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 0.63% WoW to $293.7 billion, with USDS and PYUSD leading gains while USDe saw the sharpest decline.
Onchain activity strengthened as transaction volume climbed 6.3% WoW to $312.5 billion and daily transactions rose 9.5% to 30.9 million, with falling average transaction size signaling rising retail engagement.
Net inflows accelerated 414.5% WoW to $1.7 billion alongside a 30-day average flip to positive $162.5 million daily flows, reflecting renewed issuance demand.
Key developments featured AllUnity's MiCA-compliant CHF stablecoin launch, Meta's stablecoin payment exploration, Qivalis euro stablecoin liquidity talks, and Visa/Stripe's global stablecoin card expansion to 100+ countries.
Yields of The Week
Institutional Moves
Feb. 26, 2026 | AllUnity Launches MiCA-Compliant Swiss Franc Stablecoin
AllUnity has launched CHFAU, a Swiss franc-pegged stablecoin. The token is issued on Ethereum as an ERC-20 asset and is initially available to institutional and professional clients through the AllUnity Mint Platform. The launch expands the firm’s stablecoin offerings after the introduction of its euro-pegged EURAU token in 2025.
Feb. 28, 2026 | Meta Explores Stablecoin Payments
Meta stated that it is exploring stablecoin-based payments for its platforms, potentially launching in the second half of 2026 as part of a broader shift toward third-party stablecoins rather than issuing a proprietary token. The approach contrasts with the company’s earlier Libra and Diem initiatives and reflects a market environment where stablecoin issuance is becoming commoditized across multiple providers.
March 2, 2026 | EU Bank Consortium Qivalis Discusses Listings for Euro Stablecoin
Qivalis, a consortium of 12 European banks including BBVA, ING, UniCredit and BNP Paribas, is in discussions with crypto exchanges, market makers and liquidity providers ahead of the planned launch of a euro-pegged stablecoin later this year. The stablecoin will be backed 1:1 by reserves composed of bank deposits and short-term euro-area sovereign bonds.
March 3, 2026 | Visa and Stripe’s Bridge Expand Stablecoin Card Program Globally
Visa and Bridge announced plans to expand their stablecoin-linked card issuance program to more than 100 countries. The product, launched in 2025 and currently live in 18 countries, allows users to make purchases by spending stablecoin balances held in crypto wallets such as MetaMask and Phantom.
Protocol Updates
March 2, 2026 | Deloitte Issues First Reserve Attestation for USAT Stablecoin
Anchorage Digital has released the first reserve attestation for the USAT stablecoin, prepared by Deloitte. The report indicated that USAT reserves totaled approximately $17.6 million as of Jan. 31, exceeding the token’s circulating supply of about $17.5 million.
MoonPay and M0 announced PYUSDx, a tokenization and issuance framework that allows developers to create application-specific stablecoins backed by PYUSD. The platform combines M0’s stablecoin infrastructure with MoonPay’s issuance and distribution capabilities to enable developers to launch branded tokens linked to PYUSD reserves.
Regulatory Pulse
Feb. 26, 2026 | OCC Proposal Would Ban Yield on GENIUS-Regulated Stablecoins
The U.S. Office of the Comptroller of the Currency released a 376-page proposal outlining its plan to implement the GENIUS Act, including a prohibition on paying interest or yield to holders of regulated payment stablecoins. The draft rule would also create a presumption that issuers violate the ban if they route rewards through affiliates or related third parties that pass yield to stablecoin holders, in alignment with the stance of CLARITY Act banking industry lobbyists.
March 3, 2026 | Dimon and Trump Take Opposing Positions on Stablecoin Yield Debate
Debates over the stablecoin rewards provision intensified as JPMorgan CEO Jamie Dimon said stablecoin issuers that pay interest on customer balances should be regulated like banks, arguing they should meet comparable capital, liquidity, and deposit insurance requirements. President Donald Trump responded by publicly siding with crypto firms in the dispute.
March 3, 2026 | FATF Warns Stablecoins Increasingly Used in Illicit Finance
FATF called on governments to strengthen oversight of stablecoin issuers and address risks associated with peer-to-peer transfers through unhosted wallets. The organization also suggested that regulators consider measures such as wallet freezing capabilities and restrictions on certain smart contract functions as stablecoin adoption continues to expand.
In The Data
Stablecoin Market Cap: Total market cap grew incrementally this week, rising 0.63% to $293.7 billion.
Top Winners:
USDS: Up 2.7% WoW to $10.6 billion (3.6% share)
USDC: Up 1.6% WoW to $74.9 billion (25.5% share)
PYUSD: Up 2.8% WoW to $4.2 billion (1.4% share) - weeks standout performer
USDT: Up 0.2% WoW to $183.5 billion (62.5% share)
Top Losers:
USDe: Down 1.8% WoW to $6 billion (2% share)
USD1: Down 2% WoW to $4.7 billion (1.6% market share) - week’s standout loser
Onchain Activity: Both transaction volumes and the daily transactions increased this week, however 30 day averages remain low.
Week over Week:
Transaction Volume: Up 6.3% to $312.5 billion (from $294 billion last week)
Daily transactions: Up 9.5% to 30.9 million (from 28.2 million last week)
Key insight: Stablecoin usage is returning. Average transaction size dropped this week, indicating more retail use rather than larger institutions.
Month over Month (30 day average):
Transaction Volume: Down 6.8% to $298.9 billion (from $320.6 billion last month)
Daily transactions: Down 0.4% to 32 million (from 32.1 million last month)
Key insight: Onchain activity is returning after a slow start to the year. While 30 day average values are still down compared to last month, they are trending positive and gaining momentum.
USD Inflows/Outflows: Sharp weekly acceleration in inflows, representing almost half of the inflows over the past 30 days.
Week over Week:
Net inflows: Up 414.5% to $1.7 billion (from $336 million)
Daily average inflows: Up 414.5% to $247 million (from $48 million)
Key insight: Inflows have rebounded sharply this week, signaling continued issuance demand, despite the Clarity Act stalling.
Month over Month (30 day average):
Net flows: $4.9 billion of inflows over the past 30 days (reversal from -$3 million the month prior)
Daily average flows: Flipped to $162.5 million (from -$100.8 million the month prior)
Key insight: After a slow start to the year due to economic uncertainty, stablecoin issuance has regained momentum.
Summary: This analysis critiques the GENIUS Act's prohibition on stablecoin issuers accessing Federal Reserve facilities, highlighting the lack of intervention definitions and potential risks in a $308 billion market without a backstop, amid consensus on regulatory clarity reducing risks.
Summary: The piece explores how internet-native money rails powered by stablecoins are transforming global payments, boosted by Trump's pro-crypto policies promoting dollar-backed stablecoins and regulatory clarity as key catalysts for institutional adoption.
Summary: Discussing AI agents' payment integration, it emphasizes stablecoins' API-friendly nature for seamless reconciliation versus traditional rails, signaling their role in onchain economies beyond speculation.
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.
