stable

S&P Global Ratings confirmed on October 1 that the issuer credit rating of the stablecoin protocol Sky Protocol is B-, with a stable outlook. S&P stated that Sky is advancing the Prime Agent ecosystem (formerly Stars or subDAO), which includes strategies such as over-the-counter lending with a scale of approximately $1 billion, accounting for about 10% of the total assets supporting USDS and DAI; these semi-independent entities use the Sky balance sheet for specialized investments within the risk parameters set by governance, while increasing management and monitoring complexity.The total supply of USDS and DAI increased from $7.7 billion in August 2025 to $9.5 billion. As of September 17, 2026, reserves are approximately $92 million, with a target of $150 million. Robust assets USDC and tokenized money market funds backed by government bonds total approximately $4.92 billion, accounting for about 50% of circulating USDS and DAI, up from 36% in August 2025. On-chain crypto lending has decreased to about 25% of the balance sheet, while over-the-counter crypto lending has increased to approximately $1 billion. Newly included assets include RLUSD, PYUSD, and USDG totaling approximately $392 million, as well as a tokenized fund investing in AAA-rated CLO shares of about $500 million.As of September 2026, the four major Prime Agents account for approximately 65% of the combined assets, with Spark accounting for 36%, Grove for 24%, Obex for 4%, and Osero for 1%.

According to The Block, the European Central Bank has proposed three models for introducing central bank digital currency on the blockchain, including direct issuance, establishing bridging mechanisms, and implementation through private intermediaries.These models can provide settlement support for transactions such as tokenized securities, bank deposits, and stablecoins on distributed ledger technology networks.

On-chain analyst Darkfost posted on X that the inflow of whale funds transferring over 1 million dollars in stablecoins to Binance has significantly increased recently.According to the 30-day cumulative calculation, the amount of stablecoins this group has transferred to Binance has risen from 21.7 billion dollars to 30.5 billion dollars over the past month, an increase of over 40%.Darkfost stated that the inflow of stablecoins to exchanges usually indicates that funds are preparing to enter the market, so this change may correspond to potential buying pressure. However, compared to last October when inflows once exceeded 61 billion dollars, the current deployment of whale funds remains relatively cautious.

According to Cryptopolitan, the International Financial Association's Global Debt Monitor on September 23 shows that global debt has reached a historic high of 365 trillion dollars, an increase of 10 trillion dollars in six months, with emerging market debt rising by 6.5 trillion to 110 trillion dollars, with China contributing the most.The San Francisco Federal Reserve's report on September 28 pointed out that the share of U.S. Treasury bonds held by foreign investors has decreased from over 50% at the peak in the late 2000s to about 30% in early 2026. Since 2023, stablecoin issuers have been increasing their holdings of short-term U.S. Treasury bonds at a pace faster than Japan; the bank expects that by 2030, the demand for short-term U.S. Treasury bonds from stablecoins may nearly double to about 400 billion dollars.

According to The Block, new data released by Visa shows that nearly 17% of the transaction volume from stablecoin-linked card transactions in the fiscal year 2026 to date comes from corporate and business projects.Visa currently supports over 160 stablecoin-linked card projects, with related payment transaction volume increasing by nearly 200% year-on-year.

The core provisions of the regulatory framework for payment stablecoins in Florida, USA, will take effect on October 1, 2026.According to the state's Bill 2026 Chapter 176, engaging in the business of qualified payment stablecoin issuers in the state generally requires a license or must meet exemption conditions; qualified issuers must maintain at least a 1:1 identifiable reserve, which includes cash, funds in Federal Reserve accounts, qualified bank deposits, U.S. Treasury securities with a remaining maturity of no more than 93 days, and qualified government money market funds, among others. They must also publicly disclose redemption policies, disclose reserve composition monthly, accept monthly audits by certified public accountants, and be certified by the CEO and CFO.If the total issuance of payment stablecoins by state-level issuers reaches $10 billion, unless a federal exemption is obtained, they must transition to the corresponding federal regulatory framework within 360 days or suspend new issuances until the scale falls below the threshold.

According to token unlocking data from the crypto asset data platform RootData, Stable (STABLE) will unlock approximately 8,888,900 tokens at 1 PM Beijing time on October 8, valued at around 24.87 million US dollars.

From September 29 to October 1, the stablecoin infrastructure platform Interlace made its debut at the 2026 Korea Blockchain Week (KBW), deeply participating in events such as The Next Onchain Economy and HSC Conference Seoul, engaging with global Web3 partners and financial industry practitioners to discuss stablecoin payments and next-generation financial infrastructure.Cat Lucci, the business leader of Interlace, stated that the key to the implementation of stablecoin payments lies in the deep integration of stablecoin channels with bank cards and local clearing systems. Interlace provides efficient and secure capital flow experiences for exchanges, wallets, and B2B trade scenarios through modular capabilities such as cards, accounts, and clearing.During KBW, Interlace also set up a product experience session where attendees could receive Stablecoin Card gift cards to experience the convenient payment of on-chain assets in real-world consumption scenarios, attracting the attention and engagement of many participants.It is reported that Interlace's next stop will be at TOKEN2049 in Singapore, participating in events such as Stablecoin Happy Hour and AI & Emerging Onchain Assets, continuing to share innovative achievements in on-chain financial infrastructure on the core stage of Web3.

Lloyds Banking Group and Visa completed their first stablecoin settlement test, settling a total of $750,000 in Visa payment obligations using USDC within 7 days, with funds arriving in as little as one hour.

