Stablecoins

The tokenised dollar has become the sector's settlement instrument, and its regulatory frame is closing in. We track reserves, attestations, redemptions under stress, and the applicable regimes — MiCA, the GENIUS Act and their equivalents. A quoted peg is not proof; a dated attestation is.

15 publications
  1. Painted landscape on ivory paper showing several blue and green reserve basins connected by ink channels to a queue of small sheets, with a red gate slowing one passage.24 August 2026 · 08:00 · 9 minStablecoins: a 100% reserve does not guarantee instant redemptionCoverage, liquidity, custody and redemption rights are four different questions. A practical method for reading a stablecoin reserve.
  2. Abstract illustration on an ivory ground: a central violet disc connects to a broken violet ring through six passages, two marked in yellow.22 August 2026 · 20:17 · 90 secBPI and TCH press FinCEN to assign stablecoin customer checksOn 21 August 2026, the Bank Policy Institute and The Clearing House Association backed proposed US customer identification rules for stablecoin issuers while seeking three clarifications. Their letter focuses on relationships created by secondary-market intermediaries, direct redemption of tokens, and the definitions of “customer” and “account”.
  3. Abstract illustration on an ivory ground: a broad forest-green loop links three flat reservoirs and narrows towards a small yellow signal.22 August 2026 · 14:14 · 90 secSky’s USDS supply falls $1.54bn in two months, exits rely on USDCOn 22 August 2026, DefiLlama counted $6.64bn of USDS in circulation across tracked networks, down from the $8.18bn snapshot cited by Yearn on 18 June. Supply therefore fell by $1.54bn, or about 19%, in two months. USDS remains accessible: Sky’s documentation still supports fee-free, one-for-one conversion between DAI and USDS.
  4. Abstract illustration on an ivory background, four coral shapes feed a central threshold connected to a large loop, with thin dark lines and two yellow dots.21 August 2026 · 08:18 · 90 secJCB tests USDC at Lawson, but the store never receives the stablecoinJCB, Digital Garage and Lawson ran an in-store payment test in Tokyo on August 20. Staff from the three companies used USDC issued on Base through Base App. The checkout scanned a code shown on the customer’s phone and passed the payment to JCB’s service.
  5. Abstract illustration on an ivory background, with a wide green threshold linking two groups of irregular shapes and a yellow bar at the centre.20 August 2026 · 17:16 · 90 secDeel verifies wallets before sending stablecoin salariesMesh said on August 20 that Deel is adding its verification tool to stablecoin salary payouts. Before funds move, recipients must prove they control the selected wallet or exchange account. Mesh claims integrations with more than 300 wallets and exchanges.
  6. Abstract illustration on an ivory background, three yellow and green strata surround a dark-green core while broken lines leave their right edge.20 August 2026 · 08:19 · 90 secBerachain renames HONEY as Bera USD, signed approvals expireThe Berachain Foundation said on August 19 that its HONEY stablecoin is now called Bera USD, with the BUSD symbol. The contract and balances do not change. One technical effect remains: the token name is part of its EIP-712 domain, so off-chain approvals signed under the former name become invalid.
  7. Abstract illustration on an ivory background, a large cobalt loop breaks at a coral junction that redirects the path into a dark-blue curve.19 August 2026 · 17:15 · 90 secWyoming moves FRNT to Chainlink, but keeps its security review privateThe Wyoming Stable Token Commission said on August 18 that it had fully replaced LayerZero with Chainlink CCIP as FRNT’s cross-chain transfer infrastructure. The contract runs for several years. FRNT remains deployed on eight public networks, including Ethereum, Solana, Avalanche and Base.
  8. Generated oblique illustration of a long brushed-aluminium blade balanced on a pale stone, with unequal ivory-paper bundles at its ends and an off-centre coral slider.17 August 2026 · 18:22 · 7 minU.S. Treasury draws GENIUS Act boundaries — the rule is not finalThe U.S. Treasury proposes where a stablecoin is issued and sold. It is a key GENIUS Act rulemaking, with 87 questions still open.
  9. Generated illustration of a deep ivory plaster channel crossed by successive aluminium plates, leading to a sealed, illuminated amber-resin reservoir.15 August 2026 · 08:27 · 7 minWorld Liberty gets conditional approval — its bank cannot open yetThe OCC conditionally clears World Liberty’s future bank to take over USD1. Eleven pre-opening requirements still stand between approval and launch.
  10. Generated close-up of an ivory-plaster monolith cut diagonally to reveal paper layers, a violet-glass blade and two aluminium gauges.14 August 2026 · 18:16 · 7 minTether gets a KPMG audit — but does not publish the reportKPMG confirms an unqualified opinion on Tether’s 2025 accounts. The report remains private, limiting independent review of the details.
  11. Top-down view of a generated still life with two ivory plaster-framed rectangular fields, the larger containing a network of blocks on a cobalt surface.13 August 2026 · 18:17 · 7 minNigeria opens its sandbox to stablecoins — without granting a licenceThe CBN is admitting stablecoins, wallets and payment services to a sandbox with bounded live testing. Admission is not a licence.
  12. Generated still life showing a low ivory-plaster facade covered by an amber-resin membrane, with three small illuminated openings and round aluminium fasteners.13 August 2026 · 08:38 · 7 minHKDAP goes live in Hong Kong — but remains institution-onlyHKDAP is live on Ethereum under a Hong Kong licence. Public access remains closed and the token’s initial on-chain activity is still tiny.
  13. Generated close-up still life showing a cobalt glass strip and a stack of ivory paper joined by a violet resin connector resting on small aluminium supports.12 August 2026 · 13:15 · 7 minBank of England tests stablecoins with a digital pound — without real moneyThe Digital Pound Lab will simulate a payment where stablecoins and a digital pound share one flow. It is an interoperability test, not a public launch.
  14. Overhead view of a generated still life where a ribbed forest-green paper strip is crossed by a cobalt resin ribbon that branches towards small ivory tiles.11 August 2026 · 13:23 · 7 minDigital Garage launches a stablecoin layer for Japanese paymentsDigital Garage is commercialising DG SPS to connect stablecoins with payment networks. What the 1.3 million-location figure does — and does not — mean.
  15. Architectural diorama on an ivory background with an incomplete white circular portal, one coral sphere, translucent violet and blue paths, a network of small metal pillars and a single forest-green relief.10 August 2026 · 08:00 · 7 minArc promises open access while institutions control consensusCircle plans to launch Arc on September 16 with eleven institutions as validators. What the model opens, centralises and still has to prove.