Wall Street Bets Big on Coinbase.

Welcome back to PayFi Weekly! 🎉

It’s been a week of quiet but powerful shifts in crypto. Stablecoins on Ethereum just reached a record high in real-world use, reminding us that this space is about more utility, not merely trading and speculation.

From changing regulations across Asia and Europe to new products by Coinbase and Kraken, the ecosystem is maturing in all directions. Here’s a gentle pulse check on where things stand and where we’re headed next. ⏭️

💱 Stablecoin Snapshot

Ethereum just hit a record! Over 750,000 people used stablecoins like USDT and USDC on the network in a single week. That’s the highest ever.

After years of high fees driving users away, Ethereum is seeing a comeback. Stablecoins are evolving from ‘just trading’ to real things like payments and salaries and Ethereum seems to be the go-to place to move digital dollars. Read full report

⚖️ Regulation

🇰🇷 South Korea has suspended CBDC testing as local banks pivot toward issuing won-pegged stablecoins, reflecting a shift to private sector solutions. Understand the policy shift

🇬🇧 Barclays has banned crypto purchases via credit cards, citing consumer debt and fraud risks, aligning with other UK banks’ policies. Get the full compliance update

🇺🇸 The FHFA now requires Fannie Mae and Freddie Mac to include crypto holdings in mortgage risk assessments, regardless of USD conversion. Explore the lending implications

🌍 Adoption

🔷 Coinbase had the best debut in S&P 500 this June, surging ~43% in its first full month, buoyed by institutional inflows and retail strength. Track the performance surge

📁 Invesco and Galaxy filed a spot Solana ETF, aiming to tap demand for Solana-based instruments before a likely October SEC ruling. See what’s next for Solana ETFs

⚡️ Strategy stacks another 4,980 Bitcoin as Michael Saylor boldly predicts BTC will be $21 million in 21 years. Read more

🛠 Tech & Partnerships

👥 Kraken’s new app, Krak, enables fee-free P2P crypto and fiat transfers across 100+ countries, supporting over 300 assets. Try Kraken’s new payment rails

💵 Wirex is partnering with Tanssi to launch a dedicated appchain to handle $20 billion in crypto payments, boosting scalability and settlement speed. Learn how Wirex scales with appchains

💳 Wintermute has secured a Bitcoin-backed credit line from Cantor Fitzgerald. The facility supports Wintermute’s U.S. expansion and OTC trading operations, as Cantor launches a $2B Bitcoin lending arm amid rising institutional demand. Explore what this deal means for crypto finance

🌍 Everything Else

🤫 Vitalik Buterin warns against centralized identity systems like Worldcoin, calling them threats to user pseudonymity and self-custody. Review Buterin’s decentralized ID proposals

🤦 The FBI arrested hacker “IntelBroker” (Kai West) after he accepted Bitcoin (breaking his Monero-only policy), exposing his identity to trace. See how on-chain forensics helped

🥷 FT reveals over $9.3 billion flowed through wallets holding ruble-pegged stablecoin A7A5, sparking scrutiny over sanctions evasion on Ethereum and Tron. Dig into FT’s findings

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