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:
White House puts fintech access to the Federal Reserve on the table
Product launches, partnerships and funding news from AEON, Aryze, Checker, Fasset, Standard Chartered, Tether, Turnkey, Zama, BitGo, MoneyGram and more.
Want to master stablecoins and programmable money? Subscribe to our podcast for breakdowns, lessons and insights from the top builders in the space.
For feedback or suggestions, reply to this email, find Chuk and Stablecon online, or join the Stablecon community on Telegram. P.S. Get your tickets for Stablecon 2026
A Message from our Partner
Stablecoins are reshaping how businesses move money — and VelaFi's Stablecoin Payments makes it ready for your daily operations. Accept and settle globally via QR codes and payment links for high-frequency settlement and programmatic payouts. No intermediaries, no FX friction, no banking hours, minimal cost.
Want to sponsor a newsletter? See our sponsorship information here.
🏆 Top Stories
The White House Puts Fintech Access to the Fed on the Table
The White House issued an executive order directing the SEC, CFTC, FDIC, OCC, CFPB, and NCUA to identify rules that block fintech integration, then act on those findings. The order also asks the Federal Reserve to evaluate whether nonbank fintech and digital-asset firms can get direct access to Reserve Bank payment accounts and payment services, and what policy should govern decisions across the twelve Reserve Banks.
A paired financial-integrity order pushes Treasury and regulators toward tighter customer-identification and due-diligence rules around identity, ITIN usage, payroll evasion, and suspicious activity.
Why it matters:
It is the first serious attempt to redraw the boundary between fintech, banking, and Fed infrastructure across the whole stack. The master-account fight is the public hook, but the bigger implication is whether fintech access remains mediated by banks or becomes a regulated first-class path.
Payments can move beyond bank mediation. The U.S. is unusual among G7 countries in forcing regulated payments companies through banks to reach government settlement rails. A direct-access model separates routine payments from bank balance-sheet functions like leverage and maturity transformation, lowering sponsor-bank dependency and reducing systemic coupling in everyday payments.
The EO reaches the operating stack. The order targets the rules and supervisory tools that shape how fintechs build, partner, hold customer assets, and go to market in other areas of finance, including lending, brokerage, custody, deposit insurance, and third-party risk. That last category matters because bank-fintech partnerships have been governed less by clear product rules than by supervisory pressure on partner banks.
Access comes with verification. The paired order tightens the customer layer. Fintechs get a clearer path into regulated infrastructure, while end users face stricter checks around identity, tax documentation, payroll flows, and suspicious activity.
Digital assets are part of the fintech perimeter. The EO names digital-asset and blockchain-based services, putting stablecoin issuers, crypto trust banks, custody firms, and blockchain payment platforms on the same regulatory map as BaaS, embedded finance, and traditional payments companies.
Read on for a roundup of this week's news:
📊 Market Trends
Solana sheds memecoin reputation as big banks move billions into its ecosystem (read more)
Stablecoin supply tops $300 billion but growth stalls as Tether gains at rivals' expense (read more)
Standard Chartered projects $4 trillion in tokenized assets by end-2028, with DeFi protocols as primary beneficiaries (read more)
Tokenized equities daily volume hits all-time high of $3.57 billion (read more)
💸 Fundraises and M&A
AEON raises $8 million to build settlement layer for AI agents (read more)
Aryze closes EUR 3 million pre-Series A to scale stablecoin infrastructure (read more)
Checker raises $8 million from Galaxy Ventures and others for stablecoin infrastructure (read more)
Fasset raises $51 million to expand stablecoin-focused neobank (read more)
Standard Chartered to acquire the rest of Zodia Custody (read more)
Tether acquires SoftBank's stake in Twenty One Capital (read more)
Tether and Gnosis co-lead $4.4 million seed round for Sorted Wallet (read more)
Tether invests in LemFi to promote stablecoin-powered remittances across emerging markets (read more)
Turnkey raises $12.5 million from Circle Ventures, Sequoia Capital and others (read more)
Zama acquires TokenOps to enable encrypted token distributions for institutions (read more)
🚀 Product Announcements & Partnerships
AllUnity plans Swedish krona stablecoin and pushes into AI agentic payments (read more)
BitGo launches modular digital asset operating model for banks (read more)
CoinList launches Passage platform for tokenized asset distribution (read more)
Dakota launches self-serve onboarding for its stablecoin infrastructure platform (read more)
Keyrails unveils third-party RTGS network for emerging markets across 75 currencies (read more)
Kik founder's Flipcash becomes first app to use Coinbase stablecoin-as-a-service platform (read more)
Modern Treasury launches global USD accounts for platforms serving users in 90+ countries (read more)
MoneyGram named anchor remittance validator for Stripe-backed Tempo blockchain (read more)
NUVA launches tokenized asset platform with $19 billion in assets under former BNY Mellon executive (read more)
Ostium partners with Nasdaq to power onchain equity perpetuals (read more)
Paytrie enables CADC stablecoin-powered remittances from Canada to the world (read more)
Saudi Arabia pushes $12.5 billion initiative to tokenize multi-trillion-dollar economy (read more)
Solayer launches Visa-compatible card for USDC payments (read more)
Upshift launches Clear platform for instant RWA redemptions (read more)
Wego introduces stablecoin payments through partnership with Triple-A for flights and travel bookings (read more)
⚖️ Regulatory Developments
Bank of England and FCA launch consultation on tokenized UK wholesale markets (read more)
EU opens MiCA consultation to review if crypto framework is still fit for purpose (read more)
Galaxy Digital receives BitLicense to operate in New York State (read more)
Japan's ruling party approves national AI-blockchain financial system proposal (read more)
Minnesota banks and credit unions set to provide crypto custody starting Aug. 1 (read more)
President Trump orders Federal Reserve to review crypto firms' access to master accounts (read more)
SEC readies innovation exemption plan for tokenized stocks (read more)
Senator Warren criticizes OCC over Ripple, Coinbase and other crypto trust charters (read more)
UK financial payments network is ready for tokenization, regulators say (read more)
Zerohash secures first EMI license under MiCA for stablecoin and brokerage services in Europe (read more)
🍻 Upcoming Events
Wednesday 27 May, San Francisco: TWIF: The New Treasury Stack: Stablecoins and the Future of Payments
💼 Stablecoin Jobs
Search 1,400 jobs across 60+ stablecoin related companies. Filter by stage, category, region and remote.
📖 Reads of the Week
In "What builders need to know about the CLARITY Act, what it is and why it matters", Miles Jennings at a16z crypto argues that the Senate's market-structure bill would give blockchain networks a regulatory path that fits how they work.
The core distinction is companies versus networks: securities law is built around managers, disclosure, and shareholder claims, while blockchain networks coordinate users, developers, capital, and governance through shared rules.
Pair it with this week's executive-order story as the legislative track of the same shift. The executive order pushes regulators to rethink fintech access; the CLARITY Act sets out where digital networks sit inside U.S. market structure.