Where Money Moves - Edition #5

Stablecoins are no longer operating at the edges of finance. Major partnerships and product launches are announced each week and US regulation is moving forward, as stablecoins are folded into the world’s most important financial systems.

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. In short, understanding where stablecoins are today helps reveal where modern finance is headed next. 

On the Ground at TOKEN2049

Stablecoins were the main topic of this year's TOKEN2049. During this action-packed week, Plasma co-founder Paul Faecks took center stage with Paolo Ardoino, CEO of Tether, to share their vision for stablecoins and the future of global finance. The Plasma team also had a chance to connect with some of the brightest builders and visionaries in the space during our hosted meetup in Gal, Dubai.

Stablecoin Spotlight: What’s Top of Mind

Stablecoins have blown past the experimentation phase and entered the implementation era. According to Fireblocks’ State of Stablecoins report, 90% of surveyed financial institutions are now actively exploring or implementing stablecoins. This momentum is particularly evident in cross-border transactions, with 71% of firms in Latin America already using stablecoins for cross-border payments.

As customer demand accelerates and use cases mature, stablecoin adoption is becoming an existential imperative for many financial firms. It is no surprise a16z is calling this period “the month fintechs embraced stablecoins”.

What’s New with Stablecoins

1️⃣ Stripe announces Stablecoin Financial Accounts for enterprises

With these new accounts, businesses will be able to hold a balance in stablecoins, receive funds on both crypto and fiat rails (like ACH and SEPA), and send stablecoins almost anywhere in the world.

2️⃣ Mastercard and MoonPay team up to mainstream stablecoin payments

This global partnership is designed to integrate stablecoins into everyday transactions through a new line of branded payment cards. These cards will be linked to users’ stablecoin balances, which will be instantly converted to fiat currency when used.

3️⃣ Coinbase announces new payment protocol for instant stablecoin payments

This new protocol, x402, will allow apps, APIs, and AI agents to execute instant stablecoin payments directly over HTTP, unlocking a faster, automated internet economy.

4️⃣ US Senate removes Trump provisions in a push to pass bipartisan stablecoin bill

The US Senate could pass the US Stablecoins Act (GENIUS Act) as soon as next week after the latest round of revisions. This move was intended to address some Democrats’ concerns about the Trump family’s crypto interests.

In Other News

• Meta is considering using stablecoins for cross-border payments.

• Wyoming aims to launch the first public fiat stablecoin, WYST, by July 4.

• Squads unveils Altitude, a dollar-denominated stablecoin account platform for businesses.

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: $239.3 billion (+3.32% from 30 days ago)

• USD₮ remains dominant: 63.5% market share ($151.2 billion)

• Stablecoins now account for over 1.10% of the US M2 money supply

2️⃣ Adoption Continues to Surge

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

• $3.6 trillion in stablecoin transaction volume over past 30 days (via 788.2 million transactions)

• 163 million wallets hold stablecoins, (up 3.1% from 30 days ago)

• 99.4 million wallets holding Tether's stablecoin, making it the clear leader

3️⃣ Stablecoin Liquidity by Chain

Tron continues to lead stablecoin activity and growth, driven predominantly by USD₮. A driving factor to the growth of Tron’s stablecoin liquidity was the deployment of World Liberty’s USD1, minted for MGX to acquire a stake in Binance.

• Ethereum remains dominant in terms of stablecoin supply, with 54.4%, followed by Tron at 32%

• Nevertheless, Ethereum dominance has trended down over the past three quarters, while Tron has grown its market share by 3.2% since the start of 2025.

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 Solana. For fully verified data sets, refer to the figures provided throughout this newsletter.

Plasma: Where Money Moves Next

Momentum like this doesn’t come from hype. It comes from utility, scale, and real-world product-market fit. As stablecoins reshape everything from consumer payments to business banking, the networks they run on will define how far and fast they can go.

That’s why we’re building Plasma. As stablecoins transition from crypto-native assets to a global money standard, they need faster, cheaper, 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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