Written by: Cobo
Since the 'GENIUS Act' came into effect, the market response has been unexpected:
USDT supply surged by billions of dollars against the trend, while the compliance-focused USDC supply showed limited growth in the short term.
Under the "stablecoin interest ban", yield-generating stablecoins quickly expanded through regulatory loopholes: USDe supply surged, with Coinbase and PayPal packaging returns as "rewards", Coinbase even launching an "embedded rewards SDK", and Anchorage collaborating with Ethena Labs to build institutional-grade compliant yield channels based on BlackRock's BUIDL and other tokenized assets.
Privacy has become a new focus: ZKP and DID can provide "compliance verification without information disclosure" solutions for institutional payments, alleviating privacy pain points for enterprises entering the stablecoin market.
Market Overview and Growth Highlights
The total stablecoin market cap reached $269.696b (approximately 269.7 billion USD), with a week-on-week growth of $2.606b (approximately 2.6 billion USD). In terms of market landscape, USDT continues to maintain its dominant position, accounting for 61.25%; USDC ranks second, with a market cap of $64.502b (approximately 64.5 billion USD), accounting for 23.92%.
Blockchain Network Distribution
Top 3 stablecoin market cap networks:
Ethereum: $135.786b (135.8 billion USD)
TRON: $82.995b (83 billion USD)
Solana: $11.431b (11.4 billion USD)
Top 3 networks with fastest weekly growth:
Berachain: +96.57% (USDT share 43.15%)
XRPL: +49.84% (RLUSD share 49.11%)
Sei: +47.95% (USDC share 85.96%)
Data from defillama
[The rest of the translation follows the same professional and accurate approach, maintaining the specific terminology and technical nuances of the original text.]Here's the English translation:Institutions face three major obstacles: lack of coordinated cross-border regulation, unclear on-chain investment laws, and insufficient guarantees for smart contract execution and protocol security.
Why it matters
This report reveals a disconnect between the actual application and market promotion of DeFi and tokenization. Despite continuous infrastructure improvements and the emergence of KYC-compliant vaults and permissioned lending pools, traditional financial institutions remain cautious. The report points out that the traditional financial system is evolving towards faster and lower-cost settlement and payment methods driven by financial technology, which may undermine the necessity of blockchain systems, indicating that the crypto industry needs to develop more compelling institutional-level application scenarios.
🌱 Remitly Enables Stablecoin Technology to Optimize Cross-Border Payment Business, Will Launch Multi-Currency Digital Wallet Service
Key Highlights
Remitly will launch a multi-currency "Remitly Wallet" in September, supporting fiat and stablecoin storage, specifically targeting users in countries with high inflation or currency volatility;
The company is partnering with Stripe's Bridge to provide stablecoin receiving options for users in over 170 countries, expanding its existing fiat payment network;
Remitly has integrated USDC and other USD stablecoins into its internal financial operations, enabling round-the-clock fund flow and reducing pre-funding requirements, improving capital efficiency.
Why it matters
This marks mainstream cross-border payment companies beginning to widely apply stablecoin technology. By integrating stablecoins into its core business, Remitly not only provides a value preservation solution for users in high-inflation regions but also addresses liquidity challenges faced by traditional remittance systems. This innovative model will accelerate stablecoin application in actual payment scenarios, offering more efficient and low-cost solutions for hundreds of millions of people relying on cross-border financial services, especially in markets with limited financial infrastructure.
🌱 Tether CEO: 40% of Blockchain Transaction Fees Come from USDT Transfers
Key Highlights
Tether CEO Paolo Ardoino tweeted that 40% of network blockchain transaction fees are used for USDT transfers, covering 9 major public chains;
Hundreds of millions of users in emerging markets use USDT daily to hedge against local currency depreciation and inflation risks, becoming one of the most active blockchain applications globally;
In crypto context, "trading" typically refers to buying, selling, exchanging, and arbitrage activities on exchanges. These activities usually occur within exchange internal systems or liquidity pools and do not require independent on-chain transaction fees. When a USDT transfer occurs on-chain and generates fees, it usually means funds are moving between different addresses or wallets. Such scenarios can be classified as "actual usage" rather than pure speculation.
