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After the stablecoin bill is enacted, what will be the next major battleground?
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With the stablecoin bill now enacted, where is the next "battleground"?
![<p>Republished from "Cobo Stablecoin Weekly No.19: After the Stablecoin Act Passes, Where Is the Next “Battleground”?"</p>
<h3 id="h3-5biC5Zy65qaC6KeI5LiO5aKe6ZW/5Lqu54K5">Market Overview & Growth Highlights</h3><p>The total stablecoin market capitalization reached $269.696 billion, up $2.606 billion from the previous week. USDT remains the clear market leader with a 61.25% share. USDC comes in second with a $64.502 billion market cap, representing 23.92% market share.</p>
<h2 id="h2-5Yy65Z2X6ZO+572R57uc5YiG5biD56iz5a6a5biB5biC5YC85YmN5LiJ572R57uc77ya">Top 3 Blockchain Networks by Stablecoin Market Cap:</h2><ol>
<li>Ethereum: $135.786 billion</li><li>Tron: $82.995 billion</li><li>Solana: $11.431 billion</li></ol>
<h3 id="h3-5ZGo5aKe6ZW/5pyA5b+r55qE572R57ucIFRPUDPvvJo=">Top 3 Fastest-Growing Networks This Week:</h3><ol>
<li>Berachain: +96.57% (USDT: 43.15% share)</li><li>XRPL: +49.84% (RLUSD: 49.11% share)</li><li>Sei: +47.95% (USDC: 85.96% share)</li></ol>
<p>Source: DefiLlama</p>
<h2 id="h2-8J+Or+e+juWbveOAiumTtuihjOS/neWvhuazleOAi+WSjOeos+WumuW4geaUr+S7mOeahOmakOengeimgeaxgg==">U.S. Bank Secrecy Act and Stablecoin Payment Privacy Requirements</h2><p>After the U.S. Stablecoin Act passed, privacy is now the next key concern for both regulators and the market.</p>
<p>With stablecoin market cap breaking $270 billion and moving rapidly into mainstream payments, the “total transparency” of on-chain transactions is exposing new issues. On a public blockchain, every transaction is permanently accessible, which means that for enterprises, complete financial histories, supply chain details, and payroll structures become visible to competitors. While a nuisance for retail users, this is a hard stop for institutions and businesses. Real-time visibility enables competitors to track every payment. Without a solution, stablecoin adoption in commercial payments and institutional settlements will be seriously limited.</p>
<p>Should privacy remain a hurdle, stablecoin institutional and commercial adoption will stall. Coinbase Chief Legal Officer Paul Grewal recently noted that for the GENIUS Act and similar laws to be effective, simultaneous upgrades to the Bank Secrecy Act are essential. The current system is inefficient and creates centralized data honeypots of sensitive data, which are hacker targets and offer minimal benefits for anti-money laundering.</p>
<p>Grewal emphasized privacy and security should not be mutually exclusive. Emerging technologies like zero-knowledge proofs (ZKP) and decentralized identity (DID) now provide “compliance verification without disclosing raw user data,” so institutions can view only the results of compliance checks—not the full data sets. This balances data minimization and effective regulation. He called for the U.S. Treasury Department to lead public-private collaboration, accelerate compliance processes that are ZKP-ready, focus monitoring on suspicious transaction triggers, and apply AI-driven risk control models to improve screening. The result: privacy protection without undermining regulatory rigor, removing obstacles to large-scale institutional adoption of stablecoins, and helping the US maintain global digital asset leadership.</p>
<h2 id="h2-8J+Or+e+juWbveWIqeaBr+emgeS7pOS4i++8jOeos+WumuW4geeahOOAjOWlluWKsee7j+a1juWtpuOAjQ==">U.S. Interest Ban Spurs New Stablecoin “Reward Economics”</h2><p>Regulatory restrictions often spark unexpected innovation. The GENIUS Act prohibits stablecoin issuers from paying interest, intended to curb risky behaviors, but instead accelerated explosive growth in yield-oriented stablecoins. Since the Act, products like Ethena’s USDe have added billions in supply, using exchange funding rates (not Treasuries) for yields—sidestepping legal restrictions entirely.</p>
<p>In this regulatory gap, Coinbase and PayPal have reframed stablecoin returns as “rewards,” circumventing issuer-only rules. Coinbase, acting as a USDC distributor, passes on Circle’s earnings to users. PayPal uses Paxos to isolate issuer risk and still delivers 4.5% annualized returns. Anchorage and Ethena Labs have even linked stablecoin yields to tokenized assets like BlackRock’s BUIDL, enabling compliant institutional yield channels.</p>
<p>Paying returns to holders is a key strategy for attracting capital in both emerging and established markets. Coinbase has even API-integrated “interest rewards” via a wallet SDK, lowering integration barriers for developers. In high-inflation markets such as Latin America, Slash’s USDSL delivers a 4.5% annual reward, leveraging dollar-denominated assets to attract rapid inflows. Stablecoins are applying more complex, compliant financial engineering, efficiently channeling returns from underlying assets and rewriting user and value dynamics.</p>
