Welcome to another edition of the Money Code newsletter by Stablecon.
I was at Money20/20 this week, and there were plenty of announcements to catch up on. This year tokenization and “agentic” took center stage with stablecoins feeling a little less hyped than last year. This is probably a good thing and a sign of industry maturation. There’s still a lot of understanding/education needed as folks try to evolve their strategies (stablecoins vs tokenized deposits vs nothing at all?) but it definitely feels like we’re much further into the implementation phase.
You'll find the announcements in the roundup below, alongside the rest of this week's news.
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📊 Market Trends
Binance reports bStocks surpasses $1 billion in assets under management (read more)
Banks could slow stablecoin growth by paying savers more, BIS paper finds (read more)
Circle details USDC revenue split, says $819 million went to partners and costs in H1 2026 (read more)
Stablecoins move over $400 million per hour on average as off-hours transfers dominate, Coinbase and The Block study finds (read more)
Goldman, Wells Fargo, Morgan Stanley see tokenization as a growth play, not a threat (read more)
Payoneer survey finds 69% of stablecoin-experienced enterprises use it operationally (read more)
💸 Fundraises and M&A
Multiliquid Closes Polychain-Led Seed Round, Bringing Total Funding to $8M (read more)
Mural, Founded by Former Palantir Engineers, Raises $15 Million to Connect Banks to the Bot Economy (read more)
S&P Global leads strategic investment in Kaiko, lifting Series B to $110 million (read more)
Saber Money Raises Strategic Investment from Tether and CMCC Global’s Titan Fund to Scale Stablecoin-Powered Payments (read more)
Spout Finance raises $2 million to offer USDC borrowing against tokenized stocks (read more)
Standard Chartered signs agreements to acquire Zodia Custody (read more)
Tether leads pre-seed investment in Bolivia’s Peso (read more)
🚀 Product Announcements & Partnerships
Japanese visitors may be able to pay with yen stablecoins in South Korea under Shinhan-SBI pact (read more)
Anchorage Digital and Securitize add direct stablecoin minting and redemption (read more)
Circle targets 40 new markets as stablecoin demand grows globally (read more)
Deutsche Bank prepares German crypto custody launch and plans Asian expansion (read more)
Fireblocks launches liquidity market bringing streaming OTC pricing to stablecoin payments (read more)
Injective and BDACS plan Korean won stablecoin integration for tokenized assets (read more)
JPMorgan brings JPM Coin deposit token to Ethereum for institutional clients (read more)
Logos launches tokenized-asset evidence testnet with Paysend and Securitize (read more)
Marqeta and Coinbase collaborate on stablecoin-backed cards (read more)
Mastercard and BVNK launch Global Money Platform (read more)
Mastercard launches Stablecoin Security fraud and sanctions screening (read more)
Mastercard opens early access to AI agent payments after pilots with Coinbase and Cloudflare (read more)
Matera, Payfinia, Altitude and Solana Foundation Demonstrate New U.S. QR Code Payment Standard at Money20/20 (read more)
Mesh and Visa team up to let wallet users spend stablecoin balances anywhere Visa is accepted (read more)
MoneyGram Launches App Integrating Stablecoin Infrastructure for Seamless Cross-Border Transfers (read more)
MoneyGram uses Checker for stablecoin treasury and FX operations (read more)
Morpho brings receivable-backed credit markets onchain with Morpho Midnight (read more)
Participate and Hazel complete tokenized-deposit loan payment between Vantage and Rio Bank (read more)
Proof and Circle demonstrate verified AI-agent identity with USDC payments (read more)
Ripple Launches Support for Institutions to Access Real-World Asset Perpetual Swaps (read more)
SBI Holdings and Startale join Open Standard to explore yen-dollar stablecoin interoperability (read more)
Skyfire and Forter integrate agent identity tokens into checkout fraud decisions (read more)
StraitsX and Visa expand stablecoin-backed card issuing capabilities to over 100 markets (read more)
Stripe and Plasma to launch multi-currency crypto cards (read more)
Thunes and Coinbase partner on stablecoin infrastructure and global fiat payouts (read more)
tx launches Brale-issued USTX for tokenized-asset settlement (read more)
VersaBank begins US commercial phase for tokenized deposits ahead of VUSD launch (read more)
Visa Direct moves stablecoin prefunding into production with Inyo Global (read more)
Western Union selects Noah to power Receiver Redirect stablecoin transfers (read more)
World launches World ID for Banking and Finance with financial-sector design partners (read more)
⚖️ Regulatory Developments
France's National Assembly backs budget amendment taxing gains on crypto-to-stablecoin swaps at 31.4% (read more)
Blockchain Association seeks clearer DeFi and foreign-issuer rules in Treasury GENIUS implementation (read more)
CoreWeave, Broadcom, Verizon among nine companies opposing tokenized share trading on OKX (read more)
Microsoft and Alphabet object to blockchain versions of their shares—but their veto only goes so far (read more)
OCC finalizes GENIUS Act stablecoin rules as American Bankers Association challenges third-party rewards treatment (read more)
Ramp applies for a US national trust bank charter for investment management and digital-asset custody (read more)
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