Welcome to another edition of the Money Code newsletter (fka The Weekly Stable), the essential source of stablecoin news coverage for global fintech professionals, brought to you by This Week in Fintech and Stablecon.
This week we cover:
Cloudflare brings x402 stablecoin payments to internet scale
Ep 39: Stablecoins Collapse Global Expansion for Fintechs w/ Alfonso + Rodri
Product launches, partnerships and funding news from Extended, M1X Global, EDX Markets, Securitize, Mercado Bitcoin, BNY, Standard Chartered, Ondo, MetaMask, Privy and more.
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🏆 Top Stories
Cloudflare Brings x402 Stablecoin Payments To Internet Scale
Cloudflare announced Monetization Gateway, a product for charging access to web pages, APIs, datasets, and MCP tools protected by Cloudflare.
Cloudflare is internet infrastructure: websites use it as a layer between visitors and their own servers to route and protect traffic. Public estimates put Cloudflare on roughly one-fifth of websites, and Cloudflare says the product will run across its 330+ city network.
Monetization Gateway uses x402, an open payments protocol created by Coinbase and now governed by the Linux Foundation. When a requester asks for a paid resource, Cloudflare can return a 402 Payment Required response, verify stablecoin payment at the edge, and let the request through without a prior account, API key, or billing relationship.
Why it matters:
x402 gets network density. Cloudflare protects roughly one-fifth of websites, so rolling x402 into its traffic layer changes the protocol's distribution profile. Payment protocols compound through network strength: the more places buyers and sellers can use the same payment standard, the more valuable the standard becomes.
The web gets a paid-access model for machine traffic. The internet's default business model was built around attention: ads, referrals, subscriptions, and logged-in users. AI agents do not fit that model, so Cloudflare is creating a way for publishers to charge for resource access directly.
Stablecoins move behind the tools. My bet is that normal creators and publishers will not interact with this through wallets or HTTP
402flows. They will see it through website platforms, API gateways, and publishing tools that expose a “charge for access” control, which makes the openness of the underlying payment plumbing matter more.
📺 Money Code Podcast
Ep 39: Stablecoins Collapse Global Expansion for Fintechs w/ Alfonso + Rodri
Expanding a fintech across countries usually means rebuilding the same product around local banks, local compliance, payout rails, wallet infrastructure, and support paths. Stablecoins change the expansion question from "which market can we afford to launch next?" to "how much of this stack can move behind one API?"
Alfonso and Rodri started Crossmint in NFT checkout, then followed customer demand into stablecoin infrastructure now used by MoneyGram and the Marshall Islands, plus early agentic payments products like agentic cards and Lobster.cash. That path gives them a useful read on which demand is already in production, where compliance still creates drag, and which agent use cases are mostly narrative.
We decode
The expansion problem: what changes when fintechs stop rebuilding the same stack country by country
The compliance handoff: which parts move to infrastructure providers, and which parts still create friction
The agentic finance split: where Crossmint sees real demand before consumer agent checkout catches up
Give it a listen and share your feedback by sending me a DM or replying to this email.
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Read on for a round up of this week's news:
📊 Market Trends
Circle pulls ahead of Tether in stablecoin volume race, new Visa data shows (read more)
Erebor Bank eyes $8 billion valuation as deposits nearly quadruple (read more)
IMF warns tokenization policy choices will shape whether markets strengthen or fragment (read more)
Robinhood CEO says crypto's future is in real-world assets, not memecoins (read more)
💸 Fundraises and M&A
eToro invests in Extended as brokers race into onchain derivatives (read more)
Circle Ventures backs Flutterwave as African payments platform expands into USDC settlement (read more)
Paradigm leads $5.5 million seed round in M1X Global to expand tokenized sovereign debt platform (read more)
SBI Holdings backs EDX Markets as sole investor in $76 million Series C (read more)
Securitize eyes acquisitions with $400 million war chest after going public (read more)
Tether invests $20 million in Mercado Bitcoin amid Latin America's tokenization boom (read more)
🚀 Product Announcements & Partnerships
BlackRock, Citi and 46 firms test tokenized money market funds as institutional collateral (read more)
BNY adds stablecoin mint and burn for institutions, deepening USDC role (read more)
Cari Network grows to 30 banks ahead of U.S. tokenized deposit pilot (read more)
Cloudflare launches Monetization Gateway for stablecoin payments across webpages, APIs, datasets and MCP tools (read more)
MetaMask launches yield-paying Money Account on Monad (read more)
Ondo tokenizes BlackRock's IVV ETF and Micron stock under U.S. custodial model (read more)
Privy launches global fiat onramps through Stripe and multi-country aggregator integration (read more)
Sberbank plans crypto wallet launch as Russia clears market path (read more)
Standard Chartered becomes first G-SIB to provide institutional USDC minting and redemption via DIFC (read more)
⚖️ Regulatory Developments
Bank of Russia says digital ruble is ready for widespread use ahead of September rollout (read more)
Coinbase secures UK authorization to offer traditional investments alongside crypto (read more)
European Commission looks to expand MiCA to cover tokenization and non-EU stablecoin issuers (read more)
Kenya Capital Markets Authority seeks blockchain tool to track crypto crime (read more)
Kraken moves to become a bank in Europe (read more)
Ripple receives full MiCA CASP authorization in Europe (read more)
UK crypto rules promise global trading access while compliance hurdles threaten rollout (read more)
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