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:
SEC proposes a new framework for crypto capital formation
Pritpal Shokar explains how stablecoins make payment networks capital-light
Product launches, partnerships and funding news from Natural, Ripple, Stripe, Cash App, Chime, Citi, Deel, HSBC, Kraken, Visa and more.
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🏆 Top Stories
SEC Proposes New Rules for Token Fundraising
The SEC has proposed Regulation Crypto Assets, a framework that would let projects raise capital through token offerings using tailored exemptions from full securities registration. A startup exemption would allow projects to raise up to $5 million over four years, while larger U.S.-based issuers could raise up to $20 million under Tier 1 or $75 million under Tier 2. The proposal also creates a safe harbor: once an issuer completes or permanently ends the managerial work it promised investors, it can file a transition report claiming the investment contract has ended. The SEC could still challenge that filing.
Why it matters:
U.S. securities rules were built for companies and shares, not networks that can outgrow their founding teams. This proposal gives blockchain projects a regulated path to raise capital and a defined route out once the work promised to investors is done.
Disclosure rules built for tokens. Securities registration addresses the information gap between issuers and investors. Regulation Crypto Assets focuses disclosure on what matters for a network: the promised work, token economics, allocations, governance, security, ecosystem and risks.
A regulated route for token fundraising. Many networks need to raise money and distribute an asset while the underlying technology is still being built. If adopted, these exemptions would give projects that do not fit conventional equity offerings a regulated way to reach U.S. investors.
A defined exit from the investment contract. There was no formal process for a token sold through an investment contract to separate from that contract. The proposal sets the conditions for that transition, tying it to the issuer finishing or permanently ending its promised work.
Marketing becomes part of the record. Promises made on websites, in whitepapers and through official social posts help define what investors are funding. Strict marketing rules make sense because false or misleading claims can support a fraud case.
Blockchain has crossed an institutional threshold. Under Gensler, enforcement cases did most of the work of setting the boundaries. Writing a bespoke capital-formation regime treats blockchain networks as a model that deserves rules built around how they are funded, developed and handed over to users.
📺 Money Code Podcast
Ep 43: Stablecoins Make Payment Networks Capital-Light w/ Pritpal Shokar (Thunes)
The money behind an “instant” cross-border payout was often parked in the destination market before the payment began. Stablecoins can shrink that funding window from days to hours, changing the capital required to run the network.
Pritpal Shokar works on digital assets at Thunes, where the team started with its own treasury before enabling customers to fund in USDC and EURC. He explains what must also change downstream before just-in-time funding can work across a corridor.
We decode
The capital-light network: why Pritpal says holding float was a requirement, and where Thunes’ value remains as that float shrinks
The corridor test: the three conditions Pritpal watches before stablecoin funding can work downstream
Stablecoins versus tokenized deposits: how Thunes decides what to integrate while both remain early
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
China triples its e-CNY bank network as eight more banks join (read more)
JPMorgan ends its banking relationship with Polymarket (read more)
Rain says its stablecoin payments reach more than 100,000 merchants (read more)
Securitize falls 20% after tokenization revenue misses expectations (read more)
Tether passes its first full audit as KPMG confirms a $6.8 billion reserve surplus (read more)
💸 Fundraises and M&A
🚀 Product Announcements & Partnerships
Cash App taps MoonPay to expand crypto purchases beyond bitcoin and USDC (read more)
Chime explores adding stablecoin features to its app (read more)
Citi plans to launch bitcoin custody through its Custody+ platform (read more)
Deel launches DLUSD stablecoin wallet across more than 80 countries (read more)
FalconX and Ethena launch $1 billion warehouse financing facility (read more)
Flutterwave partners with Caliza to give African businesses USD accounts and stablecoin payments (read more)
HashKey taps Hong Kong's first regulated stablecoin for insurance and trade settlements (read more)
HSBC and Standard Chartered execute first live banking transaction on Swift's 24/7 ledger (read more)
Kraken launches U.S. multi-asset debit card through Krak (read more)
MUFG tests real-time blockchain settlement for Japanese government bonds (read more)
Rain launches Agentic Payments Alliance with 26 founding members (read more)
Ripple partners with Jeonbuk Bank for cross-border payments (read more)
Self and USA₮ launch privacy-preserving stablecoin distribution on Celo (read more)
Solstice Finance brings the first Strategy STRC product to Solana (read more)
Visa searches for a new stablecoin partner after Mastercard acquires BVNK (read more)
Wyoming Stable Token Commission migrates the FRNT bridge from LayerZero to Chainlink CCIP (read more)
X explores stablecoin payouts for influencers and content providers (read more)
⚖️ Regulatory Developments
Bitpanda fined €70,000 in Austria's first published MiCA enforcement case (read more)
Crossmint secures RPAA and MSB registration in Canada (read more)
Injective becomes an SEC-registered transfer agent as it expands tokenization push (read more)
OCC conditionally approves World Liberty Trust for a national trust bank (read more)
OCC targets November for final GENIUS Act stablecoin rules (read more)
SEC clears Franklin Templeton funds to use BENJI for onchain cash management (read more)
SEC proposes Regulation Crypto Assets framework for crypto-contract offerings (read more)
U.S. accounting standards board proposes treating qualifying stablecoins as cash equivalents (read more)
U.S. Treasury proposes rules for GENIUS Act stablecoin licensing (read more)
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