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:

  • SoFi puts a bank-issued stablecoin inside its banking app

  • MoneyGram explains why stablecoins need real-world distribution

  • Product launches, partnerships and funding news from Catena Labs, Squid, TownSquare, Block, Circle, Whop, Tether, Franklin Templeton and more.

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🏆 Top Stories

SoFi Puts A Bank-Issued Stablecoin Inside Its Banking App

SoFi made SoFiUSD available inside its app for its nearly 15 million members. The token runs on Ethereum and Solana, and sits next to a roadmap that includes tokenized deposits, 24/7 cross-border transfers, institutional trading through Bullish and enterprise stablecoin infrastructure.

Why it matters:

We're still early in U.S. stablecoin adoption. SoFi is betting that its status as a tech-forward national bank can unlock a differentiated positioning that will drive the next wave.

  • National bank status is the wedge: SoFi has a national bank license, Fed Master Account access, and the ability to connect stablecoin issuance to regulated banking infrastructure today. That creates trust and makes the product more palatable to consumers and enterprises. This is unique. Many banks have announced digital dollar plans, but so far only JPMorgan (deposit token) and SoFi have actually launched.

  • Distribution is not usage: 15 million app users is a strong distribution advantage. The open question is what consumers will actually do with it and how much utility there will be outside the app. Cross-border payments, trading and interest on tokenized deposits are SoFi's initial bets.

  • Tokenized deposits solve the yield problem: SoFi plans to offer a yield experience in the same app through an FDIC-insured tokenized deposit, not through SoFiUSD itself. That is the interesting architecture: portable stablecoin when you need open-network movement, tokenized deposit when you want bank-native yield and insurance. It also sidesteps the stablecoin-yield debate because the yield attaches to a deposit, not the payment stablecoin.

📺 Money Code Podcast

Ep 33: MoneyGram Is Becoming an Open Network w/ Anthony Soohoo

One of the largest cash distribution networks on the planet is becoming an API for stablecoins. 500,000 retail locations are about to be programmable.

Anthony Soohoo is 18 months into refounding MoneyGram, the 85-year-old network that settles $200B a year across 200 countries. His bet: stablecoins are only as powerful as the network that distributes them.

We decode

  • Why some fintech moats take decades to assemble

  • What 24/7 blockchain settlement does to MoneyGram's treasury cycle

  • Why making cash withdrawals easier is what makes stablecoins worth holding

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 roundup of this week's news:

  • At $322 billion, the stablecoin market value exceeds the FX reserves of 95 nations (read more)

  • Crypto IPOs could create massive $1 trillion market amid tokenization wave, Jefferies says (read more)

  • JPMorgan says tokenized money market funds are unlikely to grow beyond 15% of the stablecoin market (read more)

💸 Fundraises and M&A

  • Catena Labs raises $30M Series A to build an AI-native bank for agentic payments (read more)

  • Squid raises $6 million from Ripple, North Island Ventures and others (read more)

  • TownSquare secures $16.25 million from WLFI, OKX and others for stablecoin yield platform (read more)

🚀 Product Announcements & Partnerships

  • Aave yield-bearing assets power everyday spending through the MetaMask Card (read more)

  • Bermuda works with Circle, Coinbase and Stellar on an onchain economy and sovereign digital dollar (read more)

  • Bitget launches RealityFi stock tokenization platform (read more)

  • Block kicks off Cash App's phased stablecoin rollout to nearly 60 million users (read more)

  • Circle partners with Nium to connect USDC settlement to global payout rails (read more)

  • DTCC plans to bring tokenized assets to Stellar in latest Wall Street blockchain push (read more)

  • Falcon Finance and Anchorage Digital Bank launch fUSD, a GENIUS-ready stablecoin with rewards on Ceffu (read more)

  • Franklin Templeton taps DigiFT to distribute BENJI tokenized money market fund in Asia (read more)

  • SoFi brings bank-issued stablecoin to 15 million users in crypto push (read more)

  • Manifest chooses Ethena to back USH, its real estate-backed token (read more)

  • Meow builds on Stripe and Bridge to unify fiat and stablecoin financial services for startups (read more)

  • MoonPay expands into tokenized assets and DeFi markets with new platform for banks (read more)

  • Project Agora shows tokenization can improve wholesale cross-border payments, with real-value testing to follow (read more)

  • Stablecorp enables first onchain CAD/USD settlement with QCAD on Circle StableFX (read more)

  • Tether and the Government of Georgia launch GELT, the official stablecoin of Georgia (read more)

  • Whop launches business-native Visa cards funded through stablecoin infrastructure (read more)

⚖️ Regulatory Developments

  • Banca Sella gets green light to provide crypto services to customers in Italian first (read more)

  • ECB warns EU finance ministers that easing euro stablecoin rules would weaken banks (read more)

  • Kraken parent Payward secures preliminary VARA approval for Dubai expansion (read more)

  • Mastercard receives New York State Department of Financial Services BitLicense (read more)

  • Plume secures Bermuda license for what it calls first regulated onchain vault manager (read more)

  • UK sanctions ruble stablecoin issuer in crackdown on Russia crypto networks (read more)

🍻 Upcoming Events

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📖 Reads of the Week

Compliance is one of enterprise AI's biggest markets, writes James da Costa from a16z in Everything, Everywhere is Compliance. The work is high-volume, manual, regulated, and full of legacy-system friction. Every new financial rail eventually inherits the same constraint: onboarding, monitoring, reporting, and auditability. Stablecoins and agentic payments will not scale just because the settlement layer gets faster. They need compliance infrastructure that can keep up and that’s a big opportunity driven by AI.

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