ANNOUNCEMENT: The Weekly Stable is now the Money Code newsletter!

The Weekly Stable is getting a new name! We’re now the Money Code Newsletter. 

Same analysis, same curated news, but with an added layer: insights directly from the founders, operators, and experts we talk to on the Money Code podcast. 

Whether you like reading, watching short clips, or listening to long-form conversations, Money Code now meets you where you are. 

If you haven’t already, subscribe to Money Code on Apple, Spotify and Youtube, and follow our pages on X (@moneycodepod) and LinkedIn. We’re looking forward to having you along for the journey!

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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:

• Sony Bank to launch USD Stablecoin
• Ep 11 of Money Code: How Stablecoins Fix Broken FX Markets w/ Chris Maurice (Yellow Card)
• Product launches, partnerships and funding news from BVNK, Coinbase, Fin, KAST, OpenPayd, Rain, Revolut, StraitsX, UPay, Zepz 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 

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📺 Money Code Podcast 

Ep 11: How Stablecoins Fix Broken FX Markets w/ Chris Maurice (Yellow Card)

We all know stablecoins are taking off for cross-border use cases and global dollar access in emerging markets. But do you actually know how they're used and why, beyond the surface-level stuff?

In episode 11 of Money Code we are joined by Chris Maurice, Founder and CEO of Yellow Card, a leading stablecoin payments company serving emerging markets.

Chris explains how stablecoins have replaced cash as the form factor for the dollar in Africa and other frontier markets, why the shift happened so violently fast, and what it means for banks, corporates, and fintech builders now racing to catch up.

We decode:

• How are stablecoins actually used in emerging markets? What are they replacing?
• Where do non-USD stablecoins make sense?
• Why do corporates treat stablecoins as dollars? And how critical is yield to holding them?

What you’ll get:

• A practical lens for how stablecoins aggregate liquidity, surface real FX prices, and repair the broken UX of cross-border dollars
• A clear model for where USD stablecoins dominate versus where local-currency stablecoins only work with bank-led distribution
• A simple framework for evaluating when corporates will hold stablecoins, when they won’t, and what product gaps still block mainstream treasury adoption

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. 

🏆 Top Stories

Sony Bank to launch USD Stablecoin

Sony Bank to issue dollar-pegged stablecoin in US just announced a USD-backed stablecoin initiative in the U.S., partnering with Bastion to handle issuance, reserves, and compliance.

They've been laying the groundwork for years:

• building on their own Ethereum L2 (Soneium)
• launching wallet infrastructure
• now leaning into stablecoin rails.

Their strategy is pretty clear. They aim to:

• Reduce dependence on card networks
• Embed finance directly into their gaming, digital content and creator ecosystems
• Start the long road toward a universal Sony wallet that works across all their digital properties

The upside is there. The US is over 30% of Sony’s $85B global revenue and margins are thin. In FY24 their gaming and entertainment divisions ran at c. 10% margins. Even a 100bps shift in economics would be a major win at Sony scale. But I’m skeptical about changing consumer behavior, especially in the US. The physics of payments inertia are powerful.

That said, Sony is well positioned to bundle incentives directly into the experience: discounted purchases, loyalty points, badges, status tiers etc. As long as they can make on ramps sufficiently low friction.

So yes, the motives make sense. The open question is adoption.

Do you think Sony can meaningfully displace card networks? Or will users stick with the habits they already have?

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

📊 Market Trends

Tether’s S&P Downgrade Triggers Online Firestorm as USDT Gets Weakest Score (read more)

Stablecoin Market Cap Headed for First Monthly Decline in 26 Months (read more)

💸 Fundraises and M&A

Fin (formerly Tiplink) raises $17M for global stablecoin app (read more)

Rain acquires Fern to improve on/off-ramps and cross-chain interoperability (read more)

🚀 Product Announcements & Partnerships

AMINA Bank Integrates Paxos’ USDG Stablecoin, Joins Global Dollar Network Alongside Leading Financial Institutions (read more)

BNP Paribas joins 10 EU bank stablecoin Qivalis. To launch H2 2026 after licensing (read more)

Coinbase Partners with Major U.S. Banks for Stablecoin and Crypto Integration (read more)

Falcon Finance Integrates Mexican CETES as First Non-USD Sovereign Collateral for USDf (read more)

Hong Kong Achieves Major Milestone in Tokenized Banking with First Real-World Transfer (read more)

KAST Launches Zero-Fee Payment Platform for Cross-Border Transfers in 150+ Countries (read more)

Navro adds stablecoin payments via BVNK integration (read more)

OpenPayd Partners with Altify to Enable Multi-Currency Fiat On/Off Ramps (read more)

Revolut Integrates Solana Payments and Staking for 65 Million Users (read more)

Sony Bank to issue dollar-pegged stablecoin in US (read more)

Startale USD (USDSC) Launches on Soneium, Built on M0 (read more)

StraitsX Partners with UPay to Enable Stablecoin Payments via Credit Cards (read more)

Unlimit Launches Stable.com to Bridge DeFi and TradFi Stablecoin Clearing (read more)

Visa Taps Aquanow to Expand Stablecoin Settlement Across CEMEA (read more)

Western Union Lays Out Four-Pillar Stablecoin Strategy at UBS (read more)

Zepz Partners with Bridge to Launch Stablecoin-Linked Visa Cards for Sendwave Wallet (read more)

⚖️ Regulatory Developments

Bolivia Reverses Crypto Ban, Integrates Stablecoins into Financial System (read more)

Canada to Introduce Regulatory Framework for Stablecoins by 2025 (read more)

China's Central Bank Intensifies Crypto Crackdown, Takes Aim at Stablecoins (read more)

FedMSB Launches the Stablecoin Standards Authority (SSA) (read more)

Israel’s Central Bank Signals Improved Stablecoin Oversight as Digital Shekel Plans Advance (read more)

South Korea Democrats Press Government to File Stablecoin Bill by Dec. 10, Eye January Passage (read more)

Taiwan Authorities Say Island's First Regulated Stablecoin Will Debut Next Year (read more)

U.S. FDIC Chief Says First Stablecoin Regulations Heading for Proposal This Month (read more)

UK now treats crypto and stablecoins as property under law, with protections like cash or real estate. (read more)

UK will force all crypto platforms to report every UK user transaction in 2026 (read more)

Uzbekistan to Recognize Stablecoins as Legal Tender in 2026 (read more)

📖 Reads of the Week

In Larry Fink and Rob Goldstein on how tokenisation could transform finance, the two BlackRock leaders make the case for tokenization, likening it to the early internet era and arguing that digital ledgers can unify market infrastructure, enable instantaneous settlement, and modernise paper-heavy private assets. When the leaders of the world largest asset manager have such conviction on a new technology, it’s worth paying attention.

In Tether in 2025: a Capital Analysis, Luca Prosperi, CEO & Co-Founder @ M0, dusts off his Investment Banking skills to analyze Tether’s balance sheet as a financial institution. He dissects Tether as an unregulated bank, estimating its risk-weighted assets and capital ratios to show where its balance-sheet buffer appears adequate, where it falls short of GSIB norms, and why proper assessment hinges on applying real Basel-style frameworks rather than solvency folklore. If you want to go deep on Tether’s structure, this one is for you.