<h3 id="h3-8J+Or+mmmea4r+OAiueos+WumuW4geadoeS+i+OAi+eUn+aViOeahOWFs+mUruivjeKAlOKAlOmAj+aYjuS4juWFqOmTvui3r+ebkeeuoQ==">Transparency & End-to-End Oversight: The Core of Hong Kong’s Stablecoin Regulation</h3><p>With Hong Kong’s Stablecoin Ordinance now in force, market debates center on mandatory KYC, policies for offshore stablecoins, and DeFi compatibility. In reality, <a href="https://mp.weixin.qq.com/s?__biz=MzI0ODgzMDE5MA==&mid=2247510734&idx=1&sn=368a5a6ed3d067ba05eacbb4be234dd7&scene=21#wechat_redirect">the regulation’s essence is targeted control—not broad prohibition—for stablecoins issued or HKD-denominated in Hong Kong, especially RMB-related tokenized assets</a>. Offshore stablecoins like USDT, USDC, etc. remain largely unrestricted in secondary markets. The city’s strategy is clear: hold tight control over issuance and apply rigorous compliance to high-value scenarios such as RMB tokenization and offshore RMB stablecoins, establishing “quasi-sovereign settlement instruments” and differentiating from the US- and EU-driven models.</p>
<p>Transparency and full-chain oversight are the ordinance’s keywords. Strict standards span the entire stablecoin lifecycle—from issuance, custody, and clearing to distribution—with steep licensing requirements. Downstream custody, distribution, and clearing providers must also meet compliance. Banks, payment services, and blockchain infrastructure firms are unified in a single framework, with the market moving from “open access” to “permissioned access.” MPC wallet, compliance, and risk control technology providers will become the primary partners for banks and tech firms alike.</p>
<p>This regulatory rigor brings new challenges. Issuers are now fully responsible for downstream compliance—including custody, distribution, clearing, and other third parties. Any new entrant must meet both technical and organizational requirements, pushing the sector toward professionalization and giving infrastructure providers massive new opportunities. For example, technology vendors providing multi-signature, MPC, HSM, and related mechanisms—especially MPC wallets—will help issuers make private key security a foundation of trust, balancing asset sovereignty and legal traceability. Wallets now serve as critical entry points for compliance and security architectures, rather than merely back-end tools.</p>
<h2 id="h2-5biC5Zy66YeH55So">Market Adoption</h2><h3 id="h3-8J+MseaRqeagueWkp+mAmu+8mkRlRmkg5ZKM6LWE5Lqn6YCa6K+B5YyW5aKe6ZW/44CM5LuN5Luk5Lq65aSx5pyb44CN">JPMorgan: “DeFi & Tokenization Growth Still Disappointing”</h3><h3 id="h3-6KaB54K56YCf6KeI">Highlights</h3><ul>
<li>DeFi total value locked (TVL) has not yet returned to 2021 highs; primary players are still retail and crypto-native firms, with minimal traditional institutional activity.</li><li>Tokenized global assets total only about $25 billion—analysts call this “insignificant.” Of 60+ tokenized bonds, combined value is just $8 billion; secondary market trading is nearly zero.</li><li>Institutions face three hurdles: lack of cross-border regulatory alignment, ambiguous legal status for on-chain investing, and insufficient smart contract/protocol safety guarantees.</li></ul>
<p>Why This Matters</p>
<ul>
<li>The report shows a major gap between DeFi/tokenization hype and real-world use. Infrastructure is improving and KYC-compliant vaults and permissioned lending pools are emerging, but traditional finance remains cautious. The report notes the mainstream system is moving toward faster, cheaper settlements via fintech, which may diminish the need for blockchain rails—pushing crypto to deliver more convincing institutional-grade apps.</li></ul>
<h3 id="h3-8J+MsSBSZW1pdGx5IOWQr+eUqOeos+WumuW4geaKgOacr+S8mOWMlui3qOWig+aUr+S7mOS4muWKoSDvvIzlsIbmjqjlh7rlpJrluIHnp43mlbDlrZfpkrHljIXmnI3liqE=">Remitly Deploys Stablecoin Tech to Optimize Cross-Border Payments; Multi-Currency Wallet Coming</h3><p>Highlights</p>
<ul>
<li>Remitly’s multi-currency “Remitly Wallet” launches September, supporting both fiat and stablecoin balances—targeted at users in high-inflation/volatile markets.</li><li>In partnership with Stripe’s Bridge, Remitly will offer stablecoin payout to users in over 170 countries, expanding beyond fiat rails.</li><li>Remitly now uses USDC and similar dollar stablecoins for internal treasury management, enabling 24/7 capital flows, reducing pre-funding, and increasing efficiency.</li></ul>
<p>Why This Matters</p>
<ul>
<li>This is the first large-scale use of stablecoin technology by a mainstream cross-border payments provider. Integrating stablecoins, Remitly offers both inflation-hedging for customers in unstable markets and liquidity solutions for remittance systems. Stablecoin adoption in real payments will advance, better serving hundreds of millions who depend on cross-border financial services, particularly in regions lacking traditional financial infrastructure.</li></ul>
<h3 id="h3-8J+MsSBUZXRoZXIgQ0VP77yaNDAlIOWMuuWdl+mTvuaJi+e7rei0uea6kOiHqiBVU0RUIOi9rOi0pg==">Tether CEO: 40% of Blockchain Gas Fees Are USDT Transfers</h3><p>Highlights</p>
<ul>
