Archive — Stablecoin Beat

Stablecoin Beat

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Weekly Recap Stablecoin Recap Aug 24–31, 2026: Stablecoin market cap increased by $0.76 billion, a 0.25% rise. The total market capitalization of stablecoins rose from $300.1 billion to $300.86 billion, reflecting a $0.76 billion increase, or 0.25%. During this period, there were no major regulatory or news de

Insight Stablecoins and the Treasury Twist The U.S. Treasury's decision in August to increase purchases of long-dated government bonds was small in dollar terms. The policy implications are harder to dismiss. Treasury is becoming more active at the long end of the government bond market just as another major policy shift is creating a potentially large and structurally different class of buyers at the opposite end of the curve: regulated stablecoin issuers. This is not yield curve control, and there is no evidence of coordination. But the structure of U.S. public debt increasingly matters for stablecoins, and the structure of stablecoins may increasingly matter for U.S. public debt.

Weekly Recap Stablecoin Recap Aug 17–24, 2026: USDC added $1.72 billion in a week that saw a confirmed depeg. The total market capitalization of stablecoins increased from $297.24 billion to $300.1 billion, a rise of $2.87 billion or 0.96%. This growth occurred during a week that also saw a confirmed depeg ev

Weekly Recap Stablecoin Recap Aug 10–17, 2026: USX experienced an outflow of $0.506 billion. The total stablecoin market cap began the week at $298.0 billion and ended at $297.48 billion, a decrease of $0.49 billion or 0.16%. During a week that also saw USX's substantial outflow, the overall

Weekly Recap Stablecoin Recap Aug 3–10, 2026: USDC gained $0.307 billion in a week of stablecoin market growth. The total stablecoin market capitalization increased from $297.15 billion to $298.0 billion, a rise of $0.78 billion or 0.26%. In the same period, the US and UK reaffirmed their support for stablecoin

Weekly Recap Stablecoin Recap Jul 27–Aug 3, 2026: USDT experienced a $0.746 billion outflow during regulatory discussions in South Korea. The total stablecoin market cap began the week at $301.92 billion and ended at $300.23 billion, a decline of $1.71 billion or 0.57%. During a week that also saw South Korea plan stablecoin rules, the

Weekly Recap Stablecoin Market Recap: July 20–27, 2026 The total stablecoin market capitalization decreased from $303.06 billion to $301.92 billion, a decline of $1.16 billion or 0.38%. During the same week, the BIS cautioned that stablecoins could underm

Weekly Recap Stablecoin Recap Jul 13–20, 2026: USDS saw a $1.037 billion outflow during a stablecoin market contraction. The total stablecoin market capitalization began the week at $304.6 billion and concluded at $303.06 billion, a decline of $1.55 billion or 0.51%. During the same period, the European Central Bank iss

Insight Do Stablecoins Cause Currency Crises? A July 2026 IMF Working Paper by Brandon Joel Tan models stablecoins in fixed exchange-rate regimes as both an access technology and an information technology: they cut the cost of dollar hedging and turn many fragmented parallel prices into one public signal. In calm conditions that improves welfare; once a peg is badly misaligned, the same signal can help households coordinate an exit. Drawing on the paper, BIS spillover evidence and Bolivia's experience, the article argues stablecoins can intensify a currency crisis but rarely originate one, and that suppressing the price does not restore lost credibility. The better response is proportionate regulation of issuers, lawful low-value access, narrow and time-limited emergency tools, privacy-conscious data, and macroeconomic repair.

Weekly Recap Stablecoin Recap Jul 6–13, 2026: USDS added $0.823 billion, leading stablecoin inflows. The total stablecoin market capitalization increased from $304.26 billion to $304.6 billion, an increase of $0.36 billion or 0.12%. In the same period, USDC issuer Circle won final approval for a US n

Insight Open USD, Qivalis, and the Race to Own Stablecoin Settlement Open USD, a dollar stablecoin backed by a 140-plus company consortium including Visa, Stripe, Mastercard and Coinbase, and Qivalis, a 37-bank euro stablecoin project, are best read not as new tokens but as competing bids to own the architecture of digital settlement. Both share reserve economics and governance more widely than the single-issuer model, and both are control projects dressed in the language of openness. Against a concentrated $302bn market (USDT 61 per cent, USDC 24.2 per cent, HHI 4,324), the next contest will be decided by governance, reserves, redemption, liquidity and access, not market cap. The better outcome is disciplined competition, not a new consortium gate or a state-controlled CBDC.

