Timing and Competitive Pressure

The hiring initiative comes shortly after the release of a research report arguing that AI-driven agents could disrupt conventional payment rails. According to that analysis, low-cost stablecoin transfers may enable new commerce models capable of bypassing card networks altogether. Against this backdrop, Mastercard’s latest move appears to be a proactive response to emerging technological and competitive risks in the payments landscape.

Stablecoin Volumes Surpass Card Networks

The scale of stablecoin activity has become difficult to ignore. In 2024, stablecoins recorded approximately $18.4 trillion in transfer volume. On a gross basis, that figure exceeded the transaction volumes of both Visa and Mastercard. While not all of this activity is tied to consumer payments, the trajectory underscores a structural shift in how value moves across digital networks.

Mastercard CEO Michael Miebach has previously indicated that the company is leaning into stablecoins, describing them as a form of currency that can be supported within the network. This framing reflects a broader recognition that blockchain-based settlement systems are gaining legitimacy within mainstream finance.

Visa’s Early-Mover Advantage

Industry data suggests that Visa has positioned itself earlier in the on-chain stablecoin payments space. By the end of 2025, Visa’s annual stablecoin transaction volume had reached approximately $3.5 billion. In addition, crypto card programs such as Rain and Reap have largely relied on Visa’s infrastructure, highlighting the competitive dynamics at play.

A Strategic Inflection Point

Mastercard has recently begun supporting multiple stablecoins on its network. It has also expanded Circle’s USDC payment infrastructure in the Middle East and Africa and has been linked to acquisition plans involving crypto infrastructure firm zerohash.

Analysts argue that the future of payment networks may revolve around machine-to-machine transactions and 24/7 micro-payments. Mastercard’s expanding crypto initiatives indicate that the company is positioning itself for that transition, rather than reacting to it after the fact.

This content is not investment advice.

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This development signals a shift toward programmable financial privacy without sacrificing compliance or transparency when required.

How USDCx Works

USDCx is a dollar-denominated stablecoin fully backed one-to-one by USDC through Circle’s xReserve infrastructure. Every unit of USDCx issued on the Aleo network corresponds directly to real USDC held in reserve, allowing users to verify backing through cryptographic proof rather than trust alone.

The xReserve system operates as a non-custodial smart contract framework, meaning users retain full control over their assets. It also supports secure issuance and cross-chain transfers using Circle Gateway and CCTP technology. This allows USDCx to remain interoperable with USDC across multiple blockchains—without relying on traditional third-party bridges.

Aleo’s Zero-Knowledge Advantage

Aleo is a Layer-1 blockchain built entirely around zero-knowledge proof technology, enabling applications where transaction data remains encrypted by default. Unlike traditional public blockchains, Aleo allows developers to build systems where balances, transfers, and user activity are private unless disclosure is legally required.

This structure makes Aleo especially attractive for institutions that require both strict data protection and regulatory compliance. USDCx becomes the first stablecoin to fully leverage this architecture at the base protocol level.

Real-World Use Cases for Institutions and Individuals

USDCx opens the door to a wide range of privacy-sensitive financial operations:

• Global Payroll: Companies can pay international teams without exposing salary structures.

• Humanitarian Aid: Funds can reach vulnerable populations without revealing recipient identities.

• Cross-Border E-Commerce: Buyers and merchants can transact without exposing purchasing behavior or pricing strategies.

• Peer-to-Peer Transfers: Individuals can send money privately, similar to cash-based transactions.

• DeFi Applications: Developers gain access to trusted dollar liquidity with application-layer privacy.

• Configurable Compliance: Regulatory standards can be proven cryptographically without revealing user data.

A New Direction for Stablecoins

USDCx represents more than a new product—it reflects a broader evolution in how stablecoins can function in a privacy-conscious digital economy. By combining Circle’s global financial infrastructure with Aleo’s privacy-first blockchain design, this initiative lays the groundwork for a new class of confidential, programmable, and compliant digital dollars tailored for institutional adoption.

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Stablecoin Giants Hold Their Lead

The top two positions are occupied by Tether (USDT) and Circle (USDC), clearly demonstrating their dominance in the stablecoin ecosystem through revenue as well. Both companies continue to generate strong income despite the broader market decline. Notably, USDT’s ability to continue producing positive monthly revenue reflects the intensity of stablecoin usage and the increased demand for dollars during periods of market stress.

Projects such as HYPE (Hyperliquid), pump.fun, and Ethena (ENA) ranked among the highest-earning protocols of the past 30 days thanks to their next-generation trading, liquidity, and derivative solutions. However, an important detail stands out: although these platforms generated significant revenue, most experienced substantial declines compared to the previous month. In particular, the over 50% drops in Ethena and PancakeSwap clearly illustrate the scale of volatility within the DeFi sector.

