Welcome to another edition of The Weekly Stable, the essential source of stablecoin insights, analysis and news coverage for global fintech professionals, brought to you by This Week in Fintech.

This week we cover:

• Remitly partners with Bridge to integrate stablecoins for treasury, payouts and wallets
• Why the SEC’s Project Crypto will drive trillions of stablecoin supply
• Product launches, partnerships and regulatory news from BVNK, Corpay, Ethena, FedEx, Figure, Flywire, Gate, KakaoBank, MetaMask, Slash, Stable, Visa and more.

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🏆 Top Stories

Remitly Follows Western Union in Stablecoin Push, Partners with Bridge

Remitly is rolling out stablecoin functionality across its platform, including USDC for internal treasury operations, stablecoin payouts via Bridge (Stripe), and a new Remitly Wallet to let users store USD and stablecoins. The wallet and payout features go live in September. This mirrors Western Union’s recent announcement to explore stablecoins for treasury and on/off-ramps, but Remitly has moved faster to productize and announce its stablecoin partner.

Why it matters: 

Stablecoins experiments are going live with the remittance giants, combining modern solutions with existing distribution

• Treasury first: Both WU and Remitly are using stablecoins to improve FX flows, reduce pre-funding needs, and increase working capital efficiency.
• Dollar access and storage: Remitly is using stablecoins to meet a clear customer need; giving remittance users, many of whom live in economies with volatile currencies, the ability to store and preserve value in USD.
• Stablecoin payouts: Remitly will allow outbound transfers to stablecoin wallets, expanding its fiat payout capabilities beyond bank, mobile wallet and cash pickup and drop off.
• Distribution advantage: These companies already have trusted KYC, compliance, and local payout networks, making them an obvious bridge to bring Web3 tools to Web2 users.

The Bottom Line:

Strategically, this isn’t about picking between stablecoins and fiat. It’s about giving users (and treasury teams) choice and convenience. Fund, receive and save how you want. As new players push into remittances with stablecoin-native models, incumbents are defending their ground by integrating the same tools into trusted platforms. The winners will be those who offer seamless choice, not ideological purity. Most customers don’t care about stablecoins per se, they just want to send and save cheaply and conveniently.

As a side note: it’s going to be really interesting to watch what Wise does next. They’ve historically been very neutral (leaning skeptical) about stablecoins, but Remitly is arguably their closest competitive threat. Wise is obviously all over stablecoins, there’s too much at stake for them not to understand it deeply, but so far they haven’t made any (public) moves, possibly due to banking relationships or because they don't see the ROI.

If this continues, we’re going to get the closest thing to a live A/B test and it’ll be interesting to track Remitly’s progress over the next few quarters. 

Get the popcorn ready!

SEC’s Project Crypto Could Reshape Wall Street’s Digital Future

In a landmark speech, SEC Chair Paul Atkins unveiled “Project Crypto,” a sweeping initiative to modernize U.S. securities regulation for the blockchain era. The plan would classify most crypto assets as non-securities, create a unified licensing framework for broker-dealers, and rewrite rules to integrate decentralized finance into the regulated system. Bernstein called it “the boldest and most transformative crypto vision” ever from a U.S. regulator.

Why it matters: 

This is a foundational shift in U.S. market structure. It signals a wholesale embrace of blockchain infrastructure, removing key bottlenecks and legitimizing the financial use cases that blockchain advocates have long touted.

• Clear asset classification: Ends the paralysis caused by Howey ambiguity. Most tokens are not securities. New categories (e.g., digital commodities, stablecoins, digital collectibles) will unlock confident product development and capital formation.
• Tokenized securities regime: The SEC will actively support the creation of tokenized equities and debt within the U.S., eliminating the need for offshore workarounds and legal gymnastics.
• Unified licensing: Broker-dealers can offer trading, staking, lending, and stablecoins under a single federal license (“Reg-Super App”), consolidating fragmented compliance frameworks.
• Regulated DeFi integration: Most radically, the SEC will begin rewriting financial rules to support onchain infrastructure, including automated market makers and tokenized lending protocols, within the regulated system. This is the onramp to 24/7 markets, instant settlement, and cross-asset collateralization.
• Trillions in Stablecoins: As capital markets move onchain, stablecoins emerge as the core settlement layer—powering trading, settlement, and movement across tokenized assets. Whether in the form of tokenized deposits or other structures, onchain capital markets will push supply well into the trillions.