Weekly Recap Stablecoin Recap Jun 29–Jul 6, 2026: Stablecoin Market Capitalization Declines by $2.3 Billion Total stablecoin market capitalization decreased by $2.3 billion, a 0.75% reduction.

Weekly Recap Stablecoin Recap Jun 22–29, 2026: BIS warns stablecoins risk fragmenting global financial system. The total market capitalization of stablecoins decreased from $307.59 billion to $306.55 billion, a decline of $1.85 billion or 0.6%. This contraction occurred during a week when the BIS warned that s

Insight Digital Euro vs Open Stablecoins Europe's digital money debate is not a binary contest between a digital euro and crypto. It is a choice among four architectures: a retail CBDC, bank-led euro stablecoins such as the Qivalis consortium, tokenized deposits, and open stablecoin rails. The ECB has cleared a key parliamentary step for the digital euro, but holding caps and bank-centric distribution may limit its competitive force, while euro stablecoins still account for only about 0.3 percent of a roughly $300 billion market. The real question is whether digital payments become open, competitive infrastructure or get rebuilt around a few public and bank-controlled gateways. The better path is open discipline: strict reserves, enforceable redemption, bankruptcy remoteness, interoperability, and privacy safeguards across all digital money models.

Insight Stablecoin Yield and the New Deposit War Bank of America's Brian Moynihan warns that yield-bearing stablecoins could pull up to $6 trillion out of bank deposits, threatening deposit-funded lending. But deposits do not leave the financial system; they are reallocated into reserves, Treasury bills, repo, and money market funds. A White House analysis finds a yield ban would lift bank lending by only ~0.02 percent while costing savers, and IMF research points to the Treasury market, not deposit drain, as the more important channel. The real fight is over who captures the economics of digital cash, and the better answer is safe competition under strict prudential rules rather than a blunt yield prohibition.

Weekly Recap Stablecoin Recap Jun 15–22, 2026: USD1 gained $0.372 billion during a week when the Bank of England eased stablecoin rules. The total stablecoin market capitalization started at $307.95 billion and ended at $307.59 billion, a decrease of $0.33 billion or 0.11%. In the same period, the Bank of England eased stablecoin regul

Insight MiCA's Stablecoin Trap: Compliance, Surveillance, and Europe's Competitiveness Problem An unresolved EBA Single Rulebook Q&A asks whether MiCA e-money token issuers must treat every holder as a client for AML purposes on an ongoing basis, including after secondary-market transfers. The answer, now pending with the European Commission, will decide whether MiCA-compliant stablecoins remain open, transferable digital money or become permissioned, surveillance-heavy e-money systems. The question applies to euro tokens such as EURC and to dollar tokens like USDC issued under MiCA, and it helps explain why Tether has stayed out. Europe's competitiveness and privacy both turn on whether obligations attach to real control points or to issuers alone.

Weekly Recap Stablecoin Recap Jun 8–15, 2026: USDC experienced a $0.754 billion outflow. The total stablecoin market capitalization decreased from $309.47 billion to $307.95 billion, a decline of $1.46 billion or 0.47%.

Insight Japan's Megabank Stablecoin Test: What Yen Stablecoins Mean for Digital Payments Japan's three megabanks, MUFG, SMBC, and Mizuho, plan to jointly issue stablecoins by March 2027 under FSA supervision. The plan is less a copy of the dollar stablecoin market than a test of a bank-led model in which regulated yen stablecoins, tokenized deposits, and programmable payments are built from regulation outward. The decisive question is market design: whether Japan can issue digital money that is regulated enough to be credible yet open and interoperable enough to be useful, rather than a closed bank rail with blockchain branding.

