Welcome to another edition of the Money Code newsletter by Stablecon.
The big news this week: Samsung is bringing USDC transfers into Samsung Wallet, with a rollout planned for the last week of October across 82 million compatible U.S. Galaxy devices. Users will be able to send money to compatible crypto wallets or to eligible bank accounts in more than 60 countries, where recipients receive local currency. Bastion provides the regulated accounts and payment infrastructure, with Coinbase as its sub-custodian. Solana and Sui are among the supporting networks.
This is the kind of integration I want to see: stablecoins embedded in a familiar consumer product, with a useful reason to try them. Cross-border payments are a good starting point, but will the experience be good enough to compete with existing remittance players such as Remitly and Wise? Samsung and its partners have a marketing job here. We'll have to see whether pricing is competitive and whether the additional convenience can win folks over.
The integration is a promising first step. I'll be watching for what types of users change their behavior and whether the experience gives them a reason to come back the next time they need to send money abroad.
Read on for a round up of this week's news, including product launches, partnerships and funding updates from Navra, OKX, Spiko, Anvil, Ant International, Fiserv, Ondo, Payward, Securitize, Stripe and more.
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Editor’s Note: We’ll be launching our new season of the Money Code podcast soon, in collaboration with our partner Transak.
Transak is the payments infrastructure that connects traditional money with stablecoins and crypto. Through a single API, any financial app can enable its users to onboard, fund, and withdraw stablecoins and crypto without leaving the app. Learn more today.
Stablecon is also looking for a great Account Executive to join our BD team. If you want to be part of the fastest-growing conference in payments, reach out.
📊 Market Trends
Broadridge's Distributed Ledger Repo Processes $7.5 Trillion in September (read more)
CSBS survey reports community-bank plans for tokenized deposits and stablecoins (read more)
Dune report puts tokenized RWA value at $34.5B and compares onchain trading patterns (read more)
The Fed and PYMNTS Intelligence Agree: Stablecoins Have a Demand Problem (read more)
Lloyds survey finds 71% of UK finance leaders expect tokenization to reshape services (read more)
Moody's Ratings Assigns First Issuer Rating to Sky Protocol (read more)
Visa study finds 46% of Asia-Pacific consumers likely to use stablecoins within five years (read more)
💸 Fundraises and M&A
Anchorage Buys Routable to Link Stablecoin and Fiat Infrastructure (read more)
Founders Fund leads a $5 million token buy in crypto collateral protocol Anvil (read more)
Navra announces Series A led by Ribbit Capital and launch of its DeFi access platform (read more)
OKX raises at $25 billion valuation from Standard Chartered and Circle (read more)
Spiko Raises $90M Series B Led by NEA to Make Yield Universal (read more)
🚀 Product Announcements & Partnerships
Aave-powered yield becomes available through Privy Earn (read more)
Ant International expands tokenized-deposit partnerships with HSBC and OCBC (read more)
Fiserv launches digital asset platform with Roughrider Coin for North Dakota bank network (read more)
Gate partners with Visa on crypto-linked card across 40+ countries and territories (read more)
GSR commits $100M to stablecoin and tokenized-gold vault business (read more)
ICE and OKX file plans for a tokenized US-stock trading venue (read more)
NUVA brings U.S. residential mortgage credit to offshore investors (read more)
OKX Money lets users save, earn 10% yield and spend dollar stablecoins in one app (read more)
Ondo launches tokenized private markets with pre-IPO AI company (read more)
OSL Group Powers 2WA's Tokenization of the First USDGO Stablecoin Market-Neutral Strategy Fund (read more)
Payward integrates Singapore Gulf Bank network for 24/7 institutional settlement (read more)
Payward is in talks to provide crypto trading liquidity to Wells Fargo (read more)
S&P Global launches vault risk assessments for $10 billion crypto lending market (read more)
Samsung plans late-October USDC rollout with Bastion and Coinbase on Solana (read more)
Securitize brings Apple, Nvidia and Tesla to Solana, with NYSE trading in the works (read more)
Solana Foundation Launches Solana DvP, an Atomic Settlement Program Built for Financial Institutions (read more)
Standard Chartered plans Singapore digital-asset custody, subject to regulatory approvals (read more)
Stripe to expand stablecoin cards to over 100 countries by the end of the year (read more)
Tereina and Circle Bring USDC and EURC Payments to SAP Cloud ERP (read more)
Tether Signs MoU with the National Bank of Kazakhstan and the Alatau City Authority to Explore Stablecoin Use Cases and Asset Tokenization (read more)
Velocity and CrissCross Partner to Expand Institutional Stablecoin Connectivity Across Africa (read more)
World Liberty Financial and Mesh plan USD1 merchant payments (read more)
⚖️ Regulatory Developments
Bank group sues U.S. regulator over granting crypto trust charters (read more)
CFTC proposes first formal crypto market rules, WSJ reports (read more)
Circle urges EU to preserve MiCA multi-issuance and rethink stablecoin reserve rules (read more)
Conduit sues Tether over $2.76 million freeze, says it has ‘no legal entitlement’ to funds (read more)
ECB outlines three models for putting central bank money onchain (read more)
FinCEN withdraws proposed rules on unhosted wallets and crypto mixing (read more)
Modern Treasury applies to OCC to establish a national trust bank (read more)
Rain files with OCC to establish national trust bank (read more)
💼 Stablecoin Jobs
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