Stablecoins may become the native currency layer of the AI ​​economy

From the high inflation streets of Argentina, to the DeFi protocol on Ethereum, to creator rewards on Instagram, stablecoins have gone from marginal scenarios to the backend systems of mainstream platforms. Today, the story has two directions: one is the continuation of "bottom-up", where platform economy and peer-to-peer networks continue to use stablecoins to fill the gaps in existing payments; the other is the integration of "top-down", where traditional giants such as Visa, Stripe, and BlackRock begin to actively embed stablecoin infrastructure, making this technology that was originally limited to the circle institutionalized and compliant.

Meta and Tether are two footnotes to this turning point. One bets on the "internal circulation" payment closed loop within the platform, and the other lays out the underlying P2P network that integrates AI and encryption. The starting points are different, but they all see the same thing: stablecoins are not just new currencies, but new interfaces.

In the end, the problem that stablecoins have to solve is not just payment, but connection. Connecting people, connecting systems, and also connecting the operating logic of the next generation of digital ecology.

Market Overview and Growth Highlights

The total market value of stablecoins reached $242.548b (242.5 billion U.S. dollars), a weekly increase of $321M (about $321 million). In terms of market structure, USDT continued to maintain its dominant position, accounting for 62.39%; USDC ranked second, with a market value of $60.132B (about $60.13 billion), accounting for 24.79%.

Growth Highlights

Top 3 stablecoins with the fastest weekly growth:

• OpenDollar USDO(USDO): Growth of $49.44M (49.44 million US dollars) (+30.6%)

• USDD(USDD): Growth of $43.14M (43.14 million US dollars) (+13.62%)

• Dai(DAI): Growth of $356.47M (356 million US dollars) (+8.56%)

Blockchain network distribution

Top three stablecoin networks by market value:

• OpenDollar USDO(USDO): Growth of $49.44M (49.44 million US dollars) (+30.6%)

• USDD(USDD): Growth of $43.14M (43.14 million US dollars) (+13.62%)

• Dai(DAI): Growth of $356.47M (356 million US dollars) (+8.56%)

Blockchain network distribution

Top three stablecoin networks by market value:

• Ethereum: $122.52B (US$122.52 billion)

• Tron: $74.22B (US$74.22 billion)

• Solana: $11.92B (US$11.92 billion)

Top 3 fastest growing networks in week:

• Hyperliquid: +31.42% (USDC accounts for 97.91%)

• Sei: +25.53% (USDC accounts for 83.55%)

• Unichain: +25.11% (USDC accounts for 56.29%)

Data from defillama

Focus Observation

New Use of Stablecoins: How Meta Builds an "Internal Circulation" in the Creator Economy

Meta is quietly returning to the crypto payment market, but this time its attitude and direction are completely different.

According to Fortune, Meta is in contact with a number of crypto institutions and plans to deploy a stablecoin payment system on Instagram for cross-border settlement of creators. Compared with the ambition of "building a global currency" during the Diem project, today's strategy is more pragmatic and only wants to solve a real problem - the flow of funds within the platform and creator payments.

The advantages of stablecoins are obvious: low cost, near real-time, and no bank working hours. But its last-mile obstacle still exists, that is, it is still difficult for users to easily convert stablecoins into local legal tender for daily consumption.

If platforms such as Instagram and WhatsApp support stablecoin rewards, advertising, and even commodity purchases in the future, the entire creator economy will be able to form a self-growing internal cycle: Meta pays stablecoins to creators, and creators use them for promotion, rewards or consumption within the platform. Funds do not need to leave the platform, and stickiness increases, and commercial value is also magnified.

Of course, it is not realistic to not withdraw money at all. Creators will eventually need to convert their income into usable cash. One solution is to provide stablecoin debit cards through the Visa/Mastercard network, so that users can complete daily consumption without redeeming fiat currency. This is not a "withdrawal" in the traditional sense, but more like a "backdoor" use of the traditional payment network.