Top 15 Revenue-Generating Projects of the Last 30 Days

1. Tether (USDT) – $440.3M (+0.8%)
2. Circle (USDC) – $216.8M (–1.3%)
3. Tron (TRX) – $214.9M (–9.1%)
4. Hyperliquid (HYPE) – $88.1M (–19.2%)
5. pump.fun (PUMP) – $32.3M (+1.8%)
6. Ethena (ENA) – $30.3M (–50.3%)
7. PancakeSwap (CAKE) – $30.0M (–53.3%)
8. Axiom Trade – $22.0M (–15.5%)
9. Aave (AAVE) – $12.7M (–19.0%)
10. Aerodrome (AERO) – $12.6M (–35.1%)
11. Phantom – $11.7M (–16.2%)
12. Aethir (ATH) – $8.5M (–17.0%)
13. Base – $8.1M (+4.1%)
14. Ethereum (ETH) – $8.0M (–65.7%)
15. Lido Finance (LDO) – $7.2M (–18.0%)

Ethereum’s Decline Hits Record Levels

The most striking figure on the list is Ethereum’s massive revenue drop. A decline of more than 65% month-over-month signals weakening transaction activity on the network and notable pressure on DeFi usage.

By contrast, the Base network’s increase in revenue shows that user migration within the Layer-2 ecosystem is accelerating. Base — supported by Coinbase — has seen higher developer interest and user flow during this period, helping reduce congestion on Ethereum.

Overall Assessment

The data shows that even during market downturns, high-volume and strongly utilized projects continue to generate consistent revenue. The dominance of stablecoin issuers at the top highlights the rising demand for the U.S. dollar during periods of uncertainty. Meanwhile, the high activity on chains like Hyperliquid demonstrates that users are still actively trading.

However, the fact that revenue has declined sharply across most protocols reveals that volatility affects not only prices but also the underlying economics of blockchain networks.

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Potential Collaboration Between Circle and Arc Network

Best known as the issuer of USDC, Circle has long aimed to transform global payment systems through blockchain technology. By exploring the issuance of a native token on Arc Network, the company seeks to unlock new opportunities in multi-chain liquidity and enterprise scalability.

Arc Network stands out as a next-generation blockchain platform that offers high speed, low transaction costs, and a developer-friendly infrastructure. Launching a native token on this network could expand the reach of the USDC ecosystem and strengthen institutional trust in Arc’s on-chain financial solutions.

Circle’s Strategic Vision

In recent years, Circle has shifted from being just a stablecoin issuer to positioning itself as a provider of Web3 financial infrastructure. The company continues to enhance USDC’s presence across multiple blockchains, reinforcing its vision of a multi-chain digital economy.

A Circle spokesperson commented on the matter:

“Creating native assets on innovative chains like Arc Network aligns with Circle’s mission to bring global digital payment infrastructure to a broader user base. While no final decision has been made, this initiative represents an extension of our cross-chain interoperability strategy.”

Potential Impact on the Industry

If Circle proceeds with issuing a native token on Arc, it could significantly strengthen stablecoin infrastructure within the DeFi space while introducing institutional-grade liquidity to the Arc ecosystem. Analysts believe this could serve as a testing ground for Circle to develop new financial instruments or customized enterprise token models beyond USDC.

Analysis and Outlook

Circle’s exploration of a native token on Arc Network signals the company’s next phase of growth within Web3 infrastructure. With USDC’s multi-chain expansion combined with Arc’s performance-oriented architecture, the collaboration could set a new standard for digital payment solutions. Although no official launch date has been confirmed, this initiative is being closely watched as a key intersection between financial infrastructure innovation and blockchain technology advancement.

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What Is Arc Blockchain?

Arc is designed to serve as a foundational layer for modern financial infrastructure, integrating seamlessly with Circle’s stablecoin and payment systems. According to Circle CEO Jeremy Allaire, the institutions participating in Arc “collectively reach billions of users, move and safeguard hundreds of trillions in assets and payments, and support economies across every continent.”

Built for efficiency and transparency, Arc promises features such as sub-second transaction finality, U.S. dollar-based fee structures, and optional privacy controls. The network aims to power applications ranging from tokenized funds and cross-border payments to real-time foreign exchange (FX) settlement.

