stablecoins

According to Bloomingbit, Apple and Google are hiring talents with expertise in stablecoins and tokenized deposits to fill vacancies related to finance and payments. Both companies are evaluating the application of digital asset infrastructure in payment and financial services, and there is currently no evidence indicating plans to issue their own stablecoins or launch specific services.Apple released a job posting on August 26 for a position in the United States as the Head of Financial Product Strategy for Apple Pay, responsible for formulating the medium to long-term strategy for financial services, including Apple Card and Apple Cash, and exploring new growth areas. Apple lists knowledge related to stablecoins, tokenized deposits, and blockchain technology as preferred qualifications, and selected candidates will collaborate with relevant product teams to assess new growth areas.Google's recruitment focus is more on institutional digital asset infrastructure. The position of Chief Architect for the Web3 industry located in Hong Kong aims to support Google Cloud's Web3 and digital asset business in the Asia-Pacific region, and knowledge related to RWA tokenization, stablecoin payment networks, tokenized deposits, and digital asset custody is listed as a priority consideration.

According to Bitcoin Magazine, Blue Macellari, the head of digital assets at asset management giant T. Rowe Price, stated in an interview with Bitcoin Magazine that Bitcoin has now become the central topic of discussion regarding currency devaluation. She pointed out that bond vigilantes are making a comeback, U.S. Treasury financing is shifting from foreign buyers to domestic buyers, and the debt situations in Japan and Italy are not comparable to the U.S. buyer base.Macellari has 20 years of experience in emerging market sovereign debt and distressed debt investment, and later was responsible for establishing T. Rowe Price's digital asset business. In the interview, she reviewed the evolution of internal discussions on digital assets within the institution, the considerations for launching actively managed multi-token ETFs, and discussed the trends of asset management tokenization and automation, as well as the liquidity fragmentation risks brought by 24/7 trading.Additionally, Macellari assessed whether the demand for stablecoins under the GENIUS Act represents a substantive change or is merely wishful thinking, and she believes that devaluation trading has indeed driven institutional allocation to Bitcoin. She also stated that volatility can serve as a portfolio tool, and there are significant generational differences in Bitcoin allocation.

The Hong Kong Special Administrative Region Government released the 2026 Policy Address, further expanding the application of digital assets in traditional financial markets. The Securities and Futures Commission will improve the virtual asset licensing system and the regulatory framework for tokenized investment products, promoting the issuance and trading of gold and other suitable real-world assets on licensed platforms.Hong Kong also plans to normalize the issuance of digital bonds and explore the full lifecycle applications of digital currency for settlement, dividend distribution, and redemption. The Monetary Authority will test the tokenization operation of over HKD 1.3 trillion in foreign exchange fund notes by the end of the year and plans to achieve CBDC settlement and 24/7 operation of EnsembleTX by the end of the year.

Chris Ahn, a partner at Haun Ventures, stated that the insurance industry is massive, with global premiums accounting for about 7% of the world's GDP, which is approximately $7.8 trillion annually, exceeding Germany's GDP. Insurance covers nearly all households and businesses, but mature economies have seen almost no new giants emerge for decades, as larger balance sheets are better able to absorb losses.Ahn noted that three major transformations are opening up opportunities: AI agents can reduce underwriting and claims processing from days to hours, lowering expense ratios and enabling quicker quotes; stablecoins can fill the gap in life insurance and annuities in emerging markets, with a supply of about $300 billion, approximately two-thirds of which is held by individuals in emerging markets.

According to The Block, the UK Treasury has submitted amendments to cryptocurrency regulations, including exemptions for certain stablecoin transactions, custody arrangements, and technical services related to DeFi protocols, which require parliamentary approval.Katie Harries, Coinbase's Head of European Policy, welcomed these changes but noted that regulated exchanges still face barriers in seeking access to DeFi.