From this perspective, the role of stablecoins is also changing: it does not necessarily have to become a global clearing system, but is more suitable as a value carrier within the platform economy. As long as the funds stay in the ecosystem as much as possible, the user experience will be improved, the compliance costs will be reduced, and the regulatory friction will be reduced.

Of course, this does not mean that there is no need for regulation at all. Senator Elizabeth Warren has named Meta in the latest stablecoin bill, warning that large technology companies' involvement in finance may bring privacy and monopoly risks. Whether this "pragmatic return" can be successfully implemented during the policy window period is worth paying attention to.

Stripe and Tether are laying out the native payment layer of the AI ​​economy

The global AI competition is in full swing. While we marvel at the ability of big models to generate content, write code, and provide customer service, a fundamental question is rarely mentioned: How will AI agents participate in economic activities?

In other words, how will it "spend money"? And how will it "make money"?

If AI agents are to become autonomous participants in economic activities on a large scale (and they will definitely do so), then they will obviously not use a banking system designed by humans, but a payment infrastructure that adapts to the rhythm of AI - high frequency, real-time, automated, and with extremely low trust costs.

This is an underestimated track, and it is also the track that Stripe and Tether are entering at the same time.

The two companies, one is the world's largest payment processing platform, and the other is the world's largest stablecoin issuer, with core businesses that are poles apart. But they both realize that the traditional payment system is not suitable for AI agents. Blockchain and stablecoins, especially their programmability and native cross-border capabilities, may be the most natural monetary layer in the future AI economy.

Stripe has adopted a progressive path: based on the existing compliant payment network, access to stablecoins (USDC), integration of AI risk control models (the latest developed Transformer model can increase the payment fraud detection rate from 59% to 97%), Bridge API and other tools, so that enterprises can seamlessly enable on-chain payments in existing businesses. Simple, robust, and well compatible with existing systems.

Tether's path is more like a "reconstruction": it has recently launched QVAC, an open source, natively supports USDT and Bitcoin payments AI platform, integrates decentralized communication tools such as Keet, intends to create an AI Agent-driven peer-to-peer network. Emphasize autonomy, anti-censorship and trustlessness.

Although walking on two different paths, the goal is the same: to build a native payment system required for an AI-led economy.

The AI ​​economy may start before we know it, and the competition for its underlying monetary infrastructure has begun.

From offshore innovation to compliance entry, the signal of Anchorage's acquisition of Mountain

Anchorage Digital-the only digital asset bank in the United States with an OCC federal license-acquired Mountain Protocol and acquired the latter's stablecoin license in Bermuda. This is not just a business expansion, but more like a signal: the stablecoin industry is moving from "offshore experimentation" to "compliant coexistence."

Offshore areas such as Bermuda have always been fertile ground for innovative experiments, and Anchorage's acquisition proves that this model can be combined with the U.S. federal regulatory framework to achieve seamless connection from product development to mainstream market expansion. At the same time, the new OCC regulations explicitly allow regulated banks to buy, sell and custody digital assets, which means that stablecoins are no longer just experiments "running in the gray area of ​​regulation", but an asset class that can be held by banks and allocated by funds.

This case explores the future direction of the stablecoin industry: first explore new products through offshore innovation, and then connect to the traditional system in a compliant manner. This time, the stablecoin industry not only found a breakthrough, but also began to build real financial legitimacy.

Market Adoption

 MoonPay and Mastercard Partner to Launch Stablecoin Payment Card, Covering 150 Million Merchants Globally

Quick Highlights

MoonPay and Mastercard announced a partnership that will allow users to use stablecoins for payments at more than 150 million merchants worldwide, greatly expanding the application scenarios of the digital dollar in the real world;

This will enable "all crypto wallet" users to obtain a virtual Mastercard card directly connected to the stablecoin balance, without having to convert crypto assets into fiat currency first, to spend at any merchant within the Mastercard network;

Users can directly consume stablecoins without withdrawing through exchanges, while merchants receive funds through Mastercard's existing payment infrastructure, creating a win-win situation.

