Hi stable subscribers, 

Welcome to another edition of The Weekly Stable, the #1 source for stablecoin insights brought to you by This Week in Fintech.

Each week, over 90,000 fintech professionals rely on us for clear analysis, thoughtful perspectives, and steady coverage of the stablecoin space—going beyond the news.

This week we explore the relationship between US treasury yields and stablecoin treasury demand, as well as a round up of product launches, partnerships and regulatory news from Binance, BlackRock, Bybit, Circle, Coinshift, Fireblocks, MiniPay, Modern Treasury, Sling Money, Squads and more.

Enjoy this week’s news below and let us know about any other feedback/suggestions you have.

(Find us online at @chuk_xyz, linkedin/chuk-okpalugo, @thestablecon and linkedin/stablecon)

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🏆 Top Stories

Stablecoins, Spiking Yields, and the GENIUS Timing

This week, two seemingly unrelated events collided in a telling way. First, Moody’s stripped the U.S. of its last AAA credit rating, citing unsustainable deficits and rising interest costs. Bond markets responded with the 30-year Treasury yield briefly crossing 5% for the first time since 2023, signaling growing investor concern over the government’s fiscal trajectory.

At the same time, the U.S. Senate advanced the GENIUS Act with strong bipartisan support. Trump advisor David Sacks claimed the bill could unlock “trillions of dollars” in new demand for Treasuries by giving regulatory clarity to dollar-backed stablecoins.

Though the timing isn’t causal, it’s provocative. With rising focus on the worsening fiscal trajectory, Stablecoins are increasingly being reframed not just as payment innovation, but as potential buyers of US debt, a kind of private, programmatic debt monetization. As macro uncertainty builds and traditional demand for Treasuries softens, the idea that on-chain dollars could become a fiscal lifeline is gaining political traction. Expect to see it more regularly.

PayFi Disrupting Fintech and Payment Industry: 5 Takeaways

This Tuesday, at the PayFi Summit hosted by Solana and Huma Finance, I had the pleasure of joining stablecoin industry veterans Anthony Yim (Artemis), Raj Parekh (Portal), Joao Reginatto (M0) and Joshua Solesbury (ParaFi Capital), to discuss how stablecoins are disrupting fintech and payments.

Here were my key takeaways:

We’re just scratching the surface

• The total addressable market, whether $13T in offshore Eurodollars or $20T+ in global M2, is massive
• While USDT/USDC dominate today, there’s room for new issuers, new use cases, and region-specific networks to thrive, especially for banking and institutional flows

Programmability unlocks new primitives

• Smart contracts enable new forms of financial logic: delivery-based payments, automated escrows, etc
• We’re likely underestimating what an open programmable layer will enable. Developers around the world are just beginning to experiment with these capabilities.

Liquidity is the real constraint

• Blockchain solves settlement, cross border payments are constrained by other factors such as liquidity. Real-world liquidity requires alignment with TradFi players, better incentives, and regulatory clarity.
• Firms like Nonco are helping bridge on-chain <> off-chain liquidity gaps. Arf, MANSA and Trensi are getting liquidity where it's needed in real time. As volumes grow and regulation improves, incentives for market makers to enter will increase.

Value accrual will vary, but distribution wins (as it always has)

• Where value accrues will depend on region, use case, and regulatory environment
• However, owning end-user relationships remains the most universal defensible position
• As the cost to build drops (AI, open-source), distribution, not tech, becomes the true moat

Spicy takes to close…

• I shared my view that stablecoins won’t disrupt Visa or Mastercard anytime soon. In fact, the card networks might be among the biggest drivers of stablecoin utility in the near term.

The full video will be released soon, follow me or Huma Finance to catch it when it’s live.

📺 Stableminded Podcast 

If you're a builder who's ever thought "I wish I could launch my own stablecoin without the regulatory nightmare," this season of Stableminded is your new playbook.

Luca Prosperi & Gregory Di Prisco from M0 break down how they've created infrastructure that lets you:

• Deploy your own stablecoin in minutes (not months of legal negotiations)
• Programmatically control yield distribution to your users
• Build across chains (Solana, SUI, EVM) with shared liquidity
• Focus on your product instead of reserve management and compliance

As someone fascinated by the infrastructure layer of crypto, this conversation showed me why stablecoins are evolving beyond centralized issuers to a model where builders can easily embed programmable dollars in their apps.

