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:
Zelle brings remittances into the bank app
Ep 36: Every Payments Company Needs a Stablecoin Strategy w/ Ben Milne (Brale)
Product launches, partnerships and funding news from Blockworks, El Dorado, Figure, Flutterwave, Trace Finance, Coinbase, Fidelity, State Street, Yellow Card and more.
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🏆 Top Stories
Zelle Brings Remittances Into The Bank App
Early Warning Services, the company behind Zelle, is expanding beyond U.S. peer-to-peer payments, with India as its first international market. EWS also unveiled ZelleUSD, a U.S. dollar-backed stablecoin intended to support future international payment corridors.
Why it matters:
This could be remittance's Microsoft Teams moment. Slack had the loved product, Teams had Microsoft distribution, and the chart below shows how that played out.
Distribution is the wedge: Wise and Remitly built strong remittance products, but Zelle already sits inside the bank apps where millions of U.S. consumers move money. Default placement inside trusted bank channels gives Zelle a starting advantage most specialist apps have to buy.
Stablecoins change the cost base: ZelleUSD gives EWS a path to use stablecoins for liquidity, settlement, and dollar balances in other markets. Western Union and MoneyGram are moving in the same direction: stablecoins as infrastructure for cross-border money movement.
The threat is uneven: Zelle is most dangerous to digital remittance flows from banked U.S. senders. It is less direct competition for cash-in and cash-out use cases, where Western Union's agent network still matters.
Banks now have a stablecoin bet: EWS is owned by seven major U.S. banks, including Bank of America, JPMorgan Chase, and Wells Fargo. Those banks can explore tokenized deposits while supporting an EWS stablecoin path, because different rails serve different jobs.
EWS has to prove the international corridors work. Its advantage is where the sender starts: inside the bank app.
📺 Money Code Podcast
Ep 36: Every Payments Company Needs a Stablecoin Strategy w/ Ben Milne (Brale)
“When Visa has many different stablecoin strategies, if your payments company doesn't have a single one, that's a challenge”
Ben Milne built Dwolla after getting "pissed off about credit card fees" and now runs Brale, where stablecoin issuance now takes about a minute and cost less than a dollar.
In this recording of our live episode from Stablecon EMEA, he explains how cheap issuance changes product testing, prefunding, and margin strategy for payments companies.
We decode
The $100M to $1 shift: why cheap issuance changes the risk of trying new payment models
The prefunding trap: how growth can force payments companies to raise capital to keep volume moving
"There is no basis point": what payments companies sell when moving money stops being the margin pool
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 this week's news:
📊 Market Trends
Stanley Druckenmiller says stablecoins could reshape the payment system over the next 10-15 years (read more)
Tokenized treasury market hits $14.6 billion as Wall Street and crypto markets converge (read more)
Visa says stablecoins are reshaping the back end of commerce as it expands AI and tokenization efforts (read more)
💸 Fundraises and M&A
Blockworks acquires Messari at a discount (read more)
El Dorado raises $9 million from Paradigm and launches business account for global money movement (read more)
Figure to acquire Kiavi for $717 million to expand RWA tokenization network (read more)
Ripple invests in Flutterwave Series E at $3.2 billion valuation to back RLUSD integration (read more)
Trace Finance raises $32 million Series A led by CoinFund for stablecoin infrastructure (read more)
🚀 Product Announcements & Partnerships
Ant International uses Amundi tokenized money market fund on Ethereum for corporate treasury (read more)
Coinbase and Ethena launch high-yield savings vault powered by Morpho and Steakhouse Financial (read more)
Coinbase to launch tokenized stock trading (read more)
DBS to offer tokenized gold to Singapore retail customers (read more)
DMCC and Tether sign MoU for blockchain, tokenization and digital finance collaboration (read more)
Fidelity targets stablecoin reserve market with new money market fund (read more)
FV Bank launches unified fintech platform for stablecoins, payments and programmable finance (read more)
Gauntlet launches first Mexican peso vault on Morpho for Latin American stablecoins (read more)
Hinkal launches on Tempo with privacy layer for enterprise stablecoin payments (read more)
Kraken debuts U.S. perpetual futures as crypto derivatives move onshore (read more)
MassPay and Coinbase partner on stablecoin-powered business payouts (read more)
mBridge cross-border CBDC payment platform ready to commercialize, report says (read more)
Moody's rolls out credit ratings on Solana in tokenized asset push (read more)
Plasma launches Plasma One stablecoin card (read more)
State Street launches stablecoin reserve money market fund (read more)
World Liberty Financial to fund UFC fighter bonuses in USD1 stablecoin at White House event (read more)
Yellow Card selects Turnkey for stablecoin payments in emerging markets (read more)
Zama, Morpho and Steakhouse launch confidential DeFi yield vault on Ethereum (read more)
Zebec Network scales real-time payroll with USDC and EURC (read more)
⚖️ Regulatory Developments
Japan's parliament poised to pass sweeping bill to regulate crypto like stocks (read more)
Senate and House reach agreement on housing bill banning CBDC through 2030 (read more)
South Korea finance ministry says tokenized stocks are securities, not crypto assets, opening door to taxes (read more)
U.S. senators urge Treasury not to leave states out of GENIUS Act stablecoin process (read more)
World Liberty Financial nears OCC approval for federal trust charter (read more)
Zimbabwe moves to regulate crypto sector, requiring firms to register with central bank (read more)
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📖 Reads of the Week
Jevgenijs Kazanins' The next stablecoin opportunity belongs to banks clicked for me because it pushes against the default bank-threat framing. Stablecoins are an interface between fiat money and digital money, and banks have spent decades owning that interface for businesses. Non-banks are moving faster in payments, but banks still have the trust, compliance muscle, customer relationships, and rails. The opportunity is to turn that position into product: stablecoin accounts, onramps, offramps, and payments that sit next to corporate operating balances.