This week, we focus on how stablecoins are reshaping companies and markets. In the Global South, high inflation and weak infrastructure have created fertile ground for financial innovation. Western Union and Zepz are chasing the same opportunity but along different vectors: the former builds the “last mile” of stablecoin cash‑in, cash‑out through physical agent networks, while the latter bundles saving, payments, and yield within a digital‑dollar wallet to redefine consumer finance. At the same time, Latin American exchange Ripio is introducing a locally pegged stablecoin—an experiment in de‑dollarization and low‑friction regional payments that doubles as a testbed for monetary independence.

In the Global North, stablecoins are quietly reconstructing the enterprise financial stack. Ripple stands out: within two years and six acquisitions, it has integrated issuance, custody, treasury, and settlement into a full‑stack platform, lifting its valuation to $40 billion and surpassing Circle. It marks a shift from token narrative to revenue engine, showing how stablecoins are emerging not just as an asset class—but as a core layer of corporate competitiveness.

Market Overview & Growth Highlights

Total stablecoin market cap reached $305.206b, with a week-over-week decrease of $2.17B. In terms of market structure, USDT continues to maintain its dominant position at 60.07%; USDC ranks second with a market cap of $74.898b, accounting for 24.54%.

Blockchain Network Distribution

Top 3 Networks by Stablecoin Market Cap:

1. Ethereum: $166.815b

2. Tron: $78.312b

3. Solana: $13.824b

Top 3 Networks by Weekly Growth:

1. Circle USYC (USYC) : +14.87%

2. CASH (CASH) ：+14.06%

3. Ripple USD (RLUSD) ：+12.82

Data from DefiLlama

🎯From crypto narrative to financial infrastructure: Ripple’s 40 billion dollar leap into the stablecoin era

Ripple announced a 500 million dollar funding round this Wednesday, lifting its valuation to 40 billion dollars and marking a decisive shift from its crypto‑asset origins to a regulated, enterprise‑focused financial infrastructure provider. The round, led by traditional finance heavyweights Citadel Securities and Fortress, puts Ripple ahead of Circle’s 30 billion dollar market value despite Circle’s larger stablecoin float and higher revenues, signaling that clear regulation and real earnings now command the market’s trust.

Over the past two years, Ripple has spent more than 3 billion dollars on six acquisitions to fast‑track its entry into institutional crypto infrastructure: GTreasury (1 billion dollars), Hidden Road (1.25 billion dollars), Rail (200 million dollars), and custody providers Metaco, Standard Custody, and Palisade. The result is a vertically integrated stack connecting stablecoin issuance, custody, treasury management, and settlement—transforming Ripple from a token‑driven payment company into a full‑spectrum infrastructure provider.

Ripple’s expansion places it squarely in the trillion‑dollar enterprise finance arena, where liquidity, settlement finality, and regulatory trust define competitiveness. GTreasury links Ripple to Fortune 500 treasury systems; Metaco provides bank‑grade custody; Palisade powers high‑frequency wallets; and Rail connects real‑world B2B stablecoin flows. With 75 regulatory licenses worldwide, Ripple now operates across jurisdictions with real revenues: annual payment volume has reached 95 billion dollars, and its stablecoin RLUSD surpassed 1 billion dollars in circulation within a year.

Next, Ripple is pursuing an OCC banking charter and Federal Reserve master account to gain direct settlement access, eliminating intermediaries and enabling full vertical integration—from issuance to clearing to software delivery. Such a setup would position Ripple alongside Visa and Mastercard in institutional payments, not merely as a bridge between crypto and traditional finance but as an entity owning both sides of that bridge.

Still, technical gaps remain. Ripple’s cross‑border settlement and most RLUSD transactions run on the decade‑old XRPL network—robust but lagging in programmability and DeFi compatibility. To diversify, Ripple is deploying RLUSD on Ethereum alongside XRPL and building a multi‑chain architecture through acquisitions like GTreasury, Hidden Road, and Rail. Over time, XRPL may evolve into the payment layer, while Ripple itself matures into a digital‑asset operating system—the next‑generation financial backbone of the stablecoin era.

