Hi stable subscribers, 

Welcome to another edition of The Weekly Stable, the #1 source for stablecoin insights, brought to you by This Week in Fintech.

Each week, over 75,000 fintech professionals rely on us for clear analysis, thoughtful perspectives, and steady coverage of the stablecoin space—going beyond the news.

This week was a big one for stablecoin related product launches, with big players such as Sam Altman, Donald Trump, Fidelity, US states (Wyoming) and nations (UK) entering further into the stablecoin fray. It seems that the number of stablecoins continues to grow rapidly and our top story explores the implications of this head on.

As we continue to develop this newsletter we’ve added two new sections:

1. Stableminded Podcast where we’ll highlight the latest episode from our partners at Stable Studios
2. Use Case Spotlight where we’ll showcase real world stablecoin applications, incorporating your feedback from the survey (thanks!)

Enjoy this week’s news below and let us know about any other feedback/suggestions you have.

(Find us online at @chuk_xyz, linkedin/chuk-okpalugo, @thestablecon and linkedin/stablecon)

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🏆 Top Stories

How many stablecoins are too many?

The stablecoin wars shows no signs of slowing, with well capitalized newcomers like World Liberty Financial (USD1), Custodia Bank (Avit), and Fidelity recently joining the fray to win share from Tether and Circle. Each stablecoin issuer brings a unique set of strengths, Fidelity has brand, longevity and distribution, World Liberty has the affiliation of the US President, Custodia leverages U.S. bank compliance for regulatory clarity. Yet, as reserves, blockchains, and target customer segments diverge, a critical question emerges: how many stablecoins can the market sustain before fragmentation undermines their promise?

Issuing a stablecoin is evidently easy; scaling one is very difficult. Network effects, exchange listings, liquidity, and distribution are the real battlegrounds. These are challenges USDT and USDC have already navigated to dominate with over 90% market share. New entrants face an uphill climb, but the $20T M2 money supply suggests room for more players especially if they can target an underserved niche or benefit from superior branding. We’re likely heading toward a world of "money pockets," where stablecoins serve specific ecosystems (e.g. regulated institutions, regional networks, decentralized applications etc). This mirrors how a dollar on CashApp isn’t directly fungible with one on Venmo, a fragmentation we’ve already normalized.

However, this proliferation risks eroding the "singleness of money", the concept that all forms of money, whether physical or digital, should maintain a one-to-one valuation and be freely interchangeable without any loss of value. Without it, users face slippage and complexity when moving between stablecoins or fiat, tarnishing the user experience. Recently announced solutions like Ubyx, are promising, acting as a clearinghouse to unify stablecoins across issuers and blockchains, ensuring confidence without exhaustive due diligence. If stablecoins balloon to 100 variants without such interoperability, their utility may be limited, leaving users juggling a fractured financial landscape and an even worse user experience. The free market will keep spawning stablecoins, but only a few will scale. How many will likely depend on how well they serve their intended use case and how well we can solve for interoperability.

📺 Stableminded Podcast 

Global payments aren't just slow, they're broken.

Rob Sargsian saw this firsthand at Bolt where 11% of transaction value was lost to fees when paying drivers across borders.

Now as CEO of Due, he's rebuilding the entire system with stablecoins at the core.

What makes this approach different:

• Direct bank relationships instead of aggregating providers
• Regulatory frameworks built from scratch in each market
• Up to 50% less liquidity needed because stablecoins increase velocity of funds
• Focus on balancing inflows and outflows within each market

"If we're telling clients all transactions below X amount are instant, we need liquidity everywhere. Stablecoins let us rebalance across accounts in minutes, not days."

Watch the full interview to learn how Rob is transforming payments in emerging markets, one country at a time.

Stableminded: S3.3 | due ft. Rob Sargsian

In this episode of Stableminded, This Week in Fintech’s stablecoin-focused series, Drew Rogers sits down with Rob Sargsian, co-founder and CEO of due, a stablecoin-first payment platform that connects local payment rails with blockchain infrastructure to enable faster, cheaper, and more accessible global payments. Rob brings extensive fintech experience from

This Week in FintechZach Fowler

💡 Use Case Spotlight

Rain is a leading issuer of stablecoin backed Visa cards. See here for five examples of how Rain cards help freelancers, remote workers and businesses in LATAM receive and make payments, transact online, and seamlessly participate in the global economy.

🚀 Product Launches

Acctual, the crypto Invoicing and Bill Pay platform, released same-day global invoicing and payments, addressing delays in traditional cross-border invoicing for businesses and freelancers in over 130 countries.

BlackRock and Securitize announced that BlackRock is adding its blockchain-based money market fund BUIDL to Solana. With a market capitalization approaching $2B, BUIDL is now available on seven blockchains, Aptos, Arbitrum, Avalanche, Ethereum, Optimism, Polygon, and Solana, with cross-chain interoperability enabled by Wormhole to facilitate seamless and secure token transfers.