Leading Financial and Tech Firms on Board

The Arc testnet has attracted a diverse set of global participants. Traditional finance powerhouses like State Street, Deutsche Bank, Invesco, and Société Générale are testing blockchain use cases alongside digital asset platforms such as Coinbase, Kraken, Aave, and Curve. Fintech firms Nuvei and Brex are evaluating Arc’s potential in merchant payments, while technology providers including AWS, Mastercard, and Cloudflare are exploring its infrastructure capabilities.

Visa is testing Arc to assess how stablecoin-backed payment infrastructure could accelerate cross-border money transfers. Robert Mitchnick, BlackRock’s Head of Digital Assets, said the firm is exploring Arc’s potential to unlock new efficiencies in stablecoin settlement and on-chain FX operations. Meanwhile, Invesco and Société Générale are focusing on tokenized fund management and programmable settlements, respectively. HSBC is examining how Arc could improve the transparency and speed of international payments.

The Expanding Role of Stablecoins and Tokenized Assets

The initiative comes as the global financial industry accelerates its adoption of blockchain-based assets. According to Citi, the stablecoin market could reach $4 trillion by 2030, while Boston Consulting Group and Ripple project that tokenized real-world assets (RWA) could approach $19 trillion by 2033.

Circle’s Arc network is positioned to become a key infrastructure layer in this transformation — enabling financial institutions to transact, settle, and tokenize assets with greater efficiency and transparency.

Circle Vision: A Decentralized Arc Ecosystem

Circle’s long-term plan is for Arc to evolve into a fully decentralized, community-governed network. While the company is currently leading the testnet and early development, it aims to open validator participation and establish public governance frameworks in the future.

If successful, Arc could serve as a pivotal bridge between traditional finance (TradFi) and decentralized finance (DeFi), redefining how global capital flows through both on-chain and off-chain ecosystems.

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Tech Giants Ready to Compete with Banks!

Tushar Jain, co-founder of Multicoin Capital, stated that the GENIUS Act has ended the era of banks collecting deposits at low interest rates. According to Jain, tech giants such as Meta, Google, and Apple are entering into direct competition with banks thanks to stablecoins’ high returns and user-friendly experience. These companies will stand out compared to traditional banking with their instant transaction and 24/7 payment advantages.

You May Be Interested In: Stablecoin Market Surpasses $300 Billion: Crypto Is Recovering!

However, the banking sector is concerned about these developments. According to Jain, tech giants like Meta, Google, and Apple are entering direct competition with banks by leveraging the high returns and user-friendly experience of stablecoins. The GENIUS Act prohibits issuers from providing direct returns. However, the law does not include a provision preventing these returns from being offered through crypto exchanges or affiliated companies. Therefore, the law allows issuers to continue providing returns through indirect methods.

The Rise of Stablecoins and Financial Risks

The U.S. Treasury Department released a report in April warning that stablecoin usage could lead to $6.6 trillion in deposit outflows. In its August assessment, the Bank Policy Institute stated that massive deposit outflows would threaten financial stability. It could disrupt credit creation, especially during times of crisis. This situation leads banks to raise interest rates, reduce credit volume, and increase costs.

Yield Differences Make Stablecoins Attractive

According to data from Stripe CEO Patrick Collison, savings accounts in the US and Europe offer low interest rates. In contrast, Tether (USDT) on the Aave platform offers a 4.02% interest rate, while Circle’s USDC offers 3.69%. This difference shows how attractive stablecoins are to investors. According to Fortune’s June report, Apple, Google, Airbnb, and X are aiming to reduce transaction fees. These companies are also exploring stablecoins to improve cross-border payments. However, no concrete steps have been taken in this direction yet.

In summary, with the GENIUS Act, there is a capital shift from banks to stablecoins. Investors will evaluate high-yield opportunities, and tech giants will become more visible in competition with banks.

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Coinbase stated that the strategic goal of the application is to “build a bridge between the crypto economy and the traditional financial system.” However, the company emphasized that it does not intend to obtain a banking license. The statement said, “Clear rules and the trust of our regulators give us the opportunity to innovate. At the same time, they help us ensure appropriate oversight and security.”

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License Acts as a Bridge Instead of a Bank

Former Coinbase employee Luke Youngblood said the new license will enable the company to build its own payment and transfer infrastructure. This means Coinbase will be able to offer on-ramp and off-ramp transactions directly, without needing partner banks. Youngblood also revealed that Coinbase’s retail application has significantly evolved since 2022. He then noted that it operates more efficiently thanks to its “high-level engineering capabilities.”

Meanwhile, analyst Brendan Pedersen pointed out that trust companies have a more limited scope of activity compared to banks, but that this difference has been narrowing in recent years.

