Digital-Currency News Digest October 29th, 2026
Visa expands stablecoin settlement network
Visa said its annualized stablecoin settlement run rate surpassed $25 billion, a tenfold increase from the previous year, after expanding support to five stablecoins across ten blockchains. CEO Ryan McInerney stressed a token-agnostic stance, positioning Visa as a neutral gateway for issuers such as USDC and PYUSD while the company develops its own Open USD token. The growth is reinforced by a 70% rise in stablecoin-linked card programs and the launch of Visa’s Stablecoin Platform in six markets. Together, these moves signal Visa’s intent to capture bank demand for tokenized payments without favoring one issuer.
Bitget Wallet adds fiat-to-stablecoin virtual accounts
Bitget Wallet launched a Virtual Account feature, powered by payment provider Noah, that lets users receive SEPA, SWIFT, ACH, and Fedwire transfers in USD and EUR and automatically converts them into stablecoins such as USDT or USDC. The service is designed for inbound payments without requiring users to operate an exchange account. Outgoing bank transfers are not yet available, so users must use third-party providers to convert stablecoins back into fiat. The design raises regulatory considerations under MiCA for tokenized deposits, because recipients hold self-custody stablecoins rather than insured bank deposits.
CryptoBilis breach tests stablecoin freeze powers
A security breach at Malaysian hardware-wallet reseller CryptoBilis resulted in the theft of approximately $102 million, primarily USDT stablecoins on the Tron blockchain. The episode showcased the rapid enforcement capability of stablecoin issuers such as Tether, which can freeze designated assets within minutes, creating an effective legal equivalent of seizure and forfeiture. It also exposed the limits of that power: most stolen funds were moved into tokens that could not be frozen before intervention. The case raises unresolved legal questions about the authority of foreign issuers to interfere with self-custodied assets and the practical recovery window for victims.
Bank of Italy examines remittance costs
A Bank of Italy experiment found that stablecoin remittances can incur costs ranging from 0.30% to nearly 9%, with the expense driven mainly by on-ramping and off-ramping rather than blockchain transfer fees. Industry specialists said the meaningful measure is the final amount received after conversion and withdrawal, not the headline network fee. Freelancers increasingly rely on these rails for income, making the gap between theoretical efficiency and realized payouts a central adoption issue. The sector is therefore prioritizing simpler user interfaces and better regulatory conditions to reduce friction and make cashing out more affordable.
Paycode pilots offline CBDC rails
Paycode conducted technical pilots with two West African central banks to show that offline central bank digital currency transactions can function securely where mobile or internet connectivity is unavailable. The initiative used a biometric smart-card platform that enables authentication and transaction initiation without network access, then synchronizes data with central bank ledgers once connection is restored. The design aligns with UNDP financial-inclusion recommendations by supporting usability without smartphones, tiered identification for low-value wallets, and robust cryptographic security for fraud prevention. The pilots position offline rails as a bridge for underserved populations.
AI agents threaten bank funding models
AI agents pose a potential $160 billion threat to global payments revenue by automating movement of idle customer deposits into higher-yielding accounts, eroding banks’ cheap funding sources. Stablecoins have not significantly drained bank deposits as initially feared, but major institutions including JPMorgan and Citigroup are restricting third-party AI agent access to client accounts to mitigate the risk. As technology firms develop tools for autonomous payments, banks face growing pressure from treasury platforms and payment networks that could dictate where corporate cash is held and moved. The shift places competition for corporate cash at the center of banking strategy.
Coinbase lists Ripple’s RLUSD across platforms
Coinbase integrated Ripple’s RLUSD across its retail app, Exchange, and Prime platforms, enabling 1:1 USD conversion, trading, management, and collateral usage. The listing supports deposits and withdrawals on the XRP Ledger, Ethereum mainnet, and Coinbase’s Base layer-2 network, with Ripple providing liquidity on Base to support spot trading, prime brokerage, derivatives, and DeFi protocols. RLUSD, launched in December 2024 for near-instant cross-border settlement, has a market capitalization above $2.5 billion and surpassed $2.6 billion. The expansion follows regulatory approvals, Moody’s deposit ratings, and an expanded Robinhood partnership, joining PayPal’s PYUSD and Open USD on Coinbase.
