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Weekly Global Stablecoin & CBDC Update
This Week's Stories (So Far)
JPYC, the world’s first yen-pegged stablecoin launched on October 27, 2025, marking a significant development in a country where cash and credit cards dominate. The launch represents Japan’s measured entry into digital currency innovation despite its traditionally conservative approach to financial technology. The stablecoin provides a digital alternative for domestic transactions while maintaining the stability of Japan’s fiat currency.
Key Takeaways:
- World’s first yen-pegged stablecoin debuts October 27 in Japan’s conservative market
- Launch occurs in country dominated by cash and credit card infrastructure
- Represents Japan’s cautious but strategic entry into digital currency
- Stablecoin pegged 1:1 to yen, providing familiar stability for consumers and businesses
Why It Matters:
- Positions Japan as competitor to other Asian markets developing national currency stablecoins
- Could accelerate digital payment adoption in the world’s third-largest economy
- Shows Japanese financial sector recognizes stablecoins’ growing global importance
- May influence other G7 countries to develop national currency-pegged stablecoins
Kyrgyzstan has launched the KGST stablecoin, pegged 1:1 to the national currency (som) and operating on BNB Chain in partnership with Binance. The move marks a significant step in the nation’s crypto adoption strategy. Former Binance CEO Changpeng Zhao attended the launch alongside President Sadyr Japarov, announcing plans for a national crypto reserve that will include BNB. The National Bank will conduct three testing phases for a digital som CBDC, starting with interbank transactions, moving to central treasury integration for government payments, and ending with offline transaction capability testing. A final decision on nationwide CBDC implementation is expected by 2026. The government has also instructed the Ministry of Science to develop blockchain and AI education programs, with Binance Academy partnering with ten major universities to localize blockchain training.
Key Takeaways:
- KGST stablecoin successfully launched on BNB Chain with 1:1 pegging to the Kyrgyzstani som
- National crypto reserve established with BNB as initial asset, formally integrating blockchain assets into state finance
- Three-phase CBDC pilot program initiated with decision expected by 2026, positioning Kyrgyzstan among global CBDC leaders
- Binance Academy partnership with ten universities aims to build blockchain and AI expertise domestically
- Former Binance CEO CZ serves as strategic advisor to the Kyrgyz government on digital assets
Why It Matters:
- Shows accelerated state adoption of blockchain technology in Central Asia, reducing dependence on traditional financial infrastructure
- Validates stablecoins as sovereign financial instruments at the national government level
- Positions Binance and the crypto ecosystem as critical infrastructure partners for emerging market modernization
- Could establish Kyrgyzstan as a regional model for CBDC-stablecoin integration strategies
- Reflects shifting geopolitical openness to cryptocurrency as a domestic monetary policy tool
Stablecoin settlement volumes surged 70%, from $6 billion in February to over $10 billion by August 2025, with business-to-business transactions now representing nearly two-thirds of all payment activity, according to Artemis data. Monthly B2B volumes more than doubled, soaring 113% to approximately $6.4 billion, while total stablecoin payments since 2023 surpassed $136 billion. Consumer channels also grew robustly: card-based crypto payments rose 36%, business-to-consumer transactions climbed 32%, and merchant prefunding surged 61%.
Key Takeaways:
- Stablecoin settlements surge 70% in six months from $6 billion to $10 billion monthly
- B2B transactions dominate at two-thirds of activity with 113% growth to $6.4 billion monthly
- Total stablecoin payments since 2023 exceed $136 billion, showing sustained adoption
- Crypto card payments facilitate over $1.5 billion monthly, up 50% year-to-date
Why It Matters:
- Validates stablecoins’ shift from crypto trading tools to mainstream payment infrastructure
- Shows corporate adoption drives stablecoin payment growth
- Positions stablecoins as competitive alternative to traditional B2B cross-border systems
- Could accelerate institutional treasury adoption through proven cost savings and efficiency
Zelle, the popular U.S. peer-to-peer payment network, announced plans on October 24, 2025, to expand internationally using stablecoin technology to enhance transfer speed and efficiency. The expansion represents a significant shift for the domestic-focused platform, leveraging blockchain-based stablecoins to enable cross-border transactions. While key details remain undisclosed, the initiative positions Zelle to compete with international remittance providers and shows traditional payment networks recognize stablecoins as critical infrastructure for global money movement.
Key Takeaways:
- Zelle announces international expansion using stablecoin technology for cross-border transfers
- Strategic shift from domestic U.S. focus to global payment network using blockchain
- Key details including stablecoin selection and launch timeline remain undisclosed
- Initiative positions Zelle to compete with international remittance providers
Why It Matters:
- Shows major U.S. payment network embracing stablecoins for international expansion
- Could significantly expand stablecoin usage through Zelle’s established user base
- Validates stablecoins as practical solution for fast, cost-effective cross-border payments
- May influence other domestic payment networks to adopt similar blockchain strategies
Bitcoin’s monthly yield turned positive on October 27, 2025, after being negative since October 14. The cryptocurrency rebounded over the weekend to trade at $114,782 on Binance, up 2.73% from 24 hours earlier. The 6.79% gain over four days pushed the monthly growth rate to 0.70%, reviving expectations for “Uptober,” the traditional October rally pattern. Global stablecoin remittances reached record 2025 levels of $3.615 trillion through October 25, exceeding January’s previous high of $3.525 trillion. USDC accounted for 55.29% of October remittances despite USDT having 2.4 times larger market cap.