🎯When cross‑border remittance meets stablecoins: two futures of Western Union and Zepz

Stablecoins have solved the efficiency problem of on‑chain transfers, but one major friction remains—the exchange between digital dollars and physical cash. Overcoming it requires dense physical networks, heavy compliance costs, and years of institutional trust. This friction, however, also represents massive commercial potential. In the Global South, two cross‑border payment giants—Western Union and Zepz Group—are using it to reinvent themselves, embodying two distinct evolutionary paths in the stablecoin era.

Western Union, a century‑old network operating across 200 countries and 500,000 locations, plans to launch its US‑dollar‑backed stablecoin USDPT on Solana in the first half of 2026, with Anchorage Digital as custodian. It is also introducing a Digital Asset Network to platformize its global agent infrastructure. Through USDPT issuance, Western Union captures interest income on its reserve assets while leveraging an unmatched moat—its cash‑based distribution network across Latin America, Africa, and South Asia, where regulatory barriers remain high and physical money dominates. In these markets, stablecoins struggle to reach end users; Western Union’s network becomes the critical bridge enabling value to flow between blockchain and the real economy. For wallets, DeFi apps, and exchanges, the conversion between on‑chain funds and cash eventually runs through Western Union.

This transformation redefines Western Union as the blockchain world’s physical base station, connecting virtual assets to tangible economies. Its new business stack spans three layers: reserve yield from USDPT float, cash‑in and cash‑out fees, and adoption incentives reportedly supported by Solana’s ecosystem funding. In doing so, Western Union evolves from a remittance provider to foundational last‑mile infrastructure for global stablecoin liquidity.

Zepz, by contrast, takes the reverse route—starting from digital remittances to build a stablecoin‑powered financial gateway for emerging markets. Headquartered in London and serving millions of users across a global diaspora, Zepz leverages stablecoins as a private dollarization tool amid high inflation, offering savings and protection from volatility.

This week, Zepz partnered with Bridge to let users spend digital dollar balances at any Visa merchant worldwide, with real‑time local currency settlement in the background. The stablecoin wallet thus upgrades from a savings account to a spendable digital‑dollar account. Next, Zepz plans to layer on‑chain yield features—staking, lending, and savings—wrapped in localized, simplified interfaces. Step by step, it is evolving into a consumer bank for the Global South, a super‑app merging payments, savings, and wealth management around a stablecoin core.

Market Adoption

🌱Yellow Card, a leading African crypto firm, will shut down its consumer app on January 1, 2026, to focus on B2B stablecoin infrastructure for payments, treasury, and liquidity solutions. Operating in over 30 countries with $6 billion in transactions and more than one million users, the nine‑year‑old company reflects a strategic shift among crypto natives. Since its 2022 Series B, it has raised $85 million and moved steadily toward enterprise products. As the $300 billion stablecoin market matures under clearer regulation, Yellow Card’s pivot signals that sustainable growth now lies in B2B payments and financial infrastructure, not retail speculation.

🌱Mastercard is partnering with Gemini and Ripple to explore settling fiat credit card transactions using Ripple’s RLUSD stablecoin on the XRPL blockchain, marking one of the first collaborations where a U.S.-regulated bank tests public blockchain settlement for traditional card payments. Gemini’s WebBank-issued credit card will participate in the pilot, following Gemini’s recent Solana-based card launch offering up to 4% rewards in SOL. Mastercard’s digital asset strategy continues to expand, including a June partnership with Chainlink for on-chain fiat-to-crypto conversions. The move signals deeper integration between legacy payments and blockchain infrastructure, paving the way for stablecoins in mainstream, regulated financial settlements.

New Launches

👀Ripple has launched Ripple Prime, a digital asset prime brokerage platform for U.S. institutional clients, marking a major step into broader financial services following its acquisition of multi-asset broker Hidden Road. The platform supports OTC trading in major digital assets, including XRP and the RLUSD stablecoin, and integrates derivatives, swaps, fixed income, and FX products. U.S. institutions can now cross-collateralize between spot, swaps, and CME futures on a single platform. By combining licensing, infrastructure, and liquidity from its payments and custody services, Ripple is evolving from a payment network into a full-stack financial provider bridging traditional and digital finance.

