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 partners with Securitize to develop 24/7 tokenized securities platform
Whop launches Aave-powered treasury with yield for 21M+ users
Money Code Ep 25: How Should Banks Respond to Stablecoins w/ Chris Dean (Treasury Prime)
Product launches, partnerships and funding news from Invesco, Monument Bank, MoonPay, NYSE, ParaFi, Payy, Securitize, Startale, Tether, XFX and more.
Want to master stablecoins and programmable money? Subscribe to our podcast for breakdowns, lessons and insights from the top builders in the space.
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
A Message From our Partner
Want to sponsor a newsletter? See our sponsorship information here.
🏆 Top Stories
NYSE Partners With Securitize to Develop 24/7 Tokenized Securities Platform
NYSE signed a memorandum of understanding with Securitize to co-develop a blockchain-based Digital Trading Platform for tokenized U.S. equities and ETFs. The platform targets 24/7 trading, instant on-chain settlement, fractional share purchases, and stablecoin-based funding. Securitize, backed by BlackRock and Ark Invest and registered with the SEC as a transfer agent, would be among the first firms eligible to mint tokenized securities on the platform. NYSE parent ICE is targeting late 2026 for regulatory approval.
Why it matters:
Two weeks after the SEC approved Nasdaq's tokenized trading pilot, NYSE announced its own platform. The two largest U.S. stock exchanges are now in a direct race to tokenize equities.
Competing architectures, same destination. Nasdaq is layering tokenization onto existing clearing infrastructure: trades still settle T+1 through NSCC/DTC, with tokenization as a post-trade step. NYSE is building a separate blockchain-based venue from scratch with native on-chain settlement. The architectural split will determine whether tokenized securities feel like a wrapper on the old system or a new market structure.
Stablecoin-funded capital markets. NYSE's platform uses stablecoins for funding and settlement, creating a direct pipeline between stablecoin liquidity and U.S. equities. Every dollar parked in USDC or USDT becomes potential margin for tokenized stock trading, 24 hours a day.
Securitize is consolidating the issuance layer. Securitize already manages tokenized funds for BlackRock (BUIDL), Franklin Templeton, and KKR. Becoming NYSE's minting partner for tokenized equities extends its position from alternative assets into mainstream listed securities. The firm is also pursuing a public listing via SPAC merger with Cantor Equitize Partners.
Whop Launches Treasury With Aave-Powered Yield for 21M+ Users
Whop, the social commerce platform powering 2.59 million businesses across 144 countries, launched Whop Treasury: a yield-bearing account that earns up to 6% APY on idle balances with no lockups. Revenue held in the platform converts to USDT0 on Plasma, routes through Veda vaults into Aave's lending markets, and compounds every second. Users see a live balance in their Whop dashboard. No wallets, no gas fees, no DeFi knowledge required.
Why it matters:
Whop is a mainstream creator economy platform, not a crypto company. Its 21 million users sell courses, memberships, and digital products. Treasury puts their revenue onto on-chain rails without asking them to learn what "on-chain" means.
DeFi scales by disappearing. Aave, Tether, MoonPay, and Plasma power the backend. Users see a dollar amount and an APY. The entire DeFi stack is invisible: biometric passkeys replace seed phrases, auto-transfers replace manual deposits, and Whop's dashboard replaces block explorers. This is the integration pattern that brings real capital onto on-chain lending markets.
Real revenue, real scale. Whop facilitated $3 billion in creator payouts and processes $80-100 million in monthly GMV. That idle merchant float now routes into Aave's lending pools instead of sitting in a Stripe balance. Tether invested $200 million in Whop in February 2026 at a $1.6 billion valuation and contributed its Wallet Development Kit for the self-custody infrastructure.
📺 Money Code Podcast
Ep 25: How Should Banks Respond to Stablecoins w/ Chris Dean (Treasury Prime)
Banks don't drag their feet on new tech by accident. Their whole system is designed to avoid unforced errors.