Key Takeaways:
- Bitcoin recovers to $114,782 with 0.70% monthly gain after 13-day negative period
- Global stablecoin remittances hit 2025 record of $3.615 trillion through October 25
- USDC dominates October remittances at 55.29% despite USDT’s larger market cap
- XRP reclaims fourth-largest crypto position with $159.2 billion market cap
Why It Matters:
- Shows Bitcoin’s resilience and potential return to traditional October bullish seasonality
- Validates stablecoins’ growing role in global payments with record transaction volumes
- Highlights disconnect between stablecoin market cap and actual usage patterns
- Could influence year-end crypto market sentiment if positive momentum continues
The Securities and Futures Commission of Hong Kong officially approved the first Solana (SOL) spot ETF on October 26, 2025, issued by ChinaAMC (Hong Kong). The approval significantly expands Hong Kong’s digital asset investment offerings beyond Bitcoin and Ethereum, positioning the territory as a leading jurisdiction for diverse cryptocurrency vehicles. The approval demonstrates Hong Kong’s continued commitment to establishing itself as Asia’s premier digital asset hub despite mainland China’s restrictions on cryptocurrency.
Key Takeaways:
- SFC approves first Solana spot ETF issued by ChinaAMC, expanding beyond BTC and ETH
- Hong Kong continues positioning as Asia’s leading digital asset investment hub
- Approval shows regulatory sophistication supporting diverse crypto investment products
- Initiative occurs amid mainland China’s continued cryptocurrency restrictions
Why It Matters:
- Positions Hong Kong as global leader in regulated alternative cryptocurrency investment products
- Could accelerate institutional adoption of Solana through traditional investment vehicles
- Shows Hong Kong’s strategy to differentiate from Singapore and other Asian competitors
- Validates Solana’s maturation as institutional-grade digital asset worthy of ETF structure
Ripple completed its $1.25 billion acquisition of Hidden Road, rebranding the non-bank prime broker as Ripple Prime and making Ripple the first crypto company to own and operate a global multi-asset prime broker. Since the April announcement, Hidden Road’s business has tripled, with further expansion expected. Ripple Prime will offer institutional clients clearing, prime brokerage, and financing across foreign exchange, digital assets, derivatives, swaps, and fixed income. The acquisition integrates Ripple’s digital asset infrastructure, including its RLUSD stablecoin, XRP, crypto custody, and payments capabilities, directly into institutional trading operations. RLUSD is already being used as collateral for prime brokerage derivatives products. The deal represents Ripple’s fifth major acquisition in two years, following GTreasury ($1B), Rail ($200M), Standard Custody, and Metaco ($250M), all targeting institutional adoption of digital assets and stablecoin-powered settlements.
Key Takeaways:
- Ripple Prime (formerly Hidden Road) business tripled since April announcement, showing strong institutional demand
- First crypto company to own global prime broker, positioning digital assets at the core of institutional trading
- RLUSD stablecoin and XRP now integrated into institutional clearing, financing, and collateral systems
- Multi-asset prime broker spans FX, derivatives, swaps, fixed income, and digital assets, enabling comprehensive institutional access
- Part of a 5-acquisition strategy over 2 years targeting institutional digital asset adoption infrastructure
Why It Matters:
- Prime brokerage control signals crypto maturity, gatekeeping institutional leverage and collateral standards
- RLUSD integration into collateral systems legitimizes stablecoins as institutional-grade settlement assets
- Positions Ripple to capture growing institutional demand for digital asset trading and prime brokerage services
- XRP utility enhanced as collateral and payment mechanism within institutional infrastructure
- Could accelerate mainstream institutional adoption by embedding crypto within trusted prime brokerage workflows
Coinbase’s experimental x402 payments protocol experienced explosive growth, processing nearly 500,000 transactions between October 14–20, 2025, a 10,780% increase from the previous four-week period. The protocol revives the unused HTTP 402 “Payment Required” status code to enable direct stablecoin (primarily USDC) payments between AI agents and humans without intermediaries. Transaction volumes peaked at $332,000 on Thursday, with Friday recording 239,505 individual transactions. The x402 token ecosystem has grown to $180 million in market value, increasing 266% in 24 hours. The protocol’s explosive growth reflects emerging demand for AI-to-human and AI-to-AI micropayments, prompting CoinGecko to create a dedicated “x402 tokens” category as developers launch new tokens using the framework.