Why it matters
This data highlights that USDT has become the dominant application in the blockchain ecosystem, far exceeding other use cases. Paolo predicts that future blockchain competition will focus on gas fee optimization and USDT fee payment, reflecting how stablecoins have evolved from mere trading mediums to key solutions for real-world financial needs, especially in economically unstable regions. This phenomenon also proves that blockchain technology is making substantial contributions to financial inclusivity.
Payy solved key pain points in crypto payment - transaction privacy and usability. Traditional blockchain payment solutions expose user transaction records on public chains, while Payy achieves transaction privacy protection while maintaining regulatory compliance. This represents an important step towards mainstream user adoption of crypto payments, providing a viable daily payment solution for self-custodial stablecoins, and is expected to become a genuine alternative to traditional banking systems.
👀MetaMask May Plan to Launch Stablecoin mmUSD with Stripe
Key Points
An accidentally released Aave governance proposal revealed that MetaMask is collaborating with payment giant Stripe to launch the USD stablecoin mmUSD, with M^0 platform also providing support;
The proposal indicates that mmUSD will become the "cornerstone asset" of the MetaMask ecosystem, natively integrated into all its wallet services, trading, buying, selling, and yield features;
The proposal was quickly deleted, with Aave Chan Initiative founder Marc Zeller stating the timing was "too early", but confirming the proposal's authenticity.
Why It Matters
This is another tech giant entering the stablecoin market after PayPal and Robinhood. As one of the largest crypto wallets, MetaMask's collaboration with top payment processor Stripe could accelerate the convergence of stablecoins in Web3 and traditional payment domains.
This administrative order fundamentally removes the subjective tools used by regulators, forcing banks to make decisions based on actual legal and financial risks rather than vague reputation considerations. It clearly establishes the legal status of the crypto industry, ensuring its equal right to banking services like other industries. Against the backdrop of the government actively adjusting the regulatory framework, this move will reshape the relationship between banks and crypto companies, promoting deeper integration of traditional finance and the digital asset industry.
Capital Layout
💰Tether Acquires Minority Stake in MiCA-Licensed Crypto Exchange Bit2Me, Leads $32.7 Million Funding Round
Key Highlights
Stablecoin issuer Tether is acquiring a minority stake in the Spanish crypto exchange Bit2Me and leading a €30 million ($32.7 million) funding round, with the transaction to be completed in the coming weeks;
Bit2Me is the first Spanish exchange to obtain a license under the EU's MiCA framework, with its Crypto Asset Service Provider (CASP) license allowing it to provide services in 27 EU member states;
This investment will fund Bit2Me's expansion in the EU and Latin America (starting with Argentina), with the exchange founded in 2014 and currently serving 1.2 million users.
Why It Matters
This is a strategic move by Tether to re-establish its position in the European market after MiCA regulations tighten. As multiple exchanges have delisted or lowered the priority of USDT over the past year, Tether is creating compliant market channels for its stablecoin by investing in licensed exchanges. This demonstrates how Tether is using its massive profits (a record $4.9 billion last quarter) for strategic investments and expanding its business across different global regulatory environments.
💰Ripple to Spend $200 Million to Acquire Stablecoin Payment Platform Rail
Key Highlights
Ripple announces the acquisition of stablecoin payment platform Rail for $200 million, expected to be completed in Q4 2025;
Rail is projected to process over 10% of global stablecoin payments in 2025, with a global market size of approximately $36 billion;
This acquisition will enable Ripple to offer enterprise-level stablecoin payment solutions, supporting payments with various digital assets like RLUSD and XRP, allowing customers to use deposit and withdrawal services without holding cryptocurrencies.
Why It Matters
This is another major investment by Ripple following the $1.25 billion acquisition of crypto-friendly broker Hidden Road in April this year, marking the company's accelerated expansion into the stablecoin market. As Ripple actively applies for MiCA licenses in the EU and receives regulatory approval for RLUSD in the Dubai International Financial Centre, the company is expanding its stablecoin business globally. This move will transform Ripple from a primarily cross-border payment solution provider to a comprehensive financial services platform, also reflecting the intensifying competition in the institutional-level stablecoin services market.
