The Money

Stablecoins

Tether, USDC, RWAs, T-bill tokens, payments rails.

181 articles · live

Desk mood25% · 61% · 14%

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📰 Latest in stablecoins

The stream

briefMay 22, 2026, 3:12 PM GMT+2

Spark just grew 28% in one day. Idle stablecoins are officially getting put to work.

Spark just crossed $2.8B in TVL by routing stablecoins to wherever yield is highest. The issuers who profit from user inaction are on notice.

Lucia Moreno·2min·🚀🐂👀

briefMay 20, 2026, 10:05 PM GMT+2

Sui just shipped the code for gasless stablecoin transfers. The feature is still off on mainnet.

The v1.72.2 release builds the full gasless infrastructure and then leaves it disabled, waiting for protocol version 125 to pull the trigger.

Dev Patel·2min·📊👀🧠

breakingMay 18, 2026, 10:36 AM GMT+2

Spark Savings lost 19% of its TVL in one day. Yield-bearing rails rent capital. They don't own it.

A sharp one-day outflow from Spark Savings puts a number on what protocol designers already suspected: yield gets deposits in the door. Keeping them is a different problem.

Lucia Moreno·1min·🐻👀💀

briefMay 12, 2026, 12:39 PM GMT+2

Spark Liquidity Layer grew 50% in one day. The free-money model behind stablecoins is under pressure, again.

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

Lucia Moreno·2min·📊👀🧠

briefMay 12, 2026, 11:10 AM GMT+2

Spark Savings grew 48% in a day. The float that built Tether's dominance is no longer free.

Spark Savings pulled in nearly $1 billion in 24 hours. For Tether, every protocol that hands yield back to depositors is one less reason users have to stay.

Lucia Moreno·2min·📊👀🧠

briefMay 11, 2026, 7:22 PM GMT+2

Sui built gasless stablecoin payments into the protocol. The mainnet allow-list is empty, and that's the catch.

Protocol version 125 turns on stablecoin gas fees across the whole chain. But someone still has to fill the list of approved tokens.

Dev Patel·2min·📊👀🧠

briefMay 11, 2026, 7:12 PM GMT+2

Grove Finance just grew 15% to $3B. RWA-linked yield is officially not a niche.

Grove reached $3B in TVL in under a year by routing stablecoin capital across tokenized RWAs, Aave, Morpho, and Curve. RWA-linked yield allocation is no longer a DeFi sidecar.

Lucia Moreno·2min·🚀🐂👀

briefMay 11, 2026, 10:39 AM GMT+2

Tokenized gold posted $90.7B in Q1. PAXG and XAUT split almost all of it, and that's the catch.

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.

Lucia Moreno·2min·📊👀🧠

briefMay 8, 2026, 1:08 PM GMT+2

Meta started paying creators in USDC. It doesn't own the stablecoin, and that's the point.

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.

Lucia Moreno·2min·🚀🐂👀

briefMay 7, 2026, 8:07 AM GMT+2

The tokenized Treasury redemption thesis just became infrastructure. Ondo proved it in seconds.

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.

Lucia Moreno·2min·🚀🐂👀

breakingMay 6, 2026, 8:33 PM GMT+2

OKX lists OpenAI and SpaceX pre-IPO perps. Most users are locked out.

OKX just offered price exposure to the hottest private companies in tech. The exclusion list covers most of the world.

Liv Bergman·1min·🚨👀📊

briefMay 5, 2026, 3:42 PM GMT+2

Spark shed 21% of its TVL in a day. Yield-bearing infra has a stickiness problem.

Yield-seeking capital and sticky capital are not the same thing. Spark's one-day drop just made that distinction hard to ignore.

Lucia Moreno·2min·📊👀🧠

briefMay 5, 2026, 10:44 AM GMT+2

Spark Liquidity Layer hit $2.5B TVL. Idle stablecoin float has a real routing problem.

An automated stablecoin allocator crossed $2.5B in TVL. The infrastructure that puts idle float to work is no longer a rounding error.

