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According to Cryptoslate, the Securities and Exchange Commission (SEC) of Thailand has proposed a new regulation draft for stablecoins, allowing licensed crypto platforms to only permit customers to deposit or withdraw stablecoins from/to their verified accounts or wallets, prohibiting transfers to others' wallets.At the same time, a limit of 5 million Thai Baht (approximately 150,000 USD) per person per platform per day has been set. The proposal is currently in the public consultation stage, with comments due by September 25, and has not yet come into effect.

Circle's euro stablecoin EURC compliant with MiCA is now live on the South Korean exchange Upbit, covering KRW, BTC, and other markets, providing Korean users with a more convenient access channel.Circle is the issuer of the US dollar stablecoin USDC, and EURC is its euro stablecoin. Upbit is one of the major cryptocurrency exchanges in South Korea.

Anchorage Digital, a federally chartered crypto bank in the United States, has partnered with the stablecoin protocol Frgmnt to provide institutional clients access to fUSD and sfUSD tokens through its custody platform. Institutional clients can hold, mint, redeem, stake, and unstake fUSD without setting up separate custody arrangements.Frgmnt is a stablecoin protocol built on the Base network, issuing fUSD collateralized by USDC, with collateral assets deployed in on-chain lending markets. Users can stake fUSD for sfUSD to earn yields generated by the underlying strategies of the protocol. According to DeFiLlama data, the protocol has approximately $100,000 locked and is currently in a capped invitation-only testing phase, with plans to open public access and increase deposit limits on September 15. As of September 4, the annualized yield for sfUSD is approximately 13.32%.Anchorage Digital Bank is regulated by the Office of the Comptroller of the Currency, and its parent company, Anchorage Digital, reached a valuation of $4.2 billion after receiving a $100 million investment from Tether in February. Previously, Tether had commissioned Anchorage to issue the stablecoin USAt for the U.S. market in January, and Anchorage has also collaborated with Grupo Salinas, Marinade Finance, and others to expand stablecoin payment and staking services.

The Danish central bank, Danmarks Nationalbank, stated that the current usage rate of stablecoins in Denmark is very low and does not pose an immediate threat to domestic financial stability. However, the rapid growth of dollar-pegged stablecoins globally may expose Denmark to indirect financial market volatility and liquidity risks. Currently, there are no stablecoins denominated in Danish kroner in circulation, and the use of stablecoins by consumers and businesses is quite limited.As commercial banks, financial institutions, and payment applications connect to stablecoin infrastructure, the scale of related usage may change. USDT and USDC dominate the global stablecoin market, and turmoil in the overseas stablecoin market could transmit to Denmark through global liquidity channels and the U.S. financial system. Danmarks Nationalbank is collaborating with the European Central Bank (ECB) to ensure that central bank money continues to serve as the primary settlement asset for interbank transactions.

According to BBX data, yesterday and in recent days, major global stock exchanges and cross-border payment giants disclosed the latest business developments in the tokenized stock ecosystem and stablecoin retail settlement, with the core dynamics as follows:Nasdaq Ventures plans to invest $100 million in Kraken's parent company, with stock tokens set to launch in 2027: Cryptocurrency exchange giant Kraken's parent company Payward announced an expansion of its strategic cooperation with Nasdaq. Nasdaq's strategic investment division, Nasdaq Ventures, has reached an agreement with Payward to inject $100 million into it. The two parties will jointly promote the operational system and commercial infrastructure of Nasdaq Equity Tokens (NETs), which are expected to officially hit the market in the second quarter of 2027, and deeply connect Payward's xStocks tokenized equity ecosystem through the established cooperation framework.MoneyGram launches stablecoin debit card, initially supporting USDC for Visa network spending: Global traditional cross-border remittance giant MoneyGram announced the launch of a payment card supported by stablecoins. This card allows users to make purchases directly within the global merchant network that accepts Visa, with the initial market set in Colombia, gradually expanding to other countries and regions over the following months. Users can register through the MoneyGram App and link the electronic card to their mobile wallet for online and offline spending, as well as transfer funds to themselves and redeem local fiat currency cash at global offline locations. Initially, the card will support USDC issued by Circle, with plans to further integrate MoneyGram's proprietary stablecoin MGUSD in the future.