<li>Tether CEO Paolo Ardoino posted that 40% of all blockchain transaction fees (across 9 major chains) are for USDT transfers.</li><li>Hundreds of millions in emerging markets use USDT daily to hedge against local currency depreciation and inflation—making it one of the world’s most active blockchain apps.</li><li>In the context of crypto, “transactions” usually refer to trading, arbitrage, etc. on exchanges—not always requiring on-chain transfers. A USDT on-chain transfer (with fee) typically signals real movement between wallets—not mere speculation.</li></ul>
<p>Why This Matters</p>
<ul>
<li>USDT is now the dominant blockchain application, far ahead of other uses. Paolo predicts future competition in blockchain will center on gas fee optimization and USDT-related costs. Stablecoins have evolved from trading tools to real-world financial infrastructure, especially in volatile economies—demonstrating real progress in financial inclusion via crypto.</li></ul>
<h2 id="h2-5a6P6KeC6LaL5Yq/8J+UrueRnuepl+mTtuihjO+8mkNvaW5iYXNlIFEyIOi0ouaKpeaYvuekuiBDaXJjbGUgVVNEQyDliKnmtqbnjofmraPlnKjokI7nvKk=">Macro Trends Mizuho: Circle USDC Profits Squeezed per Coinbase Q2 Earnings</h2><p>Highlights</p>
<ul>
<li>Mizuho analysts estimate Circle earned $625 million in Q2 interest from USDC reserves; $332.5 million of this went to Coinbase.</li><li>With Binance and other new partners joining, Circle’s net reserve margin faces growing cost pressure.</li><li>After the GENIUS Act, JPMorgan and Bank of America both plan to launch stablecoins, stoking USD stablecoin competition.</li></ul>
<p>Why This Matters</p>
<ul>
<li>Despite strong IPO performance, Mizuho keeps an “Underperform” rating and $85 target for Circle, warning markets underestimate USDC risk. As profit-sharing with Coinbase ends and distribution broadens, Circle’s profitability faces headwinds—especially as rates fall and banks pile in. This shift could reshape the stablecoin market.</li></ul>
<h3 id="h3-8J+Urue+jui0ouaUv+mDqOWIm+e6quW9leaJqeWkp+efreacn+WbveWAuuWPkeihjO+8jOeos+WumuW4geaIkOaWsOS5sOWutg==">U.S. Treasury Bill Issuance Hits Record—Stablecoins a New Source of Demand</h3><p>Highlights</p>
<ul>
<li>The U.S. Treasury will auction $100 billion in 4-week T-bills—a record, up $5 billion from last round. 8- and 17-week bill sizes remain unchanged.</li><li>Short-dated yields >4% are fueling inflows—$16.7 billion entered T-bill ETFs in Q2, double YoY.</li><li>The Treasury Borrowing Advisory Committee flagged rising stablecoin issuance as a new source of T-bill demand. The GENIUS Act obliges issuers to hold Treasuries as safe collateral.</li></ul>
<p>Why This Matters</p>
<ul>
<li>The Trump administration prefers short-term borrowing. Treasury Secretary Bessent says long-term issuance is too costly at current rates. Stablecoin demand is now a structural factor in T-bill markets, as regulation orders issuers to hold safe assets. Meanwhile, central banks are cutting USD reserves in favor of gold—BofA sees gold possibly breaking $4,000 as debt sustainability fears climb.</li></ul>
<h3 id="h3-8J+UruOAikdFTklVUyDms5XmoYjjgIvpgJrov4fku6XmnaXmlLbnm4rlnovnqLPlrprluIHkvpvlupTmv4Dlop4=">Yield Stablecoin Supply Surges Post GENIUS Act</h3><p>Highlights</p>
<ul>
<li>Since July 18, supply of Ethena’s USDe yield stablecoin has grown 70% to $9.49 billion, now the #3 stablecoin by market cap.</li><li>Sky’s USDS grew 23% to $4.81 billion, ranking fourth. These coins yield through staking.</li><li>USDe yields 10.86% (annualized); USDS, 4.75%. After U.S. June inflation (2.7%), real yields are 8.16% and 2.05%.</li></ul>
<p>Why This Matters</p>
<ul>
<li>The GENIUS Act’s yield payment ban spawned a boom in stakable stablecoins. Investors are migrating to protocol-native yield, bypassing regulatory limitations. The stablecoin market has grown from $205 billion to $268 billion this year and may reach $300 billion by year-end. Despite tighter regulation, demand for high-yield USD substitutes stays strong—driving new DeFi innovation and adoption.</li></ul>
<h2 id="h2-5paw5ZOB6YCf6YCS8J+RgOWJjeiLueaenOW3peeoi+W4iOaOqOWHuumakOengeS/neaKpOWKoOWvhiBWaXNhIOWNoSBQYXl5">Product Launches Ex-Apple Engineer Debuts Privacy-Focused Crypto Visa Card, Payy</h2><p>Highlights</p>
<ul>
<li>Payy Visa card uses ZKP and its proprietary blockchain to ensure user stablecoin transaction amounts remain private and are not publicly accessible on-chain.</li><li>Developed by ex-Apple iOS engineer Sid Gandhi at Polybase Labs over three years, ensuring both privacy and compliance.</li><li>Payy is user-focused, with frictionless onboarding and simple self-custody—even for blockchain novices.</li></ul>
<p>Why This Matters</p>
<ul>
<li>Payy solves two major crypto payment hurdles—privacy and usability. Regular blockchain payments reveal transaction history, but Payy preserves privacy within compliance. This enables daily self-custody stablecoin spending and presents a viable alternative to traditional banking.</li></ul>
<h3 id="h3-8J+RgE1ldGFNYXNrIOaIluS4jiBTdHJpcGUg6K6h5YiS6IGU5ZCI5o6o5Ye656iz5a6a5biBIG1tVVNE">MetaMask May Partner with Stripe to Launch mmUSD Stablecoin</h3><p>Highlights</p>
<ul>
<li>Leaked Aave governance proposal suggests MetaMask and Stripe plan to launch the mmUSD dollar stablecoin, backed by M^0.</li><li>The proposal calls mmUSD MetaMask’s “cornerstone asset,” to be deeply integrated with all wallet/trading/yield functions.</li><li>The proposal was deleted; Aave Chan Initiative’s Marc Zeller confirmed authenticity but said release was premature.</li></ul>