According to Cointelegraph, ESMA submitted a proposal to the European Commission to amend MiCA, aiming to establish a new category of regulated crypto services for companies providing access to DeFi protocols, while also strengthening regulatory requirements for staking, crypto lending, and non-compliant stablecoin-related services.

U.S. Senator Steve Daines (Republican from Montana, member of the Senate Finance Committee) has officially introduced a 56-page digital asset tax bill, named the "Aligning Digital Assets with Tax Principles Act" (ADAPT Act). The bill aims to establish clearer tax rules for scenarios such as stablecoin payments, network fees, staking, and lending, and plans to extend existing tax rules like wash sales and constructive sales to apply to digital assets.The core provisions of the bill state that taxpayers generally do not need to recognize gains or losses when using compliant U.S. dollar stablecoins to purchase goods and services, while exempting brokers from information reporting obligations for qualifying consumer transactions; however, this exemption does not apply to traders and market makers. The bill also extends wash sale rules and constructive sale rules to digital assets, with compliant stablecoins excluded from the constructive sale provisions to limit loss harvesting behavior in crypto assets.Additionally, the bill proposes to exempt digital assets used to pay for network, transaction, or gas fees of $10 or less from gain or loss recognition and allows qualifying digital asset traders and dealers to choose to account for them at fair market value. The bill also stipulates rules for income sources from staking and mining, a non-recognition framework for digital asset lending, a safe harbor for foreign investors' transactions, and definitions for digital asset classifications; most provisions will apply to tax years or transactions after December 31, 2026. Previously, the U.S. House Ways and Means Committee passed its own "Digital Asset Tax Certainty Act" on September 16 by a vote of 38 to 5.

Bloomberg has launched a stablecoin data dashboard on its Terminal, providing financial professionals with on-chain data to track stablecoin supply, issuance, and trading activity. This dashboard is supported by the blockchain data platform Allium and covers stablecoins with a circulation of over 100 million dollars, accounting for more than 98% of the overall market.Users can compare various stablecoins based on supply, minting, burning, transfer volume, and turnover rate, and segment activity data by blockchain network and anchoring type (including fiat and commodities). The dashboard is accessible to all Bloomberg Terminal users through the RWAS feature and is displayed alongside the platform's existing fixed income, foreign exchange, and money market tools.Bloomberg Terminal is widely used by financial professionals such as banks and asset management institutions for real-time market data, news, analysis, trading, and communication. Since 2014, Bloomberg has provided Bitcoin quotes on the platform and currently offers pricing, reference data, identifiers, and benchmarks for 50 cryptocurrencies. According to DeFiLlama data, the total market capitalization of stablecoins has risen to over 30.6 billion dollars, with Tether's USDT accounting for about 60%.

Open Standard announces the official launch of the dollar stablecoin OUSD, allowing enterprises and developers to use OUSD to build internet-native financial services and products such as banking, cross-border payments, settlement, and institutional trading.OUSD currently offers 4 integration paths, with related APIs and tools covering services such as settlement, payment orchestration, trading, foreign exchange, wallets, and bank cards. All channels support free minting and burning of OUSD at a 1:1 dollar exchange rate. Enterprises can currently access it through the Mastercard, Stripe, and Visa Stablecoin Platform, with Coinbase integration set to open on October 1.OUSD will natively support Base, Ethereum, Solana, and Tempo, and will first launch on centralized and decentralized trading platforms such as Coinbase, Kraken, and Uniswap. OUSD is issued by Bridge, a subsidiary of Stripe, with reserve assets held at BlackRock, Lead Bank, and Bank of New York Mellon, with reserve proofs to be published monthly. Open Standard currently has over 200 financial institutions, fintech companies, banks, and global corporate partners.

Jeeves announced the completion of a $110 million equity financing. This round of financing was led by CoinFund, with participation from Andreessen Horowitz (a16z), Coinbase Ventures, AllianceBernstein, the Government of Singapore Investment Corporation (GIC), and Y Combinator.

European stablecoin issuer AllUnity has launched the USD stablecoin USDAU, which is its fourth fiat-backed stablecoin. USDAU maintains a 1:1 peg to the US dollar through isolated reserves and has been launched on Ethereum, Solana, Base, Tempo, Arc, and Polygon.AllUnity is regulated under the European Union's Markets in Crypto-Assets Regulation (MiCA) and has previously issued the euro stablecoin EURAU, the Swiss franc stablecoin CHFAU, and the Swedish krona stablecoin SEKAU.

HSBC officially announced that the name of its proposed Hong Kong dollar stablecoin will be "HSBC RedCoin." The bank plans to officially issue this Hong Kong dollar-denominated stablecoin in Hong Kong in the second half of this year, subject to relevant regulatory approvals.In the initial launch phase, the stablecoin will only be available through PayMe and the HSBC HK Mobile App.

The Illinois Department of Revenue has released the legislative draft details of a 0.2% digital asset transaction tax, clarifying that stablecoins will be considered taxable digital assets, while non-fungible tokens are not subject to taxation. The draft stipulates that DeFi transactions are generally exempt; however, fees paid by users that are deemed "valuable consideration," such as protocol fees for operating or maintaining the platform, may trigger taxation.Only network fees and exchange fees paid to liquidity providers do not trigger this tax. Cross-chain bridging conducted through digital asset brokers and paid with consideration will be regarded as taxable exchange activities. If centralized exchanges charge fees when transferring to self-custody wallets, it may also be subject to taxation. This tax law was approved in June and is set to take effect on January 1, 2027. The Illinois Department of Revenue is seeking public comments on the draft, with a deadline of October 30.