Payment company PayPal, stablecoin infrastructure project M0, and cryptocurrency payment platform MoonPay have launched PYUSDx, enabling businesses to create stablecoin-based products within days. The platform has processed transaction volumes exceeding 100 million dollars, with Saturn, Concrete, and Cap utilizing the related technology to launch products.Luca Prosperi, co-founder and CEO of M0, stated that PYUSDx allows developers to build on the product layer, enabling different businesses to develop various products based on the same technology. USD.AI and Fairblock are also listed as related projects. May Zabaneh, Senior Vice President and General Manager of PayPal's cryptocurrency business, mentioned that the stablecoin market is rapidly maturing. The total market capitalization of stablecoins is approximately 30.525 billion dollars, with USDT accounting for 60.07%; PYUSD has a market cap of about 2.814 billion dollars, ranking eighth. Businesses can issue brand digital dollars backed by PYUSD and set corresponding rules to redeem back to PYUSD when necessary.

According to The Block, Uniswap Labs announced the launch of a new tool, StablePair Hook, designed specifically for stablecoin trading pairs such as USDC/USDT and USDC/USDG.Uniswap Labs stated that StablePair Hook can provide traders with consistent and predictable quotes, allowing liquidity providers to retain more of the value they create. Data shows that in the second quarter, the trading volume of exchanges between stablecoins on Uniswap reached $43.4 billion, surpassing the total of the other three major on-chain trading venues.StablePair Hook replaces fixed rates with dynamic rates, which adjust based on the degree of price deviation from the reference price within the pool. When the price is close to the reference price, the Hook adjusts the transaction fee for each trade to maintain a fixed bid-ask spread; when the price deviates from the reference range, trades that push the price away incur no fees, while trades that pull the price back to the reference price use a Dutch auction mechanism, with fees decreasing block by block from high to low until accepted by the trader. Uniswap Labs stated that this allows liquidity providers to retain more value from price returns.The first batch of StablePair Hook pools will go live on Ethereum, supporting USDC/USDG and USDC/USDT trading pairs. This Hook can be upgraded through Uniswap governance, and the fee system and other parameters can be adjusted without migrating liquidity.

According to The Block, global payment company MoneyGram has launched its first stablecoin Visa card in Colombia, developed with the assistance of stablecoin payment infrastructure company Rain.The card is currently available in digital form, allowing users to hold a USD stablecoin balance within the MoneyGram app and make online and offline payments through the Visa network. Users can also exchange their balance for local cash and withdraw it at MoneyGram locations.Initially, the card supports USDC, and MoneyGram plans to add its own stablecoin MGUSD in the near future. The company also plans to launch a physical card by the end of 2026 and will first expand its business to other markets in Latin America.

Aave founder Stani Kulechov stated that he has submitted comments to the UK HM Revenue and Customs, suggesting improvements to the tax positioning of cryptocurrency collateralized loans and stablecoins.At the same time, he advocates for allowing stablecoins to be included in UK Individual Savings Accounts (ISA) in the future, giving stablecoin lending users the opportunity to enjoy relevant tax benefits.

According to Cointelegraph, cryptocurrency exchange Coinbase has partnered with financial platform Moov to provide stablecoin infrastructure for over 1,000 community banks and credit unions within Moov's customer base. The two parties will combine Coinbase's regulated digital asset infrastructure with Moov's payment platform to offer stablecoin payment acceptance, settlement, and real-time funding services.This infrastructure will support use cases such as consumer stablecoin payments, merchant settlements, and payments, and will provide businesses and merchants access to Coinbase's custodial accounts. U.S. community banks typically have total assets of less than $10 billion, including state-chartered institutions and savings and loan holding companies.This collaboration comes as major U.S. banks are experimenting with stablecoin infrastructure. On Wednesday, U.S. Bank, the fifth-largest commercial bank in the U.S., completed a real-time cross-border payment using its proprietary stablecoin USBDC on the Stellar blockchain. Earlier this month, 21 financial institutions, including Bank of America, Citigroup, Goldman Sachs, Deutsche Bank, and UBS, announced plans to form a company to issue stablecoins. Additionally, Western Union also partnered with stablecoin infrastructure provider Rain in August to launch a digital wallet and Visa-branded card.

