Welcome to another edition of the Money Code newsletter by Stablecon.
Driving the news this week: Citi and Coinbase are enabling stablecoin payments at checkout for Citi's institutional clients through Spring by Citi, starting in the US. Customers pay in stablecoins. Coinbase converts the payment into fiat, and Citi settles the funds as the bank of record. Merchants don't have to hold or manage stablecoins.
Elsewhere, Open Standard launched OUSD on Ethereum, Solana, Base and Tempo. Its founding partners, Coinbase, Mastercard, Shopify, Stripe and Visa, are investing in the company and helping establish more than $1B in near-term launch liquidity. An early snapshot of the supply dashboard showed about 618.5M OUSD in circulation across those networks, including 425.2M on Tempo. It’s a strong start, and all eyes will be on how transaction volume grows as they roll it out.
Read on for a round up of this week's news, including product launches, partnerships and funding updates from HIFI, Jeeves, Barclays, Binance, Cloudflare, Franklin Templeton, HSBC, Lloyds Banking Group, Robinhood, Securitize and more.
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💸 Fundraises and M&A
🚀 Product Announcements & Partnerships
Barclays, Wells Fargo and five other banks join BIS Project Agora (read more)
Binance Pay enables payments at PayPay merchants via HIVEX in Japan (read more)
Citi and Coinbase expand virtual accounts and stablecoin payment acceptance (read more)
Cloudflare announces tool that lets businesses charge AI agents in stablecoins (read more)
CSD BR begins mirroring BTG Pactual fund ownership records on XRP Ledger (read more)
Ethena expands USDe backing strategy into bStocks and equity perpetuals on Binance (read more)
Franklin Templeton brings its tokenized collateral service to Bybit (read more)
HSBC reveals RedCoin brand for planned Hong Kong dollar stablecoin (read more)
Kakaopay Securities partners with Dinari and Ondo to explore tokenized Korean stocks (read more)
Lloyds Banking Group and Visa settle $750,000 using USDC in a live cross-border pilot (read more)
Ondo launches onchain Intelligent Portfolios for eligible non-US investors (read more)
Open Standard launches OUSD on Ethereum, Solana, Base and Tempo (read more)
Paxos Labs launches PAXGy, a PAXG-backed token designed to accrue value in gold terms (read more)
Robinhood Wallet integrates Arcus for tokenized-stock swaps (read more)
RockawayX commits $150 million to Catapult for tokenized private credit and other real-world assets (read more)
Securitize brings ARK Invest's Venture Fund onchain on Ethereum with a $500 minimum for eligible investors (read more)
The Clearing House selects Quant for tokenized-deposit interoperability (read more)
UK banks complete interbank customer transactions using tokenized sterling deposits (read more)
⚖️ Regulatory Developments
Coinbase receives CFTC approval for USDC-native clearinghouse (read more)
EU regulators reportedly scrutinize Binance's use of MiCA's reverse-solicitation exemption (read more)
Fed proposes reserve limits and capital standards for stablecoin issuers under GENIUS Act (read more)
South Korea's FSC proposes rules making stocks, bonds and funds eligible for security-token offerings (read more)
UK FCA opens crypto authorisation gateway (read more)
💼 Stablecoin Jobs
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