<p>Why This Matters</p>
<ul>
<li>This is another tech giant (after PayPal, Robinhood) entering stablecoins. MetaMask teaming up with Stripe could speed up integration of stablecoins for both Web3 and traditional payments.</li></ul>
<h3 id="h3-8J+RgENvaW5iYXNlIOaOqOWHuuW1jOWFpeW8j+mSseWMheW3peWFt+WMhe+8jOeugOWMluW8gOWPkeiAhSBXZWIzIOeUqOaIt+W8leWFpea1geeoiw==">Coinbase Launches Embedded Wallet SDK to Streamline Web3 User Onboarding</h3><p>Highlights</p>
<ul>
<li>Coinbase’s developer platform (CDP) adds Embedded Wallets SDK: lets developers add self-custody wallet features easily.</li><li>SDK includes crypto onramp, token swap, and USDC 4.1% yield. It aims to remove the tradeoff between UX and custody risk.</li><li>Unlike legacy wallets, users can sign in via email/SMS/OAuth—no browser plugin or seed phrase needed—facilitating fast and straightforward onboarding.</li></ul>
<p>Why This Matters</p>
<ul>
<li>Coinbase is lowering the barriers for Web3 app adoption by making wallet integration simpler and more secure. The SDK runs on Coinbase’s DEX-grade infra and is part of its “super app” strategy—positioning Coinbase as the essential bridge from Web2 to crypto.</li></ul>
<h3 id="h3-8J+RgCDnvo7lm73mlbDlrZfpk7booYwgU2xhc2gg5o6o5Ye6IFN0cmlwZSBCcmlkZ2Ug5Y+R6KGM55qE56iz5a6a5biB77yM5pSv5oyB6Z2e576O5LyB5Lia6L275p2+5pS25LuYIFVTRCDlkoznqLPlrprluIE=">U.S. Digital Bank Slash Launches Stripe-Bridge Stablecoin: USDSL Offers Simple USD & Stablecoin Payments for International Businesses</h3><p>Highlights</p>
<ul>
<li>San Francisco digital bank Slash issues USDSL, a dollar stablecoin, via Stripe’s Bridge.</li><li>USDSL enables global dollar payments for businesses without a US bank account—cuts settlement time and FX fees.</li><li>The launch coincides with the GENIUS Act’s passage, which defines a US stablecoin regulatory regime.</li></ul>
<p>Why This Matters</p>
<ul>
<li>With regulatory clarity, fintechs are rapidly entering the stablecoin field. Slash’s Stripe-issued USDSL shows how traditional and crypto finance are converging to solve global payments—proving that with regulation, stablecoins are moving from concept to real-world business solutions.</li></ul>
<h3 id="h3-8J+RgOeJueacl+aZruWFs+iBlOmhueebriBXb3JsZCBMaWJlcnR5IOaOqOWHuiBVU0QxIOeos+WumuW4geW/oOivmuW6puiuoeWIkg==">Trump-Aligned World Liberty Debuts USD1 Stablecoin Loyalty Program</h3><p>Highlights</p>
<ul>
<li>Backed by the Trump family, World Liberty Financial’s USD1 loyalty program launches with Gate and others, modeled after airline miles.</li><li>Earn points by trading USD1 pairs, holding, staking, using in DeFi, and engaging via the WLFI app.</li><li>USD1 stablecoin, launched in April, claims to be fully backed by short-term US Treasuries, USD deposits, and other cash equivalents—issued via BitGo Trust.</li></ul>
<p>Why This Matters</p>
<ul>
<li>With Trump and his sons as World Liberty ambassadors, potential conflicts-of-interest surface. Tying stablecoins and loyalty rewards together signals a new model for user retention amid fierce stablecoin competition—and reflects closer government-crypto sector ties.</li></ul>
<h3 id="h3-8J+RgOaRqeagueWkp+mAmuaOqOWHuuWfuuS6jiBLaW5leHlzIOWMuuWdl+mTvueahOmTvuS4iuaXpeWGheWbnui0reino+WGs+aWueahiA==">JPMorgan Debuts On-Chain Intraday Repo on Kinexys Blockchain</h3><p>Highlights</p>
<ul>
<li>JPMorgan, HQLA-X, and Ownera launch cross-ledger repo: dealers swap funds/securities using Kinexys blockchain deposit accounts.</li><li>The platform covers all stages—from trade to collateral to settlement—down to the minute.</li><li>Can already handle $1 billion daily; built for scale with plans for more venues, assets, and digital cash tools.</li></ul>
<p>Why This Matters</p>
<ul>
<li>JPMorgan is setting a new standard for institutional blockchain adoption. Kinexys (ex-Onyx) anchors its digital asset strategy and could eventually underpin deposit tokens, stablecoins, and CBDCs—reducing market fragmentation. With the debut of JPMD (a JPMorgan stablecoin) and expanded Coinbase partnerships, Wall Street is moving past pilots into production blockchain applications.</li></ul>
<h2 id="h2-55uR566h5ZCI6KeE8J+Pm++4j1BheG9zIOWboCBCaW5hbmNlIEJVU0Qg5ZCI5L2c5YWz57O76KKr57q957qm55uR566h5py65p6E572a5qy+IDQ4NTAg5LiH576O5YWD">Regulatory Compliance Paxos Fined $48.5M for Binance BUSD Partnership by NYDFS</h2><p>Highlights</p>
<ul>
<li>Paxos Trust will pay $26.5M in fines to NYDFS plus $22M for compliance upgrades.</li><li>Regulators found flaws: In 2018, during BUSD launch with Binance, Paxos failed due diligence on its partner and its anti-money laundering efforts.</li><li>Paxos accepted Binance’s claim of “fully restricting US users” without confirming independently; NYDFS halted BUSD issuance in 2023.</li></ul>
<p>Why This Matters</p>
<ul>
<li>This penalty shows that stablecoin issuer partnerships—especially offshore—face tough regulatory scrutiny. Paxos says it fixed these issues years ago, but the case sends a warning: issuers must conduct robust due diligence and build strong compliance. As the GENIUS Act takes effect and the stablecoin sector scales, regulatory risk for issuer-exchange partnerships is set to rise.</li></ul>
