Cobo Stablecoin Weekly Report No.7: Stripe and Tether Capture AI Payment Gateway, Stablecoins May Become Native Currency Layer of AI Economy
TechFlow Selected TechFlow Selected
Cobo Stablecoin Weekly Report No.7: Stripe and Tether Capture AI Payment Gateway, Stablecoins May Become Native Currency Layer of AI Economy
Global payments are undergoing a transformation, and stablecoins are at the heart of this revolution. They are not only reshaping cross-border transactions but also redefining the future of payments.
Navigating Web3 tides with focused insightsFrom the high-inflation streets of Argentina, to DeFi protocols on Ethereum, and creator tipping on Instagram, stablecoins have traveled from niche use cases to the backend systems of mainstream platforms. Today, the narrative is splitting into two directions: one is a "bottom-up" continuation, where platform economies and peer-to-peer networks keep filling gaps in existing payment systems with stablecoins; the other is a "top-down" convergence, as traditional giants like Visa, Stripe, and BlackRock begin actively embedding stablecoin infrastructure, turning this once-insular technology into institutionalized and compliant frameworks.
Meta and Tether are two footnotes in this turning point. One bets on an internal "closed-loop" payment system within platforms, while the other builds a bottom-up P2P network integrating AI and crypto. Though starting from different places, both see the same truth: stablecoins are not just new money—they are new interfaces.
In the end, what stablecoins aim to solve isn't merely payments, but connectivity—connecting people, systems, and the operational logic of the next-generation digital ecosystem.
Market Overview & Growth Highlights
Total stablecoin market cap reaches $242.548B (242.5 billion USD), up $321M (about 3.21 billion USD) week-on-week. In terms of market share, USDT maintains dominance at 62.39%; USDC ranks second with a market cap of $60.132B (about 601.3 billion USD), representing 24.79%.
Growth Highlights
Top 3 fastest-growing stablecoins this week:
-
OpenDollar USDO (USDO): +$49.44M (+30.6%)
-
USDD (USDD): +$43.14M (+13.62%)
-
Dai (DAI): +$356.47M (+8.56%)
Blockchain Network Distribution
Top 3 networks by stablecoin market cap:
-
Ethereum: $122.52B (1225.2 billion USD)
-
Tron: $74.22B (742.2 billion USD)
-
Solana: $11.92B (119.2 billion USD)
Top 3 fastest-growing networks this week:
-
Hyperliquid: +31.42% (97.91% USDC)
-
Sei: +25.53% (83.55% USDC)
-
Unichain: +25.11% (56.29% USDC)
Data sourced from defillama
Focus Insights
🎯 New Stablecoin Use Case: How Meta Is Building an "Internal Loop" in the Creator Economy
Meta is quietly re-entering the crypto payments market—but this time, its approach and direction are entirely different.
According to Fortune, Meta is engaging with multiple crypto institutions to plan the deployment of a stablecoin payment system on Instagram for cross-border payouts to creators. Compared to Diem’s earlier ambition of “creating a global currency,” today’s strategy is more pragmatic—focused solely on solving a real problem: internal capital flow and creator payments within platforms.
The advantages of stablecoins are clear: low cost, near-instant settlement, and no dependency on banking hours. However, the last-mile barrier remains: users still struggle to easily convert stablecoins into local fiat for daily spending.
If platforms like Instagram and WhatsApp support stablecoin tipping, ad payments, and even product purchases, the entire creator economy could form a self-sustaining internal loop: Meta pays creators in stablecoins, who then reuse them for promotions, tipping, or consumption within the platform. Funds stay within the ecosystem, boosting user stickiness and amplifying commercial value.
Of course, completely keeping funds on-platform isn’t realistic. Creators ultimately need to convert earnings into usable cash. One solution is offering stablecoin debit cards via Visa/Mastercard networks, enabling daily spending without converting to fiat—an approach that doesn’t involve traditional “withdrawals” but rather leverages legacy payment rails.
From this perspective, the role of stablecoins is shifting: they don’t necessarily need to become global clearing systems, but instead serve as value carriers within platform economies. As long as capital stays largely within the ecosystem, user experience improves, compliance costs drop, and regulatory friction eases.