The US is open for (onchain) business:

For the first time, U.S. regulators are seriously opening the door to a blockchain-native financial system. For nearly a decade, tokenization remained an ambition stalled by legal uncertainty and regulatory resistance. 

Project Crypto sets the tone and is a bold vision for the future: 

• It brings legal clarity, structural reform, and a credible regulatory path for both startups and institutions.
• It invites real innovation and competition into capital markets, challenging the regulatory moats of legacy infrastructure with programmable, composable alternatives.
• It welcomes global builders back and reasserts American leadership in financial modernization.

This is the catalyst the industry has been waiting for. The era of onchain capital markets in the U.S. has finally arrived, and with it, US stablecoin adoption.

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

🚀 Product Announcements & Partnerships

Coinbase launches 'Embedded Wallets' for developers with built-in swaps and onramp (read more) 

BVNK Partners with Nasdaq-Listed Flywire to Enable Stablecoin Payments Across Global Network (read more)

Ex-Apple Engineer Unveils Privacy-Focused Crypto Visa Card (read more)

FedEx Embraces Stablecoin Payments with JPMorgan’s Kinexys Platform (read more)

MetaMask Could Be Building a Stablecoin With Payment Giant Stripe (read more)

Remitly Harnesses the Power of Stablecoins for Cross-Border Payments (read more)

U.S Neobank Slash Debuts Stablecoin with Stripe's Bridge for Global Business Payments (read more)

Visa Expands Settlement Platform to Stellar, Avalanche, Adds Support for 3 Stablecoins (read more)

Gate Joins Global Dollar Network (read more)

KakaoBank signals entry into South Korea’s stablecoin market amid regulatory push (read more)

Corpay and Circle Collaborate to Bring Stablecoin Payments to Global FX and Commercial Card Rails (read more)

💸 Fundraises and M&A

Tether-focused Layer 1 Stable raises $28 million seed round to boost USDT adoption (read more) 

Blockhain-Based Loans Firm Figure Files Confidential Submission for IPO (read more)

Citigroup, JP Morgan, Goldman Sachs lead TradFi's blockchain charge (read more)

⚡ Stablecoin Adoption 

From skeptic to supporter: JPMorgan CEO now a 'believer' in stablecoins, blockchain (read more)

Coinbase's Q2 earnings point to shrinking USDC margins for Circle (read more)

Ethena’s USDe jumps to third-largest stablecoin as market cap surges 75% to $9.3 billion in past three weeks (read more)

Stablecoins accounted for 90% of salaries paid in crypto in 2024: Pantera survey (read more)

Coinbase to levy 0.1% fee for USDC to US dollar swaps over $5M (read more)

Transfers with rouble-backed stablecoin A7A5 pass $40 billion after July spike (read more)

⚖️ Regulatory Developments

SEC updates staff guidance to account for USD stablecoins as cash equivalents (read more) 

China tests out stablecoins amid fears of capital outflows (read more and here)

Coinbase, PayPal Press Forward With Stablecoin Rewards Despite GENIUS Prohibitions (read more)

Hashkey CEO: China Will Re-engage with Crypto, starting with Stablecoins and RWA (read more)

Hong Kong's Stablecoin Rules Kick In as It Looks to Establish Its Crypto Credentials (read more)

South Korea passes major tokenized securities law (read more)

Bernstein says SEC's Project Crypto could rewrite the rules of Wall Street (read more)

BIS Warns of Regulatory Gaps as Stablecoin Use Grows Across Borders and Asset Markets (read more)

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💬 Posts of the Week

Need to send money? | Peter Glyman posted on the topic | LinkedIn

Need to send money? Made a helpful flowchart for choosing payment methods 🤔 | 38 comments on LinkedIn

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📖 Reads of the Week

In American Leadership in the Digital Finance Revolution, Paul S. Atkins, Chairman of the SEC, delivers a strategic address announcing “Project Crypto,” a Commission-wide initiative to modernize securities regulation and onshore crypto innovation by aligning rules with blockchain-based markets, facilitating tokenization, and embracing super-apps, decentralized finance, and innovation exemptions

In Stablecoins in Africa (Part II): The case for local stablecoins, Yoseph Ayele, Founder & Managing Partner at LAVA, presents a strategic analysis that argues local currency stablecoins are essential for reducing dollarization risks, enabling intra-African trade, and unlocking credit markets—an expansive and deeply researched case valuable for fintech operators, investors, and regulators seeking to build sustainable, sovereign digital finance systems across Africa.