Lucia Moreno·2min·🚀🐂👀

briefMay 4, 2026, 6:30 PM GMT+2

Spark Savings crossed $3B overnight. Stablecoin float is no longer free.

The deposits that stablecoin issuers rely on to collect yield without paying any out are starting to find exits. Spark Savings is one of them.

Lucia Moreno·2min·🐻👀💀

briefMay 3, 2026, 5:06 PM GMT+2

Visa's stablecoin settlement is growing 50% a quarter. The consumer product isn't here yet.

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.

Lucia Moreno·2min·📊👀🧠

briefMay 3, 2026, 2:06 PM GMT+2

Coinbase's CUSHY fund brings institutional credit to tokenized stablecoins. Float economics look endangered.

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

Lucia Moreno·2min·📊👀🧠

briefMay 3, 2026, 10:11 AM GMT+2

Bakkt paid for stablecoin rails in equity. The seller now owns 22.3%.

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

Lucia Moreno·2min·📊👀🧠

briefMay 2, 2026, 8:37 PM GMT+2

Visa's stablecoin settlement spans nine chains now. Liquidity is the new moat.

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

Lucia Moreno·2min·📊👀🧠

briefMay 2, 2026, 5:36 PM GMT+2

Exodus Pay goes live all 50 states. The UFC deal is distribution, not marketing.

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

Lucia Moreno·2min·📊👀🧠

briefMay 2, 2026, 1:07 PM GMT+2

Tether reports $1.04B Q1 profit. The Treasury-float moat keeps holding.

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

Lucia Moreno·2min·📊👀🧠

briefMay 2, 2026, 8:18 AM GMT+2

MegaETH's post-TGE TVL hit $490M. Nearly all of it is points-program stablecoins.

The TVL surge looks impressive until you see that 74% of the stablecoin market cap is one Ethena-backed token, and Terminal Season 1 ends in seven weeks.

Dev Patel·2min·📊👀🧠

briefMay 2, 2026, 8:12 AM GMT+2

Exodus Pay goes live in all 50 states as trading revenue craters.

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.

Lucia Moreno·2min·📊👀🧠

briefMay 1, 2026, 7:06 PM GMT+2

Tether made $1.04 billion in Q1. The Treasury float won't always be this good.

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

Lucia Moreno·2min·📊👀🧠

briefMay 1, 2026, 5:37 PM GMT+2

Tether's Q1 profit hit $1.04 billion. The audit still hasn't.

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.

Lucia Moreno·2min·📊👀🧠

briefMay 1, 2026, 2:45 PM GMT+2

Czech National Bank is studying bitcoin. That is not the same as adopting it.

The CNB's $1M digital-asset test portfolio is due diligence, not a reserve commitment. There's a difference, and it matters for how you read every central bank's next move.

Lucia Moreno·2min·📊👀🧠

briefMay 1, 2026, 12:35 PM GMT+2

Meta chose USDC for creator payouts. Stablecoins just became back-end infrastructure.

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

Lucia Moreno·2min·📊👀🧠

briefMay 1, 2026, 11:08 AM GMT+2

Twenty-One Capital is becoming a Bitcoin operating company. Tether wants more than the float.

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.

Lucia Moreno·2min·📊👀🧠

briefMay 1, 2026, 12:39 AM GMT+2

Regulated stablecoin issuance just became middleware. Tether's distribution moat is looking thinner.

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.

Lucia Moreno·2min·📊👀🧠

briefApr 30, 2026, 6:10 PM GMT+2

Stablecoin law's real fight isn't crypto legitimacy. It's bank deposits.

Four banking lobbies filed to slow GENIUS Act rulemaking while Agora submitted its federal charter application. The procedural fight has graduated into deposit economics.

Lucia Moreno·2min·📊👀🧠

breakingApr 30, 2026, 3:37 PM GMT+2

Washington turned USDT into an Iran sanctions weapon. The public accounting is still incomplete.

Stablecoin freezes just became a first-line Iran sanctions mechanism. The $156 million between what Tether confirmed and what Bessent claimed still has no public explanation.