Treasury Secretary backs dollar-stablecoins as debt funding
At Ripple’s Swell conference, U.S. Treasury Secretary Scott Bessent said dollar-stablecoins will become an important source of funding for U.S. government debt because most are pegged to the dollar and backed by Treasury securities. He argued that stablecoin adoption in emerging markets increases demand for both the dollar and short-term government bills, positioning digital assets alongside artificial intelligence and semiconductors as key technologies in competition with China. His remarks frame stablecoins as critical infrastructure for strengthening the dollar’s global dominance and extending U.S. financial influence.
Spiral urges Bitcoin to address payment demand gap
Spiral, the team led by Jack Dorsey, identified low demand as the primary reason Bitcoin is losing ground to stablecoins in payment adoption. The report said major platforms increasingly integrate stablecoins for settlements, including transactions involving AI agents, because dollar-pegged assets offer price stability, ease of use, and regulatory clarity. Bitcoin’s decentralized advantages remain, but those benefits have not translated into everyday merchant acceptance. Spiral proposed shared payment infrastructure, user incentives, and expanded micropayment use cases to accelerate Bitcoin’s utility as a daily currency and close the demand gap.
Coinbase enforces MiCA deadline for EEA users
Coinbase set an October 30, 2026, deadline for retail users in the European Economic Area to withdraw non-MiCA-compliant stablecoins, including USDT and DAI. After the date, remaining balances of restricted tokens will be automatically converted into USDC or other supported currencies, and future deposits of those assets will not be credited. The policy enforces EU regulatory compliance by limiting access to unauthorized stablecoins while allowing users to retain them through supported withdrawal channels. It also deepens the exchange’s alignment with the EU’s Markets in Crypto-Assets regime.
Stablecoins streamline cross-border trade settlement
Stablecoins provide faster, 24/7 settlement for international trade by bypassing traditional banking hours and correspondent-bank delays, reducing exposure risk and freeing treasury liquidity. These benefits are most visible in emerging-market corridors where correspondent banking infrastructure is sparse. The net advantage, however, depends on efficient fiat-to-stablecoin conversion and regulatory compliance. Looking ahead, programmable features could further streamline transactions by automatically releasing payments once shipping documents are verified, linking settlement directly to trade milestones and reducing manual reconciliation for exporters and importers.
Zerohash integrates Open USD
Zerohash integrated the Open USD stablecoin into its trading and custody platform, making it accessible to users across the company’s global network. Customers can trade, store, and transfer Open USD alongside other digital assets on Zerohash infrastructure. The addition expands liquidity options for participants using Zerohash’s institutional-grade financial services and reflects growing demand for issuer-diverse dollar-backed tokens. It also complements broader market efforts by exchanges, wallets, and payment networks to accommodate multiple stablecoins rather than relying solely on incumbent assets.
Moody’s rates RLUSD as investment-grade
Moody’s assigned Ripple’s $2.6 billion RLUSD stablecoin an A2 long-term deposit rating and a P-1 short-term rating, the highest available on the respective scales, marking the first investment-grade assessment for a native payment token. The ratings cite high-quality, liquid reserves of short-term U.S. government bonds and cash, with 103% coverage, plus token redemption mechanisms. The evaluation follows the Office of the Comptroller of the Currency’s final approval of Ripple National Trust Bank, managed by Bank of New York Mellon under state and federal supervision. Moody’s noted the GENIUS Act would help protect holders by excluding reserves from bankruptcy estates, while warning the issuer is not bankruptcy-remote and end holders lack direct claims on reserve assets.
DBS survey shows enterprises adopting tokenized cash
A survey commissioned by DBS and conducted by EY found that 88% of large-business finance leaders are using, piloting, or exploring tokenized money to improve cash management and cross-border payments. Stablecoins are the most adopted instrument at 63%, followed by tokenized deposits at 53%, with respondents citing improved traceability and real-time settlement as key benefits. Despite regulatory and integration challenges, 64% of participants prefer banks to act as a single access point for navigating the fragmented tokenized-money ecosystem. The findings suggest enterprises want interoperable rails, not isolated digital assets.
