Stablecoin Supply Reaches Record as Payment Rails Eat Into SWIFT
Total stablecoin float has hit a fresh all-time high above $312 billion, with corporate payments accounting for a meaningful share of monthly transfer volume.
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Total stablecoin float has hit a fresh all-time high above $312 billion, with corporate payments accounting for a meaningful share of monthly transfer volume.
The Central Bank of Ireland authorized Aave Labs' fiat-to-crypto subsidiary, enabling zero-fee euro conversions for GHO and other supported stablecoins.
The French bank's digital-asset arm has begun running live euro-stablecoin lending pilots on permissionless protocols, a first for a globally systemic institution.
The synthetic dollar has grown into one of the largest stablecoins on-chain, defying earlier scepticism around its delta-neutral funding model.
The original DeFi blue-chip completed its long-telegraphed Endgame restructuring, splitting into Sky for the stablecoin layer and Spark for the lending business.
Issuers are competing for stablecoin TVL by passing more of the underlying treasury yield through to holders, reshaping the long-static stablecoin landscape.
Two years after the Vyper compiler exploit nearly broke the protocol, Curve has steadily rebuilt liquidity and is again the dominant venue for stablecoin pairs.
USDT issuer Tether published its latest reserves report, with U.S. Treasury holdings now larger than those of several sovereign nations.
Aggregate stablecoin float across all chains and issuers has crossed a fresh round number, with payments use cases driving an increasingly large share of growth.
Quarterly venture investment in crypto startups has crossed $4 billion for the first time since 2022, led by infrastructure, payments, and stablecoin-rail bets.
Several mid-tier corridors have seen stablecoin volumes overtake conventional bank-wire activity, with the trend most pronounced in Latin America and Southeast Asia.
President Trump signed the GENIUS Act into law, creating the first U.S. federal regulatory regime for payment stablecoins after a 308-122 House passage.
The full Markets in Crypto-Assets framework entered into force on January 1, 2025, completing a multi-year rollout and forcing widespread CASP licensing.
Parliament has approved a tightly-scoped bill governing fiat-backed stablecoins, finally giving issuers a clear path to operate from London.
The Hong Kong Monetary Authority finalized its stablecoin issuer regime, paving the way for HKD-pegged digital currencies and offshore-yuan stablecoin pilots.
Brazil's central bank-led Drex pilot expanded to include tokenized federal bond settlement, integrating CBDC, stablecoins, and government securities on a single rail.
The Financial Services Agency authorized the first wave of bank-issued yen stablecoins, with three megabanks and a handful of regional banks among the inaugural cohort.
The Council of Economic Advisers found that a full ban on passive stablecoin yield would cost consumers roughly $800 million annually in lost returns.
The contest among issuers for retail mindshare is irrelevant. The actual winning condition was banking integration, and that race ended quietly years ago.
The terminology has been doing a lot of work that shouldn't be left unexamined. What looks like passive income is often just deposit margin paid back to depositors.