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 stablecoin market cap rose 1.2% WoW to $303 billion, while average daily users increased 2.3% to 4.3 million, signaling continued growth in adoption despite mixed activity trends.
Network activity softened, with average daily volume falling 7.8% WoW to $217.3 billion and transactions edging down 0.3%, suggesting reduced trading and leverage as markets unwind risk.
Mastercard and SoFi announced plans to integrate the bank-issued stablecoin SoFiUSD for settlement on Mastercard’s global payments network.
Aon piloted insurance premium settlement using USDC and PYUSD, while infrastructure startup KAST raised $80 million to scale stablecoin-based payments.
Chart of The Week
Yield bearing stablecoins are here to stay, whether the banks like it or not. Over the last 6 months, the growth in yield bearing stablecoin supply has begun to uncouple from the growth in the broader stablecoin market, and the gap continues to widen.
The yield bearing stablecoin supply has outpaced the broader market by over 15x, with the growth starting around mid October 2025.
The winners don’t do payments. Unlike issuers who offer both a payment stablecoin and a staked yield bearing one, the largest yield bearing stablecoin issuers focus offer only one asset, acting more like money market funds or bank deposits.
Mastercard and SoFi Technologies announced plans to enable the bank-issued stablecoin SoFiUSD as a settlement option across Mastercard’s global payments network. The initiative aims to support faster and more efficient settlement for participating financial institutions by allowing transactions to be cleared using a regulated bank-issued stablecoin rather than traditional fiat rails.
Sui launched its native stablecoin USDsui, issued by Bridge and backed by U.S. Treasury assets. The project aims to provide a native dollar-denominated asset within the Sui ecosystem while distributing yield generated from the underlying Treasury holdings back to the network.
Hana Financial Group partnered with Circle Internet Group and Crypto.com to launch a pilot allowing foreign visitors to pay Korean merchants using USDC-funded prepaid Visa cards. The program is designed to simplify cross-border payments for tourists by combining stablecoin funding with traditional card infrastructure accepted at local merchants.
The Florida Senate unanimously passed Senate Bill 314, establishing a state regulatory framework for payment stablecoins. The legislation sets guidelines for issuance and oversight at the state level and now awaits final approval from Governor Ron DeSantis.
Insurance broker Aon completed a pilot program where insurance premiums were settled using stablecoins such as USDC and PYUSD. The initiative was conducted in partnership with Coinbase and Paxos, demonstrating how stablecoins could streamline payment settlement in the insurance industry.
KAST raised $80 million in a funding round co-led by QED Investors and Left Lane Capital, valuing the company at approximately $600 million. The capital will support the expansion of KAST’s stablecoin-based payments infrastructure as demand grows for blockchain-enabled financial services.
Onchain Metrics
Stablecoin Marketcap: $303 billion (up 1.2% WoW)
Avg Daily Volume: $217.3 billion (down 7.8% WoW)
Average Daily Users: 4.3 million (up 2.3% WoW)
Avg Daily Transactions: 63.2 million (down 0.3% WoW)
Net Flows: $3.7 billion
Yields of The Week
Main takeaway: Unlike US bond yields, which rose across the board this week, stablecoin yields saw a slight decline. This is likely due to an excess of stablecoin lending, as the market continues to sell, unwind its leverage, and pay back its loans. As interest rates rise elsewhere, this bearish centiment may drive stablecoin yields even lower in the coming weeks.
Summary: The newsletter breaks down the OCC's proposed rulemaking for the GENIUS Act, including regulations for stablecoin issuers, custody, and definitions like "digital asset service provider," detailing the impacts on DeFi protocols and developers.
Summary: The article explores how stablecoins have evolved from crypto trading tools into central components of institutional finance and programmable money, highlighting regulatory inconsistencies across jurisdictions and the need for stronger cross-border cooperation to address risks in tokenised money development.
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.
