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:
Visa shares settlement data to support lending through Credit Coop.
Product launches, partnerships and funding news from Cari Network, TRM Labs, Circle, Coinbase, SoFi, Tether, Privy, Flex and more.
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🏆 Top Stories
Visa is expanding access to its settlement data to help lenders fund stablecoin card programs. Credit Coop supplies the lending infrastructure; Visa contributes the payment data and network integration. Rain, the $2B stablecoin infrastructure company best known for it’s stablecoin-linked card issuance, has used this set up since 2023. Now it becomes more widely available.
The problem is a timing gap. Card issuers have to put up balances with Visa to guarantee they can pay before collecting from cardholders. Smaller programs need credit lines they can draw on and repay every day, including weekends. Loans of only a few million dollars can be too small to justify the cost of setting up traditional financing, and a short operating history makes it harder for lenders to assess risk.
Cuy Sheffield, Head of Visa Crypto Labs, wrote an article explaining how payment data and automated repayments can make smaller card programs easier to finance:
Visa provides reliable operating data. With the card program’s permission, Credit Coop receives its daily settlement files through a secure pipeline. Lenders can assess actual payment activity alongside the program’s onchain repayment history.
Credit Coop arranges the financing. The issuer borrows stablecoins to meet its Visa settlement obligations, with incoming payment flows securing the loan.
Smart contracts control repayment. Those proceeds pass through Credit Coop’s Spigot contract before reaching the borrower’s operating account. The contract directs money toward interest and repayment, replenishing the credit line.
Better payment data and control over repayments make these smaller credit lines more practical, helping smaller card issuers get off the ground. Karta is one example of a program that established a performance record through this arrangement before securing a larger, $125 million institutional credit facility.
This is my favourite real-world example of “programmable money”: making credit more accessible by reducing the cost of assessing, administering and collecting loans. Rain and Credit Coop have demonstrated the model in practice. Visa’s expanded data access can help make similar financing viable for more small programs, creating more opportunities for lenders.
Read on for a round up of this week's news:
📊 Market Trends
AMC stock jumps 21% overnight as CEO slams Robinhood over ‘outrageous’ tokenized shares (read more)
Morpho deposits reach $14 billion all-time high as fixed-rate features launch (read more)
PYUSDx stablecoin assets under management cross $100 million (read more)
Stablecoins could save South Korean merchants up to $3.8 billion a year, budget office says (read more)
💸 Fundraises and M&A
Cari Network raises $32.5 million in bank-backed funding for tokenized deposits (read more)
Circle agrees to buy cross-border payments firm Tazapay for $400 million (read more)
Latitude raises $35 million Series A to connect stablecoin payments to local rails (read more)
Robinhood takes minority stake in Crypto.com to expand prediction markets (read more)
TRM Labs expands Series C at a $2 billion valuation (read more)
🚀 Product Announcements & Partnerships
Aave launches MCP server for AI tools and agents (read more)
Ant International, Mastercard and Visa Initiate Collaboration on Know-Your-Agent Interoperability to Scale Agentic Commerce (read more)
Bottomline Partners With Chainlink to Connect 600 Banks to Blockchain Settlement (read more)
CHF Stablecoin Sandbox Enters Test Phase (read more)
Coinbase Launches Six New Tokenized Stocks on Base, Adding Tesla, Amazon, and SpaceX (read more)
Coinbax launches stablecoin deposits that convert USDC into dollar balances at banks and credit unions (read more)
Crossmint integrates Tala credit while Tala embeds Crossmint stablecoin wallets in Mexico (read more)
DBS and Citi partner to enable instant 24/7 cross-border USD payments with tokenised deposits (read more)
Flex Partners With Mesh to Power Crypto and Stablecoin Deposits for Business Owners (read more)
KakaoPay to Add Stablecoin Functions to Wallet Used by 43 Million (read more)
Lightspark Launches 24/7 Israel Payout Corridor Enabling Shekel Settlements via Fiat and Stablecoins (read more)
Mantle Joins Global Dollar Network as USDG Circulation Surpasses $3B Across 150+ Partners (read more)
Marqeta Turns to BVNK for Stablecoin-Backed Card Capabilities (read more)
Modern Treasury launches non-custodial stablecoin wallets with global USD accounts and payment orchestration through one API (read more)
MVB partners with Velocity on Visa Direct stablecoin funding and settlement pilot (read more)
Open Standard outlines plans to share reserve revenue and eliminate burn fees for Open USD (read more)
Privy launches card components with Stripe across 25+ countries (read more)
SoFi and Kraken connect dollar settlement, SoFiUSD and crypto trading (read more)
Standard Chartered launches spot bitcoin and ether trading in the UAE (read more)
Tether, Fasanara launch $400 million fund for stablecoin-enabled private credit (read more)
Turnkey Launches Swaps and Earn to Enable In-App Trading and Yield Monetization (read more)
U.S. Bank launches USBDC stablecoin with a live cross-border pilot on Stellar (read more)
Visa combines settlement data with onchain lending for stablecoin cards as settlement exceeds a $20 billion annualized run rate (read more)
⚖️ Regulatory Developments
Block applies for national trust bank charter covering custody and stablecoin settlement (read more)
MoonPay Europe receives electronic money institution licence from De Nederlandsche Bank (read more)
OpenReserve receives conditional OCC approval for a national bank charter (read more)
Revolut takes ‘important’ step toward becoming a US bank with conditional OCC approval (read more)
South Korea outlines three-stage tokenized securities roadmap beginning in 2027 (read more)
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