Weekly Recap Stablecoin Recap Jun 1–8, 2026: Visa tested private stablecoin settlement with Brale and Canton. The total market capitalization of stablecoins decreased from $310.12 billion to $309.47 billion, a decline of $2.55 billion or 0.82%. During a week that also saw Visa's involvement in stablecoin sett

Insight Stablecoin Banking: The New Battle for Deposits, Payments and Licenses Stablecoins are migrating from crypto-market liquidity into the operating logic of banking, payments, custody, and licensing. Around Money20/20 Europe 2026, banks, neobanks, payment firms, and trust-chartered infrastructure providers converged on four competing models for regulated digital money. The market remains highly concentrated and almost entirely dollar-denominated, with a small number of USD tokens holding the large majority of supply and non-dollar tokens a negligible share. The decisive battleground is now licensing, reserves, deposit competition, and control of the customer interface.

Weekly Recap Stablecoin Recap May 25–Jun 1, 2026: USDT and USDC dominance shifts slightly with $2.82 billion market cap decline. The total market capitalization of stablecoins decreased from $328.55 billion to $325.72 billion, a decline of $2.82 billion or 0.86%. During a week that also saw the SEC approve Paxos as a 'blockchai

Weekly Recap Stablecoin Recap May 18–25, 2026: USDC experienced a $0.537 billion outflow. The total stablecoin market cap began the week at $328.72 billion and ended at $328.55 billion, a slight decrease of $0.18 billion or 0.05%. During the same week, the EU opened a consultation on MiCA

Weekly Recap Stablecoin Recap May 11–18, 2026: Stablecoin Market Update: USDY Leads Inflows The total stablecoin market cap increased from $327.4 billion to $328.72 billion, a rise of $1.32 billion or 0.4%. During the same week, the Bank of England reconsidered its strict stablecoin regime,

Insight AI Agents, Micropayments, and Stablecoin Rails Agentic commerce compresses several payment markets into one label. For assisted retail shopping, card networks already provide consumer protections that stablecoin settlement does not replicate. The stronger case for stablecoins is narrower: autonomous digital procurement, where bounded agents buy small units of API access, data, or compute from suppliers discovered at runtime. In that machine-native market, x402-style handshakes, AP2 mandates, and stablecoin rails address different layers of the same problem.

Weekly Recap Stablecoin Recap May 4–11, 2026: USDG led inflows with $0.541 billion as total market cap rose $0.66 billion. The total stablecoin market capitalization increased from $326.74 billion to $327.4 billion, an increase of $0.66 billion or 0.2%. During the same period, the Bank of England chief discussed global st

Weekly Recap Stablecoin Recap Apr 27–May 4, 2026: CLARITY Act stablecoin yield rules finalized. The total stablecoin market capitalization increased from $325.4 billion to $326.74 billion, a rise of $1.34 billion or 0.41%. This change occurred during a week when the CLARITY Act's stablecoin yiel

Insight BIS vs Stablecoins: The Fragmentation Debate Is Back BIS General Manager Pablo Hernández de Cos called global stablecoin cooperation critically important in April 2026. The data tells a more specific story. At $325.4 billion and an HHI of 3,995, the stablecoin market is dominated by two issuers, not dispersed across hundreds. The fragmentation that matters is legal and operational: inconsistent reserve standards, uneven redemption rights, and jurisdiction shopping across frameworks that do not yet talk to each other.

Insight Aave Bad Debt Crisis: How the Kelp DAO Exploit Hit Stablecoin Liquidity On April 18, 2026, attackers exploited a bridge misconfiguration in Kelp DAO's rsETH and deposited unbacked tokens into Aave as collateral. They borrowed roughly $190 million in real assets. Aave's stablecoin pools hit 100% utilization. The protocol modeled up to $230 million in bad debt. Aave's contracts worked as designed. The loss came from collateral carrying bridge risk the system had no mechanism to detect.

