The first edition of Stableview 🪙

Welcome to the first edition of Stableview! Moving forward we will cover weekly stablecoin news, real-world adoption, DeFi, and regulation.

In today’s edition:

• GENIUS Act passed, setting strict rules for stablecoin issuers and boosting USD-backed assets.

• Ripple’s RLUSD rated the top stablecoin by Bluechip.

• Mastercard outlined its plan to scale stablecoin payments globally.

• Citi and JPMorgan deepened their stablecoin and tokenization strategies.

• KuCoin launched xStocks, offering tokenized U.S. equities via USDT.

⚡️ Quick News:

• Ripple’s RLUSD stablecoin has been ranked the No. 1 stablecoin by rating agency Bluechip with an “A” grade for its strong stability, governance, and asset backing. [Link]

• KuCoin has launched xStocks, a USDT-denominated platform for trading tokenized U.S. equities. They offer blockchain-based stock exposure backed 1:1 by real shares. Enabling seamless switching between crypto and stocks from a single account. [Link]

• Citigroup is considering launching its own stablecoin. CEO highlights their active work in tokenized deposits and stablecoin reserve management as part of the bank’s broader digital payments strategy. [Link]

• Despite his skepticism toward stablecoins, Jamie Dimon confirmed JPMorgan is actively developing both its internal JPM Coin and broader stablecoin initiatives to stay competitive. [Link]

🌍 Real-World Adoption

 From niche to mainstream: Mastercard’s vision for stablecoins [Link]

Thanks to global regulatory clarity like the GENIUS Act (USA) and MiCA (EU), it signals a more mature and trustworthy environment for digital assets. Mastercard emphasizes its role in building the infrastructure, partnerships, and compliance standards to scale stablecoin adoption responsibly.

To move stablecoins from niche to mainstream, Mastercard will be using tools like its Multi-Token Network and Crypto Credential to ensure they scale with safety and compliance. The company positions itself as a key enabler in the future of trusted, regulated digital money.

💡 What does this mean?

1. Better on-and off-ramps
   With Mastercard involved, expect spending stablecoins via cards or apps in physical stores to become even more mainstream.

2. Faster, cheaper remittances
   Sending money cross-border could become as easy as sending a text and for much cheaper - especially for international students, migrant workers, and their families.

3. Mainstream adoption in payments
   Payment for Netflix, freelancers, or even government bills in regulated stablecoins.

4. Financial inclusion
   For the unbanked, this could be a gateway to digital finance. No bank account needed, just a phone and internet access.

⚖️ Regulation Watch

Crypto market tops $4 trillion after stablecoin bill passes

GENIUS Act. What does it really mean?

1. Clear legal framework for stablecoin issuers
   It requires issuers to be approved at the state or federal level, and backed 1:1 by safe, liquid reserves like cash or U.S. Treasuries.

2. Strict rules to protect consumers & financial stability
   Issuers must meet tough standards: monthly reserve disclosures, independent audits, sanctions compliance, no interest/yield offerings, and first-priority rights for users in bankruptcy.

3. Limits on who can issue stablecoins
   Only financial entities like banks, licensed fintechs, or approved foreign issuers can issue stablecoins in the U.S.

   Non-financial firms (e.g. tech giants) face strict limits, and unauthorized stablecoins will be phased out of U.S. markets after 3 years.

4. Boost for U.S. dollar & Treasury demand
   The law is designed to strengthen the dollar’s dominance by encouraging global demand for USD-backed stablecoins, requiring reserves to be held in U.S. assets, and restricting unregulated foreign competitors.

5. New opportunities for banks & institutions
   Banks can now safely expand into crypto custody and tokenization, while custodians must adapt to tighter oversight on how they hold and report stablecoin reserves.

📊 Metric of the Week 

Stablecoin Market Share: Week 3 of July 2025

Stablecoins market cap rose to $261.49B, up $3.11B (+1.21%) from last week, with USDT still leading at 62.09% dominance. Notably, all of the top 25 stablecoins are deployed on Ethereum, reinforcing its position as the core stablecoin settlement layer. [Link]