Chris Dean (CEO, Treasury Prime) sits at the interface where fintech demand hits bank constraints, and he sees what banks actually optimize for when stablecoins show up. The twist is that stablecoins are already leaking into bank flows through intermediaries, while most banks still debate them like a future scenario.
We decode
Why does "innovation" inside a bank mostly translate into risk-management latency?
Can new de novo banks really rebuild the stack, or will regulators force old-core gravity?
Chris' prediction for the future of US banking
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
Subscribe on Apple, Spotify and Youtube, or search Money Code wherever you get your podcasts. Don't forget to follow Money Code on X (@moneycodepod) and LinkedIn.
Read on for a round up of this week's news:
📊 Market Trends
Visa and Dune report finds non-USD stablecoins increasingly being used as money (read more)
💸 Fundraises and M&A
Invesco joins tokenization race as it takes over Superstate's $900 million onchain fund (read more)
ParaFi defies crypto market downturn with $125 million raise for new fund (read more)
Payy, stablecoin startup focused on private transactions, raises $6 million in seed funding (read more)
SBI, Sony back Startale's $63 million push to expand Japan's tokenized finance stack (read more)
XFX raises $17 million to help businesses go between cash and stablecoins (read more)
🚀 Product Announcements & Partnerships
Bank of Montreal plans tokenized cash platform (read more)
Coinbase launches stock perpetual futures for 'Magnificent 7' names (read more)
Deloitte Canada and Stablecorp collaborate on stablecoin infrastructure for Canadian financial institutions (read more)
Monument Bank to tokenize 250 million pounds of retail deposits in UK first (read more)
MoonPay open-sources the wallet layer for the agent economy (read more)
NYSE partners with Securitize to develop 24/7 tokenized securities platform (read more)
Perena launches USD Junior and USD Protected to tailor risk and returns (read more)
Ripple taps Singapore's central bank sandbox to test stablecoin-powered trade finance with RLUSD (read more)
Solana Foundation selects Modern Treasury as payments infrastructure partner (read more)
Tether signs Big Four accounting firm after years of criticism over reserves transparency (read more)
Whop launches treasury with Aave-powered yield for 21M+ users (read more)
⚖️ Regulatory Developments
Delaware lawmakers introduce bills to license stablecoin issuers, digital asset firms (read more)
ECB seeks experts to help integrate digital euro into ATMs, card payment terminals (read more)
Market structure bill compromise draws wide-ranging reaction from fractured crypto crowd (read more)
Stablecoin yield in Crypto Clarity Act won't allow rewards on balances, latest text says (read more)
🍻 Upcoming Events
Monday 7 April, Marrakech: Stablecon Salons — Marrakech Edition
💼 Stablecoin Jobs
Search 1,600 jobs across 60+ stablecoin related companies. Filter by stage, category, region and remote.
💬 Posts of the Week
📖 Reads of the Week
Visa and Dune Analytics published Beyond Dollarization, a data-heavy look at non-USD stablecoins. The headline number: non-USD stablecoin holder addresses grew from 40,000 to 1.2 million since January 2023, with monthly transfer volume hitting $10 billion. Euro stablecoins (EURC in particular) dominate at 85% of transferred value, but BRL, SGD, and JPY are accelerating. The key insight: 80% of non-USD stablecoin activity is payments and treasury flows, not DeFi. Weekend transfer drops mirror payroll cycles. These are being used as operational money.
Noah Levine (a16z crypto) argues in Entering the Era of the Headless Merchant that a new category of business is emerging: services with no storefront, no user accounts, no checkout page. Just an API endpoint and a price per call, built for AI agents. The Machine Payments Protocol (MPP) marketplace launched with 60+ agent-consumable services, and 913 agents executed 34,000+ transactions in the first week at prices ranging from $0.003 to $35 per request. Levine's argument: the payment rails for agent commerce now exist across cards, stablecoins, and Lightning. The bottleneck is no longer infrastructure. The opportunity is building the merchants.