Key Takeaways:
- x402 protocol processed 500,000 transactions in one week, a 10,780% monthly increase
- HTTP 402 standard enables direct stablecoin payments between humans and AI agents without intermediaries
- Daily peak transaction volume reached $332,000 with a single-day count of 239,505 transactions
- x402 token ecosystem grew to $180M valuation with 266% 24-hour appreciation
- Protocol popularity prompted CoinGecko to establish a dedicated “x402 tokens” category
Why It Matters:
- Demonstrates emerging viability of stablecoins for AI-driven autonomous economic transactions
- HTTP 402 protocol revival enables machine-to-machine and agent-to-human micropayments at scale
- Rapid developer adoption (new x402 tokens launching) suggests the ecosystem is anticipating AI payment infrastructure
- Stablecoin demand for AI payments represents a fundamentally new use case driving adoption
- Could accelerate convergence of AI, blockchain, and stablecoins as enabling infrastructure for autonomous agents
North Dakota announced the launch of Roughrider Coin, making it the first U.S. state to issue its own stablecoin through a public-private partnership with Fiserv. Fully backed by U.S. dollar reserves held by the Bank of North Dakota, Roughrider Coin aims to improve interbank settlement efficiency, facilitate cross-border payments, and support merchant adoption. The stablecoin will launch on the Fiserv digital asset platform in 2026, initially available exclusively to North Dakota banks and credit unions. Named after Theodore Roosevelt’s Rough Riders cavalry unit, the initiative demonstrates how state institutions are modernizing financial infrastructure through blockchain technology. The structure aligns with principles in the proposed GENIUS Act for stablecoin regulation, emphasizing reserve transparency, operational soundness, and issuer supervision.
Key Takeaways:
- North Dakota becomes the first U.S. state to issue a stablecoin backed by full U.S. dollar reserves
- Roughrider Coin initially targets wholesale banking operations, focusing on interbank transactions and institutional use
- Partnership with Fiserv provides access to an established digital asset platform with plans for interoperability with other stablecoins
- Initial rollout restricted to North Dakota banks and credit unions, with merchant adoption planned for a later phase
- Structure incorporates regulatory compliance aligned with federal stablecoin frameworks and existing banking supervision standards
Why It Matters:
- Validates state-level cryptocurrency initiatives and demonstrates how public institutions can participate in blockchain infrastructure development
- Provides a model for other states considering stablecoin issuance with clear regulatory and compliance frameworks
- Suggests potential proliferation of state and regional stablecoins, which could fragment the U.S. digital currency landscape
- May pressure federal regulators to clarify interstate stablecoin rules and establish unified standards for state-backed digital currencies
- Demonstrates that stablecoin adoption is accelerating beyond crypto-native projects into traditional institutional banking workflows
JPMorgan Chase announced that it will allow institutional clients to use Bitcoin and Ethereum as collateral for loans by the end of 2025. This represents a significant deepening of Wall Street’s integration with digital assets and marks a symbolic shift in the world’s largest bank’s stance toward cryptocurrency. The program will be offered globally and will utilize third-party custodians to safely store the pledged crypto assets. This builds on JPMorgan’s June 2025 decision to accept crypto-linked ETFs (including BlackRock’s iBit and Fidelity’s FBTC) as collateral, allowing borrowers to access up to 25% loan-to-value. By enabling direct cryptocurrency collateral, JPMorgan provides institutional investors with greater flexibility to access liquidity without forced asset sales, signaling mainstream financial acceptance of digital assets as legitimate financial instruments.
Key Takeaways:
- JPMorgan will allow institutional clients to pledge Bitcoin and Ethereum directly as loan collateral by year-end 2025, with third-party custodians managing the pledged assets
- The program represents JPMorgan’s most direct integration of cryptocurrencies into its core lending operations, extending beyond the June 2025 decision to accept crypto ETFs as collateral
- Institutions holding substantial crypto positions can now access credit without liquidating their digital asset holdings, enabling more flexible capital deployment strategies
- CEO Jamie Dimon’s evolving stance, from calling Bitcoin a “pet rock” to defending investor rights to own crypto, reflects the institutional market’s shift toward crypto legitimacy
- The move signals that Wall Street’s major financial institutions are preparing for widespread institutional adoption of digital assets as standard financial infrastructure
Why It Matters:
- Validates cryptocurrency as mainstream financial infrastructure by treating Bitcoin and Ethereum equivalently to stocks, bonds, and gold in traditional lending frameworks
- Accelerates institutional adoption of digital assets by enabling crypto holders to access cheaper capital without forced liquidation, reducing friction for enterprise crypto treasury management
- Strengthens regulatory confidence in cryptocurrency’s role in traditional finance, as major banks implement robust risk management for crypto collateral within existing compliance frameworks
- Creates competitive pressure on other major financial institutions to develop similar crypto lending products, accelerating crypto integration across Wall Street
- Demonstrates that regulatory clarity and favorable political conditions are directly translating into mainstream financial innovation, with major institutions moving from skepticism to active product development
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