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

This week we cover:

• SWIFT Unveils Blockchain at Sibos 2025
• Product launches, partnerships and regulatory news from Brex, Cloudflare, EBANX, Grab, Notabene, PayPal, Phantom, Societe Generale, Spark, Stripe and more.

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🏆 Top Stories

SWIFT Unveils Blockchain at Sibos 2025

At Sibos 2025, SWIFT announced it will add a blockchain-based ledger to its infrastructure. Built with Consensys and 30+ major banks including JPMorgan, HSBC, and Deutsche Bank, the system aims to enable 24/7 cross-border settlement, integrate with CBDCs, and support tokenized assets. SWIFT says the ledger will be interoperable with both existing banking systems and public/private blockchains.

Why it matters:

This is SWIFT’s strongest pivot yet toward blockchain, positioning itself against stablecoin rails and emerging L1/L2 payment networks. Execution will be the real test.

• Defensive move: Stablecoins and blockchain networks have begun to bypass SWIFT; adopting blockchain is a bid to stay central to global flows.
• Adoption channel: With 11k+ member banks, SWIFT could onboard institutions into tokenized assets faster than new entrants.
• Execution risk: However, building and running live, programmable ledgers is a very different skillset from messaging. A key thing to watch out for is whether they can bring in the right talent and whether they'll resource the initiative sufficiently to make it a success.
• Limits of reach: Many flows that drive stablecoin usage, capital control avoidance, grey-market FX, retail remittances, will remain outside SWIFT’s remit.

For fintechs and stablecoin players, the signal is clear: incumbents are no longer ignoring blockchain technology, rather, their participation is an endorsement. Whether they have the ability to execute remains to be seen.

📺 Money Code Podcast 

Ep 3: Breakdown of BVNK's journey from $0 to $20b in payment volume w Chris Harmse

$20B in annualized payments. 250% year-on-year growth. BVNK has quietly become one of the biggest stablecoin infrastructure providers in the world.

In Episode 3 of Money Code, we sit down with Chris Harmse, co-founder and Chief Business Officer of BVNK, to unpack how enterprise adoption of stablecoins is playing out in practice. 

We cover:

• Where $20B of stablecoin volume is really coming from.
• How PSPs and global merchants are weaving stablecoins into their payment flows.
• The tension between global demand for dollar-backed wallets and local regulatory pushback.
• The missing “payment primitives” (chargebacks, subscriptions, privacy) that need to be solved before consumer e-commerce can take off.

Key takeaways

• Start small, scale fast – Most enterprises pick one use case (like treasury settlements or payouts), prove it out internally, then expand to wallets, yield, and spend.
• Stablecoins are winning volume away from fiat – Volumes are shifting from traditional APMs and card rails, while also enabling entirely new products.
• Abstraction matters – Enterprises don’t want to manage custody, keys, or gas fees. Providers like BVNK succeed by hiding the crypto complexity.
• Consumer payments are the next frontier – To reach $1T+ in TPV, stablecoins must work natively at e-commerce checkout and point-of-sale.

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 your favorite channel here: http://moneycode.show

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

🚀 Product Announcements & Partnerships

EBANX is launching its stablecoin products and solutions (read more)

Brex to Enable Stablecoin Payments on Its Platform (read more)

Circle Examines Ways to Reverse Transactions to Counter Fraud, Disputes: FT (read more)

Cloudflare unveils NET Dollar stablecoin for AI internet economy (read more)

Conflux to Pilot Offshore Yuan Stablecoins, Targeting $42M Issuance by Year-End (read more)

Crypto Compliance Firm Notabene Introduces Platform for Stablecoin Payments (read more)

Deutsche Börse Group Partners with Circle to Drive Stablecoin Adoption in Europe (read more)

Google AI Tests Stablecoin Payments for Autonomous Agents (read more)

Grab Now Lets You Top-Up Your Wallet with Stablecoins (read more)

Naver to Acquire Dunamu, Upbit's Operator, for Stablecoin Ecosystem (read more)

OKX SG Brings USDT and USDC Scan-to-Pay to Singapore’s Everyday Shopping (read more)

Phantom launches CASH, a stablecoin built for everyday use (read more)

Plasma Climbs to Top 6 Blockchains by TVL Surpassing Base & Arbitrum (read more)

Six largest UK banks start live tokenized deposit pilot GBDT (read more)

Societe Generale’s Crypto Arm Deploys Euro and Dollar Stablecoins on Uniswap, Morpho (read more)

Spark joins forces with PayPal to grow PYUSD supply by $1 billion within the coming weeks. (read more)

Stablecoin Market Could Reach $4 Trillion by 2030, Citi Says in Revised Forecast (read more)

Stripe to Enable Stablecoin Launches, Applies for Federal Bank Charter (read more)

Visa pilots stablecoin payments for businesses sending money abroad (read more)

World Liberty Financial to Tokenize RWAs with USD1 Stablecoin Pairing (read more)

💸 Fundraises and M&A

Foresight Ventures Launches $50M Stablecoin Infrastructure Fund (read more)

Stablecorp Secures $5M to Accelerate the Rollout of Canada’s First Stablecoin (read more)

⚖️ Regulatory Developments

China Inaugurates Digital Yuan Operation Centre to Push CBDC Integration: Report (read more)

Fed Governor Christopher Waller: Private Sector Better Able to Innovate on Stablecoins (read more)

Merz and Macron Are Right. The Internet of Value Needs Global Stablecoin Alignment (read more)

Widely-used stablecoins need to be regulated like money, BoE's Bailey says (read more)

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📖 Reads of the Week

Citigroup Releases Report: Stablecoins 2030 — Web3 to Wall Street