The $277B Question: Who Owns Stablecoins’ Future?

Welcome to this week’s edition of PayFi Weekly by Transak.

Markets are buzzing. Stablecoins are breaking records and signalling where capital wants to flow next.

Let’s dive right in! 👇

💱 Stablecoin Snapshot

This week, stablecoins added another ~$6B in supply, pushing the market to an all-time high of $277B.

USDC is the standout. It broke past $65B in circulation for the first time and is the leader with a +$2.8 billion supply change ($500 million more than USDT). However, USDT continues to dominate at 60% share, showing how concentrated the market remains.

And in the real world, institutions are putting cash back to work. Rising inflows signal a clear risk-on environment, with stables acting as the launchpad.

⚖️ Regulation

🇯🇵 Japan has officially greenlit its first yen-pegged stablecoin, JPYC, marking a milestone for regulated digital yen adoption in Asia. This move is expected to strengthen Japan’s position in digital payments.  👉 Read more

🇹🇭 Thailand has launched a full scheme enabling tourists to convert crypto directly into Thai baht, targeting easier spending and tourism growth. 👉 See details

🌍 Adoption

🤝 DeFi protocol Centrifuge has crossed $1B in TVL as institutional demand for real-world assets (RWAs) accelerates, signaling deeper TradFi–DeFi integration. 👉 Dive in

🔵 Circle has unveiled ARC, a layer-1 blockchain designed to power stablecoin-native finance, aiming to set new standards for efficiency and compliance. 👉Read the launch

🇦🇪 Reports suggest crypto will become the UAE’s second-largest industry within five years, driven by forward-looking regulation and global inflows. 👉See projections

🛠 Tech & Partnerships

💙 Transak, a global leader in fiat-to-crypto infrastructure, has raised $16 million in strategic funding to expand its stablecoin payments stack and scale operations across new markets. The round was led by Tether and IDG Capital, with participation from several other top-tier investors. 👉 Read full story

♊ Gemini is developing its new self-custodial wallet using Biconomy’s Nexus stack, enhancing account abstraction and simplifying UX for mainstream users. 👉 Learn more

🟣 Huma Finance, ARF, and Geoswift have teamed up to deliver same-day settlement for marketplace sellers worldwide, streamlining cross-border commerce. 👉 Check it out

🌍 Everything Else

👬 The Winklevoss twins’ crypto company, Gemini, has filed for an IPO, positioning itself for a major Wall Street debut after years of building in Web3. 👉Read on TechCrunch

💹 The explosion of stablecoin adoption has made crypto on/off-ramps hot M&A targets, with big players like VanEck and major VCs circling the space. 👉 See analysis

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