ARK Invest crypto analyst Lorenzo Valente stated that stablecoins have a significant network effect. Although there are thousands of stablecoins in the market, as the market capitalization threshold increases, the number of tiers is rapidly leveling off. Currently, the stablecoins that are truly worth paying attention to are those with a market capitalization exceeding 10 billion dollars, gradually moving towards the 100 billion and 500 billion dollar levels.Data shows that the number of stablecoins with a market capitalization exceeding 1 billion dollars has only increased from single digits to the current 12 since 2021, while the number of stablecoins with a market capitalization exceeding 10 billion dollars has actually decreased from its peak in 2022, with only Tether and Circle's stablecoins remaining. Valente believes that entering the 10 billion dollar market capitalization club has become very difficult, and in the future, the 100 billion dollar level stablecoins may only have two competitors for a long time, while it may take more than two years for only one to reach the 500 billion dollar level.

U.S. Senator Cynthia Lummis stated that the recent lawsuit against Tether for freezing $42.4 million in USDT highlights the regulatory gaps in the current crackdown on illegal financial activities in the cryptocurrency industry. She pointed out that stablecoin issuers and trading platforms may face civil litigation risks if they freeze related assets due to suspicions of illegal activities.Lummis indicated that Section 305 of the "Digital Asset Market Structure Clear Act" would grant stablecoin issuers and trading platforms the necessary authority to promptly freeze stablecoins suspected of being involved in illegal activities while avoiding civil liability as a result.She believes that this provision can help the cryptocurrency industry more effectively prevent the flow of illegal funds and address the legal risks faced by issuers and trading platforms when taking compliance measures.

Decentralized wallet infrastructure service provider Privy has launched a stablecoin card prefab component. The project can be embedded into the cardholder experience within the application after a single integration, and it collaborates with Stripe to issue the stablecoin card. The official statement claims that it currently covers over 25 issuing markets, with plans to expand to over 100 by the end of the year.Users can spend directly from their Privy wallet or DeFi vault balance without needing to pre-fund a separate card account. The issuing bank is Lead Bank, the project manager is Bridge, and Stripe provides the issuance services.

The Block Research released a report on September 8, stating that during the period from October 2025 to August 2026, Bitcoin fell by over 50% and the total cryptocurrency market value decreased by over $2 trillion, while the total supply of stablecoins remained around $290 billion, with about 90% issued by Tether and Circle.In the past 365 days, the transaction volume of stablecoins exceeded $90 trillion, more than doubling compared to 2025. The daily turnover rate increased from 0.38 times in August 2024 to 0.78 times in August 2026. Ethereum holds about $147 billion (turnover rate 0.51 times/day), Base holds $4.5 billion (16.7 times/day), Solana about $13 billion (1.08 times/day), and Tron over $90 billion (0.25 times/day). The Bank for International Settlements statistics indicate that the stablecoin transaction volume in 2025 was about $35 trillion, with payment-related transactions accounting for 1.1%. Chainalysis data shows that in 2025, illegal addresses received at least $154 billion in stablecoins.The GENIUS Act was signed in July 2025. In April 2026, FinCEN and OFAC jointly proposed to classify payment stablecoin issuers as financial institutions under the Bank Secrecy Act, and in August, the Treasury proposed a definition to clarify the scope of applicability, which is still a proposal. Companies such as Paxos, zerohash, Rain, and Altitude describe a shift from one-time KYC at onboarding to continuous lifecycle monitoring of on-chain behavior, counterparties, turnover rates, and geographic locations.

Jack Dorsey's payment company Block has applied to establish Builders Bank & Trust, N.A. If approved, the bank will become an uninsured national trust bank directly regulated by the Office of the Comptroller of the Currency (OCC), focusing on providing custody and trust services for Bitcoin and stablecoins, without accepting deposits or issuing loans.The application is still pending OCC approval, and the OCC's public list of digital asset license applications currently includes 11 pending applications (submitted between February 23 and August 19), which does not yet include Builders Bank. Previously, the OCC conditionally approved five national trust applications in December 2025, including Circle's First National Digital Currency Bank and Ripple, as well as conversion applications from BitGo, Fidelity Digital Assets, and Paxos; Circle received final approval in July of this year.The Bank Policy Institute (BPI), representing large banks, had previously opposed a series of limited-purpose national trust license applications, arguing that companies should not obtain trust licenses unless they plan to operate a true trust company, and warned against using the license as a lightly regulated pathway for bank-like products. Block stated that Builders Bank will not begin operations until it receives the necessary regulatory approvals.

