Where Money Moves - Edition #16

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

Moving dollars at global scale requires rails that run end to end. On Plasma, USD₮ settles with sub-second finality and zero transfer fees. Now, we are licensing the payments stack so companies building settlement, custody, exchange, and payments make Plasma the default chain for money movement.

We have acquired a VASP-licensed entity in Italy, opened a Netherlands office, and hired senior compliance leadership, including a Chief Compliance Officer and a Money Laundering Reporting Officer. Next, we will apply for CASP authorization under MiCA to support custody and exchange for users, and prepare for an EMI to integrate fiat on- and off-ramps directly into Plasma’s stablecoin infrastructure.

Licensing our stack for global money movement enables us to serve materially larger markets and partners in more regions. It is how Plasma One operates as a true stablecoin neobank and how Plasma fulfills its mission to build stablecoin infrastructure for the new global financial system.

That is why Plasma is the chain for money.

What’s New with Stablecoins

1️⃣ Western Union to launch a stablecoin in 2026

Western Union announced the US Dollar Payment Token (USDPT), issued by Anchorage Digital. The company also introduced a Digital Asset Network that partners with wallets and providers to deliver cash off-ramps.

2️⃣Japan’s first yen-pegged stablecoin goes live

JPYC launched a yen-pegged stablecoin fully backed by Japanese domestic deposits and government bonds. Like other issuers, JPYC will monetize their yen-pegged stablecoin through interest on its bond holdings.

3️⃣ Mastercard in final talks to acquire Zerohash at a $2B valuation

Mastercard is finalizing a deal to acquire stablecoin infrastructure provider Zerohash for approximately $2 billion. This follows Zerohash’s $100 million raise earlier this year where it was valued in the region of $1 billion.

In Other News

• Visa to add support for four stablecoins across four blockchains after Q4 stablecoin-linked Visa card spend quadrupled

• Kyrgyzstan announces stablecoin on Binance Smart Chain in partnership with Changpeng Zhao

• The European Central Bank signals a possible digital currency launch in 2027 to maintain eurozone financial autonomy

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: $307.4 billion (+1.61% from 30 days ago)

• USD₮ remains dominant: 59.7% market share ($183.6 billion)

• Stablecoins now account for over 1.38% 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.

• $3.9 trillion in adjusted stablecoin transaction volume over past 30 days (via 1.5 billion transactions)

• 200.2 million wallets hold stablecoins (up 3.83% from 30 days ago)

• 118.7 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 its stablecoin supply over the last week by more than $1.8 billion, remaining dominant in terms of market share for supply at 53.7%.

• Over the same period, Tron’s stablecoin supply fell by just over $250 million, holding 25.5% of market share.

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. 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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