<h3 id="h3-8J+Pm++4j+eJueacl+aZruetvue9suihjOaUv+WRveS7pO+8jOWBnOatoumTtuihjOWvueWKoOWvhui0p+W4geS8geS4mueahOOAjOS4jeWFrOW5s+ihjOS4uuOAjQ==">Trump Executive Order Ends Banks’ Unfair Practices Against Crypto Companies</h3><p>Highlights</p>
<ul>
<li>President Trump’s executive order bars federal agencies from penalizing banks that serve crypto firms based on “reputational risk.”</li><li>The order ends “Operation Choke Point 2.0,” blocking denials based on politics or “high-risk” labeling.</li><li>The Fed, OCC, and FDIC now vow not to consider “reputation” in customer vetting. Top lawmakers support the shift.</li></ul>
<p>Why This Matters</p>
<ul>
<li>This directive removes a key lever from regulators, forcing banks to make decisions based on legal and financial—rather than reputational—risk. It establishes crypto’s legal status and ensures equal access to banking, paving the way for deeper traditional-crypto integration as regulatory reforms continue.</li></ul>
<p>Capital Moves</p>
<p>Tether Acquires EU MiCA-Licensed Exchange Bit2Me, Leads $32.7M Funding</p>
<p>Highlights</p>
<ul>
<li>Tether has bought a minority stake in Spain’s Bit2Me and is leading a $32.7M (€30M) round set to close soon.</li><li>Bit2Me is the first Spanish-language exchange with an official MiCA license—authorized to operate across 27 EU states.</li><li>The investment funds Bit2Me’s expansion in Europe and Latin America (starting with Argentina). Founded 2014; serves 1.2 million users.</li></ul>
<p>Why This Matters</p>
<ul>
<li>Tether’s deal is a strategic push to secure access to Europe as MiCA rules tighten. As several exchanges deprioritize USDT, Tether’s investment builds new compliant markets for its stablecoin—demonstrating the power of its $4.9B quarterly profit for global expansion.</li></ul>
<h3 id="h3-8J+SsFJpcHBsZSDlsIbmlqXotYQgMiDkur/nvo7lhYPmlLbotK3nqLPlrprluIHmlK/ku5jlubPlj7AgUmFpbA==">Ripple to Buy Stablecoin Payment Platform Rail for $200M</h3><p>Highlights</p>
<ul>
<li>Ripple will acquire Rail for $200M, deal to close Q4 2025.</li><li>Rail is projected to power 10%+ of global stablecoin payments ($3.6B market) next year.</li><li>The deal lets Ripple deliver enterprise-grade stablecoin payments (RLUSD, XRP, others) with fiat on/offramps—no crypto custody needed for clients.</li></ul>
<p>Why This Matters</p>
<ul>
<li>Ripple’s second major buy this year (after April’s $1.25B Hidden Road deal) marks its rapid stablecoin market expansion. With active MiCA licensing in the EU and RLUSD cleared in Dubai, Ripple is building a global stablecoin platform—shifting from cross-border specialist to full-service finance player as institutional competition intensifies.</li></ul>
<h3 id="h3-5aOw5piO77ya">Disclaimer:</h3><ol>
<li>This article is sourced from [<a href="https://mp.weixin.qq.com/s/9eK_y7Hteu4QC2Af4zlPMA">Cobo</a>], original title: "Cobo Stablecoin Weekly No.19: After the Stablecoin Act Passes, Where Is the Next “Battleground”?". Copyright belongs to the original author [<em>Cobo</em>]. If you have concerns about republication, please contact the <a href="[https://www.gate.com/questionnaire/3967](https://www.gate.com/questionnaire/3967">Gate Learn Team</a> for assistance.</li><li>Disclaimer: The views and opinions expressed in this article are solely the author’s and do not constitute investment advice.</li><li>The Gate Learn Team translated other language versions. Reproduction, distribution, or translation is strictly prohibited unless Gate.com is properly cited.</li></ol>](https://gimg.gateimg.com/learn/8eb0bb4f1668ff202f38715853f8fa214f91bc4d.webp)
Republished from "Cobo Stablecoin Weekly No.19: After the Stablecoin Act Passes, Where Is the Next “Battleground”?"
Market Overview & Growth Highlights
The total stablecoin market capitalization reached $269.696 billion, up $2.606 billion from the previous week. USDT remains the clear market leader with a 61.25% share. USDC comes in second with a $64.502 billion market cap, representing 23.92% market share.
Top 3 Blockchain Networks by Stablecoin Market Cap:
- Ethereum: $135.786 billion
- Tron: $82.995 billion
- Solana: $11.431 billion
Top 3 Fastest-Growing Networks This Week:
- Berachain: +96.57% (USDT: 43.15% share)
- XRPL: +49.84% (RLUSD: 49.11% share)
- Sei: +47.95% (USDC: 85.96% share)
Source: DefiLlama
U.S. Bank Secrecy Act and Stablecoin Payment Privacy Requirements
After the U.S. Stablecoin Act passed, privacy is now the next key concern for both regulators and the market.
With stablecoin market cap breaking $270 billion and moving rapidly into mainstream payments, the “total transparency” of on-chain transactions is exposing new issues. On a public blockchain, every transaction is permanently accessible, which means that for enterprises, complete financial histories, supply chain details, and payroll structures become visible to competitors. While a nuisance for retail users, this is a hard stop for institutions and businesses. Real-time visibility enables competitors to track every payment. Without a solution, stablecoin adoption in commercial payments and institutional settlements will be seriously limited.
