Where Money Moves - Edition #14

Stablecoin growth continued its rise over the last two weeks, with institutions, fintechs, funds, and retail investors gearing up for the next wave of growth.

Why? Because stablecoins are more than just digital dollars, they are the backbone of today’s crypto markets and the foundation for a new global financial system.

Stablecoin Spotlight: What’s Top of Mind

On 25 September, Plasma mainnet beta went live alongside the XPL token.

In just over a week, more than $7.25B of stablecoins sit on Plasma. The total value locked across our onchain DeFi ecosystem is over $8.7B.

Plasma is now the 5th-largest chain by stablecoin liquidity and the 5th-largest by DeFi TVL (including borrows).

Through our partnership with Binance Earn, we have also become one of the most widely distributed chains. Our onchain USD₮ yield product is now integrated into the world’s largest crypto exchange, which means more than 280 million Binance users can earn on their Plasma USD₮ via Aave’s lending rails.

With other premier partners live including Fluid, Euler, Ethena, and Pendle, with many more on the way, the future is bright on Plasma.

To explore opportunities on Plasma today, visit the Rewards tab to browse programs, compare yields, and start engaging with the onchain ecosystem.

Additionally, we announced our flagship neobank, Plasma One, a stablecoin-native app and card that puts dollars on Plasma in people’s hands. It provides permissionless access to save, spend, send, and earn in dollars, with zero-fee USD₮ transfers within select Plasma products at launch and fast, localized onboarding across priority markets. Plasma One is how we own distribution so dollars on Plasma work in daily life.

What’s New with Stablecoins

1️⃣ Tether in talks to raise $20 billion at $500 billion valuation

Tether is reportedly in discussions to raise up to $20 billion at a $500 billion valuation, with SoftBank and ARK Invest among potential investors. This would place Tether among the most valuable private companies in the world.

2️⃣Stripe unveils platform for businesses to issue stablecoins

Stripe announced Open Issuance, a platform that enables businesses to launch and manage their own stablecoins. Stripe has also applied for a federal banking charter to align with US stablecoin guidelines set out in the GENIUS Act.

3️⃣ The first regulated offshore yuan stablecoin issuer has launched in Kazakhstan

Hong Kong-based fintech Anchor X has launched what it describes as the first cryptocurrency pegged to the offshore Chinese yuan. The move signals an effort to expand the currency’s role in cross-border trade.

In Other News

• World Liberty Financial, the crypto venture backed by US President Trump’s family, announces plans to launch a debit card 

• Sui Group launches two stablecoins on the Sui blockchain with Ethena, a synthetic dollar protocol

• OKX announces stablecoin payments activated in Singapore for ride hailing platform, Grab 

Stablecoin Adoption Snapshot

1️⃣ Stablecoin Supply & Growth

Stablecoin supply continues to grow unabated, with USD₮ remaining the undisputed leader in total stablecoin supply. This continues the surge in stablecoin supply that has remained unbroken since October 2024.

• Total stablecoin supply: $302.4 billion (+5.77% from 30 days ago)

• USD₮ remains dominant: 58.7% market share ($177.5 billion)

• Stablecoins now account for over 1.36% of the US M2 money supply

2️⃣ Adoption Continues to Surge

Stablecoin transaction volume has continued to grow over the past two weeks, alongside a steady increase in new wallets holding stablecoins.

• $3.5 trillion in adjusted stablecoin transaction volume over past 30 days (via 1.3 billion transactions)

• 194.6 million wallets hold stablecoins (up 1.9% from 30 days ago)

• 115.8 million wallets hold Tether's stablecoin, making it the clear market leader

3️⃣ Stablecoin Liquidity by Chain

Over the past two weeks, the stablecoin supply on Ethereum has continued to grow rapidly. 

• Ethereum grew stablecoin supply over the last week by more than $2.8 billion, remaining dominant in terms of market share for supply at 55%. Tron follows with 25.8% of market share

• Since launching just over a week ago, Plasma has more then $7.25 billion liquidity, equating to a market share of 2.4%

All data and charts in the Stablecoin Adoption Snapshot are courtesy of our partner, Token Terminal. Please note that while the underlying data points are accurate, certain chart segments may appear incomplete as Token Terminal continues integrating new networks, including Plasma. For fully verified data sets, refer to the figures provided throughout this newsletter.

Plasma: Where Money Moves Next

Stablecoins represent a step change in financial technology - a system that is borderless, permissionless, and cost-effective by design. Major countries, companies, and institutions, both traditional and modern, will demand accelerated adoption to stay ahead. 

That’s why we’re building Plasma. As stablecoins transition from crypto-native assets to a global money standard, they need faster, cheaper, more reliable and more programmable settlement infrastructure. Plasma is designed from the ground up for this future.

Whether you're a developer, investor, or simply watching where money moves next, Plasma is where the future is being built.

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