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:
SoFi launches "Big Business Banking," the first nationally chartered bank offering unified fiat and stablecoin enterprise banking
$286M+ raised across eight stablecoin infrastructure deals in a single week
Money Code Ep 26: Stablecoin M&A: There's No Winner-Take-All w/ Itai Turbahn (Dynamic / Fireblocks)
Product launches, partnerships and funding news from BitGo, Coinbase, Convera, Kulipa, Midas, Nium, OpenFX, Ramp, Tazapay, Valinor and more.
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🏆 Top Stories
SoFi Launches "Big Business Banking," First National Bank to Offer Unified Fiat and Stablecoin Enterprise Banking
SoFi Technologies launched Big Business Banking, an enterprise platform that combines regulated deposit accounts with 24/7 stablecoin settlement on a single nationally chartered bank.
The product lets businesses hold fiat, mint/burn SoFiUSD (the bank-issued stablecoin launched in December 2025), and settle across both rails through one interface.
Launch partners include Cumberland, Galaxy, Wintermute, BitGo, Fireblocks, Jupiter, Mesh Payments, and Mastercard, which will use SoFiUSD as a settlement option across its Multi-Token Network.
Why it matters:
SoFi holds three things no other entity combines: a full OCC national bank charter, a full Fed master account, and a bank-issued stablecoin. That regulatory stack puts it in a category of one.
The risk calculus flipped. Two years ago, crypto banking was toxic. Then Congress confirmed Operation Chokepoint 2.0 and took steps to reverse it. OCC, FDIC, and the Fed withdrew anti-crypto guidance. The GENIUS Act passed. Eleven OCC charter applications landed in 83 days. SoFi moved first with the strongest regulatory position of any player in the space.
Fiat and stablecoins converging on regulated rails. SoFi is issuing a stablecoin and settling Mastercard transactions in it. Cross River is running Visa stablecoin pilots. Ramp is letting 50,000 businesses pay vendors in USDC. The pattern is consistent: stablecoins aren't replacing banks. Banks are absorbing stablecoins.
Concentration risk is worth watching. If SoFi becomes a primary deposit bank for institutional crypto, that's a potential single point of failure. SoFi's consumer lending and banking provide diversification SVB never had. Other banks will enter and firms will diversify across providers. But for now, a $51B bank absorbing counterparty risk that $3T banks still reject deserves scrutiny as the book grows.
$286M in Stablecoin Infrastructure Funding in a Single Week
Eight stablecoin and payments infrastructure companies raised a combined $286M+ this week: OpenFX ($94M), Midas ($50M), Tazapay ($36M), Valinor ($25M), XFX ($17M), Better Money Co ($10M), Latitude ($8M), and Kulipa ($6.2M).
None of them are building new stablecoins. All of them are building the plumbing around existing ones.
Why it matters:
The stablecoin token wars produced a handful of winners (so far). The capital is now chasing what sits between those tokens and the real economy.
Infrastructure, not tokens. Every deal funds a different piece of the stack: on/off-ramps, clearing, card issuing, credit, last-mile delivery, cross-border settlement. The pattern across all eight is the same: stablecoins have won as a settlement medium. The money is in making them usable.
Cross-border payments dominance. Five of eight deals target cross-border corridors. OpenFX processes $45B in annual volume. Tazapay serves 1,000+ enterprise clients in emerging markets. Latitude offers 50bps flat payouts to 50+ countries. Cross-border flows are the consensus bet.
Issuers funding their own distribution layer. Circle Ventures led Tazapay's Series B extension. Coinbase Ventures appeared in three deals. Tether has been on an investing spree of its own. The stablecoin issuers are investing downstream, backing the companies that push USDC and USDT into payment flows they can't reach alone.
Traditional VC showing up. Accel and Atomico co-led OpenFX. NEA led Latitude. Lightspeed Faction showed up in two deals. Castle Island led Valinor. Stablecoin infrastructure is attracting generalist capital alongside the crypto-native funds.
📺 Money Code Podcast
Ep 26: Stablecoin M&A: There's No Winner-Take-All w/ Itai Turbahn (Dynamic / Fireblocks)
What used to take years of fintech infrastructure work now takes an hour with an SDK and global-first blockchain rails.
Itai Turbahn founded Dynamic, the embedded wallet company now inside Fireblocks, where 15% of all global stablecoin movement flows through their systems. As non-crypto companies, from remittance platforms to creator marketplaces, start pulling on these rails, the question shifts from "should we adopt stablecoins" to "how fast can we acquire the stack."
We decode:
The four things building with AI can't shortcut: why cryptography, security, compliance, and simplicity remain the moats even as tech costs approach zero
From risk management to innovation function: how the world's largest marketplaces are reframing payments, and why embedded wallets are the starting point
No winner-take-all: why M&A from Mastercard-BVNK to Fireblocks-Dynamic reflects a fragmented market where every player attacks from a different angle
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
BIS report links stablecoins and FX markets with financial stability implications (read more)
Federal Reserve paper examines payment stablecoins and cross-border payments implications for monetary policy (read more)
Standard Chartered says stablecoin usage rising faster than expected as new use cases emerge (read more)
💸 Fundraises and M&A
Better Money Co raises $10M led by a16z crypto to build stablecoin clearinghouse infrastructure (read more)
Franklin Templeton agrees to buy CoinFund spinoff to expand crypto investment offering (read more)
Kulipa raises $6.2M seed round for stablecoin card issuing infrastructure platform (read more)
Latitude raises $8M for stablecoin-based "Global Payouts" platform (read more)
Midas raises $50M Series A, launches liquidity layer for tokenized assets (read more)
OpenFX raises $94M to expand stablecoin-powered cross-border FX payments (read more)
Tazapay raises $36M Series B extension led by Circle Ventures (read more)
Valinor raises $25M seed to build blockchain-based private credit infrastructure for the stablecoin ecosystem (read more)
🚀 Product Announcements & Partnerships
Anchorage becomes first federally chartered US firm to bring Tron "inside the regulatory perimeter" (read more)
BitGo launches stablecoin minting and redemption for institutions (read more)
Bitget Wallet debuts stablecoin payments infrastructure integrating with Ripple, Mastercard, Tether and others (read more)
Bridge adds GBP support for on/offramps, virtual accounts, and stablecoin workflows (read more)
Coinbase AI payments system joins Linux Foundation, gathers support from Google, Stripe, AWS and others (read more)
Convera partners with Ripple to enable stablecoin-based cross-border payments (read more)
MiniPay launches WalletConnect Pay support for users across Africa and beyond (read more)
Mitsubishi adopts JPMorgan's Kinexys blockchain network for global payments (read more)
Nium launches dual-network (Visa + Mastercard) stablecoin card issuance platform (read more)
Ramp launches stablecoin accounts letting businesses hold USDC, earn yield, and pay vendors globally (read more)
Rain partners with Episode Six to expand stablecoin card programs in Asia-Pacific (read more)
Ripple launches treasury management system with native digital asset capabilities (read more)
SoFi announces 24/7 banking hub that blends traditional cash with crypto (read more)
Swift says blockchain-based shared ledger will go live with real transactions this year (read more)
Thunes rolls out instant cross-border payouts for global workers including stablecoin wallets (read more)
Wirex teams with Crossmint to enable easier spending via stablecoins (read more)
⚖️ Regulatory Developments
💼 Stablecoin Jobs
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