Custodia Bank and Vantage Bank issued a stablecoin, Avit, on a permissionless blockchain (Ethereum) in what is a first for an American bank. It is backed by demand deposits and complies with all applicable U.S. bank regulatory requirements. This distinction is particularly significant as they are the closest thing to actual dollars that already have a clear place for institutions within legal, accounting & tax rules. Whether this distinction will matter for adoption, especially in light of incoming clarity from stablecoin legislation, remains to be seen.

Fidelity is reportedly launching a stablecoin alongside a tokenized version of its money market fund, setting it up for direct competition with Blackrock’s BUIDL and Franklin Templeton’s BENJI. 

Juno, a stablecoin issuer owned by Bitso, has launched MXNB, a stablecoin pegged 1:1 to the Mexican peso on Arbitrum.

Sonic Labs announced Sonic Pay, allowing holders of USDC on the Sonic blockchain to spend their stablecoins via virtual debit cards, powered by RedotPay.

Donald Trump’s World Liberty Financial crypto venture announced USD1, a dollar-pegged stablecoin backed by U.S. Treasuries and cash, to launch on Ethereum and Binance Smart Chain. After raising $550M via $WLFI token sales, they are targeting institutional use with reserves managed by BitGo custody.

Sam Altman’s World Network, the blockchain-based ecosystem built to extend the functionality of biometric identification system Worldcoin, partners with Visa to integrate stablecoin payments and card spending into its self-custodial wallet. The collaboration aims to turn World Wallet into a versatile 'mini bank account.

The Wyoming Stable Token Commission, began testing WYST, its USD-backed stablecoin, aiming for a public launch by May 2025 after selecting Layer Zero as a vendor. This would be the first fiat-backed and fully-reserved stablecoin issued by a public entity in the United States

Lava, a Solana based app that lets users borrow against their bitcoin, announced a stablecoin LavaUSD in collaboration with BlackRock, Fidelity, and Apex.

Ubyx, founded by ex-Citi expert Tony McLaughlin, launched a network enabling banks and fintechs to redeem stablecoins into bank accounts, enhancing stablecoin usability for cross-border payments.

💸 Fundraises

Rain secures $24.5M in funding led by Norwest Venture Partners on March 24, 2025, to expand its Visa-backed, stablecoin-powered card issuing platform globally. With 15x growth in the past year, it aims to enhance digital currency payments across 100+ countries.

⚡ Stablecoin Adoption 

Circle’s USDC crosses $60B of supply

UK Chancellor Rachel Reeves started procurement for the Digital Gilt Instrument (DIGIT), leveraging blockchain within the UK’s Digital Securities Sandbox. Aimed at modernizing the £2.5T gilt market, it seeks tech partners to boost efficiency and innovation. While not strictly a stablecoin, tokenized government bonds are a foundation of tokenized capital markets that can be components of future GBP stables.

Ethena Labs USDtb has crossed $1B in supply, and is now the largest holder of BlackRock’s BUIDL with >70% of the total supply and accounts for >95% of the growth in the last three weeks.

Coinbase and EY’s 2025 survey of 352 institutional investors shows 84% of respondents either use or express interest in stablecoins for generating yield, transactional convenience, and FX, among other uses.

⚖️ Regulatory Developments

USDC becomes the first and only stablecoin to be approved for use in Japanese markets

The FDIC eliminated "reputational risk" from bank supervision, following passage of Senator Tim Scott’s FIRM Act. This mirrors the steps taken by the OCC to eliminate this factor, which had been used to justify the debanking of lawful businesses, including crypto. This is good news for banks with FDIC as primary regulator. Now only the Federal Reserve Bank remains in providing updated guidance following the reversal of the government's anti-crypto stance. 

Sanctions on Tornado Cash smart contracts were lifted by the US Treasury Department's Office of Foreign Assets Control (OFAC) aligning with a Fifth Circuit ruling that these don’t qualify as "property" under federal law, thus limiting OFAC’s authority over the software itself. Circle appeared to unblacklist USDC addresses associated with Tornado Cash although there were no official statements. While this is likely good in terms of strict interpretation of the law as it is today, tackling money laundering remains an outstanding issue that needs to be addressed while trading off privacy concerns.

🍻 Upcoming Events

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This Week in Fintech

💬 Posts of the Week

📖 Reads of the Week

Roland Berger released a Stablecoin report earlier this month providing a good foundational overview of stablecoins, their potential impact, adoption drivers, opportunities and challenges. 

Deloitte released a report “2025: The Year of Payment Stablecoins” that forecasts a transformative year for stablecoins in payments, driven by regulatory clarity, traditional finance adoption, and compliance as a competitive edge.

Merge released a report on Stablecoin Payments Orchestration that covers the “stablecoin sandwich” model, the role of local payment infrastructure, key use case cases and partner selection criteria

Stableminded released Top 8 Stablecoin Cards of 2025 comparing rewards and fees of leading stablecoin backed cards.

Bridget Harris’s article “Rethinking ownership, stablecoins, and tokenization” analyzes the inefficiencies of tokenization today and looks at the role of stablecoins as net new money creators