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Weekly Global Stablecoin & CBDC Update
The annual CB+DC Conference is a key event for experts in digital currency. This year, it’s being held in Nassau, Bahamas, from September 9-11, in partnership with the Central Bank of The Bahamas, which is celebrating its 50th anniversary.
The conference brings together central bankers, retail bankers, tech innovators, policymakers, and academics to discuss the future of digital currencies. With the rise of Central Bank Digital Currencies (CBDCs), tokenized assets, and stablecoins, the financial world is changing fast. This conference is a place to share knowledge and ideas on how to handle these changes. Key topics include the impact of digital currencies on financial stability, how to regulate them, and how to keep them secure. The goal is to work together to build a safe and efficient future for digital finance.
Key Takeaways:
- The CB+DC Conference is a major international event focused on the future of digital money, including CBDCs, tokenized assets, and stablecoins.
- This year’s conference is a special collaboration with the Central Bank of The Bahamas to celebrate its 50th Anniversary.
- The event brings together a diverse group of experts, from central bankers and policymakers to technology innovators and academics, to foster collaboration and share knowledge.
- Key discussion topics include the impact of digital currencies on financial stability, the development of regulatory frameworks, and ensuring the security and privacy of new payment systems.
Why It Matters:
- The development of CBDCs and other digital currencies represents a fundamental shift in how we think about and use money.
- This conference is crucial for establishing shared principles and standards in a rapidly evolving field that currently lacks them.
- The discussions and collaborations at this event will directly influence how governments and financial institutions approach the creation and regulation of digital currencies, which will affect everyone.
- By bringing together key stakeholders, the conference helps to ensure that the future of digital finance is built in a way that is safe, efficient, and accessible for a global population.
Ethereum’s stablecoin supply reached an all-time high of $165 billion after adding approximately $5 billion in new tokens over the past week, representing more than double its supply since January 2024. Token Terminal data shows Ethereum added nearly $1 billion in stablecoins daily, maintaining a dominant 57% market share across all blockchains. Tron follows with 27% while Solana holds less than 4% of total stablecoin activity. The growth reflects increased demand for secure, decentralized financial infrastructure as Ethereum remains the primary network for issuing dollar-pegged digital assets. Additionally, tokenized gold on Ethereum doubled this year to $2.4 billion, with the platform controlling 77% of tokenized commodities market share, rising to 97% when including Polygon.
Key Takeaways:
- Ethereum reaches record $165 billion stablecoin supply, doubling since January 2024 with $5 billion weekly inflow
- Platform maintains dominant 57% market share of all blockchain stablecoin activity
- Daily stablecoin additions approach $1 billion reflecting strong institutional and retail demand
- Tokenized gold on Ethereum doubled to $2.4 billion in 2024, controlling 77% of commodities market
- Tron holds 27% stablecoin market share while Solana remains distant third at under 4%
- Growth driven by market preference for Ethereum’s security and established infrastructure
Why It Matters:
- Validates Ethereum as dominant infrastructure for stablecoin issuance and digital asset tokenization
- Demonstrates continued institutional confidence in Ethereum despite Layer 2 scaling solutions
- Shows practical implementation of real-world asset tokenization beyond simple payment applications
- Could accelerate traditional financial institution adoption through proven scalability and security
- Reflects broader transformation of global finance toward blockchain-based settlement infrastructure
- May influence regulatory approaches to stablecoins given Ethereum’s systemic importance
Stripe CEO Patrick Collison explained on September 5, 2025, that stablecoins are gaining business adoption because they offer faster, cheaper, and more reliable payments than traditional systems. Speaking in a Hacker News thread following Stripe and Paradigm’s Tempo blockchain launch, Collison acknowledged that Stripe had been “disappointed with crypto’s payments utility for much of the past decade” but changed course as businesses adopted stablecoins for real transactions. He cited examples including SpaceX using Bridge to manage money flows in hard-to-reach markets, Latin American fintech DolarApp relying on it for banking services, and an Argentinian bike importer using Stripe’s dashboard to pay suppliers. Collison emphasized that Tempo is designed to operate behind the scenes like SWIFT/ACH infrastructure.
