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 dive into Worldpay and BVNK’s payouts partnership, Circle’s IPO filing, and the big bank consortium stablecoin, as well as a round up of product launches, partnerships and regulatory news from Beam, Bitget, Conduit, HSBC, Hyperliquid, Iron, Keyrails, Merge, OpenFX, Plasma Foundation and more.

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

For those attending Stablecon in NY, see you there.

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🏆 Top Stories

Worldpay Taps BVNK to Bring Stablecoin Payouts to Global Commerce

Worldpay, the $2.3 trillion global payments processor, is partnering with BVNK to integrate stablecoin payouts into its $200 billion disbursement network. This represents one of the largest real-world integrations of stablecoins to date. It allows merchants to send payouts globally using stablecoins, with faster settlement times and no need to manage crypto custody.

While Worldpay is widely known for payment acceptance, its payouts arm also processes hundreds of billions of dollars annually. The BVNK integration enhances this capability by allowing merchants to:

• Fund accounts in USD, EUR, or GBP
• Disburse stablecoins across multiple blockchains and tokens
• Settle transactions in seconds instead of days

These improvements address practical challenges for marketplaces paying sellers, gig platforms compensating creators, and enterprises managing vendor and customer payouts. Stablecoins are particularly useful in corridors where traditional fiat rails are slow or costly.

This move reflects a common adoption pattern in the payments space. Providers often begin with internal treasury and B2B settlement use cases where they can operate with more control. From there, they expand into customer-facing payouts. As more end users receive and hold stablecoins, businesses are more incentivized to support stablecoin acceptance as well. This can create a flywheel from payouts to pay-ins.

The scale of this integration, combined with Worldpay's reach and the growing demand for faster, more flexible global payments, signals an important shift. Stablecoins are being adopted as real-world financial infrastructure and are solving meaningful problems for global businesses.

Circle’s IPO Marks a Milestone for Stablecoins

After a four-year journey marked by a failed SPAC, shifting market conditions, and even a reported $5 billion acquisition bid from Coinbase and Ripple, Circle is finally going public. The USDC issuer filed to list on the NYSE under the ticker CRCL, offering 24 million shares priced between $24–$26. Of those, 9.6 million are primary shares from Circle, and 14.4 million are from existing stakeholders, potentially raising $624 million in total.

To shape the narrative ahead of its June 4 pricing, Circle is spotlighting marquee investors: ARK Invest has committed up to $150 million, and BlackRock, already deeply integrated via Circle’s reserve fund, is reportedly set to acquire about 10% of the offering. Notably, edits to CoinDesk’s coverage over the past days highlight these investor commitments more prominently, suggesting an intentional effort to signal strong demand following earlier reports of investor hesitation.

Circle's IPO would make it the only pure-play stablecoin stock on the market, appealing to investors who want direct exposure to the sector’s long-term upside. But as we’ve previously covered, valuation will be key. With concentrated revenue and macro sensitivity, Circle’s path to being valued like a true fintech infrastructure player is far from guaranteed.

Big Banks Gear Up for the Stablecoin Era

America’s largest banks, including JPMorgan, BofA, Citi, and Wells Fargo, are exploring a consortium-backed stablecoin. This move shows they won’t sit idle while stablecoins threaten core revenue streams like payments and deposits. With the GENIUS Act advancing in the Senate and regulators at the OCC, Fed, and FDIC reversing earlier anti-crypto guidance, the door is opening for banks to launch digital dollars on-chain.

Among the many ways banks can monetize stablecoins (see 8 ways here), defending their dominance in cross-border payments may be the most immediate and strategic. Banks still dominate cross-border payment volumes and are well positioned to keep that lead. Their customer base and distribution networks give them a structural advantage. A jointly issued, interoperable stablecoin could serve as a trusted dollar asset for global settlements, especially if backed by globally systemic institutions.

The biggest opportunity may lie in replacing the outdated correspondent banking system. The inefficiencies come not from SWIFT messaging, which is fast, but from the multiple hops and slow batch processes. A blockchain-based stablecoin used for settlement could let banks clear payments more directly, while still relying on SWIFT for communication and compliance.

Stablecoin volumes may soon scale into the hundreds of trillions. And the first to reach that level may not be Circle or Tether, but the banks; defending their role as the world’s dominant payment providers.

🚀 Product Launches

Kraken and Backed launch tokenized equities (read more)

Keyrails launches StableOS, compliant stablecoin infrastructure optimized for emerging markets (read more) 

Iron launch Autoramp service to facilitate seamless stablecoin deposits via virtual accounts (read more)

Hyperliquid launch Hyperdrive, a stablecoin money market designed to enhance liquidity and capital utilization within the Hyperliquid ecosystem (read more)

HSBC launches Tokenised Deposit Service for corporate cash management in Hong Kong (read more)

Bitget launches 'stable' asset BGUSD that generates yield from low-risk RWAs (read more)

💸 Fundraises and M&A

Beam raised $7M in funding (read more)

Circle Files for IPO on NYSE (read more)

Conduit raises $36M, led by Dragonfly and Altos Ventures to Expand Cross-Border Payments (read more)

Plasma Foundation announce a strategic investment from Founders Fund (read more)

Plasma Foundation announce public token launch (read more)

OpenFX Raises $23M in Funding led by Accel to Revolutionize Cross-Border Payments (read more)

⚡ Stablecoin Adoption 

Worldpay partners with BVNK to announce stablecoin payments to 180 countries (read more)

Big Banks Explore Joint Stablecoin (read more)

TON Foundation hires former crypto-focused Visa exec to oversee its global payments strategy (read more)

USDT usage on Tron reaches all time highs with $77.7B in supply, $611B monthly volume (read more)

Agora’s AUSD launches on Katana, a new DeFi blockchain from GSR and Polygon (read more)

⚖️ Regulatory Developments

Merge expands stablecoin payment offering with EMI and VASP license activation (read more)

🍻 Upcoming Events

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This Week in Fintech

💬 Posts of the Week

We’re seeing strong growth in stablecoin usage at Revolut — and we want to… | Leonid Bashlykov | 161 comments

We’re seeing strong growth in stablecoin usage at Revolut — and we want to 10x it! What we support today: 💲 USDC on Ethereum, Arbitrum, Polygon, Solana 💲 USDT on Ethereum, Tron, Polygon, Solana 🔄 0% exchange fee to/from fiat (USD, EUR, GBP and 30+ others) 💳 Crypto cards with 0% FX when spending Where’s the next big unlock? What should we build next to make Revolut the best stablecoin experience? 👇 Open to ideas, pain points, untapped use-cases and wild feature requests. | 161 comments on LinkedIn

LinkedInLeonid Bashlykov

📖 Reads of the Week

The Future of Stablecoins is a comprehensive report by M0 & Artemis on where stablecoins are actually used.

Binji’s thread explores how stablecoins are reviving narrow banking and the associated tradeoffs