Should privacy remain a hurdle, stablecoin institutional and commercial adoption will stall. Coinbase Chief Legal Officer Paul Grewal recently noted that for the GENIUS Act and similar laws to be effective, simultaneous upgrades to the Bank Secrecy Act are essential. The current system is inefficient and creates centralized data honeypots of sensitive data, which are hacker targets and offer minimal benefits for anti-money laundering.
Grewal emphasized privacy and security should not be mutually exclusive. Emerging technologies like zero-knowledge proofs (ZKP) and decentralized identity (DID) now provide “compliance verification without disclosing raw user data,” so institutions can view only the results of compliance checks—not the full data sets. This balances data minimization and effective regulation. He called for the U.S. Treasury Department to lead public-private collaboration, accelerate compliance processes that are ZKP-ready, focus monitoring on suspicious transaction triggers, and apply AI-driven risk control models to improve screening. The result: privacy protection without undermining regulatory rigor, removing obstacles to large-scale institutional adoption of stablecoins, and helping the US maintain global digital asset leadership.
U.S. Interest Ban Spurs New Stablecoin “Reward Economics”
Regulatory restrictions often spark unexpected innovation. The GENIUS Act prohibits stablecoin issuers from paying interest, intended to curb risky behaviors, but instead accelerated explosive growth in yield-oriented stablecoins. Since the Act, products like Ethena’s USDe have added billions in supply, using exchange funding rates (not Treasuries) for yields—sidestepping legal restrictions entirely.
In this regulatory gap, Coinbase and PayPal have reframed stablecoin returns as “rewards,” circumventing issuer-only rules. Coinbase, acting as a USDC distributor, passes on Circle’s earnings to users. PayPal uses Paxos to isolate issuer risk and still delivers 4.5% annualized returns. Anchorage and Ethena Labs have even linked stablecoin yields to tokenized assets like BlackRock’s BUIDL, enabling compliant institutional yield channels.
Paying returns to holders is a key strategy for attracting capital in both emerging and established markets. Coinbase has even API-integrated “interest rewards” via a wallet SDK, lowering integration barriers for developers. In high-inflation markets such as Latin America, Slash’s USDSL delivers a 4.5% annual reward, leveraging dollar-denominated assets to attract rapid inflows. Stablecoins are applying more complex, compliant financial engineering, efficiently channeling returns from underlying assets and rewriting user and value dynamics.
Transparency & End-to-End Oversight: The Core of Hong Kong’s Stablecoin Regulation
With Hong Kong’s Stablecoin Ordinance now in force, market debates center on mandatory KYC, policies for offshore stablecoins, and DeFi compatibility. In reality, the regulation’s essence is targeted control—not broad prohibition—for stablecoins issued or HKD-denominated in Hong Kong, especially RMB-related tokenized assets. Offshore stablecoins like USDT, USDC, etc. remain largely unrestricted in secondary markets. The city’s strategy is clear: hold tight control over issuance and apply rigorous compliance to high-value scenarios such as RMB tokenization and offshore RMB stablecoins, establishing “quasi-sovereign settlement instruments” and differentiating from the US- and EU-driven models.
Transparency and full-chain oversight are the ordinance’s keywords. Strict standards span the entire stablecoin lifecycle—from issuance, custody, and clearing to distribution—with steep licensing requirements. Downstream custody, distribution, and clearing providers must also meet compliance. Banks, payment services, and blockchain infrastructure firms are unified in a single framework, with the market moving from “open access” to “permissioned access.” MPC wallet, compliance, and risk control technology providers will become the primary partners for banks and tech firms alike.
This regulatory rigor brings new challenges. Issuers are now fully responsible for downstream compliance—including custody, distribution, clearing, and other third parties. Any new entrant must meet both technical and organizational requirements, pushing the sector toward professionalization and giving infrastructure providers massive new opportunities. For example, technology vendors providing multi-signature, MPC, HSM, and related mechanisms—especially MPC wallets—will help issuers make private key security a foundation of trust, balancing asset sovereignty and legal traceability. Wallets now serve as critical entry points for compliance and security architectures, rather than merely back-end tools.
Market Adoption
JPMorgan: “DeFi & Tokenization Growth Still Disappointing”
Highlights
- DeFi total value locked (TVL) has not yet returned to 2021 highs; primary players are still retail and crypto-native firms, with minimal traditional institutional activity.
- Tokenized global assets total only about $25 billion—analysts call this “insignificant.” Of 60+ tokenized bonds, combined value is just $8 billion; secondary market trading is nearly zero.
- Institutions face three hurdles: lack of cross-border regulatory alignment, ambiguous legal status for on-chain investing, and insufficient smart contract/protocol safety guarantees.
Why This Matters
- The report shows a major gap between DeFi/tokenization hype and real-world use. Infrastructure is improving and KYC-compliant vaults and permissioned lending pools are emerging, but traditional finance remains cautious. The report notes the mainstream system is moving toward faster, cheaper settlements via fintech, which may diminish the need for blockchain rails—pushing crypto to deliver more convincing institutional-grade apps.
Remitly Deploys Stablecoin Tech to Optimize Cross-Border Payments; Multi-Currency Wallet Coming
Highlights
- Remitly’s multi-currency “Remitly Wallet” launches September, supporting both fiat and stablecoin balances—targeted at users in high-inflation/volatile markets.
- In partnership with Stripe’s Bridge, Remitly will offer stablecoin payout to users in over 170 countries, expanding beyond fiat rails.
- Remitly now uses USDC and similar dollar stablecoins for internal treasury management, enabling 24/7 capital flows, reducing pre-funding, and increasing efficiency.
Why This Matters
- This is the first large-scale use of stablecoin technology by a mainstream cross-border payments provider. Integrating stablecoins, Remitly offers both inflation-hedging for customers in unstable markets and liquidity solutions for remittance systems. Stablecoin adoption in real payments will advance, better serving hundreds of millions who depend on cross-border financial services, particularly in regions lacking traditional financial infrastructure.