Key Takeaways:
- Stripe CEO acknowledges company’s previous crypto skepticism but credits business stablecoin adoption for strategic shift
- SpaceX, DolarApp, and Argentinian importers using Stripe’s Bridge infrastructure for real business transactions
- Stablecoins provide faster, cheaper, more reliable payments compared to traditional banking systems
- Tempo blockchain designed as behind-the-scenes infrastructure similar to SWIFT/ACH networks
- Bridge acquisition demonstrates Stripe’s commitment to stablecoin payment infrastructure development
- Business adoption driven by practical utility rather than speculative cryptocurrency trading
Why It Matters:
- Provides authoritative validation of stablecoin utility from major payment processor leadership
- Demonstrates how practical business needs drive cryptocurrency infrastructure adoption
- Shows evolution from crypto skepticism to strategic integration based on real-world performance
- Could accelerate mainstream business stablecoin adoption through Stripe’s extensive merchant network
- Validates stablecoins as legitimate infrastructure for solving traditional payment system problems
- Reflects broader transformation of payments industry toward blockchain-based settlement mechanisms
Bloomberg analysis reveals growing concern among community banks that stablecoin adoption could disrupt local lending by drawing deposits away from traditional banking institutions. The report highlights how stablecoins have entered mainstream financial conversation thanks to Trump administration support, creating risks for community lenders that fund American homes and businesses. Small banks worry that consumers receiving paychecks in stablecoins could bypass traditional deposit relationships, reducing the capital available for local lending. This shift could particularly impact community banks’ ability to serve small businesses and residential mortgages, which depend on stable deposit bases. The analysis suggests stablecoin growth may force fundamental restructuring of community banking business models, with potential implications for credit availability in smaller markets.
Key Takeaways:
- Community banks express concern about stablecoin adoption disrupting traditional deposit relationships
- Payroll payments in stablecoins could bypass local banking institutions reducing lending capital
- Small banks particularly vulnerable due to dependence on deposits for local lending operations
- Trump administration support legitimizes stablecoins as mainstream financial instruments
- Potential impact on small business and residential mortgage lending in smaller communities
- May require fundamental restructuring of community banking business models
Why It Matters:
- Highlights unintended consequences of stablecoin adoption on traditional banking sector
- Shows how digital currency growth could affect credit availability in local communities
- Demonstrates need for policy consideration of stablecoin impact on banking system structure
- Could influence regulatory approaches to balance innovation with financial stability
- May accelerate community bank adaptation strategies or consolidation pressures
- Reflects broader transformation of financial services and its distributed economic impacts
CEX.io analysis reveals stablecoin retail transfers under $250 reached record $5.8 billion in August 2025, with 2025 volumes already surpassing all of 2024 by late summer. Binance Smart Chain captured nearly 40% of retail stablecoin activity while Tron lost market share, with transaction counts falling 1.3 million monthly despite maintaining significant volume. Ethereum mainnet experienced 81% volume growth and 184% transaction count increase in the sub-$250 segment as fees dropped over 70% during the past year. Survey data from over 2,600 consumers across Nigeria, India, Bangladesh, Pakistan, and Indonesia showed nearly 70% using stablecoins more frequently than the previous year to avoid high banking fees and slow transfer times.
Key Takeaways:
- Retail stablecoin transfers under $250 hit record $5.8 billion in August, surpassing 2024 totals early
- Binance Smart Chain captures 40% of retail activity while Tron loses market share despite volume
- Ethereum mainnet gains 81% volume and 184% transaction growth in retail segment
- 70% of emerging market users increased stablecoin usage to avoid banking fees and delays
- Ethereum fee reductions over 70% make mainnet competitive for smaller transactions
- Survey covers 2,600+ consumers across five major emerging market countries
Why It Matters:
- Demonstrates stablecoin evolution from crypto trading tools to mainstream financial infrastructure
- Shows practical adoption in emerging markets addressing real-world payment system limitations
- Validates blockchain technology’s ability to provide superior financial services for underserved populations
- Could accelerate global financial inclusion through accessible digital payment alternatives
- May influence traditional banking sector strategies for serving emerging market customers
- Reflects fundamental shift in how consumers access and use financial services globally
Tax Research UK published an analysis warning that stablecoins represent shadow banking risks that could crash the economy, citing Nobel Prize-winning economist Jean Tirole’s concerns about the $280 billion market. The analysis argues stablecoins are “shadow banking in disguise” with similar risks to those that nearly destroyed the global economy in 2008. Despite being marketed as safe, asset-backed cryptocurrencies, the research warns that stablecoin collapse would leave taxpayers to pick up the bill. The piece characterizes stablecoins as a fundamental threat to financial stability and democracy, arguing they are not actually money despite common perception. The warning emphasizes that stablecoins could crash the U.S. economy first, with other economies following due to interconnectedness.
Key Takeaways:
- Tax Research UK warns $280 billion stablecoin market poses 2008-style shadow banking risks
- Nobel economist Jean Tirole cited as expressing serious concerns about stablecoin stability
- Analysis characterizes stablecoins as disguised shadow banking threatening financial system
- Warns taxpayers would bear costs of stablecoin collapse despite private issuance
- Describes stablecoins as fundamental threat to financial stability and democratic governance
- Predicts U.S. economic crash could spread globally due to financial interconnectedness
Why It Matters:
- Provides contrarian perspective on stablecoin risks from academic and policy research community
- Raises important questions about systemic risk and taxpayer liability in stablecoin failures
- Could influence regulatory approaches to stablecoin oversight and reserve requirements
- Demonstrates ongoing debate about stablecoin safety and macroeconomic implications
- May affect public perception and policy support for stablecoin development
- Highlights need for robust regulatory frameworks to address potential systemic risks
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