Why it matters

The collaboration between MoonPay and Mastercard builds a direct channel from crypto to physical consumption, which not only improves the practicality of stablecoins, but also simplifies the user experience by reducing the fiat currency exchange process. It represents the payment industry's innovative acceptance of crypto assets within the regulatory framework, paving the way for the large-scale adoption of stablecoins.

Hong Kong fintech company RedotPay's crypto payment card has landed in South Korea, supporting Visa and stablecoin transactions

Quick overview

Hong Kong fintech company RedotPay has launched its cryptocurrency payment card (including physical card and virtual card) in South Korea, and users can pay at all Korean merchants that accept Visa;

The card supports real-time stablecoin transactions. Users need $10 to obtain a virtual card and $100 for a physical card, and the verification requirements are low. RedotPay claims that it has more than 4 million users worldwide;

RedotPay further promotes the application of digital assets in daily consumption by introducing convenient cryptocurrency and stablecoin payment options.

Dubai Government and Crypto.com Partner to Accept Cryptocurrency for Government Services

Quick Highlights

Dubai Government and Crypto.com have reached an agreement to allow individuals and businesses to pay for government services through the Crypto.com digital wallet, and the platform will automatically convert cryptocurrencies into dirhams;

The agreement is a key step in Dubai's cashless society strategy and is expected to add at least 8.2 billion dirhams (about 2.2 billion US dollars) to the economy each year;

Crypto.com has obtained a license from the Dubai Virtual Asset Regulatory Authority (VARA) and is the main cryptocurrency platform officially recognized by Dubai after exchanges such as Binance and OKX;

 Bhutan becomes the first country to accept Bitcoin and cryptocurrency travel payments through Binance Pay

 FalconX partners with Standard Chartered Bank to provide fiat currency settlement for institutional cryptocurrency investors in Singapore

Macro Trends

PayPal Digital Currency Executive: Bank Participation is Key to Unleashing the Full Potential of Stablecoins

Quick Points

PayPal Senior Vice President of Digital Currency Jose Fernandez da Ponte said at Consensus 2025 that banks must join the crypto space for stablecoins to succeed and provide key infrastructure from custody to fiat currency channels;

MoneyGram CEO Anthony Soohoo Emphasizing that the upcoming US stablecoin regulations will be a "major breakthrough" that will solve the trust problem and stimulate adoption, it is expected that there will be an influx of new issuers after the regulations are clarified, followed by a period of market consolidation; Stablecoins have become a store of value and a cross-border payment tool in countries with high inflation. MoneyGram helps users in these regions convert digital dollars into local cash through nearly 500,000 cash access points, while enterprise-level applications focus on cross-border funds and treasury management; With the stablecoin market reaching $230 billion, PayPal and MoneyGram executives are optimistic about the development of the industry after regulation. Bank participation will provide stablecoins with the connectivity and infrastructure needed for scale, enabling them to go beyond the crypto-native circle and reach a trillion-dollar scale driven by practicality.

Deutsche Bank: Stablecoins will enter the mainstream in 2025, and US regulation will promote their use

Quick Overview of Key Points

Deutsche Bank predicts that stablecoins will be adopted by the mainstream in 2025. Despite some opposition in the U.S. Senate last week, the Trump administration is pushing forward landmark crypto regulations;

The market value of stablecoins has surged from US$20 billion in 2020 to US$246 billion today, of which USDT is approximately US$150 billion. Stablecoins have now become the main medium for crypto transactions, supporting more than two-thirds of trading volume;

The GENIUS Act and the STABLE Act promote stablecoin regulatory frameworks at the federal and state levels, respectively. The U.S. Senate's GENIUS Act requires federal regulation of stablecoins with a market value of more than $10 billion, while the House of Representatives' STABLE Act calls for state-level regulation without conditions; Stablecoins are increasingly becoming strategic assets, with 83% pegged to the U.S. dollar. Tether has become one of the largest holders of U.S. Treasuries, strengthening the dollar's dominance in a globally divided environment. Standard Chartered Bank predicts that the supply of stablecoins may increase nearly 10 times after regulation is clarified.

