September 13, 2025

Stablecoins are reaching critical mass, with Ethereum's supply growth accelerating to $1 billion daily and sovereign nations embracing digital dollars for critical economic functions. Let’s check out what’s happening in stablecoin news this week.

Key Highlights

• Ethereum's Stablecoin Supply Surges $1 Billion Daily to $165 Billion: Ethereum's stablecoin ecosystem experienced explosive growth, with daily increases of $1 billion, reaching a total supply of $165 billion as Layer 2 adoption and regulatory clarity drive institutional interest.

• Fireblocks Launches Global Stablecoin Payment Network: Fireblocks unveiled its stablecoin network to power institutional payments, partnering with Circle to accelerate financial institution adoption.

• Venezuela and Kazakhstan Embrace Stablecoins: Venezuela turned to USDT for crude oil settlements amid sanctions, while Kazakhstan approved stablecoins for regulatory fee payments. We’re seeing sovereign-level adoption for critical economic functions.

Infrastructure Development and Institutional Adoption

Ethereum's stablecoin ecosystem demonstrated remarkable momentum with $1 billion daily supply increases reaching $165 billion total, validating the network's position as dominant stablecoin infrastructure. This growth reflects institutional confidence in Layer 2 scaling solutions and regulatory clarity, driving mainstream adoption.

Fireblocks launched comprehensive stablecoin payment networks for institutional clients while strategically partnering with Circle to accelerate financial institution adoption. The company’s enterprise-grade infrastructure addresses institutional custody, compliance, and settlement requirements which help enterprises route around traditional banking hours and settlement limitations. 

Stripe's CEO highlighted significant business interest in stablecoins (no surprise there). Deutsche Bank outlined how stablecoins and tokenization enter mainstream banking, while Visa continues to position itself strategically within the stablecoin-driven payments landscape. Fun fact: they invested in BVNK and I work closely with their team on opportunities related to stablecoin-linked card initiatives. 

Mega Matrix (Singapore-based holdin company) filed a $2 billion SEC registration for stablecoin governance tokens, demonstrating institutional appetite for for the ecosystem tokens best positioned to benefit from stablecoin adoption. Bernstein analysts expressed confidence that Circle sustains growth despite emerging competition, while TaxBit CEO noted stablecoin maturity and regulation are opening the crypto adoption gates for traditional finance. (But you already knew that since you ready this weekly newsletter!)

However, regulatory challenges persist. The Wolfsberg Group warned banks about reserves at stablecoin firms, while Elliptic unveiled crime-tracking tools as stablecoins enter mainstream usage. Quantum-proof cryptography has also emerged as a critical test for stablecoin security infrastructure. If anyone reading this has a take on the threat of quantum computing to blockchain I’d be curious to hear your thoughts, feel free to share them and I’ll include your comments in our next newsletter. 

Utila also secured a $22 million Series A extension for institutional-grade custody infrastructure, validating venture capital confidence in enterprise-grade digital payment solutions. My good friend Josh leads their sales team so if you need a contact, message me and I’ll happily connect you. Way to go Josh! 

Regional Adoption and Sovereign Use Cases

Stablecoins are also achieving critical mass across emerging markets, comprising 43% of Africa's cryptocurrency transactions in 2024, while Ripple's RLUSD entered African markets. This adoption reflects practical necessity, as local currency volatility drives digital dollar demand.

Venezuela's embrace of USDT for crude oil settlements amid international sanctions demonstrates stablecoins' geopolitical utility, while "Binance dollars" replace the bolívar as inflation hits 229%. Kazakhstan approved stablecoins for regulatory fee payments, indicating sovereign recognition of digital asset utility for government operations. 

Asian expansion continued with South Korean fintech Toss planning global expansion starting in Australia, aiming to issue won stablecoins. However, euro stablecoin initiatives encounter thin liquidity challenges, highlighting regional adoption complexity. Again, no surprise here, people just don’t want euro stablecoins when they can get blockchain dollars. 

North American development accelerated through multiple initiatives. Wyoming's Frontier Token creates competition between public money and private stablecoins, while Tetra Digital Group aims to pioneer regulated stablecoin issuance in Canada. A U.S. credit union plans to launch CLDUSD stablecoin in Q4 2025, indicating community banking sector engagement. 

Hong Kong's monetary authority will issue limited stablecoin licenses, maintaining a selective regulatory approach. Fiserv's CMO revealed stablecoin plans ahead of industry summits, and Rapyd introduced comprehensive stablecoin payment services for global merchants.

Product Innovation and Technical Development

Technical innovation accelerated across multiple blockchain networks. Native USDC and CCTP V2 deployment to Plume addresses cross-chain functionality, while Tether's USDT seamlessly integrates with TRON via deBridge infrastructure.

Hyperliquid empowered validators to decide USDH stablecoin launches, demonstrating decentralized governance approaches to stablecoin deployment. Sky tapped $8 billion balance sheets backing Hyperliquid's USDH, while Paxos pitched PayPal and Venmo rails for issuance partnerships.

MegaETH unveiled native stablecoins with Ethena, targeting blockchain fee reduction through innovative monetary policy mechanisms. Justin Sun's USDD launched on Ethereum to compete directly with Tether, while StableX made its first token purchases, implementing industry strategy initiatives.

Figure Technologies upsized IPO plans as crypto interest soars, while Concordium expanded PayFi ecosystems with three new stablecoins addressing diverse market segments. PayPal crypto executives called stablecoin-powered agent networks "killer combinations" for global commerce infrastructure, and I couldn’t agree more. Agentic commerce was an interesting topic at the Faster Payments Council meeting earlier this month and stablecoins will play an interesting role. 

Almanak launched alUSD on Pendle with enhanced rewards for liquidity providers, while OKX partnered with Tether to launch USDT0 across the X Layer and OKX platforms, demonstrating continued multi-chain expansion strategies.

That was a lot of news! Thanks for reading. The convergence of all these events lead me to the conclusion we’re still very early and the opportunities abound for enterprises looking to participate in this growing market. Stay tuned for next week's issue as we continue tracking the rapid growth of global stablecoins.

Curious to learn more about stablecoin infrastructure for your enterprise? Reply to this newsletter or send me an email at [email protected] to learn how BVNK’s payment platform can unlock faster settlement and global access with stablecoins. You can also follow me on X for more insights.