The blockchain data platform Allium released the report "Stablecoins and Payment Status: September 2026." The report shows that in August 2026, the supply of stablecoins reached $303 billion, a year-on-year increase of 6%, with Tether and Circle accounting for 85% combined. Exchanges held $89 billion, and DeFi protocols held $26 billion.In the first eight months of 2026, stablecoin payments reached between $401 billion and $527 billion, a year-on-year increase of 42% to 63%. Enterprises received 58% to 64% of the payments, with B2B being the largest channel. The growth rate of cross-border stablecoin payments is seven times that of traditional fiat channels. From January to August, the total transfer volume reached $85 trillion, and after excluding internal exchange transfers, DeFi, and infrastructure transfers, the real economic activity was $4.0 trillion, of which transactions accounted for 69%, value storage accounted for 13%, and payments accounted for up to 13%.B2B settlements reached between $137 billion and $153 billion. In corporate operations, service fees were $56 billion, salaries $43 billion, vendor payments $28 billion, and retail purchases $19 billion. In geographically attributed payments, 61% were domestic. Thailand received $10.8 billion, Turkey $7.8 billion, Indonesia $6.3 billion, and Mexico $6.1 billion. The proxy payments on the x402 protocol reached 29 million monthly transfers in August, averaging $0.06 per transfer. Ether.fi Cash's monthly expenditure increased to $108 million.

Carolyn Wilkins, a member of the Bank of England (BoE) Monetary Policy Committee, stated that the growth of dollar stablecoins may reinforce the global dominance of the dollar and increase the demand for U.S. Treasury bonds. She pointed out during a speech at Queen's University Belfast that dollar stablecoins can facilitate cross-border settlements and expand access to dollar-denominated assets outside the United States.Stablecoin issuer Tether's USDT and fintech company Circle's USDC held nearly $150 billion in U.S. Treasury bonds by the end of 2025, purchasing about $33 billion that year. Wilkins noted that large-scale stablecoin redemptions could force issuers to sell Treasury bonds, thereby amplifying volatility in pressured markets. Currently, the total circulation of stablecoins has exceeded $300 billion, with 98% of their value pegged to the dollar. Wilkins stated that this gives the dollar a significant first-mover advantage, and the development of the stablecoin market has implications beyond the cryptocurrency sector.The development of pound stablecoins is relatively slow. The UK's Financial Conduct Authority has tested potential issuers through a dedicated regulatory sandbox and finalized the UK's stablecoin issuance rules in June; the Bank of England has also tested the feasibility of using stablecoins alongside a simulated digital pound for cross-border trade payments.

According to Semafor, the White House Council of Economic Advisers (CEA) will launch an interactive tool on Tuesday that allows users to set parameters and run scenarios to support its previous conclusion that "there is no substantial correlation between the growth of stablecoins and the loss of deposits at community banks."This move aims to garner support from Senate Republicans to advance the CLARITY Act and respond to banking groups, which stated on Monday that the latest modifications to the bill are still insufficient to alleviate their concerns about the stablecoin provisions. Several Republican senators hinted at the possibility of voting against it, while pro-crypto Democrats expressed dissatisfaction that the ethical provisions do not sufficiently constrain Trump. The bill requires at least 60 votes to advance.

U.S. Treasury Secretary Scott Bessenet stated on social media: The CLARITY Act is crucial for ensuring that the United States wins the global new technology race. This is also the reason Congress passed the GENIUS Act, aimed at ensuring the construction of revolutionary financial technology infrastructure for stablecoins in the United States.Bessenet noted that ensuring the continued prosperity of the U.S. community banking sector has been a consistent focus since he took office. The government's dual emphasis on promoting the development of new digital technologies and appropriately adjusting community bank regulations is key to driving U.S. economic growth in both sectors. The final draft of the CLARITY Act advances this mission by granting the Treasury Secretary additional powers to take action when changes in the facts of deposit outflows adversely affect community banks.Bessenet stated: If stablecoins harm community banks, he will not hesitate to use these tools to ensure they are fully protected. Community banks are vital to the performance of the U.S. economy and Main Street growth; economic security is national security, and community banks play an important role in this principle.

StoneX analyst Mark Palmer pointed out in a report to clients that the rapid growth of Robinhood Chain is driven by four main factors, including the strong brand effect of the brokerage, the permissionless design, subsidized gas fees, and the continuously strengthening flywheel effect between meme coins and tokenized stocks. Since its launch on July 1, the TVL of Robinhood Chain has approached $1 billion, with a single-day DEX trading volume reaching $1.88 billion on Sunday, accounting for more than half of Uniswap's total trading volume.Palmer stated that the appeal of Robinhood Chain is "impressive by any standard." First is the brand effect of Robinhood, including the viral marketing effect brought by CEO Vlad Tenev's attention to the CASHCAT token account; second is the permissionless design, which allows developers to freely issue tokens, with Pons reportedly facilitating about 10,000 token issuances daily, and approximately 25,000 on September 2; third is the incentive economy, where Robinhood subsidizes gas fees for wallet exchanges over $5.Finally, there is the flywheel effect between meme coins and tokenized stocks, with a typical example being the token issuance platform Long.xyz built on the chain, which allows community tokens to be paired with Robinhood's tokenized stocks for issuance.