Coinbase's financial report is lower than expected, but stablecoins and Deribit acquisitions highlight payment strategy

Quick overview of key points

Coinbase's first-quarter revenue of US$2.03 billion fell short of expectations, and trading revenue fell 19%, but the balance of USDC stablecoins increased significantly, demonstrating the potential of its payment business;

The company spent US$2.9 billion to acquire derivatives exchange Deribit. Analysts believe that this move will strengthen Coinbase's long-term competitiveness in the field of encrypted payment infrastructure;

Despite the pressure on the trading business, Coinbase's diversified layout in infrastructure businesses such as stablecoin services, custody and trading technology is becoming a key source of income to hedge market fluctuations;

Coinbase has achieved significant growth through the development of the stablecoin ecosystem and the acquisition of Deribit Through strategic initiatives such as CoinMarketCap, it is transforming from a single trading platform to a comprehensive payment infrastructure provider, a shift that is critical to its long-term leadership in the crypto payments space.

BitGo executives: Banking industry is exploring stablecoins to avoid market share loss

Quick overview of key points

Ben Reynolds, director of BitGo's stablecoin department, revealed that its "stablecoin as a service" product has attracted a large number of inquiries from US and international banks. These banks are not for innovation, but are worried about the flow of deposits to crypto-native competitors;

Yield-type stablecoins are becoming a tool for frictionless and rapid movement of collateral, especially favored by DAOs, protocols and institutional investors, which can solve the slow and frictional transfer of traditional funds between exchanges and brokerage accounts;

The stablecoin market has reached a scale of 230 billion US dollars, but regulatory classification will determine market development. Tokenized treasury funds are securities, while real stablecoins are not. This distinction will shape different market structures;

Stablecoins have become a revolutionary force in cross-border payments, and Ripple and Kraken executives are optimistic about the prospects for global applications

Quick Overview of Key Points

Ripple's Senior Vice President of Stablecoins Jack McDonald and Kraken's Global Consumer Business Head Mark Greenberg said at the Consensus 2025 conference that stablecoins are at the critical point of becoming a key component of the global payment system;

The two executives emphasized that stablecoins are reshaping the cross-border payment field, providing a better alternative to the fragmented and inefficient traditional financial infrastructure, and bringing truly meaningful global payment innovation;

Experts believe that the future development of stablecoins will include yield-based products, but regulatory challenges still exist, and the relevant policy environment will affect the long-term development direction of this field;

Citi predicts: Stablecoins will expand beyond cryptocurrency transactions and become part of the mainstream economy

Quick Overview of Key Points

Citi expects that with regulatory support, the stablecoin market will reach 1.6 to 3.7 trillion US dollars by 2030;

Stablecoins are shifting from transaction settlement tools to payment purposes, especially in cross-border transfers and merchant settlements;

The current stablecoin market is about 240 billion US dollars, dominated by Tether and Circle;

The expansion of stablecoins into the mainstream economy may reshape the payment ecosystem, become a new pillar of the international currency market, and challenge traditional currency processing methods.

Capital Layout

It is said that Ripple is negotiating to acquire Circle for $4-5 billion; USDC issued an additional $200 million on the same day

Quick Overview

It is reported that Ripple has made an acquisition offer worth between $4 billion and $5 billion, targeting Circle, the issuer of the USDC stablecoin;

On May 9, two large-scale minting events occurred in the stablecoin USD Coin (USDC), with a total amount of approximately $200 million: one $100 million came from an unknown wallet on the Algorand chain, and the other $100 million was minted by the USDC Treasury;

The stablecoin market may usher in major integration, USDC The continued expansion and potential merger and acquisition rumors have aroused great attention from the industry to the future competitive landscape.

