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:

  • Tokenized deposits need a clearing layer

  • Ep 37: Why Cash App Added Stablecoins w/ Miles Suter (Block)

  • Product launches, partnerships and funding news from Allium, MoonPay, Range, Franklin Templeton, Libeara, Ground, MoneyGram, Ripple, Solana, SBI Group and more.

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🏆 Top Stories

Tokenized Deposits Need a Clearing Layer

Vantage Bank and Custodia proposed Hazel, a bank-led network where a tokenized dollar would function as a tokenized bank deposit inside a member-bank consortium and as a stablecoin outside it. Anchorage also launched infrastructure that helps banks issue tokenized deposits alongside existing core systems.

Why it matters:

Banks and bank networks are increasingly issuing their own tokenized deposits. Regular (non-tokenized) deposits work across the economy because payment systems clear and settle obligations between separate bank ledgers; tokenized deposits need a shared clearing model before they can work across networks.

  • Issuance is fragmenting: Hazel, Cari, Keystone, The Clearing House's planned bank-led network, Anchorage-enabled bank programs, Kinexys and Citi all point to many versions of tokenized bank money. Some are consortium rails. Some are single-bank systems. None removes the need for interbank clearing.

  • Closed-loop settlement is easier: Kinexys, Citi Token Services and Hazel can each settle inside controlled environments. The harder problem starts when value has to move between networks.

  • Hazel tests one boundary: Hazel is designed to let a token change legal form at the consortium edge, from tokenized deposit to stablecoin. That helps connect bank money to open stablecoin rails, but it does not solve clearing between tokenized deposit networks.

  • The RTP/FedNow confusion is a warning: The U.S. ended up with competing real time payments across a private bank-owned rail and a Fed-operated rail aimed at the same broad job. Tokenized deposits should avoid repeating that split at the clearing layer. Many successful instances of real time payments have been government or central bank led (UK’s Faster Payments, Brazil’s PIX, Europe’s SEPA). The U.S. racing ahead towards a patchwork of tokenized deposits would be counterproductive unless coordinated in a unified clearing layer. The question is whether the Fed can align the various parties to execute.

📺 Money Code Podcast

Ep 37: Why Cash App Added Stablecoins w/ Miles Suter (Block)

A Bitcoin-first company just made the case for stablecoins as part of Bitcoin's route to everyday money.

Miles Suter joined Cash App nine years ago to launch its first Bitcoin product and now works on Block's mission to make Bitcoin everyday money. Cash App just added stablecoins because users still want dollars, but Block wants them moving on rails that can teach open-money behavior: one balance, fewer crypto mechanics, and Bitcoin or Lightning underneath more of the experience.

We decode

  • The bridge logic: why stablecoins fit Block's Bitcoin mission

  • The single dollar balance: how Cash App makes stablecoins behave like account funding on any other rail

  • Dollars on Lightning: what dollar-funded Bitcoin payments taught Block about everyday rail behavior

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:

  • 21Shares co-founder warns tokenization hype is outrunning Wall Street reality (read more)

  • BIS maps stablecoin yield models and questions whether interest bans target the right risks (read more)

  • BNY sees FOMO driving asset managers into tokenized funds (read more)

💸 Fundraises and M&A

  • Allium raises $40 million to build blockchain data infrastructure for Wall Street (read more)

  • Franklin Templeton completes 250 Digital acquisition and launches Franklin Crypto (read more)

  • Libeara raises $14 million from GSR, Kyobo Life and others for tokenization (read more)

  • MoonPay acquires Entendre to bring agentic finance to the stablecoin economy (read more)

  • Range raises $8.3 million from fintech and crypto VCs for stablecoin compliance (read more)

  • Sovra raises $2 million pre-seed for stablecoin-powered fintech (read more)

  • Superstate co-founder raises $3.6 million pre-seed for Ground to help fintechs access onchain yield (read more)

🚀 Product Announcements & Partnerships

  • Alchemy unveils Visa-powered virtual payment card for AI agents (read more)

  • Anchorage launches tokenized deposit platform to bring banks onchain (read more)

  • Avalanche launches Payments Collective with Franklin Templeton, VanEck and Anchorage Digital to standardize onchain settlement (read more)

  • Baillie Gifford launches the UK's first fully native regulated tokenized fund on Ethereum and Solana (read more)

  • Bank of Korea advances CBDC deposit token initiative to test real-world usage (read more)

  • Black Lake and Nuva Labs tokenize $25 million in mortgage loans on Provenance (read more)

  • Boerse Stuttgart's Seturion partners with BlockInvest and Weltix for DLT settlement (read more)

  • Chainlink teams up with 47 South Korean and European banks to speed up international money transfers (read more)

  • Custodia and Vantage Bank propose token that toggles between bank deposits and stablecoins (read more)

  • ARP Digital builds blockchain settlement infrastructure for $6 trillion in Global South trade (read more)

  • MoneyGram joins Solana as validator amid stablecoin payment push (read more)

  • OKX and NYSE partner to bridge TradFi and crypto markets in joint venture led by Andrew Cuomo (read more)

  • Opera launches MiniPay virtual card with Visa and Gnosis Pay on Celo (read more)

  • Ripple launches RLUSD stablecoin in Japan after regulatory approval (read more)

  • SBI Group launches Japan's first trust bank-backed stablecoin JPYSC (read more)

  • Solana partners with Toss Bank on stablecoin remittance, payments and tokenization (read more)

  • Stablecore and Circuit launch digital asset and stablecoin program for credit unions (read more)

⚖️ Regulatory Developments

  • Bank of England backs down on strict stablecoin holding limits and sets $50 billion issuance cap (read more)

  • Ripple secures preliminary MiCA CASP license for payments services across Europe (read more)

  • U.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act pitch (read more)

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