🧾Stableview #3 - Plasma Ignites, TradFi Integrates, and UK Pushback Begins

Welcome to the third edition of Stableview - your weekly roundup of what matters in the world of stablecoins. This week, we cover:

• 🚀 Plasma’s $373M raise and record-setting $1B stablecoin TVL at launch

• 🏦 Coinbase x JPMorgan partnership bringing crypto access to 80M+ U.S. banking customers

• 💳 PayPal’s checkout upgrade, enabling merchants to accept 100+ crypto assets

• ⚖️ Agant’s pushback against the UK’s proposed stablecoin regulations

• 📈 An updated on-chain yield map featuring sustainable, real-yield opportunities across DeFi

⚡️ Quick News:

• Tether mints 1B USDT on Tron, pushing its supply there past 82.69B. Over half of all USDT. [Link]

• Coinbase made around $300M from Circle through distribution payments in Q1 2025 [Link]

• Tether posts $4.9B profit in Q2 2025, a 277% YoY surge - driven by USDt’s dominance, which now accounts for 61.7% of the $164.5B stablecoin market. [Link]

• Visa expands stablecoin settlement support - adding PYUSD, Global Dollar, EURC, plus Stellar and Avalanche to build a multicoin, multichain payments network for global partners. [Link]

• Aave powers MetaMask's new Stablecoin Earn feature, allowing users to earn yield on their stablecoins directly within the wallet. [Link]

• Stable, a Tether-focused Layer 1 for onchain payments, raises $28M seed round co-led by Bitfinex and Hack VC to scale instant USDT transactions and expand distribution. [Link]

Plasma Breaks Records: Raises $373M and launches with $1B TVL to Power Stablecoin Payments

Plasma has exploded onto the scene with a $373M public token sale, 7x oversubscribed and backed by 3,000+ investors. The raise sets a $500M network valuation and precedes the beta mainnet launch, which will go live with $1B in stablecoin TVL - the fastest chain in history to reach this milestone.

So, what does purchasing XPL actually mean?
XPL is the native token of the Plasma blockchain - powering network operations, enabling governance, and offering users exposure to the rise of stablecoin infrastructure. Plasma uses XPL to run its ecosystem, while USDT serves as the actual payment asset. Buying XPL is essentially a bet on the rails - not the coins themselves.

Purpose-built as a Bitcoin sidechain with EVM compatibility, Plasma enables zero-fee USDT transfers and positions itself as foundational infrastructure for stablecoin payments. Backers include Tether, Bitfinex, Framework, and industry heavyweights like Peter Thiel, Paolo Ardoino, and Cumberland/DRW - underscoring growing institutional interest in stablecoin rails.

What Plasma Enables? Here are 6 use cases:

📨 Remittances: Plasma slashes remittance costs to near zero, offering instant, borderless transfers of USDT without relying on traditional banking rails or money transmitters.

⚡ Micropayments: Plasma makes microtransactions economically viable for the first time. Use cases like tipping, streaming payments, and pay-per-use models become feasible with $0 fees.

🌐 Global Payouts: Businesses and DAOs can pay contractors or contributors anywhere in the world without delays or high costs, bypassing the need for local banks or intermediaries.

🛍️ Merchant Acceptance: With zero-fee USDT payments and onchain settlement, merchants can accept stablecoins directy - reducing overhead, enabling instant settlement, and keeping full custody.

💵 Dollar Access: In regions with inflation or capital controls, Plasma offers people a stable way to hold and spend digital dollars using just a mobile wallet.

🏦 Permissionless Banking: Plasma turns any internet-connected device into a financial gateway - enabling users to save, spend, and transact in USDT without bank accounts or ID requirements.

🌍 Real-World Adoption

🏦 Coinbase x JPMorgan: TradFi’s 80M-User Bridge to Crypto

Coinbase is partnering with JPMorgan Chase, the largest bank in the U.S., to roll out three major features that will make crypto dramatically easier to access for Chase’s 80M+ customers:

• 💳 Fund Coinbase with Chase credit cards (2025)

• 🎁 Convert Chase Ultimate Rewards points into USDC (2026)

• 🔗 Direct bank integration for easy crypto purchases (2026)

This marks the first time a major U.S. rewards program will convert points to crypto, and could create a new fiat-to-crypto on-ramp for millions of mainstream users.

🧠 What This Means

• Crypto is becoming a default financial option for traditional bank users.

• USDC as an entry point reflects the growing role of stablecoins in mainstream finance.

• Coinbase is solidifying its position as the primary bridge between TradFi and crypto, with Chase validating that direction.

🧾PayPal Opens the Checkout to 100+ Crypto Assets

PayPal just launched a major crypto payments upgrade for U.S. merchants, allowing small and mid-sized businesses to accept over 100 cryptocurrencies at checkout — including BTC, ETH, and even memecoins like TRUMP and Fartcoin.

Key details:

• 🛍️ Available to all merchants on PayPal’s platform

• 💸 Promotional 0.99% transaction fee for the first year (1.5% after)

• 🔄 Crypto is auto-converted to PYUSD, then to USD for settlement

• 🔗 Supports swaps via both centralized (Coinbase) and decentralized (Uniswap) exchanges

• 🪙 PYUSD continues to be the centerpiece of PayPal’s digital asset strategy

This update builds on PayPal’s launch of PYUSD, its stablecoin introduced in August 2023, and deepens its push into real-world crypto payments.

⚖️ Regulation Watch

🧑‍⚖️ UK Stablecoin Rules Under Review - Agant Pushes Back

Agant (UK-based issuer planning to launch GBPA) has submitted formal responses to the UK FCA. While supportive of the FCA’s efforts to build a clear framework, Agant warns that overregulation at this early stage risks stifling innovation before the UK even has a functional stablecoin market.

Key pushbacks from Agant:

🛑 Universal Redemption Rules Mandating on-demand redemption for all holders would overload issuers with KYC, liquidity, and operational burdens. Agant argues this could make stablecoins unviable and push activity offshore. They advocate for issuer discretion and a focus on strong secondary markets instead.

📊 Excessive Capital Requirements The proposed capital regime is modeled on banking regulation and includes multiple capital buffers. Agant says this is inappropriate for stablecoin issuers, who operate with off-balance sheet, insolvency-remote funds - not depositor liabilities. Requiring equity raises just to mint stablecoins could reduce liquidity and hurt stability.

🏦 Backing Assets Rules Too Rigid Agant supports HQLA and some bank deposits but says current calculations and redemption timelines (like T+1) are too complex and unrealistic given existing custody infrastructure.

📊 On Chain Yield Map

We curated list of sustainable, real-yield opportunities for stablecoins asand ETH-related assets. Everything here avoids emissions-based ponzis and focuses on real revenue-generating DeFi protocols.

🗺️ The image shows the top 5 on-chain yield options right now.
For the full list, check out the Notion doc here:
👉 https://stableview-defiyieldmap.notion.site/?pvs=74

It includes protocol fees, yield sources, and key notes to help you compare. Let us know if anything's missing.