👀Latin American crypto exchange Ripio has launched wARS, a stablecoin pegged to the Argentine peso, now live on Ethereum, Coinbase’s Base, and World Chain. With over 25 million users, Ripio aims to expand its real-world asset tokenization strategy by enabling users to send and receive money globally without banks or dollar conversion. The rollout comes as Argentina’s inflation rate drops from 292% to 31.8% under the Milei government. Ripio plans to issue similar stablecoins across Latin America, promoting local-currency cross-border payments. The move strengthens blockchain-based financial infrastructure in high-inflation economies like Argentina and Brazil while offering a new hedge against volatility.

👀Chainlink has launched the Chainlink Runtime Environment (CRE), a platform enabling institutions to deploy compliant, privacy-preserving smart contracts across public and private blockchains. CRE connects with traditional financial standards like ISO 20022 and integrates Chainlink’s services such as price feeds and proof of reserves. Major institutions including JPMorgan’s Kinexys, Ondo, UBS Tokenize, and DigiFT are already using it for cross-chain settlements and tokenized fund redemptions. Chainlink positions CRE as the backbone of asset tokenization, targeting an $867 billion opportunity, with upcoming privacy upgrades by 2026. The launch marks a shift from experimentation to large-scale institutional adoption of blockchain infrastructure.

Regulatory Compliance

🏛On November 4, 2025, Circle submitted recommendations to the U.S. Treasury on implementing the GENIUS Act, emphasizing its role in establishing not only stablecoin oversight but also a federal digital payments framework. Circle urged that all value-stable digital assets face consistent regulatory obligations, enabling fair competition across banks and non‑banks, domestic and foreign issuers. It called for capital and liquidity standards tailored to stablecoin risks and clear global guidance for U.S. issuers. Proper implementation would unify standards, enhance transparency, and strengthen U.S. leadership in digital finance while steering demand toward fully reserved, compliant stablecoins.

🏛Coinbase submitted feedback to the U.S. Treasury urging that GENIUS Act implementation rules remain consistent with congressional intent and avoid extending regulatory scope beyond the law’s text. The exchange recommended a narrow interpretation that excludes non‑financial software, blockchain validators, and open‑source protocols from oversight. Coinbase clarified that the Act’s interest payment ban applies only to stablecoin issuers, not intermediaries offering loyalty rewards, and urged treating payment stablecoins as cash equivalents for tax purposes. The company warned that excessive regulation could undermine innovation and the GENIUS Act’s goal of positioning the U.S. as the world’s crypto hub.

🏛Traditional banks are pushing back against Coinbase’s bid for a federal trust charter. The Independent Community Bankers of America petitioned the OCC to reject the application, citing Coinbase’s weak risk controls and limited profitability in downturns. The Bank Policy Institute also renewed objections to crypto firms like Ripple, Circle, and Paxos. The dispute underscores growing tension between traditional finance and crypto over regulatory boundaries, as banks seek to defend their turf. With pro-crypto OCC chief Jonathan Gould now in charge, the decision could set a precedent for how deeply digital asset firms integrate with the banking system.

🏛 The European Union plans to create a single, SEC-style regulator to oversee both crypto and stock exchanges. The European Commission will propose the measure in December, backed by ECB President Christine Lagarde, potentially expanding ESMA’s powers to cover cross-border financial entities from exchanges to clearing houses. The move aims to simplify licensing and scaling for fintech startups while streamlining fragmented national oversight. Though smaller financial hubs like Luxembourg and Dublin are skeptical, the plan reflects the EU’s push toward a Capital Markets Union and centralized digital finance regulation. If adopted, it could redefine Europe’s crypto and capital market landscape by 2026.

🏛The EU’s MiCA framework regulates stablecoins through reserve audits, capital rules, and redemption requirements, but it may overlook systemic risks. As stablecoins scale, they could trigger large deposit shifts from banks to crypto assets. Bank of England Governor Andrew Bailey has called for bank-like oversight of widely used stablecoins, even proposing holding limits to protect monetary sovereignty. Strict rules may also drive issuers offshore, creating new forms of shadow banking rather than reducing risk. By legitimizing stablecoins without macroprudential safeguards, MiCA could blur the line between crypto and traditional finance and sow the seeds of future instability.

