The Weekly Stablecoin Recap

July 21-25, 2025

What a week for stablecoins and digital dollar infrastructure.

We're wrapping up our first week of filming and publishing The Daily Yield, and the timing couldn't be better. The GENIUS Act (see Genius Act Breakdown w/Circle) officially became law, ending years of regulatory uncertainty and unlocking institutional adoption at scale. From traditional banks like PNC and JPMorgan embracing crypto services to Western Union pivoting to stablecoin remittances, we're witnessing the mainstream integration of digital dollars across legacy financial institutions.

Meanwhile, the infrastructure layer continued evolving with new yield-bearing models, multichain solutions, and regulated issuance frameworks that bridge DeFi innovation with compliance requirements.

The space is moving faster than ever, and is why we came out with The Daily Yield to help you stay on top of stablecoin and industry news.

Each day this week we released one 10ish minute video covering 3 recent and relevant stories to the stablecoin and broader RWA industry.

Later in the newsletter, there’s a quick TLDR for each one of the 15 stories we covered + links to the full video for that day.

If you want to dive right in, check out the video from today!

Week in Review

Monday, July 21, 2025
_{Click on the date to watch the full video:}

• President Trump signs GENIUS Act into law - Establishes federal oversight for stablecoins, mandating full backing by liquid assets to end regulatory ambiguity and unlock institutional adoption while reinforcing US dollar dominance.

• ZeroHash raises $100M at near-unicorn valuation - Funding will scale regulated crypto payment infrastructure across 22 blockchains, serving major clients like Stripe and Kalshi while processing $20B for 6M users.

• BVNK partners with Bitwave for stablecoin invoicing - Integration combines cross-border payment speed with crypto accounting tools, enabling seamless enterprise reconciliation and audit-friendly records for traditional finance teams.

Tuesday, July 22, 2025

• Figma signals openness to tokenized equities in S-1 filing - IPO filing hints at tokenized stock trading to enable fractional ownership and 24/7 trading, following trends from Robinhood and BlackRock in the projected $30T tokenized asset market.

• Western Union pivots to stablecoin remittances - Adopts stablecoins for faster, cheaper cross-border payments through 550,000 locations, competing with blockchain startups in the $115B remittance market.

• JPMorgan to offer crypto-backed loans - Plans loans secured by Bitcoin/Ethereum as collateral, leveraging GENIUS Act clarity to tap the $39B crypto lending market while exploring own stablecoin development.

Wednesday, July 23, 2025

• Privy integrates with Bridge for seamless fiat-to-stablecoin conversions - Stripe's API enables developers to build compliant fintech apps with 99% success rates via ACH, SEPA, and wire transfers with integrated KYC.

• PNC Bank partners with Coinbase for crypto services - $421B asset manager offers crypto trading and custody to 9M clients, signaling traditional banking's shift toward mainstream digital asset integration.

• Square onboards merchants for Lightning Network payments - Enables instant, low-fee Bitcoin transactions across 4M POS systems, shifting Bitcoin from speculation to practical commerce currency.

Thursday, July 24, 2025

• WisdomTree launches USDW yield-bearing stablecoin - Backed by tokenized treasuries and linked to WTGXX money market fund, offers yield while maintaining programmability for corporate treasury optimization.

• TLGY acquisition merges to form Stablecoin X focusing on ENA tokens - SPAC merger creates vehicle to accumulate Ethena's governance tokens with $360M, providing equity investors DeFi exposure without direct crypto handling.

• Polymarket plans own stablecoin launch - Considers issuing stablecoin to capture yield from $8B USDC volume currently flowing to Circle, aiming to retain platform revenue and enhance user incentives.

Friday, July 25, 2025

• Ethena partners with Anchorage for regulated USDtb - Launches first stablecoin under Genius Act, backed by BlackRock's tokenized treasuries and bridging DeFi innovation with US regulatory compliance.

• Binance accepts USYC as institutional collateral - Integrates Circle's tokenized money market fund for 4-5% returns on margin trading, optimizing capital efficiency for OTC derivatives.

• Centrifuge launches V3 for multichain RWA management - Unifies $1.15B in tokenized real-world assets across six blockchains via Wormhole, eliminating liquidity silos for institutional portfolio management.

We’ve been posting these to X, Linkedin, Spotify and Youtube daily

Special Feature: Inside the GENIUS Act
with Circle's Corey Then

This week, we published an exclusive conversation between Drew Rogers and Circle's Vice President and Deputy General Counsel Corey Then, breaking down the historic passage of the GENIUS Act - the landmark stablecoin legislation that just became law.

After 3+ years of lobbying across Treasury, Fed, OCC, House Financial Services, and Senate Banking, Corey reveals the behind-the-scenes strategy that led to this "10-year overnight success," including:

• Why the GENIUS Act represents the biggest regulatory win in crypto history

• How Circle served as "emissary" between 6+ government agencies

• The two arguments that won over policymakers: consumer protection and dollar dominance

• Why 40% of Circle's workforce focuses on compliance and regulatory functions

• What this means for new stablecoin issuers and institutional opportunities ahead

Up Next

The regulatory clarity provided by the GENIUS Act is already accelerating institutional adoption, with traditional financial giants racing to integrate stablecoin capabilities. As compliance frameworks solidify and yield-bearing models mature, we're entering a new phase where digital dollars become standard infrastructure for global commerce.

Here’s what to look forward to from the Stabledash team in August:

• Continued coverage of stablecoin and industry news with The Daily Yield

• New season of Stableminded in the coming weeks

• Launch of the Stabledash platform

• Drew & Zach will start hosting a live show on Wednesdays

• Drew and Emery will be at Bitso’s Stablecoin conference in Mexico City with Stabledash as a media partner on August 27-28

We'd love to hear your feedback on The Daily Yield as we refine our coverage and analysis.

What stories are you most interested in? What angles should we be exploring? Reply and let us know.

Stay stable,
The Stabledash Team