Lucia Moreno·1min·🚨👀📊

briefApr 29, 2026, 8:40 PM GMT+2

Stable Sea embeds WisdomTree tokenized treasury in operating cash. The float is the target.

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.

Lucia Moreno·2min·📊👀🧠

briefApr 29, 2026, 7:44 PM GMT+2

Computershare plugs tokenized equity into transfer-agent rails. Wrappers just got complicated.

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

Lucia Moreno·2min·📊👀🧠

briefApr 27, 2026, 12:19 PM GMT+2

Western Union built USDPT to cut its SWIFT bill. The consumer layer comes later.

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.

Lucia Moreno·2min·📊👀🧠

briefApr 26, 2026, 1:30 PM GMT+2

ETH/BTC is at a three-month high. Unusually, fees led the rally.

Ethereum has posted two failed recoveries against Bitcoin this cycle. The difference this time is that network activity moved before the price ratio did.

Dev Patel·2min·📊👀🧠

breakingApr 22, 2026, 4:10 PM GMT+2

Aave's USDC pool ran dry. Circle's fix is a rate hike into an empty room.

Stablecoin issuers don't normally rewrite lending protocol parameters. When Circle does it, the liquidity crisis is already past the rate model.

Dev Patel·2min·🐻👀💀

briefApr 21, 2026, 8:30 PM GMT+2

USDT just crossed $150B. The slope is the signal, not the level.

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.

Lucia Moreno·2min·📊👀🧠

briefApr 21, 2026, 3:18 PM GMT+2

Twelve European banks are building the euro stablecoin MiCAR was designed for. USDC should pay attention.

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

Lucia Moreno·2min·📊👀🧠

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Stablecoins 💵

The stream

Spark just grew 28% in one day. Idle stablecoins are officially getting put to work.

Sui just shipped the code for gasless stablecoin transfers. The feature is still off on mainnet.

Spark Savings lost 19% of its TVL in one day. Yield-bearing rails rent capital. They don't own it.

Spark Liquidity Layer grew 50% in one day. The free-money model behind stablecoins is under pressure, again.

Spark Savings grew 48% in a day. The float that built Tether's dominance is no longer free.

Sui built gasless stablecoin payments into the protocol. The mainnet allow-list is empty, and that's the catch.

Grove Finance just grew 15% to $3B. RWA-linked yield is officially not a niche.

Tokenized gold posted $90.7B in Q1. PAXG and XAUT split almost all of it, and that's the catch.

Meta started paying creators in USDC. It doesn't own the stablecoin, and that's the point.

The tokenized Treasury redemption thesis just became infrastructure. Ondo proved it in seconds.

OKX lists OpenAI and SpaceX pre-IPO perps. Most users are locked out.

Spark shed 21% of its TVL in a day. Yield-bearing infra has a stickiness problem.

Spark Liquidity Layer hit $2.5B TVL. Idle stablecoin float has a real routing problem.

Spark Savings crossed $3B overnight. Stablecoin float is no longer free.

Visa's stablecoin settlement is growing 50% a quarter. The consumer product isn't here yet.

Coinbase's CUSHY fund brings institutional credit to tokenized stablecoins. Float economics look endangered.

Bakkt paid for stablecoin rails in equity. The seller now owns 22.3%.

Visa's stablecoin settlement spans nine chains now. Liquidity is the new moat.

Exodus Pay goes live all 50 states. The UFC deal is distribution, not marketing.

Tether reports $1.04B Q1 profit. The Treasury-float moat keeps holding.

MegaETH's post-TGE TVL hit $490M. Nearly all of it is points-program stablecoins.

Exodus Pay goes live in all 50 states as trading revenue craters.

Tether made $1.04 billion in Q1. The Treasury float won't always be this good.

Tether's Q1 profit hit $1.04 billion. The audit still hasn't.

Czech National Bank is studying bitcoin. That is not the same as adopting it.

Meta chose USDC for creator payouts. Stablecoins just became back-end infrastructure.

Twenty-One Capital is becoming a Bitcoin operating company. Tether wants more than the float.