Ripple and Robinhood deepen RLUSD partnership
Ripple and Robinhood Markets expanded their partnership to integrate RLUSD into retail and institutional services, including payments, treasury management, and trading. The collaboration involves deploying RLUSD on Robinhood Chain and Bitstamp, with app integration planned for late 2026, and uses Ripple Treasury for institutional cash and liquidity management. The initiative aims to extend stablecoin utility beyond crypto trading into broader financial infrastructure, leveraging the XRP Ledger for institutional settlement. For Ripple, the tie-up strengthens distribution; for Robinhood, it adds a regulated dollar token to its ecosystem.
Canada, OCC, and U.S. Senate shape stablecoin rules
Canada’s Department of Finance released proposed stablecoin regulations slated for implementation in fall 2027 that prohibit issuers from paying interest or yield tied to holding stablecoins and mandate strict reserve requirements in high-quality liquid assets. In parallel, the U.S. Office of the Comptroller of the Currency is encouraging community banks to apply as permitted payment stablecoin issuers, responding to deposit-flight concerns by urging banks to participate rather than resist. Separately, Senator Richard Blumenthal is investigating Tether’s alleged payments to a former White House crypto official who successfully lobbied for an extended compliance deadline under the GENIUS Act.
Ripple and BNY explore trade finance minting
Ripple and Bank of New York expanded their partnership to explore blockchain-based trade finance, including direct minting and redemption of RLUSD by BNY clients. The collaboration supports tokenized assets on the XRP Ledger and includes a supply-chain finance initiative with C2FO to tokenize trade receivables. BNY already serves as RLUSD’s primary reserve custodian, so the arrangement leverages its existing role to facilitate institutional use of digital assets in capital markets. The initiative extends stablecoin use from settlement and custody into working-capital solutions for corporate buyers, suppliers, and lenders.
Orbital finds stablecoin cost edge varies by corridor
Research by Orbital found stablecoins cheaper than retail fintech providers in 30 of 32 cross-border payment comparisons, with savings typically ranging from 10 to 40 basis points. However, the study concluded stablecoin pricing is broadly comparable to institutional foreign-exchange desks, limiting cost advantages for businesses already accessing institutional rates. Costs varied significantly by payment direction, liquidity provider, and timing, with notable price spreads observed during weekends. The findings suggest stablecoins offer clear savings for underserved retail corridors, while sophisticated corporate users may find the economics more nuanced.
SBI and BlackRock explore yen-stablecoin fund links
SBI Holdings, Startale, BlackRock Financial Management, and BlackRock Japan signed a memorandum of understanding to explore connecting tokenized money-market funds with JPYSC, a yen-denominated stablecoin. The agreement focuses on studying technical interfaces, business models, and Japanese regulatory requirements rather than launching an immediate live investment or settlement service. Participants aim to combine asset-management, distribution, and blockchain-infrastructure expertise to assess feasibility of integrating digital cash instruments with tokenized short-term investment funds. The project signals growing interest in using stablecoins as bridges between tokenized funds and everyday payment rails in Japan.
Brazil sees corporate stablecoin hedging surge
Brazilian companies heavily used dollar-backed stablecoins to hedge currency volatility after Luiz Inácio Lula da Silva’s presidential victory, with corporate accounts generating 78% of Mercado Bitcoin’s trading volume on election day. USDT turnover on the exchange surged nearly 800%, while broader market data showed significant increases in USDT and USDC trading against the real across multiple platforms. The spike occurred as the Brazilian real depreciated by more than 8% and the Ibovespa index fell 14%, prompting firms to seek dollar-denominated protection while traditional foreign-exchange markets were closed.
Overall outlook
Stablecoins are moving from experimental rails into mainstream settlement, custody, treasury, and trade-finance use cases, with enterprises, banks, exchanges, and governments expanding adoption. Dollar-backed tokens and tokenized cash are gaining institutional credibility through listings, ratings, and public-sector endorsements, while MiCA, reserve rules, and consumer-protection scrutiny are shaping deployment. The near-term outlook favors interoperable infrastructure, lower-cost cross-border corridors, and hybrid CBDC-stablecoin pilots, with Bitcoin’s payment relevance still dependent on demand, usability, and merchant integration.