Tether CEO: 40% of Blockchain Gas Fees Are USDT Transfers
Highlights
- Tether CEO Paolo Ardoino posted that 40% of all blockchain transaction fees (across 9 major chains) are for USDT transfers.
- Hundreds of millions in emerging markets use USDT daily to hedge against local currency depreciation and inflation—making it one of the world’s most active blockchain apps.
- In the context of crypto, “transactions” usually refer to trading, arbitrage, etc. on exchanges—not always requiring on-chain transfers. A USDT on-chain transfer (with fee) typically signals real movement between wallets—not mere speculation.
Why This Matters
- USDT is now the dominant blockchain application, far ahead of other uses. Paolo predicts future competition in blockchain will center on gas fee optimization and USDT-related costs. Stablecoins have evolved from trading tools to real-world financial infrastructure, especially in volatile economies—demonstrating real progress in financial inclusion via crypto.
Macro Trends Mizuho: Circle USDC Profits Squeezed per Coinbase Q2 Earnings
Highlights
- Mizuho analysts estimate Circle earned $625 million in Q2 interest from USDC reserves; $332.5 million of this went to Coinbase.
- With Binance and other new partners joining, Circle’s net reserve margin faces growing cost pressure.
- After the GENIUS Act, JPMorgan and Bank of America both plan to launch stablecoins, stoking USD stablecoin competition.
Why This Matters
- Despite strong IPO performance, Mizuho keeps an “Underperform” rating and $85 target for Circle, warning markets underestimate USDC risk. As profit-sharing with Coinbase ends and distribution broadens, Circle’s profitability faces headwinds—especially as rates fall and banks pile in. This shift could reshape the stablecoin market.
U.S. Treasury Bill Issuance Hits Record—Stablecoins a New Source of Demand
Highlights
- The U.S. Treasury will auction $100 billion in 4-week T-bills—a record, up $5 billion from last round. 8- and 17-week bill sizes remain unchanged.
- Short-dated yields >4% are fueling inflows—$16.7 billion entered T-bill ETFs in Q2, double YoY.
- The Treasury Borrowing Advisory Committee flagged rising stablecoin issuance as a new source of T-bill demand. The GENIUS Act obliges issuers to hold Treasuries as safe collateral.
Why This Matters
- The Trump administration prefers short-term borrowing. Treasury Secretary Bessent says long-term issuance is too costly at current rates. Stablecoin demand is now a structural factor in T-bill markets, as regulation orders issuers to hold safe assets. Meanwhile, central banks are cutting USD reserves in favor of gold—BofA sees gold possibly breaking $4,000 as debt sustainability fears climb.
Yield Stablecoin Supply Surges Post GENIUS Act
Highlights
- Since July 18, supply of Ethena’s USDe yield stablecoin has grown 70% to $9.49 billion, now the #3 stablecoin by market cap.
- Sky’s USDS grew 23% to $4.81 billion, ranking fourth. These coins yield through staking.
- USDe yields 10.86% (annualized); USDS, 4.75%. After U.S. June inflation (2.7%), real yields are 8.16% and 2.05%.
Why This Matters
- The GENIUS Act’s yield payment ban spawned a boom in stakable stablecoins. Investors are migrating to protocol-native yield, bypassing regulatory limitations. The stablecoin market has grown from $205 billion to $268 billion this year and may reach $300 billion by year-end. Despite tighter regulation, demand for high-yield USD substitutes stays strong—driving new DeFi innovation and adoption.
Product Launches Ex-Apple Engineer Debuts Privacy-Focused Crypto Visa Card, Payy
Highlights
- Payy Visa card uses ZKP and its proprietary blockchain to ensure user stablecoin transaction amounts remain private and are not publicly accessible on-chain.
- Developed by ex-Apple iOS engineer Sid Gandhi at Polybase Labs over three years, ensuring both privacy and compliance.
- Payy is user-focused, with frictionless onboarding and simple self-custody—even for blockchain novices.
Why This Matters
- Payy solves two major crypto payment hurdles—privacy and usability. Regular blockchain payments reveal transaction history, but Payy preserves privacy within compliance. This enables daily self-custody stablecoin spending and presents a viable alternative to traditional banking.
MetaMask May Partner with Stripe to Launch mmUSD Stablecoin
Highlights
- Leaked Aave governance proposal suggests MetaMask and Stripe plan to launch the mmUSD dollar stablecoin, backed by M^0.
- The proposal calls mmUSD MetaMask’s “cornerstone asset,” to be deeply integrated with all wallet/trading/yield functions.
- The proposal was deleted; Aave Chan Initiative’s Marc Zeller confirmed authenticity but said release was premature.
Why This Matters
- This is another tech giant (after PayPal, Robinhood) entering stablecoins. MetaMask teaming up with Stripe could speed up integration of stablecoins for both Web3 and traditional payments.
Coinbase Launches Embedded Wallet SDK to Streamline Web3 User Onboarding
Highlights
- Coinbase’s developer platform (CDP) adds Embedded Wallets SDK: lets developers add self-custody wallet features easily.
- SDK includes crypto onramp, token swap, and USDC 4.1% yield. It aims to remove the tradeoff between UX and custody risk.
- Unlike legacy wallets, users can sign in via email/SMS/OAuth—no browser plugin or seed phrase needed—facilitating fast and straightforward onboarding.
Why This Matters
- Coinbase is lowering the barriers for Web3 app adoption by making wallet integration simpler and more secure. The SDK runs on Coinbase’s DEX-grade infra and is part of its “super app” strategy—positioning Coinbase as the essential bridge from Web2 to crypto.