Naturally, regulation can’t be ignored. Senator Elizabeth Warren recently named Meta in a proposed stablecoin bill, warning that big tech involvement in finance may pose privacy and monopoly risks. Whether this “pragmatic return” succeeds during the current policy window remains to be seen.
🎯 Stripe and Tether Are Building the Native Payment Layer for the AI Economy
The global AI race is heating up. While we marvel at large models generating content, writing code, and handling customer service, one fundamental question remains overlooked: how will AI agents participate in economic activity?
In other words, how will they “spend” money? And how will they “earn” it?
If AI agents are to become widespread autonomous participants in the economy—and they surely will—they clearly won’t rely on human-designed banking systems. Instead, they’ll need a payment infrastructure tailored to AI rhythms—high-frequency, real-time, automated, and extremely low-trust.
This is an underappreciated frontier—one that both Stripe and Tether are now entering.
One company is the world’s largest payment processor; the other, the largest stablecoin issuer. Their core businesses seem worlds apart. Yet both recognize that traditional payment systems aren’t suited for AI agents. Blockchain and stablecoins—with their programmability and native cross-border capabilities—may become the most natural monetary layer for the future AI economy.
Stripe takes a gradual approach: leveraging existing compliant payment rails, integrating stablecoins (USDC), AI-powered risk models (its latest Transformer model boosts fraud detection from 59% to 97%), and Bridge API tools to let enterprises seamlessly enable on-chain payments. It's clean, robust, and compatible with existing systems.
Tether’s path resembles a “rebuild”: its newly launched QVAC is an open-source AI platform natively supporting USDT and Bitcoin payments, integrated with decentralized communication tools like Keet, aiming to create a peer-to-peer network driven by AI agents. It emphasizes autonomy, censorship resistance, and trustlessness.
Though walking different paths, their goal aligns: building a native payment system for an AI-driven economy.
The AI economy may launch before we realize it—and the competition over its underlying monetary infrastructure has already begun.
🎯 From Offshore Innovation to Regulatory Integration: The Signal Behind Anchorage’s Acquisition of Mountain
Anchorage Digital—the only U.S. digital asset bank holding an OCC federal charter—has acquired Mountain Protocol, bringing its Bermuda-based stablecoin license under its umbrella. This isn’t just business expansion; it’s a signal: the stablecoin industry is transitioning from “offshore experimentation” to “regulatory coexistence.”
Offshore jurisdictions like Bermuda have long served as innovation labs, and Anchorage’s acquisition proves such models can integrate with U.S. federal regulatory frameworks, enabling seamless scaling from product development to mainstream markets. Meanwhile, new OCC rules explicitly allow regulated banks to buy, sell, and custody digital assets—meaning stablecoins are no longer just experimental projects operating in regulatory gray zones, but recognized asset classes banks can hold and funds can allocate.
This case explores the future of the stablecoin industry: innovate offshore first, then enter traditional systems with full compliance. This time, the industry hasn’t just found a breakthrough—it’s beginning to build genuine financial legitimacy.
Market Adoption
🌱 MoonPay Partners with Mastercard to Launch Stablecoin Payment Card, Covering 150 Million Global Merchants
Key Takeaways
-
MoonPay and Mastercard announce a partnership enabling users to pay at over 150 million merchants worldwide using stablecoins, significantly expanding real-world use cases for digital dollars;
-
All crypto wallet users can now receive virtual Mastercards directly linked to their stablecoin balances, spending on the Mastercard network without first converting assets to fiat;
-
Users spend stablecoins directly without exchange withdrawals, while merchants receive funds through Mastercard’s existing infrastructure—a win-win outcome.
Why It Matters
-
The MoonPay-Mastercard collaboration creates a direct bridge from crypto to real-world spending, enhancing stablecoin utility while simplifying user experience by eliminating fiat conversion steps. It represents regulatory-compliant innovation in payments and paves the way for mass stablecoin adoption.
