Welcome to In The Stables, a weekly briefing on the most important developments shaping the global stablecoin ecosystem. Each edition delivers clear, data-driven insights into market structure, regulatory momentum, and protocol-level shifts, along with a curated look at supply, flows, and onchain usage trends across the sector.
What’s included this week:
The total stablecoin market cap rose 0.58% WoW to $307.7 billion, with USDC growing 3.30% and USDT surging 7.08%.
Stablecoin network activity showed mixed signals, with active addresses down 2.85% WoW but monthly volume rising 62.21%.
Transaction volumes fell 21.64% WoW to $203.4 billion, driven by a 41.77% contraction in DeFi activity, while staking volumes exploded 166.68% and asset management grew 44.07%.
Major developments included White House stablecoin talks stalling over yield ban disputes, Tether investing $100 million in Anchorage Digital at a $4.2 billion valuation, and Circle partnering with Polymarket to transition to native USDC settlement.
Tether responded to media reports suggesting it had scaled back a planned fundraising after investor pushback over a proposed $500 billion valuation, saying the coverage overstated the status of any capital raise. Reuters reported that advisors had floated a wide range of hypothetical scenarios, including raising $15 billion to $20 billion or potentially as little as $5 billion, but chief executive Paolo Ardoino said those figures were never formal targets or active fundraising plans.
Feb. 5, 2026 | Tether Invests $100M in Anchorage Digital
Tether has made a $100 million equity investment in Anchorage Digital, valuing the federally chartered digital asset bank at $4.2 billion. The investment deepens an existing commercial relationship and strengthens Tether’s presence in regulated U.S. stablecoin infrastructure. Anchorage said the transaction will also enable its first employee tender offer, allowing staff to sell shares at the same valuation.
Avalanche has been selected as the initial network for FUSD, a yield-bearing stablecoin issued by FinChain, a blockchain finance platform under Fosun Wealth Holdings. The stablecoin is backed by real-world financial assets, including money market funds and government bonds, and is designed to distribute returns generated by those assets while remaining transferable and usable within onchain applications.
Feb. 10, 2026 | Ripple Expands Zand Bank Partnership to Link RLUSD and AEDZ on XRPL
Ripple has expanded its partnership with Zand Bank to connect its US dollar stablecoin RLUSD with Zand’s dirham-backed stablecoin AEDZ on the XRP Ledger. The initiative builds on a prior payments collaboration and will explore integrating RLUSD into Zand’s regulated digital asset custody framework, establishing direct liquidity pathways between the two tokens, and issuing AEDZ on the ledger under UAE regulatory oversight.
Protocol Updates
Feb. 5, 2026 | Circle and Polymarket Partner on Native USDC Integration
Circle Internet Group has partnered with Polymarket to transition the platform’s settlement infrastructure from bridged USDC on Polygon to native USDC issued by Circle’s regulated affiliates. Polymarket, which currently uses bridged USDC as trading collateral, plans to migrate to native USDC in the coming months to standardize dollar-denominated settlement and better align with institutional-grade infrastructure.
Feb. 9, 2026 | Farcaster Founders Join Stablecoin Startup Tempo
Farcaster co-founders Dan Romero and Varun Srinivasan have joined Tempo following the sale of Farcaster’s protocol and related products to Neynar and their departure from day-to-day leadership. The transition also follows Merkle Manufactory’s plan to return approximately $180 million to investors after the acquisition, while the Farcaster protocol continues under new leadership.
Feb. 10, 2026 | Circle Ventures Invests in edgeX Ahead of Token Launch
Circle Ventures has made an undisclosed investment in decentralized derivatives platform edgeX ahead of its planned token launch, with the firms also preparing to integrate native USDC and CCTP on edgeX’s underlying blockchain, EDGE Chain. Circle was the sole investor in the round, though financial terms were not disclosed. The integration will introduce natively issued USDC to EDGE Chain and enable crosschain transfers without wrapped assets.
Feb. 10, 2026 | Canton Network Executes First Private Stablecoin Payroll Run
The Canton Network processed its first enterprise payroll using private stablecoin transfers, completing settlement within minutes for an unnamed global company. The transaction was executed through payroll platform Toku and infrastructure provider Cantor8, which connected payroll instructions to onchain settlement and employee wallet delivery.
Regulatory Pulse
Feb. 7, 2026 | CFTC Updates Stablecoin Criteria to Include National Trust Banks
The CFTC reissued Staff Letter 25-40 to clarify that payment stablecoins issued by national trust banks can qualify as acceptable collateral. The agency said the prior language was not meant to exclude national trust banks and revised the definition after staff recognized that some eligible stablecoins are issued through that charter structure.
Feb. 10, 2026 | White House Stablecoin Talks Stall Over Yield Ban
A second White House meeting between crypto industry representatives and major banking groups failed to produce a compromise on stablecoin yield provisions in the proposed CLARITY Act. Bank negotiators reportedly reiterated their call for a broad prohibition on stablecoin rewards, while industry advocates argue that rewards programs are central to competitive payment innovation. The unresolved dispute remains one of the primary obstacles preventing the Senate Banking Committee from advancing the legislation
In The Data
Stablecoin Market Cap: Total market cap up 0.58% WoW to $307.7B
Top Winners:
USDT: Up 7.08% WoW to $5.4B (1.75% share) — week's standout performer
USDC: Up 3.30% WoW to $73.0B (23.74% share, expanding from 23.11%)
USDS: Up 5.62% WoW to $6.5B (2.11% share)
Top Losers:
USDe: Down 1.90% WoW to $6.4B (2.09% share)
USDT: Down 0.37% WoW to $184.4B (59.93% market share, declining from 60.50%)
DAI: Down 3.64% WoW to $4.4B (1.44% share) — continued contraction
Summary: The piece outlines key stablecoin developments, such as improved onramps, transaction volumes surpassing major payment networks, and their role in enabling banks and fintechs to innovate without overhauling legacy systems, positioning stablecoins as foundational for tokenized assets and institutional adoption.
Summary: Based on ARK research, the article analyzes stablecoins' $3.5 trillion in transaction volume in 2025, surpassing Visa and PayPal, as a structural shift toward "internetized money" that enables 24/7 settlement and bridges TradFi with DeFi for tokenized assets and global payments.
Summary: Drawing parallels between historical U.S. bank notes and modern stablecoins, the analysis highlights regulatory lessons from past systems, including reserve requirements under the GENIUS Act, to mitigate risks like runs and ensure stability in non-government-backed digital currencies.
Summary: This regulatory deep dive covers stablecoin yield restrictions resisted by firms like Coinbase, Tether's declining profits amid reserve expansions, and new compliant tokens like USAT, arguing for balanced frameworks to integrate stablecoins into traditional finance without undermining monetary sovereignty.
Closing Summary
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Alexander is a protocol researcher specializing in Layer-1 and Layer-2 infrastructure, as well as RWA's and Stablecoins. Before Messari, he worked at Jump Trading and Bull-Moose Consulting. He graduated from Northeastern University with a degree in Economics and Data Science, and helped run Northeastern's blockchain club.
Alexander is a protocol researcher specializing in Layer-1 and Layer-2 infrastructure, as well as RWA's and Stablecoins. Before Messari, he worked at Jump Trading and Bull-Moose Consulting. He graduated from Northeastern University with a degree in Economics and Data Science, and helped run Northeastern's blockchain club.