Weekly Recap Stablecoin Recap Apr 20–27, 2026: US authorities froze $344 million in crypto linked to Iran. The total stablecoin market capitalization decreased from $326.65 billion to $325.4 billion, a decline of $1.25 billion or 0.38%. In the same period, US authorities froze $344 million in crypto assets

Weekly Recap Stablecoin Recap Apr 13–20, 2026: United Stables added $1.021 billion. The total stablecoin market cap began the week at $326.12 billion and ended at $326.65 billion, an increase of $0.53 billion or 0.16%. In the same period, the UK Financial Conduct Authority (FCA) soug

Insight Stablecoins Are Becoming Instruments of Currency Competition Recent moves in the United States and Europe suggest that stablecoins are no longer just a crypto market utility or a payments technology question. They are increasingly becoming instruments through which currencies are distributed into digital commerce, cross-border settlement, and programmable financial environments.

Weekly Recap Stablecoin Recap Apr 6–13, 2026: USDC added $0.995 billion during a week when the FDIC revealed proposed rules for stablecoin issuers. The stablecoin market cap increased from $325.84 billion to $326.12 billion, a rise of $0.28 billion or 0.09%. This growth occurred during a week when the FDIC revealed proposed rules for stablecoin i

Insight Europe's Stablecoin Policy Is Becoming a Market Access Regime A Germany-Italy proposal would condition EU market access for stablecoins on regulatory equivalence and give the EBA power to ban non-compliant issuers. It reframes stablecoins as cross-border monetary instruments requiring jurisdictional scrutiny, not just firm-level compliance.

Weekly Recap Stablecoin Recap Mar 30–Apr 6, 2026: USDD added $0.565 billion during a week that also saw the Fed's Barr back stablecoin clarity. The total stablecoin market cap increased from $324.68 billion to $325.84 billion, a rise of $1.16 billion or 0.36%. This growth occurred during a week when the Fed's Barr backed stablecoin clarity wh

Weekly Recap Stablecoin Recap Mar 23–30, 2026: USDC experienced a $1.237 billion outflow. The total stablecoin market capitalization began the week at $325.57 billion and ended at $324.68 billion, decreasing by $0.89 billion or 0.27%. During the same week, the Financial Stability Board (FS

Weekly Recap Stablecoin Recap Mar 16–23, 2026: USDC saw a $0.399 billion outflow as the total stablecoin market cap decreased by $0.04 billion. The total stablecoin market capitalization began the week at $325.61 billion and ended at $325.57 billion, a slight decrease of $0.04 billion or 0.01%. During the same period, USDC experienced outflow

Insight Mastercard's BVNK Deal Signals Stablecoins Are Becoming Core Payment Infrastructure Mastercard's acquisition of BVNK marks a shift in how stablecoins are used, moving from niche crypto applications to core payment infrastructure for business settlement, treasury efficiency, and cross-border payments.

Insight Oil Shock, Dollar Demand, and the Stablecoin Bid An oil-driven inflation shock is increasing global demand for stablecoins as offshore digital dollars, particularly in emerging markets.

Weekly Recap Stablecoin Recap Mar 9–16, 2026: USDC added $0.346 billion. The total stablecoin market capitalization increased from $325.07 billion to $326.06 billion, a rise of $0.99 billion or 0.31%. This growth occurred during a week when UK borrowing costs reached their

Weekly Recap Stablecoin Market Recap: March 4–11, 2026 The total stablecoin market cap rose $5.0B to $323.42B during the week of March 4–11, led by a $1.87B inflow into USDC.

Insight Stablecoins, x402, and the Payment Architecture of the Agent Economy How stablecoins and x402 could become the low-cost programmable payment layer for autonomous agents and machine commerce.

Weekly Recap Stablecoin Recap Mar 2–9, 2026: USDC added $2.047 billion during a $4.17 billion market cap increase. The total stablecoin market capitalization rose from $317.49 billion to $321.66 billion, a $4.17 billion increase or 1.31%. During a week that also saw Circle’s policy chief urging the UK to merge MiC