According to Cointelegraph, Juan Marchetti, the Director of the Trade in Services and Investment Division of the World Trade Organization (WTO), stated at the event in Geneva for the release of the WTO stablecoin trade research report that the key obstacle to the widespread adoption of stablecoins in international trade is not technology, but rather the lack of a regulatory framework and its fragmentation.He cited a report from the Financial Stability Board (FSB) in October 2025, which indicated that among the 28 jurisdictions surveyed, only 11 (about 39%) have completed the establishment of a regulatory framework for stablecoins.The WTO report shows that stablecoins currently account for only 3% of the total global international payments, but from 2020 to mid-2024, the scale of stablecoin cross-border payments has grown by 35 times. The report also points out that stablecoins are expected to improve five major pain points in international trade financing: high costs, low speed, limited access, lack of transparency, and foreign exchange conversion.

According to Cryptoslate, the Securities and Exchange Commission (SEC) of Thailand has proposed a new regulation draft for stablecoins, allowing licensed crypto platforms to only permit customers to deposit or withdraw stablecoins from/to their verified accounts or wallets, prohibiting transfers to others' wallets.At the same time, a limit of 5 million Thai Baht (approximately 150,000 USD) per person per platform per day has been set. The proposal is currently in the public consultation stage, with comments due by September 25, and has not yet come into effect.

The Danish central bank, Danmarks Nationalbank, stated that the current usage rate of stablecoins in Denmark is very low and does not pose an immediate threat to domestic financial stability. However, the rapid growth of dollar-pegged stablecoins globally may expose Denmark to indirect financial market volatility and liquidity risks. Currently, there are no stablecoins denominated in Danish kroner in circulation, and the use of stablecoins by consumers and businesses is quite limited.As commercial banks, financial institutions, and payment applications connect to stablecoin infrastructure, the scale of related usage may change. USDT and USDC dominate the global stablecoin market, and turmoil in the overseas stablecoin market could transmit to Denmark through global liquidity channels and the U.S. financial system. Danmarks Nationalbank is collaborating with the European Central Bank (ECB) to ensure that central bank money continues to serve as the primary settlement asset for interbank transactions.

Payment company PayPal, stablecoin infrastructure project M0, and cryptocurrency payment platform MoonPay have launched PYUSDx, enabling businesses to create stablecoin-based products within days. The platform has processed transaction volumes exceeding 100 million dollars, with Saturn, Concrete, and Cap utilizing the related technology to launch products.Luca Prosperi, co-founder and CEO of M0, stated that PYUSDx allows developers to build on the product layer, enabling different businesses to develop various products based on the same technology. USD.AI and Fairblock are also listed as related projects. May Zabaneh, Senior Vice President and General Manager of PayPal's cryptocurrency business, mentioned that the stablecoin market is rapidly maturing. The total market capitalization of stablecoins is approximately 30.525 billion dollars, with USDT accounting for 60.07%; PYUSD has a market cap of about 2.814 billion dollars, ranking eighth. Businesses can issue brand digital dollars backed by PYUSD and set corresponding rules to redeem back to PYUSD when necessary.

On Wednesday, the House of Lords in the UK passed an amendment with 194 votes in favor and 138 against, requiring the government to develop a digital asset strategy, despite opposition from the ruling Labour Party.The amendment was proposed by Conservative peer Baroness Neville-Rolfe and calls for the UK Treasury to formulate, publish, and seek consultation on the strategy within 12 months after the Financial Services and Markets Bill comes into effect. The strategy will cover crypto assets, stablecoins, and tokenized securities, and will address issues such as innovation, consumer protection, and businesses' access to banking, payment, and settlement services. The relevant bill still needs to be submitted to the House of Commons, where members can accept, modify, or reject the amendments from the House of Lords. The UK Crypto Assets Business Council expressed support for the voting outcome. Previously, the Minister for Investment at the Treasury, Lord Stockwood, stated that the government already has a digital asset strategy and is implementing it.