This episode is perfect for founders building payment apps, DeFi protocols, gaming platforms, or anyone who wants to understand what's possible with stablecoins in 2025.

Season 4, Building Stablecoins from stable studios is just getting started! This season is stacked, more episodes to come from builders like Noble, Usual, KAST, PLAYTRON and Wormhole

Watch the full breakdown of how M0 is making it easier than ever for projects to launch their own stablecoins.

Powered By: M0

Presented By: This Week in Fintech / Stablecon

Stableminded S4.1 | M0 ft Luca Prosperi & Greg Di Prisco

Season 4: Building Stablecoins

This Week in FintechZach Fowler

🚀 Product Launches

Modern Treasury launch Stablecoin Payment Accounts, extending their integration with Brale (read more and here)

Stablecoin wallet MiniPay (7M wallets created) launches as a standalone app, built on Celo (read more)

Fireblocks Integrates LayerZero for Unparalleled Security and Connectivity of Stablecoins (read more)

Bybit Becomes the First Crypto Exchange to Offer Direct Global Stock Trading with USDT (read more)

Squads unveils stablecoin account for businesses (read more)

Squads announces Grid, stablecoin APIs structured for Open Finance, targeting web2 developers (read more)

Sling Money adds Virtual Accounts enabling users to receive USD and EUR through Bridge (read more)

BlackRock’s sBUIDL launches first direct DeFi protocol integration with Euler on Avalanche (read more)

Binance and Pix Team Up to Drive Instant Crypto Payments in Brazil (read more)

SocGen’s Crypto Arm to Launch Dollar Denominated Stablecoin on Ethereum (read more)

Circle’s Payment Network goes live (read more)

💸 Fundraises and M&A

Squads announces strategic investment from Haun Ventures (read more)

Circle pursues IPO, but talks with Coinbase and Ripple could mean a sale (read more)

Catena Labs, from Circle co-founder, to create ‘AI-native’ bank after $18M raise (read more)

⚡ Stablecoin Adoption 

Coinshift’s csUSDL stablecoin tops $100 million in TVL amid rising demand for yield-bearing tokens (read more)

World Liberty's Stablecoin Now Available on Multiple Networks Via Chainlink (read more)

Guatemala's Largest Bank Adopts Stablecoin Rails for U.S. Remittance Payments (read more)

Ripple Adds Zand Bank and Mamo As First Blockchain-Enabled Payments Clients in the UAE (read more)

⚖️ Regulatory Developments

US Senate moves forward with GENIUS stablecoin bill (read more)

Hong Kong Monetary Authority (HKMA) passes stablecoin bill (read more)

🍻 Upcoming Events

The Stable Salon - vol. 4 · Luma

Join us for the next installment of our monthly stablecoin focused salon series in collaboration with Will White. Enjoy the chance to meet up with other…

This Week in Fintech

💼 Stable Job of the Week

Beam hiring Senior Account Executive in New York City Metropolitan Area | LinkedIn

Posted 5:20:56 PM. Beam is a first-of-its-kind Payment Service Provider (PSP), powered by stablecoins and built for…See this and similar jobs on LinkedIn.

LinkedIn

💬 Posts of the Week

📖 Reads of the Week

In Europe needs a euro stablecoin now more than ever, Nicolas Colin and Marieke Flament argue that Europe must develop a euro-backed stablecoin to safeguard monetary sovereignty and remain competitive as global finance shifts to dollar-dominated blockchain rails.

In State of Stablecoins 2025, Fireblocks shares results of a survey of 295 executives from banks, fintechs and PSPs. Key takeaways:

• 90% of respondents are taking action on stablecoins
• 48% say speed is the top benefit, lower costs are last
• Latam: 71% respondents use stablecoins for cross-border payments
• Asia: 49% say market expansion is the #1 driver

In their new whitepaper, Stablecoins and the future of onchain finance, Visa covers how financial institutions can accelerate growth and elevate their customers’ experience by integrating stablecoins into their payment offerings.

In Stablecoins – Five killer tests to gauge their potential, Boston Consulting Group, explores five critical questions shaping the future of digital money.