🌱 Hong Kong Fintech RedotPay Launches Crypto Payment Card in South Korea, Supporting Visa and Stablecoin Transactions
Key Takeaways
-
Hong Kong fintech RedotPay has launched its cryptocurrency payment card (both physical and virtual) in South Korea, allowing users to pay at any merchant accepting Visa;
-
The card supports real-time stablecoin transactions. Virtual cards cost $10, physical ones $100, with low verification requirements. RedotPay claims over 4 million global users;
-
By introducing convenient crypto and stablecoin payment options, RedotPay further drives digital asset adoption in everyday spending.
🌱 Dubai Government Partners with Crypto.com to Accept Cryptocurrency for Government Fees
Key Takeaways
-
The Dubai government has partnered with Crypto.com to allow individuals and businesses to pay government fees via the Crypto.com wallet, with automatic conversion to dirhams;
-
This agreement marks a key step in Dubai’s cashless society strategy, expected to add at least 8.2 billion dirhams (about 2.2 billion USD) annually to the economy;
-
Crypto.com has obtained a license from Dubai’s Virtual Assets Regulatory Authority (VARA), joining Binance and OKX as officially recognized major crypto platforms in Dubai;
-
Dubai strengthens its position as a Middle East crypto hub through such government-level adoption, which will greatly accelerate mainstream acceptance of crypto payments.
🌱 Bhutan Becomes First Country to Accept Tourism Payments in Bitcoin and Crypto via Binance Pay
🌱 FalconX Partners with Standard Chartered Bank to Offer Fiat Settlement for Institutional Crypto Investors in Singapore
Macro Trends
🔮 PayPal Crypto Executive: Bank Participation Is Key to Unlocking Stablecoin Potential
Key Takeaways
-
Jose Fernandez da Ponte, PayPal’s Head of Cryptocurrencies, stated at Consensus 2025 that banks must join the crypto space for stablecoins to succeed, providing critical infrastructure from custody to fiat on/off ramps;
-
MoneyGram CEO Anthony Soohoo called upcoming U.S. stablecoin regulations a “major breakthrough” that will resolve trust issues and drive adoption, predicting a wave of new issuers followed by market consolidation once rules are clear;
-
In high-inflation countries, stablecoins have become tools for value storage and cross-border payments. MoneyGram uses nearly 500,000 cash access points to help users convert digital dollars into local cash, while enterprise applications focus on cross-border treasury management;
-
With the stablecoin market at $230 billion, executives from PayPal and MoneyGram agree that post-regulation growth will depend on bank participation, which will provide the connectivity and infrastructure needed for stablecoins to scale beyond crypto-native circles into practical, trillion-dollar utility.
🔮 Deutsche Bank: Stablecoins Will Go Mainstream in 2025, U.S. Regulation Driving Adoption
Key Takeaways
-
Deutsche Bank predicts stablecoins will achieve mainstream adoption in 2025. Despite recent opposition in the U.S. Senate, the Trump administration is advancing landmark crypto regulation;
-
Stablecoin market cap has surged from $20 billion in 2020 to $246 billion today, with USDT accounting for about $150 billion. Stablecoins are now the primary medium for crypto trading, supporting over two-thirds of transaction volume;
-
The GENIUS Act and STABLE Act are shaping federal and state-level stablecoin regulatory frameworks. The Senate’s GENIUS Act would impose federal oversight on stablecoins exceeding $10 billion in market cap, while the House’s STABLE Act calls for state-level regulation without conditions;
-
Stablecoins are increasingly strategic assets—83% pegged to the dollar. Tether has become one of the largest holders of U.S. Treasuries, reinforcing dollar dominance amid global fragmentation. Standard Chartered forecasts stablecoin supply could grow nearly tenfold once regulation is clarified.
🔮 Coinbase Earnings Miss Expectations, But Focus on Stablecoins and Deribit Acquisition Highlight Payment Strategy
Key Takeaways
-
Coinbase’s Q1 revenue of $2.03 billion missed expectations, with trading revenue down 19%, but USDC stablecoin balances grew significantly, showcasing payment potential;
-
The company acquired derivatives exchange Deribit for $2.9 billion, a move analysts say strengthens Coinbase’s long-term competitiveness in crypto payment infrastructure;
-
Despite pressure in trading, Coinbase’s diversified infrastructure business—stablecoin services, custody, and trading tech—is becoming a key hedge against market volatility;
-
Through strategic moves like expanding the USDC ecosystem and acquiring Deribit, Coinbase is transforming from a pure exchange into a comprehensive payment infrastructure provider—a shift critical to its long-term leadership in crypto payments.
