Roundup: Stablecoins and deposit tokens
Plus: baffling market resilience, US security guarantees, dollar trends and more
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Hey everyone! I hope you’re all taking care of yourselves.
A long one today, as I offer an update on recent developments in stablecoins and deposit tokens, as well as my take on the bigger picture behind surprising market resilience, US security guarantees and the dollar.
Note: if this lands in your inbox later than usual, it’s because of the inexplicable lack of synchronization between US and European daylight savings time. By the time I get the hang of getting the newsletter out an hour earlier, we in Europe will have changed also. 😩
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Roundup: Stablecoins and deposit tokens
Markets: baffling until you step back
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Update: Stablecoins and deposit tokens
Finally, the (sort of) monthly update on what’s been going on in the stablecoin industry. Some new issuances, infrastructure development and intriguing bank participation.
Infrastructure
Crypto platform MoonPay has launched PYUSDx, a white-label stablecoin framework that allows developers to issue branded, application-specific stablecoins powered by PayPal’s stablecoin PYUSD. The framework is based on M0’s stablecoin infrastructure protocol which distributes reserve management among relevant jurisdictions and shares income from stablecoin reserves with issuing brands.
Fintech platform Dakota launched a stablecoin infrastructure platform that allows developers to embed token management into their apps via an APIs that connect to the platform’s functionality. This also includes links to traditional payments networks. Dakota handles custody and transfers – for now, the platform can’t issue stablecoins, but apparently that’s coming soon.
Last year, Stripe-owned stablecoin platform Bridge started allowing platform users to issue stablecoin-linked Visa cards. This was initially rolled out to 18 countries, mainly in Central and South America, but earlier this month Visa and Bridge announced plans to expand the service to almost 100 more. What’s more, the expansion kicks off a pilot to test onchain settlement of stablecoin transactions – I’m not totally clear on how this would work nor how this is compatible with card chargebacks, but it could be an interesting use case test for paying for digital asset transactions (ticket sales, NFPs, onchain services).