Anchorage Digital acquires USDM issuer Mountain Protocol, federally chartered bank expands stablecoin business

Quick Overview

The US federally chartered crypto bank Anchorage Digital acquired the yield-based stablecoin issuer Mountain Protocol, and will integrate its technology, team and licensing structure, pending regulatory approval;

Anchorage has a federal banking charter issued by the US OCC (Office of the Comptroller of the Currency), and is the only digital asset bank in the United States with this qualification, representing the highest level of US financial regulatory compliance recognition;

Mountain holds a digital asset business license from the Bermuda Monetary Authority (BMA), representing the offshore financial center's open regulatory model for crypto innovation. This acquisition will integrate the two regulatory structures. Anchorage may use its federal banking license to provide Mountain with a license to operate a digital asset business. The combination of the two regulatory models reflects the key strategy for the transition of crypto finance to the mainstream financial system: using the offshore innovative regulatory environment to develop products, and then expanding into the institutional market with the approval of U.S. federal regulators. This model may become a reference path for other crypto financial institutions to enter the regulatory framework.

Coinbase invests in Canadian stablecoin issuer Stablecorp to expand regional markets

Quick Overview

Coinbase has invested an undisclosed amount in Canadian stablecoin issuer Stablecorp and will help promote its fiat-collateralized stablecoin QCAD;

Coinbase Canada CEO Lucas Matheson said that Canada lacks a peer-to-peer payment system, wire transfers are expensive ($45) and the process is cumbersome, and stablecoins can achieve 24/7, instant, borderless payments;

Although the global stablecoin market value has reached US$245 billion, the circulation of QCAD is only about US$175,000. Matheson called on the Canadian government to formulate a national digital asset strategy and treat stablecoins as payment tools rather than securities;

Regulatory Compliance

The U.S. Senate has amended the GENIUS Act to include foreign stablecoins such as Tether under AML supervision, which may impact DeFi

Quick Overview of Key Points

The GENIUS Act (S.1582) as amended by the U.S. Senate aims to expand the scope of supervision and bring foreign stablecoin issuers (such as Tether) serving U.S. users under U.S. jurisdiction, regardless of where they are headquartered;

The bill expands the definition of "digital asset service provider" to include developers, validators, and self-hosted wallets, and requires these entities to comply with anti-money laundering (AML) compliance requirements;

This bill is considered likely to have an impact on Tether It is beneficial, but at the same time it may bring challenges to the promoters of decentralized finance (DeFi), indicating that the United States is tightening its regulatory control over stablecoins and digital assets;

If the bill is finally passed and implemented, it will strengthen the United States' supervision of the global stablecoin market, especially for major players such as Tether, and may profoundly change the compliance landscape and operating model in the DeFi field.

Wyoming will issue the first state-level stablecoin in the United States in July and appoint Inca Digital to be responsible for security

Quick Overview

The Wyoming Stable Token Commission has partnered with analytical service provider Inca Digital to help monitor and reduce the risk of fraud in state-level stablecoins;

The state's stablecoin is expected to be officially launched in July this year and will become the first stablecoin issued by a state government in the United States, marking the official entry of the state government into the field of cryptocurrency issuance;

Anthony Apollo, executive director of the Wyoming Stable Coin Commission, said that the cooperation with Inca Digital is a key step in the state's commitment to transparency, security and innovation;

Controversy over the U.S. Senate Stablecoin Bill Continues: Trump's Conflict of Interest Becomes the Focus, and the Restrictions on Big Tech Companies Have Loopholes

Quick Overview of Key Points

The U.S. Senate's "Guiding and Establishing National Innovation for Stablecoins in the United States" (GENIUS) Act is expected to return to the vote after failing to obtain 60 votes. The latest version may return to the agenda as early as next week. Trump's advisers said the president hopes to complete the legislation before the August congressional recess;

The latest draft obtained by CoinDesk shows that despite the new restrictions on the issuance of stablecoins by large technology companies, requiring non-financial listed companies to obtain unanimous approval from the Stablecoin Certification Review Committee, it has been criticized for obvious loopholes, such as not applicable to private companies such as X and TikTok;

The main point of opposition from Democrats - Trump's conflict of interest in the crypto business has not been directly addressed in the new version, especially after MGX announced that it would be issued through Trump-affiliated company World The USD1 stablecoin issued by Liberty Financial sparked greater controversy after acquiring Binance shares;

This stablecoin bill is the first attempt by the United States to establish a federal regulatory framework for stablecoin issuers. Its fate is not only related to the future of the crypto industry, but also highlights the tension between political interests and regulatory responsibilities. Despite the ongoing controversy, lawmakers from both parties are still pushing the legislation forward, showing that the strategic importance of stablecoins as a tool to support the international status of the US dollar has been widely recognized.