Regulated stablecoin issuance just became middleware. Tether's distribution moat is looking thinner.

Stablecoin law's real fight isn't crypto legitimacy. It's bank deposits.

Washington turned USDT into an Iran sanctions weapon. The public accounting is still incomplete.

Stable Sea embeds WisdomTree tokenized treasury in operating cash. The float is the target.

Computershare plugs tokenized equity into transfer-agent rails. Wrappers just got complicated.

Western Union built USDPT to cut its SWIFT bill. The consumer layer comes later.

ETH/BTC is at a three-month high. Unusually, fees led the rally.

Aave's USDC pool ran dry. Circle's fix is a rate hike into an empty room.

USDT just crossed $150B. The slope is the signal, not the level.

Twelve European banks are building the euro stablecoin MiCAR was designed for. USDC should pay attention.

Stablecoins 💵

The stream

Spark just grew 28% in one day. Idle stablecoins are officially getting put to work.

Sui just shipped the code for gasless stablecoin transfers. The feature is still off on mainnet.

Spark Savings lost 19% of its TVL in one day. Yield-bearing rails rent capital. They don't own it.

Spark Liquidity Layer grew 50% in one day. The free-money model behind stablecoins is under pressure, again.

Spark Savings grew 48% in a day. The float that built Tether's dominance is no longer free.

Sui built gasless stablecoin payments into the protocol. The mainnet allow-list is empty, and that's the catch.

Grove Finance just grew 15% to $3B. RWA-linked yield is officially not a niche.

Tokenized gold posted $90.7B in Q1. PAXG and XAUT split almost all of it, and that's the catch.

Meta started paying creators in USDC. It doesn't own the stablecoin, and that's the point.

The tokenized Treasury redemption thesis just became infrastructure. Ondo proved it in seconds.

OKX lists OpenAI and SpaceX pre-IPO perps. Most users are locked out.

Spark shed 21% of its TVL in a day. Yield-bearing infra has a stickiness problem.

Spark Liquidity Layer hit $2.5B TVL. Idle stablecoin float has a real routing problem.

Spark Savings crossed $3B overnight. Stablecoin float is no longer free.

Visa's stablecoin settlement is growing 50% a quarter. The consumer product isn't here yet.

Coinbase's CUSHY fund brings institutional credit to tokenized stablecoins. Float economics look endangered.

Bakkt paid for stablecoin rails in equity. The seller now owns 22.3%.

Visa's stablecoin settlement spans nine chains now. Liquidity is the new moat.

Exodus Pay goes live all 50 states. The UFC deal is distribution, not marketing.

Tether reports $1.04B Q1 profit. The Treasury-float moat keeps holding.

MegaETH's post-TGE TVL hit $490M. Nearly all of it is points-program stablecoins.

Exodus Pay goes live in all 50 states as trading revenue craters.

Tether made $1.04 billion in Q1. The Treasury float won't always be this good.

Tether's Q1 profit hit $1.04 billion. The audit still hasn't.

Czech National Bank is studying bitcoin. That is not the same as adopting it.

Meta chose USDC for creator payouts. Stablecoins just became back-end infrastructure.

Twenty-One Capital is becoming a Bitcoin operating company. Tether wants more than the float.

Regulated stablecoin issuance just became middleware. Tether's distribution moat is looking thinner.

Stablecoin law's real fight isn't crypto legitimacy. It's bank deposits.

Washington turned USDT into an Iran sanctions weapon. The public accounting is still incomplete.

Stable Sea embeds WisdomTree tokenized treasury in operating cash. The float is the target.

Computershare plugs tokenized equity into transfer-agent rails. Wrappers just got complicated.

Western Union built USDPT to cut its SWIFT bill. The consumer layer comes later.

ETH/BTC is at a three-month high. Unusually, fees led the rally.

Aave's USDC pool ran dry. Circle's fix is a rate hike into an empty room.

USDT just crossed $150B. The slope is the signal, not the level.

Twelve European banks are building the euro stablecoin MiCAR was designed for. USDC should pay attention.

Stablecoins

Stablecoins