According to Fortune magazine, the stablecoin payment infrastructure company Latitude has completed a $35 million Series A funding round, led by Oak HC/FT, with participation from NEA, Coinbase, Lightspeed Faction, and OpenFX.The company was co-founded by former executives from Stripe, Uber, Coinbase, and Meta, aiming to help businesses send fiat currency to emerging market users through stablecoins using local payment methods (bank accounts and mobile wallets). Latitude is licensed in 45 U.S. markets and plans to expand its regulatory licenses in Southeast Asia, Latin America, and Africa. The current team consists of 15 people, and the new funds will be used to expand compliance, engineering, and sales teams.

According to the official announcement, Tether has announced the joint launch of a $400 million private credit fund, StableFund, in collaboration with Fasanara Capital, aiming to attract third-party institutional capital to $3 billion.The fund will provide short-term, asset-backed credit financing to small and medium-sized enterprises in over 60 countries worldwide. Tether will provide USDT settlement infrastructure and financing opportunities, while Fasanara will act as the investment manager.Tether CEO Paolo Ardoino stated, "USDT is designed to be a frictionless global currency available around the clock," and through this fund, Tether's financing network will be transformed into a direct capital channel flowing to the businesses and communities that need it most.

According to CoinDesk, U.S. Bank, the fifth largest commercial bank in the United States (a subsidiary of U.S. Bancorp), announced the successful completion of a real-time cross-border payment test based on its own US dollar stablecoin USBDC, with transactions completed via the Stellar blockchain between its entities in North America and Europe. As one of the first bank-issued stablecoins deployed on a public blockchain, USBDC is expected to bridge the gap in the global banking system with 24/7 trading capabilities.The pilot validated the functions of USBDC, including minting, payment redemption, freezing, and recovery, and tested the bank's internally developed digital asset platform, which serves as the foundation for issuing, managing, and transferring tokenized assets, enabling seamless integration between traditional banking infrastructure and blockchain networks. U.S. Bank Chairman and CEO Gunjan Kedia stated that this real-time pilot demonstrates its ability to accelerate global cash management and fund flows.This test is based on the bank's strategic partnership with the Stellar Development Foundation, with future application scenarios including liquidity management, collateral transfer, and cross-border financial operations. As global stablecoin regulation advances, banks are accelerating their entry into the market. Last week, 21 financial institutions, including Bank of America, Citi, Goldman Sachs, and UBS, announced plans to form a company to issue stablecoins, with the expectation of launching a dollar token in the first half of 2027.

According to Cryptopolitan, the latest data from Token Terminal shows that the supply of euro stablecoins reached $848.1 million on September 7, marking an annual growth of approximately 22.6%, with a net increase of about $156 million. In the same period, US dollar stablecoins only saw a net increase of about $159 million, but their base was as high as $298.5 billion, which is 350 times the market size of euro stablecoins.In terms of market concentration, EURC and EURCV together account for 82% of the euro stablecoin supply, with EURCV issued by SG-Forge, a digital asset subsidiary of Société Générale, holding a MiCA-compliant license and accounting for 19.6%. It is the first stablecoin led by a licensed European bank subsidiary.In terms of on-chain distribution, Ethereum absorbed about $125 million of the incremental supply this year, achieving a market share of 69.4%; Solana added about $30 million, with a market share of 14.7%; together, they contributed almost all of the annual increment. Base, on the other hand, saw a decline, dropping from $73.9 million to $58.7 million. Analysis indicates that the growth of euro stablecoins is primarily driven by supply from issuers rather than demand from users, and liquidity for euro trading pairs in DeFi lending pools and perpetual contracts remains weak, with the supply-demand gap yet to be bridged.