Circle and Ripple Join Coinbase’s Move

Coinbase’s application coincided with similar moves by other crypto companies. On July 1, stablecoin issuer Circle applied for a national trust bank license. Ripple Labs soon followed suit, applying for the same license. Ripple CEO Brad Garlinghouse said this approval would be “a new and unique benchmark of trust” in the stablecoin market.

The post Coinbase Applies for National Trust Charter: “Not a Bank” appeared first on Coin Engineer.

Tether (USDT) Maintains Its Leadership

Tether (USDT), the leading stablecoin in the market, remains far ahead with a market capitalization of $176.3 billion and a 58% market share. USDT is widely used in crypto trading, DeFi protocols, and cross-border payments.

It is followed by Circle’s USDC, which has a market capitalization of $74 billion (24.5% market share), while Ethena’s USDe stands at $14.8 billion and MakerDAO’s DAI holds $5.0 billion in market value.

The Importance of Stablecoins

Stablecoins not only provide price stability but also serve as an indicator of capital flow in the crypto market. Their peg to fiat currencies like the US dollar helps mitigate price fluctuations of volatile assets such as Bitcoin and Ethereum. Analysts note:

This development shows that investors are seeking safe havens in the crypto market, and stablecoins are increasingly fulfilling this role. For institutional investors in particular, stablecoins are a critical tool not only for protection against high volatility but also for providing liquidity.

Market Performance and Institutional Interest

In Q3 2025, the stablecoin market recorded 20% growth. This growth is supported by renewed institutional interest and regulatory developments such as the US GENIUS Act. During the same period, Bitcoin and Ethereum also showed strong performance: Bitcoin rose 9.6% to $119,972, while Ethereum increased 13.3% to $4,498.57. These gains highlight the significant role stablecoins play in supporting market recovery.

The expansion of the stablecoin market indicates that the crypto ecosystem is maturing and investor confidence is returning. The increasing interest from institutional investors also reflects a growing demand for greater market transparency and regulatory clarity.

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USDT and USDC Lead, USDe Gains Momentum

Data shows USDT led with $19.6 billion net inflows in Q3. USDC followed with $12.3 billion. Ethena’s synthetic stablecoin USDe attracted $9 billion, showing strong performance. PayPal’s PYUSD saw $1.4 billion, and MakerDAO’s USDS gained $1.3 billion. New projects like RLUSD and Ethena USDtb also recorded steady growth, reflecting strong demand for both established and emerging stablecoins.

You May Be Interested In: Has the Stablecoin Market Really Surpassed $300 Billion?

Ethereum Dominates, Other Chains Growing

Ethereum remained the most used network for stablecoins, holding $171 billion in circulation. Tron ranked second with $76 billion. Solana, Arbitrum, and BNB Chain collectively provided $29.7 billion in supply for users. In terms of tokens, USDT leads with a 59% market share, USDC holds 25%, and USDe is rapidly growing at around 5%.

Stablecoin Market Expands, Transaction Activity Balances

The total stablecoin market value reached $290 billion over the past 30 days. Monthly active addresses fell to 26 million due to user activity, down 22.6%, while transfer volume dropped 11% to $3.17 trillion. While investor demand continues to grow, on-chain transaction activity indicates the market is seeking a new balance.

The post Stablecoin Market Sees $46 Billion Inflow appeared first on Coin Engineer.

Crypto Supercycle

Bernstein maintains its long-term thesis: the current crypto upswing may persist until 2027, despite a brief cooling period. The firm cites supportive U.S. policies, accelerating institutional adoption, and the market expanding beyond Bitcoin as key drivers. Analysts Gautam Chhugani and Mahika Sapra forecast a long and tiring cycle maintaining momentum until 2026, with a peak likely a year later.

Policy, Adoption, and Market Breadth

According to Bernstein, U.S. leadership is operating in mission-critical mode to establish the country as a crypto capital, creating a long runway for digital assets. In the next phase, the market will extend beyond Bitcoin, with Ethereum, Solana, and DeFi tokens driving inflows to trading platforms and stablecoin issuers. The overall takeaway is a supercycle characterized by deep liquidity, policy clarity, and market breadth, inviting large investors to participate.

Stablecoins and Circle

Bernstein keeps Circle’s target price at $230. USDC supply is projected to rise from $68 billion in 2026 to $99 billion, and then to $173 billion in 2027. USDC is expected to serve as a liquidity backbone for DeFi, while bank and payment partnerships will offset interest rate sensitivity. Circle’s payment-focused Arc blockchain and increasing on-chain settlement share stand out as differentiating factors, ensuring inflows to platforms and issuers continue through 2027 as the market expands beyond Bitcoin.

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