🏛Swiss digital asset bank AMINA (formerly SEBA Bank) has obtained a MiCA license from Austria’s Financial Market Authority, allowing its subsidiary AMINA EU to offer regulated crypto services across the EU. The firm will serve professional investors, family offices, corporations, and institutions with trading, custody, portfolio management, and staking. Austria was chosen for its rigorous oversight and investor protection standards, already attracting players like Bitpanda and Bybit. With banking, Hong Kong, and Abu Dhabi licenses, AMINA now bridges traditional and digital finance for EU clients, signaling a new phase of institutional-grade crypto integration under Europe’s evolving MiCA regime.

🏛Canada has announced plans to introduce stablecoin legislation in its 2025 federal budget, requiring issuers to hold sufficient reserves, establish redemption policies, implement risk controls, and protect user data. The Bank of Canada will allocate CAD 10 million from its Consolidated Revenue Fund in 2026–27 to administer the new rules, later funded by annual fees on issuers. The government will also amend the Retail Payment Activities Act to regulate payment providers using stablecoins. Following the U.S. GENIUS Act and Europe’s MiCA framework, Canada’s move marks another step in global stablecoin oversight as dollar-backed tokens dominate a $291 billion market poised for rapid growth.

Capital Deployment

💰Cross-border payments startup Zynk has raised $5 million in a seed round led by Hivemind Capital with participation from Coinbase Ventures and Alliance DAO, completed via a SAFE in August. Zynk offers a stablecoin-based infrastructure that enables instant settlement without pre-funded accounts by embedding liquidity directly into its network. It supports multi-currency corridors including USD, EUR, AED, INR, MXN, and PHP, achieving 70% month-over-month growth since its April launch. Founded by former executives from Amazon Pay India and Morgan Stanley, Zynk aims to make liquidity move like data, removing pre-funding barriers in global payments. The funds will expand corridors, compliance infrastructure, and partnerships with major payment providers.

💰Ripple has acquired crypto wallet provider Palisade, integrating its wallet-as-a-service platform into Ripple Custody to enhance institutional support for digital assets, stablecoins, and tokenized real-world assets. Palisade’s infrastructure enables high-frequency, multi-chain operations and DeFi connectivity, allowing fintechs to create wallets or manage global treasury flows efficiently. This marks Ripple’s fourth acquisition of the year, following Hidden Road, Rail, and GTreasury, along with last year’s Metaco purchase. The move underscores Ripple’s strategy to build a crypto-native alternative to traditional financial infrastructure, expanding from cross-border payments to full-scale institutional custody and liquidity services across regulated markets.

💰Arx Research has raised a $6.1M seed round led by Castle Island Ventures to launch the “Burner Terminal,” a low-cost payment device that accepts crypto, stablecoins, and traditional payments. Priced under $200 and debuting in early 2026, it supports tap-to-pay, QR codes, and credit cards with no gas fees. The first version will handle USD II and USDC on Base, expanding to more networks and stablecoins through a Flexa integration. By letting merchants accept stablecoins directly and seamlessly, the device bridges the final gap between digital assets and physical retail, bringing crypto payments into everyday commerce.

Big Picture

🔮Stablecoin issuers now capture 60%–75% of daily revenue across major crypto sectors, far surpassing lending platforms and decentralized exchanges. Tether’s CEO said the company expects $15 billion in profit this year with a 99% margin, ranking it among the world’s most profitable firms. Competition is intensifying as USDe rises to become the third‑largest stablecoin and Coinbase offers 3.85% APY rewards to USDC holders. While the model still relies on reserve income, growing rivalry is pushing issuers to explore value‑sharing mechanisms that could redefine how profits are distributed across the stablecoin ecosystem.

🔮Crypto card transaction volume rose from $318 million to $376 million in October, an 18% increase highlighting steady expansion in crypto payments. Rain Cards led the market with $196 million in transactions, followed by RedotPay at $100 million and Etherfi Cash at $33 million. The fastest‑growing projects were Rain Cards (+$50 million), Etherfi Cash (+$9 million), Cypher (+$3 million), KoloHub (+$2 million), and MetaMask (+$0.4 million). The surge underscores how crypto cards are increasingly embedding digital assets into everyday spending, strengthening the bridge between the crypto economy and traditional finance.