecoin Momentum Report, a global research report examining how stablecoins have moved decisively into meaningful global, financial infrastructure.