🔮 BitGo Executive: Banks Are Exploring Stablecoins to Avoid Losing Market Share
Key Takeaways
-
Ben Reynolds, BitGo’s Stablecoin Director, revealed that its “Stablecoin-as-a-Service” product is attracting heavy inquiries from U.S. and international banks—not out of innovation drive, but fear of deposits flowing to crypto-native competitors;
-
Yield-bearing stablecoins are emerging as tools for frictionless, rapid movement of collateral, especially favored by DAOs, protocols, and institutional investors, solving slow and clunky transfers between exchanges and broker accounts;
-
The stablecoin market is now $230 billion, but regulatory classification will shape its trajectory—tokenized treasury funds are securities, while true stablecoins are not, creating divergent market dynamics;
-
Traditional financial institutions are adopting defensive strategies to enter the stablecoin space, indicating digital dollars are gradually eroding traditional bank deposits, while yield-bearing stablecoins bring programmable, permissionless flexibility to financial infrastructure.
🔮 Stablecoins as a Force for Cross-Border Payment Transformation: Ripple and Kraken Executives Bullish on Global Outlook
Key Takeaways
-
Ripple’s Jack McDonald and Kraken’s Mark Greenberg said at Consensus 2025 that stablecoins are reaching a tipping point as key components of the global payment system;
-
Both emphasized that stablecoins are reshaping cross-border payments, offering a superior alternative to fragmented and inefficient legacy financial infrastructure, delivering meaningful global payment innovation;
-
Experts believe future stablecoin development will include yield-bearing products, though regulatory challenges remain, with policy environments shaping long-term direction;
-
Leaders from traditional finance and crypto alike see stablecoins as pivotal in the global payment system, signaling their evolution from pure crypto assets to infrastructure solving real payment pain points, expanding from crypto circles into broader financial domains.
🔮 Citi Predicts: Stablecoins Will Expand Beyond Crypto Trading to Become Part of the Mainstream Economy
Key Takeaways
-
Citi forecasts that with regulatory support, the stablecoin market could reach $1.6–3.7 trillion by 2030;
-
Stablecoins are shifting from trading settlement tools to payment instruments, with notable growth in cross-border transfers and merchant settlements;
-
The current stablecoin market is around $240 billion, dominated by Tether and Circle;
-
The expansion of stablecoins into the mainstream economy could reshape the payment ecosystem, becoming a new pillar in international money markets and challenging traditional monetary processing.
Capital Moves
💰 Ripple Reportedly Offers $4–5 Billion to Acquire Circle; USDC Mints $200M Same Day
Key Takeaways
-
Reports indicate Ripple has made a $4–5 billion acquisition offer for Circle, issuer of USDC;
-
On May 9, two large USDC minting events occurred totaling ~$200M: $100M from an unknown Algorand wallet, and another $100M from USDC Treasury;
-
The stablecoin market may face major consolidation, with USDC’s continued expansion and M&A rumors sparking industry-wide attention on future competitive dynamics.
💰 Anchorage Digital Acquires USDM Issuer Mountain Protocol, Federally Chartered Bank Expands Into Stablecoins
Key Takeaways
-
U.S. federally chartered crypto bank Anchorage Digital acquires yield-bearing stablecoin issuer Mountain Protocol, planning to integrate its tech, team, and licensing—pending regulatory approval;
-
Anchorage holds a federal banking charter from the U.S. Office of the Comptroller of the Currency (OCC), making it the only U.S. digital asset bank with such status—a top-tier regulatory endorsement;
-
Mountain holds a digital asset license from Bermuda’s Financial Authority (BMA), representing offshore openness to crypto innovation. This merger combines both regulatory models—Anchorage may use its federal charter to bring Mountain’s products into U.S. compliance, while retaining Bermuda’s international operational flexibility;
-
The fusion of these two regulatory frameworks reflects a key strategy in crypto finance’s transition to mainstream: develop products in offshore innovation-friendly jurisdictions, then scale into institutional markets via U.S. federal recognition—a model others may follow.
