Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the increasing adoption of stablecoins in cross-border payments, driven by regulatory frameworks in developed economies and the active involvement of global payment and fintech companies [3] - Stablecoins are expected to innovate the cross-border payment ecosystem through blockchain technology, creating a new payment paradigm that encompasses multiple currencies, regions, and scenarios [3] Summary by Sections Traditional Non-Bank Financial Institutions' Multi-Dimensional Layout - Traditional remittance institutions are integrating stablecoins into their business models, enhancing cross-border payment systems through various methods such as self-built applications and open APIs [5] - Major remittance companies like MoneyGram and Western Union are launching stablecoin projects, with MoneyGram introducing a stablecoin mobile app in Colombia and Western Union exploring its own USD stablecoin [5][6] International Card Organizations' Stablecoin Strategies - Visa and Mastercard have significantly increased their investments in stablecoin cross-border payment services since 2025, focusing on integrating blockchain technology with real-world payment systems [6][12] - Visa aims to create a stablecoin-based ecosystem, enhancing its payment network and introducing a programmable digital currency platform for financial institutions [7][11] - Mastercard is developing a distributed network for stablecoin transactions and has launched various initiatives to integrate stablecoins into its payment ecosystem [12][15] SWIFT's Strategy and Initiatives - SWIFT is building a blockchain-based shared ledger to support stablecoin and tokenized asset transactions, aiming to maintain its central role in cross-border settlements [16][17] Third-Party Internet Payment Platforms - Third-party internet payment platforms are rapidly developing stablecoin capabilities, with companies like PayPal and Worldpay enhancing their services to include stablecoin payments [19][20] - PayPal plans to expand its stablecoin, PYUSD, to over 20 million small and medium-sized merchants, significantly reducing cross-border payment costs [20] Native Blockchain Companies - Native blockchain companies are pushing for the practical application of stablecoins in cross-border payments, with Ripple and Paxos leading initiatives to integrate stablecoins into traditional financial systems [22][26] Growth of Stablecoin Transactions - The total transaction volume of stablecoins is rapidly increasing, with an estimated $5.7 trillion in transactions in 2024, primarily serving as a payment tool within the cryptocurrency ecosystem [27] - B2B cross-border payments represent a significant opportunity for stablecoins, with potential market sizes reaching $18.8 trillion in non-G10 markets [29]

Day 1 of Breakpoint 2025 is in the books.Today, the global Solana community gathered in Abu Dhabi to witness an institutional convergence of Wall Street giants, sovereign wealth, DeFi, and internet capital markets.📰 Headlines:- @jpmorgan arranged U.S. commercial paper issuance for @galaxyhq on Solana- @coinbase previewed in-app DEX trading for Solana tokens- Bhutan will tokenize its sovereign gold reserves onchain on Solana- @StateStreetIM and @Galaxyhq to debut a tokenized private liquidity fund on Solana- ...

Company Vision - Paxos aims to migrate the traditional financial world on-chain for decentralized, open, and transparent operations [1]

Core Viewpoint - State Street and Galaxy Asset Management are set to launch a tokenized liquidity fund named SWEEP in early 2026, utilizing stablecoins to enhance institutional cash management through public blockchains [1][2]. Group 1: Fund Details - The SWEEP fund will accept subscriptions and redemptions in PYUSD, a stablecoin issued by Paxos, contingent on having sufficient assets to process requests [2]. - Only Qualified Purchasers who meet specific thresholds will be eligible to access the fund, with Ondo Finance committing approximately $200 million to seed the product [2]. Group 2: Technological Framework - The fund is expected to launch on the Solana blockchain, with plans to incorporate Stellar and Ethereum subsequently [3]. - Galaxy Asset Management intends to utilize Chainlink tools for data and asset movement across different blockchains [3]. Group 3: Industry Collaboration - Kim Hochfeld, global head of cash and digital assets at State Street, emphasized the collaboration with Galaxy as a significant step in the evolving relationship between traditional banks and crypto firms [4]. - Ondo Finance President Ian De Bode highlighted the convergence of traditional and crypto markets through their investment in the SWEEP fund [4]. Group 4: Market Implications - The tokenization represented by SWEEP is seen as a critical advancement in bridging traditional finance with the onchain economy [5]. - This initiative builds on previous collaborations between the firms, including a series of digital-asset ETFs launched in 2024 [5].

Core Insights - Abu Dhabi's stablecoin regime has initiated a competitive landscape for market share among major players like Circle and Tether, who have received crucial approvals from the Financial Services Regulatory Authority (FSRA) [1][7] Group 1: Regulatory Approvals - Circle and Tether have secured key approvals from the FSRA of Abu Dhabi General Markets (ADGM) for their stablecoins, USDC and USDT, respectively [1][7] - The FSRA's digital asset framework allows only approved "fiat-referenced tokens" for regulated activities within the ADGM, with a list of approved stablecoins published in November [2][7] Group 2: Market Dynamics - The approved list includes major stablecoins such as USDC, USDT, and USDP, reflecting the UAE's ambition to set a global standard for digital asset regulation [3] - Circle has obtained a Financial Services Permission (FSP) license, enabling it to offer additional services like wallets, payments, custody, and brokerage, giving it a competitive edge [4][5] Group 3: Competitive Landscape - While Circle's regulatory framework may not have previously allowed it to catch up with Tether, it could play a significant role in Abu Dhabi's institutional market, which is increasingly adopting stablecoins [6] - Paxos, a rival stablecoin issuer, has also received in-principle approval for crypto-brokerage and custody services, indicating a competitive environment [5]

Key insight: Comptroller of the Currency Jonathan Gould says national trust banks have always been allowed to perform certain non-fiduciary functions and that custodying digital assets is no different.Supporting data: New bank applications fell from over 100 per year in the 1990s to about four annually in recent decades.Forward look: Gould says the OCC will continue individual reviews of digital asset firms' applications despite growing pushback from community banks.Comptroller of the Currency Jonathan Goul ...

RT Token Terminal 📊 (@tokenterminal)Fastest growing stablecoins in the $1B+ market cap category.@Paxos is the issuer for #1 (PYUSD) and #3 (USDG).Interesting. https://t.co/YFxm0YWo6r ...

Fastest growing stablecoins in the $1B+ market cap category.@Paxos is the issuer for #1 (PYUSD) and #3 (USDG).Interesting. https://t.co/YFxm0YWo6r ...

The market cap of USDG on @inkonchain is up by ~10x in the past two months.USDG is a stablecoin issued by @Paxos. https://t.co/k83Wu8G9FX ...

The number of USDG holders on @solana has doubled in the past two months.USDG is a stablecoin issued by @Paxos. https://t.co/u6wTIEEHoI ...