stablecoin

According to market news, informed sources have revealed that tech giant Meta, led by Mark Zuckerberg, plans to re-enter the stablecoin space in the second half of the year. It is planning to integrate third-party providers to support stablecoin payments and launch a new wallet.Sources say that Meta has issued product requirement invitations to third-party companies, with long-term partner Stripe being a potential candidate for the pilot. Stripe acquired the stablecoin specialist company Bridge last year, and its CEO Patrick Collison joined Meta's board in April 2025. Meta, Stripe, and Bridge did not respond to requests for comment. Meta first attempted to launch the Libra stablecoin (later renamed Diem) in 2019, but it was unsuccessful due to regulatory hurdles and the Cambridge Analytica scandal, leading to the project's shutdown and asset sale in early 2022.

EMJ Capital founder Eric Jackson stated that despite the ongoing withdrawal of institutional funds, Bitcoin is undergoing a "purification." Short-term speculators are gradually being eliminated, replaced by long-term capital such as sovereign wealth funds, corporate treasuries, and pensions that hold for decades.Jackson believes that Bitcoin has become a "high beta position" correlated with tech stocks, and the current selling pressure mainly comes from the exit of ETF allocators. However, this is not the end of the Bitcoin narrative, but rather a restructuring of the holding structure. He expects that as the supply of stablecoins rebounds and the selling pressure from IGV ends, Bitcoin is likely to regain upward momentum.

Matrixport released a chart today stating that U.S. Treasury Secretary Scott Bessent recently mentioned that the market size of dollar stablecoins is expected to expand to $3 trillion in the coming years. In the long term, the penetration trend of the digital dollar continues, and the overall narrative is leaning positive. However, the latest data shows that short-term momentum has weakened: the growth of stablecoins has noticeably slowed, showing signs of stagnation in phases.This decline will not only suppress Bitcoin but also pose significant resistance to the entire crypto ecosystem. Stablecoins are the most important liquidity infrastructure in the crypto market; a stagnation in supply expansion often means that funds are being withdrawn from the chain and flowing back to fiat currency, rather than remaining in the crypto market for continued rotation. If stablecoins maintain a high net outflow, the liquidity environment for Bitcoin is likely to remain tight in the short term, making recovery difficult. Even if the market structure bill passes smoothly, if real demand and capital inflows do not accelerate again, the supply of stablecoins may not immediately return to an expansionary track.

According to market news, Hong Kong stablecoin payment fintech company RedotPay is considering an IPO in the U.S., expected to reach $1 billion.According to the crypto data platform RootData, RedotPay previously completed a $107 million Series B financing, led by Goodwater Capital, with participation from Pantera Capital, Blockchain Capital, and Circle Ventures, among others. Existing investors include HSG (formerly Sequoia Capital China). RedotPay provides global payment services using stablecoins and has stated that it currently has over 6 million registered users across more than 100 markets worldwide.

Prepayment and digital asset practitioner Aaron announced that his company Rhythmic has completed a $4 million seed round financing, led by Dragonfly, with participation from Mirana, The Fintech Fund, and others.Rhythmic is building a financial infrastructure platform for consumer internet companies, embedding accounts, stored value, cards, and reward systems in a "native" form within products, with stablecoins facilitating fund flows and settlements at the core. The user interface only reflects "holding balances, earning rewards, and spending freely," without the need to directly interact with wallets or the concept of "using stablecoins." This round of financing will be used to enhance the core platform, connect with the first batch of partners, and expand the engineering and compliance teams.

Bloomberg Intelligence indicates that Coinbase is actively lobbying in Washington to retain its key stablecoin revenue source. According to BI analysts Paul Gulberg and Samuel Radowitz, if payment adoption accelerates, Coinbase's stablecoin revenue is expected to grow two to seven times under the framework of the GENIUS Act signed by President Trump in July 2025.Currently, the act prohibits stablecoin issuers from paying interest or yields to holders, and the legislative draft under negotiation may further prohibit exchanges from offering rewards linked to stablecoin balances. This could impact the profits Coinbase derives from its revenue-sharing agreement with Circle for USDC.Coinbase's stablecoin revenue in 2025 is projected to be $1.35 billion, accounting for 19% of its total revenue. CEO Brian Armstrong stated last week that a "path forward" has been found, and even if the payment of yields to customers is prohibited, the company can still retain economic benefits from Circle, thereby improving profit margins.

According to the Financial Times, the "Board of Peace," led by U.S. President Trump, is exploring the issuance of a stablecoin pegged to the U.S. dollar to support the digital transaction system in the Gaza Strip.Insiders indicate that the stablecoin will serve as "a way for Gaza residents to make digital payments." The Gaza region is currently facing a severe humanitarian crisis, making cash access extremely difficult. Many bank facilities and ATMs have been destroyed or closed, while new cash deliveries are also restricted, leading local residents to increasingly rely on digital payment methods.The stablecoin proposal has been put forward against this backdrop, aiming to establish a basic financial transaction infrastructure. The project is spearheaded by Israeli tech entrepreneur Liran Tancman, in collaboration with organizations such as the "National Committee for Gaza Administration" (NCAG). Sources indicate that the plan includes not only the stablecoin but also the establishment of a "secure digital infrastructure" to support electronic payments, financial services, online education, and healthcare systems as an open platform, allowing users to control their own data.

The Bank of Korea (BOK) submitted a report to the National Assembly's Strategy and Finance Committee, reiterating its stance that the issuance authority of stablecoins linked to the Korean won should be limited to commercial banks. It also proposed the establishment of a bank-centered joint issuance mechanism and a cross-departmental statutory regulatory coordination body, while referencing the joint regulatory framework established by the U.S. GENIUS Act involving the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation as a model.

According to The Block, a recent study by Standard Chartered Bank indicates that stablecoin issuers are expected to become one of the largest buyers of U.S. Treasury bonds, which could reshape the way the U.S. government finances itself in the coming years.Analysts led by the bank's Global Head of Digital Assets Research, Geoffrey Kendrick, and Standard Chartered's U.S. Interest Rate Strategist, John Davies, stated that they still expect the market capitalization of stablecoins to reach $2 trillion by the end of 2028. This expansion will bring approximately $800 billion to $1 trillion in new demand for U.S. Treasury bonds, as issuers accumulate short-term government bonds as reserve assets. Stablecoin issuers are becoming the largest buyers of U.S. Treasury bonds. They also added that if the issuance pattern remains unchanged, this demand could create approximately $900 billion in excess demand for Treasury bonds over the next three years.

According to Cointelegraph, South Korean banks are calling on regulators to restrict the issuance of won-denominated stablecoins to licensed commercial banks, citing concerns over money laundering risks and financial stability.

Tether has announced that it will officially cease support for its offshore Chinese yuan-pegged stablecoin CNHT. Launched in 2019, the product aimed to provide traders with a digital channel for offshore yuan but has never gained significant market recognition. Tether stated that this move is part of a strategic adjustment aimed at focusing resources on products with "strong intrinsic adoption rates" and long-term community demand.Effective immediately, the minting and issuance of CNHT on the Ethereum and Tron blockchains have been halted, and existing holders must complete redemptions by early 2027.

Brokerages generally apply a 100% discount to stablecoins, meaning that related holdings cannot be counted towards net capital, severely limiting the enthusiasm of institutions to participate in stablecoin business.

According to Alicharts monitoring, in the past three months, the stablecoin reserves of cryptocurrency CEX have decreased by 14%, from $75 billion to $64.5 billion.