💰 Coinbase Invests in Canadian Stablecoin Issuer Stablecorp, Expanding Regional Markets
Key Takeaways
-
Coinbase has invested an undisclosed amount in Canadian stablecoin issuer Stablecorp and will help promote its fiat-backed stablecoin QCAD;
-
Coinbase Canada CEO Lucas Matheson notes Canada lacks a peer-to-peer payment system; wire transfers are costly ($45) and cumbersome. Stablecoins enable 24/7, instant, borderless payments;
-
Despite the global stablecoin market reaching $245 billion, QCAD’s circulation is only ~$175,000. Matheson urges the Canadian government to establish a national digital asset strategy, treating stablecoins as payment tools, not securities;
-
This move shows major exchanges actively expanding into regional stablecoin markets. Even though incoming Canadian Prime Minister Mark Carney has historically criticized crypto, Coinbase is pushing for regulatory clarity to foster Canada’s stablecoin ecosystem.
Regulatory Compliance
🏛️ U.S. Senate GENIUS Act Revised to Include Foreign Stablecoins Like Tether Under AML Rules, DeFi Could Be Impacted
Key Takeaways
-
The revised U.S. Senate GENIUS Act (S.1582) aims to expand oversight by bringing foreign stablecoin issuers serving U.S. users (like Tether) under U.S. jurisdiction, regardless of headquarters location;
-
The bill broadens the definition of “digital asset service providers” to include developers, validators, and self-custody wallets, requiring them to comply with anti-money laundering (AML) rules;
-
The bill may benefit Tether but could challenge DeFi innovators, marking tightening U.S. control over stablecoins and digital assets;
-
If passed, the law would strengthen U.S. oversight of the global stablecoin market—especially major players like Tether—and could profoundly reshape DeFi’s compliance landscape and operations.
🏛️ Wyoming to Launch First-Ever State-Issued Stablecoin in July, Appoints Inca Digital for Security
Key Takeaways
-
The Wyoming Stable Token Commission has partnered with analytics provider Inca Digital to monitor and mitigate fraud risks for its state-issued stablecoin;
-
The stablecoin is expected to launch in July, becoming the first U.S. state-issued stablecoin and marking state governments’ formal entry into crypto issuance;
-
Anthony Apollo, Executive Director of the commission, says the Inca Digital partnership is a key step in Wyoming’s commitment to transparency, security, and innovation;
-
Wyoming’s stablecoin sets a precedent for U.S. government-issued digital currencies, offering a reference model for other states and localities, while demonstrating how U.S. governments can advance crypto innovation and regulation at the state level.
🏛️ U.S. Senate Stablecoin Bill Controversy Continues: Trump Conflict of Interest in Focus, Big Tech Restrictions Have Loopholes
Key Takeaways
-
The Senate’s “Guiding Establishing National Innovation with Stablecoins” (GENIUS) Act, which previously failed to secure 60 votes, may return for another vote. The latest version could reappear as early as next week, with Trump advisors saying the President wants legislation passed before Congress adjourns in August;
-
A CoinDesk-obtained draft shows new restrictions on big tech stablecoin issuance—non-financial public companies must get unanimous approval from a review board—but critics highlight loopholes, such as exemptions for private firms like X and TikTok;
-
Democrats’ main concern—Trump’s conflict of interest due to his crypto ventures—remains unaddressed in the new version. Controversy intensified after MGX announced plans to use USD1, a stablecoin issued by Trump-affiliated World Liberty Financial, to acquire Binance shares;
-
This stablecoin bill marks the U.S.’s first attempt to create a federal framework for stablecoin issuers. Its fate affects not just the crypto industry but also highlights tensions between political interests and regulatory responsibility. Despite ongoing disputes, bipartisan lawmakers continue pushing the bill forward, reflecting broad consensus on stablecoins’ strategic role in maintaining the dollar’s global standing.