U.S. Digital Bank Slash Launches Stripe-Bridge Stablecoin: USDSL Offers Simple USD & Stablecoin Payments for International Businesses
Highlights
- San Francisco digital bank Slash issues USDSL, a dollar stablecoin, via Stripe’s Bridge.
- USDSL enables global dollar payments for businesses without a US bank account—cuts settlement time and FX fees.
- The launch coincides with the GENIUS Act’s passage, which defines a US stablecoin regulatory regime.
Why This Matters
- With regulatory clarity, fintechs are rapidly entering the stablecoin field. Slash’s Stripe-issued USDSL shows how traditional and crypto finance are converging to solve global payments—proving that with regulation, stablecoins are moving from concept to real-world business solutions.
Trump-Aligned World Liberty Debuts USD1 Stablecoin Loyalty Program
Highlights
- Backed by the Trump family, World Liberty Financial’s USD1 loyalty program launches with Gate and others, modeled after airline miles.
- Earn points by trading USD1 pairs, holding, staking, using in DeFi, and engaging via the WLFI app.
- USD1 stablecoin, launched in April, claims to be fully backed by short-term US Treasuries, USD deposits, and other cash equivalents—issued via BitGo Trust.
Why This Matters
- With Trump and his sons as World Liberty ambassadors, potential conflicts-of-interest surface. Tying stablecoins and loyalty rewards together signals a new model for user retention amid fierce stablecoin competition—and reflects closer government-crypto sector ties.
JPMorgan Debuts On-Chain Intraday Repo on Kinexys Blockchain
Highlights
- JPMorgan, HQLA-X, and Ownera launch cross-ledger repo: dealers swap funds/securities using Kinexys blockchain deposit accounts.
- The platform covers all stages—from trade to collateral to settlement—down to the minute.
- Can already handle $1 billion daily; built for scale with plans for more venues, assets, and digital cash tools.
Why This Matters
- JPMorgan is setting a new standard for institutional blockchain adoption. Kinexys (ex-Onyx) anchors its digital asset strategy and could eventually underpin deposit tokens, stablecoins, and CBDCs—reducing market fragmentation. With the debut of JPMD (a JPMorgan stablecoin) and expanded Coinbase partnerships, Wall Street is moving past pilots into production blockchain applications.
Regulatory Compliance Paxos Fined $48.5M for Binance BUSD Partnership by NYDFS
Highlights
- Paxos Trust will pay $26.5M in fines to NYDFS plus $22M for compliance upgrades.
- Regulators found flaws: In 2018, during BUSD launch with Binance, Paxos failed due diligence on its partner and its anti-money laundering efforts.
- Paxos accepted Binance’s claim of “fully restricting US users” without confirming independently; NYDFS halted BUSD issuance in 2023.
Why This Matters
- This penalty shows that stablecoin issuer partnerships—especially offshore—face tough regulatory scrutiny. Paxos says it fixed these issues years ago, but the case sends a warning: issuers must conduct robust due diligence and build strong compliance. As the GENIUS Act takes effect and the stablecoin sector scales, regulatory risk for issuer-exchange partnerships is set to rise.
Trump Executive Order Ends Banks’ Unfair Practices Against Crypto Companies
Highlights
- President Trump’s executive order bars federal agencies from penalizing banks that serve crypto firms based on “reputational risk.”
- The order ends “Operation Choke Point 2.0,” blocking denials based on politics or “high-risk” labeling.
- The Fed, OCC, and FDIC now vow not to consider “reputation” in customer vetting. Top lawmakers support the shift.
Why This Matters
- This directive removes a key lever from regulators, forcing banks to make decisions based on legal and financial—rather than reputational—risk. It establishes crypto’s legal status and ensures equal access to banking, paving the way for deeper traditional-crypto integration as regulatory reforms continue.
Capital Moves
Tether Acquires EU MiCA-Licensed Exchange Bit2Me, Leads $32.7M Funding
Highlights
- Tether has bought a minority stake in Spain’s Bit2Me and is leading a $32.7M (€30M) round set to close soon.
- Bit2Me is the first Spanish-language exchange with an official MiCA license—authorized to operate across 27 EU states.
- The investment funds Bit2Me’s expansion in Europe and Latin America (starting with Argentina). Founded 2014; serves 1.2 million users.
Why This Matters
- Tether’s deal is a strategic push to secure access to Europe as MiCA rules tighten. As several exchanges deprioritize USDT, Tether’s investment builds new compliant markets for its stablecoin—demonstrating the power of its $4.9B quarterly profit for global expansion.
Ripple to Buy Stablecoin Payment Platform Rail for $200M
Highlights
- Ripple will acquire Rail for $200M, deal to close Q4 2025.
- Rail is projected to power 10%+ of global stablecoin payments ($3.6B market) next year.
- The deal lets Ripple deliver enterprise-grade stablecoin payments (RLUSD, XRP, others) with fiat on/offramps—no crypto custody needed for clients.
Why This Matters
- Ripple’s second major buy this year (after April’s $1.25B Hidden Road deal) marks its rapid stablecoin market expansion. With active MiCA licensing in the EU and RLUSD cleared in Dubai, Ripple is building a global stablecoin platform—shifting from cross-border specialist to full-service finance player as institutional competition intensifies.
Disclaimer:
- This article is sourced from [Cobo], original title: "Cobo Stablecoin Weekly No.19: After the Stablecoin Act Passes, Where Is the Next “Battleground”?". Copyright belongs to the original author [Cobo]. If you have concerns about republication, please contact the Gate Learn Team for assistance.
- Disclaimer: The views and opinions expressed in this article are solely the author’s and do not constitute investment advice.
- The Gate Learn Team translated other language versions. Reproduction, distribution, or translation is strictly prohibited unless Gate.com is properly cited.
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