Brandon Lutnick, son of the US Secretary of Commerce, said he had personally verified Tether reserves

The Central Bank of Brazil plans to restrict stablecoin transfers

Overview of cryptocurrency OTC licenses: What are the differences in legal compliance in Hong Kong, the EU and the United States?

New Product Express

Tether launches decentralized AI platform QVAC, device operation replaces data center

Quick Overview

Tether announced the launch of QVAC (Quantum Universe Automatic Computer), a localized AI development platform that allows AI models and applications to run entirely on user devices without cloud connection, ensuring user data privacy and autonomy;

QVAC adopts a modular architecture, supports peer-to-peer networks, can be expanded to trillions of AI agents, and supports AI agents to conduct Bitcoin and USDT transactions autonomously through Tether's WDK, creating a decentralized self-sustaining AI system;

Tether is about to launch the first batch of QVAC applications, including local translation tools QVAC/Translate and private health trackers that do not require the cloud QVAC/Health, and plans to open source the software development kit.

VanEck Launches Tokenized U.S. Treasury Bond Fund $VBILL on Multiple Blockchains, Supporting 24/7 Liquidity

Key Points

VanEck, which manages $120 billion in assets, has partnered with tokenization company Securitize to launch the first tokenized U.S. Treasury bond fund $VBILL, which has been deployed on multiple chains such as Ethereum, Avalanche, Solana and BNB Chain, and achieves cross-chain interoperability through Wormhole;

The fund provides investors with short-term U.S. Treasury bond on-chain investment channels, supports 24/7 liquidity and real-time settlement, assets are managed by State Street, and are priced daily through the Redstone oracle service. The minimum investment threshold is $100,000 on most blockchains and $1 million on Ethereum;

Bakkt cooperates with DTR to focus on stablecoins and crypto infrastructure

Quick Overview of Key Points

Bakkt has transformed into a crypto infrastructure provider, focusing on stablecoins and global payments, and its partner DTR provides AI and payment support;

New products are expected to be launched in the third quarter of 2025, including merchant checkout plug-ins and White-label AI plug-ins;

Despite declining revenue, Bakkt is seeking growth with stablecoins and AI financial tools, positioning itself as a leader in programmable currency and agency commerce in the future;

Bakkt's strategic reorganization and cooperation with DTR may promote the use of stablecoins in global payments and accelerate the market share of programmable financial products.

 Squads launches "Altitude" enterprise-level stablecoin account based on Solana and receives strategic investment from Haun Ventures

Quick Overview of Key Points

In addition to providing multi-signature wallets and personal financial services Fuse for the Solana project, Squads has launched a new enterprise-level stablecoin native US dollar account "Altitude", which supports opening global US dollar accounts in just a few clicks;

Altitude is built entirely on the Squads Protocol, providing 24/7 US dollar liquidity, competitive yields and code-enforced security, supporting ACH, wire transfers, SEPA and stablecoin transfers, and providing asset trading and invoice tracking functions;

Squads receives strategic investment from Haun Ventures and will accelerate Altitude Expand and promote the application of stablecoins in existing and future products, and continue to build a stablecoin native operating system that replaces traditional banking infrastructure;

Altitude will provide stablecoin native financial infrastructure directly to global corporate users, breaking the limitations of traditional bank accounts, creating a new financial stack foundation for the free flow of value, and representing the substantial expansion of blockchain stablecoin financial services from the crypto field to the mainstream corporate market.

• The Global Dollar Network, a stablecoin alliance, has added 19 members including Zodia Custody

• Ondo Finance cooperates with TruBit Global to introduce $USDY stablecoin to the Latin American market

• Tether launches zero-fee USDT transfers and cooperates with multiple platforms