🏛️ Commerce Secretary’s Son Brandon Lutnick Says He Personally Verified Tether Reserves
🏛️ Brazil Central Bank Plans to Restrict Stablecoin Transfers
🏛️ OTC Crypto Dealer License Overview: How Do Hong Kong, EU, and U.S. Regulations Differ?
New Launches
👀 Tether Launches Decentralized AI Platform QVAC, Device-Based Computing Replaces Data Centers
Key Takeaways
-
Tether announces QVAC (Quantum Universe Automatic Computer), a localized AI development platform enabling AI models and apps to run entirely on user devices without cloud connectivity, ensuring data privacy and user autonomy;
-
QVAC uses a modular architecture, supports peer-to-peer networking, scales to trillions of AI agents, and via Tether’s WDK enables AI agents to autonomously conduct Bitcoin and USDT transactions, creating a decentralized, self-sustaining AI system;
-
Tether will soon release initial QVAC apps, including QVAC/Translate (a cloud-free local translation tool) and QVAC/Health (a private health tracker), and plans to open-source its SDK.
👀 VanEck Launches Tokenized U.S. Treasury Fund $VBILL Across Multiple Blockchains, Enabling 24/7 Liquidity
Key Takeaways
-
VanEck, managing $120 billion in assets, partners with tokenization firm Securitize to launch $VBILL, the first tokenized U.S. Treasury fund, deployed across Ethereum, Avalanche, Solana, and BNB Chain, with cross-chain interoperability via Wormhole;
-
The fund offers investors on-chain exposure to short-term U.S. Treasuries with 24/7 liquidity and real-time settlement. Assets are custodied by State Street, priced daily via Redstone oracles. Minimum investment is $100K on most chains, $1M on Ethereum;
-
VBILL accepts USDC for 24/7 deposits and enables atomic liquidity with Agora’s AUSD stablecoin, allowing investors to redeem via smart contracts in one step;
-
This product signals traditional finance giants accelerating into tokenized real-world assets. Following BlackRock and Franklin Templeton, VanEck’s entry further drives on-chain liquidity for fixed-income products like U.S. Treasuries.
👀 Bakkt Partners with DTR, Focusing on Stablecoin and Crypto Infrastructure
Key Takeaways
-
Bakkt transitions into a crypto infrastructure provider focused on stablecoins and global payments, with partner DTR offering AI and payment support;
-
New products expected in Q3 2025, including merchant checkout plugins and white-label AI plugins;
-
Despite declining revenue, Bakkt pursues growth via stablecoins and AI financial tools, positioning itself as a leader in programmable money and agent-based commerce;
-
Bakkt’s restructuring and DTR partnership may boost stablecoin adoption in global payments and accelerate market share for programmable financial products.
👀 Squads Launches Solana-Based “Altitude” Enterprise Stablecoin Accounts, Secures Strategic Investment from Haun Ventures
Key Takeaways
-
Beyond offering multisig wallets and personal finance tools via Fuse for Solana projects, Squads launches “Altitude”—an enterprise-grade, stablecoin-native dollar account allowing global dollar accounts in a few clicks;
-
Altitude is fully built on the Squads Protocol, offering 24/7 dollar liquidity, competitive yields, code-enforced security, support for ACH, wire, SEPA, and stablecoin transfers, plus asset trading and invoice tracking;
-
Squads secures a strategic investment from Haun Ventures to accelerate Altitude’s expansion and deepen stablecoin integration across current and future products, continuing to build a stablecoin-native operating system as an alternative to traditional banking;
-
Altitude brings stablecoin-native financial infrastructure directly to global enterprises, breaking traditional banking barriers and laying a new financial stack foundation for free value flow—marking a substantive expansion of blockchain-based stablecoin services from crypto niches into mainstream corporate markets.
👀 Global Dollar Network Adds 19 New Members Including Zodia Custody
👀 Ondo Finance Partners with TruBit Global to Bring $USDY Stablecoin to Latin America
👀 Tether Launches Zero-Fee USDT Transfers and Partners with Multiple Platforms
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
Cobo
