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:

• TerraPay Launches Stablecoin-Native Flows with Fipto
• Money Code Ep 4: Building the Base Layer of Digital Money w/ Luca Prosperi (M0)
• Product launches, partnerships and regulatory news from Aleo, BNY, BVNK, Coinbase, Coinflow, Fasset, Jupiter, Paxos Labs, Takenos and more.

Got 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 

Want to sponsor a newsletter? See our sponsorship information here.

🏆 Top Stories

TerraPay Launches Stablecoin-Native Flows with Fipto

Global payments network TerraPay has introduced stablecoin-native cross-border flows in partnership with Fipto, a licensed blockchain payments infrastructure provider. After a year of pilots using a “stablecoin sandwich” (fiat → stablecoin → fiat), TerraPay clients can now fund payout partners directly in stablecoins, while recipients can choose to receive either stablecoins or local currency where regulations allow. The shift has already reduced settlement times and prefunding needs, improving treasury efficiency across TerraPay’s global network.

Why it matters

This marks one of the first major payment infrastructure players to embed stablecoins into its core treasury operations, signaling a structural shift in how global money movement companies manage liquidity.

• Validated Treasury Impact: Stablecoin flows release working capital tied up in pre-funded accounts and improve intraday liquidity for PSPs and MTOs operating across 150+ countries. This is no longer theory, after a year piloting the stablecoin sandwich, they found benefits in reduced transit time and reductions in working capital.
• Compliant Integration: TerraPay’s implementation, backed by Fipto’s licensed infrastructure, demonstrates how stablecoin adoption by traditional providers can remain compliance-first within regulated frameworks.
• Rail Flexibility: By integrating stablecoins at the infrastructure layer, TerraPay allows its PSP and MTO partners to benefit from faster, cheaper settlement without changing their own systems, illustrating how interoperable, backward-compatible plumbing accelerates ecosystem-wide adoption

TerraPay’s post-pilot adoption shows that stablecoins benefits are no longer experimental. Although they’re not one size fits all, stablecoins are being used to improve capital efficiency in corridors where it makes sense and as an additional payment rail for customers who are seeing that demand. As more corridors and customers come online the potential for benefits increases as highlighted by TerraPay Head of Treasury, Sanjeev Gupta, “Even if adoption starts small, every new corridor or partner amplifies the efficiency gains across our global network”.

I expect stablecoins will operate alongside traditional systems for a very long time, pulled into flows where there’s the highest ROI. We’re at the early stages of the S curve, but each successful pilot and infrastructure integration moves us closer to a world of seamless, realtime, global financial infrastructure. 

📺 Money Code Podcast 

Ep 4: Building the Base Layer of Digital Money w/ Luca Prosperi (M0)

Stablecoin issuance is becoming commoditized. How can issuers build sustainable moats?

In Episode 4 of Money Code, we spoke with Luca Prosperi, CEO and Co-Founder of M0 — the stablecoin issuance protocol behind MetaMask USD and USD.AI, now surpassing $870 million in supply in aggregate.

We discussed how M0 is redefining the stablecoin stack: separating issuance from distribution, building a shared liquidity layer, and enabling any platform to “own its dollar” on non-custodial rails. Luca also shared how MetaMask USD came together with Bridge (Stripe), the philosophy behind M0’s reserve model, and what this shift means for Circle, Tether, and the broader market.

Key takeaways

• The Shift From “Stablecoins as Products” to “Money as Infrastructure” – Stablecoins are evolving into a shared, programmable base layer that connects value across apps and chains.
• The Power Shift: From Issuers to Distributors – Issuers become low-margin utilities, while wallets and apps that control distribution capture the real economics.
• Shared Liquidity is the New Network Effect – Every M0-powered stablecoin draws from the same underlying asset, compounding liquidity instead of fragmenting it.
• The Non-Custodial Future of Finance – Wallet-centric systems can now launch new financial products in weeks, not years, thanks to programmable, non-custodial rails.
• Where Stablecoins Beyond the Dollar Will Emerge and Why – The dollar will dominate cross-border flows, but large markets like Brazil, India, and Indonesia will adopt local-currency stablecoins, not as an inflation hedge but because the rails are better infrastructure.

