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Retail stablecoin yield is no longer hiding in DeFi tabs. Coinbase just put it in the front window.

The custody story is becoming a banking story, and stablecoin issuers are already choosing sides.

Tokenized Treasury capital has been growing for two years on the premise that it's here to stay. Thursday put that premise to the test.

The attacker didn't find a code bug. They found a single compromised key in a governance setup that needed only one.

Sky's Spark layer just automated the yield routing stablecoin giants do manually. The float model is the target.

Tokenized gold just became the first commodity RWA with real trading velocity. The problem is the whole market runs through two tokens on centralized exchanges.

Four years after Diem died, Meta is back in crypto payments. This time, it's using someone else's stablecoin and keeping the issuer risk off its own books.

Issuing tokenized Treasuries on-chain was never the hard part. This pilot just solved the harder half: getting fiat back through live bank rails in near real time.

Every major payments rail was built at the wholesale layer before consumers saw it. Stablecoins are following the same script, and Visa is laying the track.

CUSHY is the institutional credit product stablecoin issuers were hoping nobody would build. Coinbase just built it.

DTR's acquisition closed in stock, not cash, and the share count came in higher than announced. The dilution is the story.

Stablecoin settlement used to be about which issuer you trusted. Visa just made it about which chain has the deepest pool.

Self-custody wallets have always had a distribution problem. Exodus thinks a sport with 700 million fans is the fix.

The yield-bearing stablecoin threat is real. Tether just showed it has the buffer to outlast the near-term challenge.

Payments is the right pivot for a wallet company whose trading revenue is compressing. But Exodus's card-infrastructure layer is still in UK receivership, not cleanly in the company's hands.

Tether's reserve buffer just hit a record. The number that matters is how much of that evaporates when short-term rates fall.

Tether can earn a billion dollars a quarter parking USDT reserves in T-bills. What it still cannot do is hand regulators a completed financial audit.

Meta is not building a new token or reviving Libra. It is adopting existing stablecoin rails as payroll infrastructure.

Proposing to bolt Strike's payments rails and Elektron's mining capacity onto Twenty-One Capital looks less like Bitcoin conviction and more like Tether hedging against the day its stablecoin float math gets harder.

Any fintech with distribution can now issue a licensed dollar without building a compliance operation. The part of Tether's moat that was hardest to replicate just became a service.

A tokenized money-market fund yielding 3.49% embedded in a business treasury tool isn't a DeFi product anymore. It's a bank deposit substitute.

ISTs sit inside the official shareholder record, not on top of it. That makes every wrapper product on the market look like a workaround.

Western Union is deploying USDPT as settlement infrastructure first, and that framing makes it a more structural threat to incumbent stablecoin economics than any consumer wallet launch.

Tether has been minting through rallies and selloffs alike since March. The question isn't the $150B milestone: it's whether supply growing through multiple market conditions signals structural demand has arrived.

A twelve-bank consortium just turned MiCAR compliance into a product. That's what eats EURC's European share.