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

Aleo and Paxos Labs Launch Privacy-Focused Dollar Stablecoin Aimed at Institutions (read more)

Coinbase App Enables Peer-to-Peer Payments with USDC Stablecoin (read more)

North Dakota to Issue Stablecoin With Fiserv as Digital Dollar Trend Expands (read more)

Trump-Linked World Liberty Financial’s Stablecoin Faces Scrutiny Over Weak Attestation Standards, Says NYDIG (read more)

BNY Explores Tokenized Deposits as Blockchain Payments Catch On (read more)

Jupiter launches JupUSD stablecoin with Ethena Labs on Solana (read more)

TerraPay Becomes One of the First Global Payment Leaders to Adopt Stablecoin-Native Flows with Fipto (read more)

💸 Fundraises and M&A

Takenos Announces 5M Seed Round Led by Lattice and Variant (read more)

Stablecoin startup Coinflow raises $25 million to challenge Stripe (read more)

Citi Ventures backs stablecoin firm BVNK as Wall Street warms to crypto (read more)

📈 Stablecoin Adoption

All currencies will be stablecoins by 2030, Says Tether Co-Founder Reeve Collins (read more)

Standard Chartered Estimates $1 Trillion Could Exit Emerging Market Bank Deposits for U.S. Stablecoins by 2028 (read more)

Tether CEO Predicts USAT Stablecoin Will Reach $1 Trillion by 2030 (read more)

Yield-Bearing Stablecoins Reach New All-Time High, Supply Up 33% in Two Months (read more)

Stablecoins may drum up $1.4 trillion of extra dollar demand by 2027, JPM says (read more)

⚖️ Regulatory Developments

Coinbase Pursues OCC Federal Charter to Bridge Innovation Between Crypto and TradFi (read more)

Dubai’s Fasset Secures License for World’s First Stablecoin-Powered Islamic Digital Bank in Malaysia (read more)

ECB picks providers for digital euro components (read more)

India to Introduce RBI-Backed Digital Currency For Faster Transactions (read more)

Euro zone ministers to look at how to boost euro stablecoin issuance (read more)

Bank of England to Ease Stablecoin Cap Rules Amid Pressure to Match U.S. Regulations (read more)

U.S. Senators Get 250K Letters Calling for Protection of Stablecoin Yields (read more)

🍻 Upcoming Events

Monday 13 October, London:  Stablecon Salon: London Edition

Thursday 16 October, Washington DC: Stablecon Salon: Washington DC Edition

Monday 27 October, Las Vegas: Roadshow to Stablecon: Stablecoin Day

💼 Opportunity of the Week

Breez is launching a global developer challenge with a $25k prize pool to bring bitcoin to open-source apps in partnership with Tether, Lightspark, Plan B, Fulgur Ventures and others. 

Submission deadline is Nov 15, 2025. Find more details here.

💬 Posts of the Week

📖 Reads of the Week

In Why Do So Many Global Payments Still Require a Layover in New York?, Chris Maurice, CEO of Yellow Card, offers a policy-oriented explainer arguing that correspondent banking has become an outdated bottleneck in global payments and that regulated, fully reserved dollar stablecoins can modernize cross-border settlement—an insightful read for policymakers and financial institutions seeking to preserve U.S. dollar leadership.

In Letter: UK stablecoin issuer responds to BoE governor, Tom Rhodes, Chief Legal Officer at Agant Finance, provides a pointed rebuttal to Governor of Bank of England, Andrew Bailey’s prior opinion piece. Tom argues that the governor mischaracterizes stablecoins’ legal and financial structure and clarifies several key points about stablecoin collateral, design and risk offering a valuable corrective for regulators and policymakers shaping UK stablecoin policy.