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Stablecoins are sending mixed signals. Supply has flatlined for a year, yet each dollar now moves twice as fast, a sign the market is maturing into payment infrastructure rather than losing steam. The real contest is no longer over who mints the most tokens but who captures the yield and transaction flow, and bank networks entering under the GENIUS Act are about to crowd that field.
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In Today’s Edition:
**Headline:StanChart Delays $2T Stablecoin CallQuick Bites:Global Financial Watchdog Plans for Stablecoin CrisisYield of the Week:**PT siUSD: 12.82% APY
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HEADLINE
**State of play: **Standard Chartered still sees a $2T stablecoin market but has pushed the target to 2030 from 2028, a delay that masks a widening gap between stalled supply and surging on-chain activity.
Supply has hovered between $300B and $320B for a year, now near $309B, which Kendrick calls cyclical given weak crypto markets.
Monthly transfer value is averaging nearly $10T this year versus $4T in 2025, after hitting a record $19T in May.
Velocity doubled to about 30 times, led by USDC at roughly 80 times on payments, while savings-heavy USDT stays near 7 times.
Kendrick sees developed-market payments as the most contested arena, naming USDG, M^0 and the bank-shared A+ network as challengers.
Regulation is the key risk, as GENIUS Act copycats abroad after its January 2027 start could erode USDT’s emerging-market dominance.
**What’s Next: **Watch whether supply resumes growth once crypto markets recover, and how bank-backed issuers move ahead of the GENIUS Act’s January 2027 start.
**Why it Matters: **A $2T forecast built on supply alone undersells the shift, since stablecoins are becoming payment rails even while balances sit flat.
**Our Take: **Calling the stall cyclical is convenient, but flat supply alongside record velocity suggests stablecoins are scaling as plumbing rather than as stored wealth, and yield capture, not market cap, will decide who wins.
QUICK BITES
Global financial watchdogplansfor stablecoin crisis.Standard Charteredpushes$2T stablecoin market forecast to 2030.DriveWealthto useRLUSD for stablecoin settlement, cross-border payments.Proposed 31.4% French tax on stablecoinscould drivecrypto traders offshore.
YIELD OF THE WEEK
The marketaccepts siUSD deposits and provides fixed-yield exposure to InfiniFi’s yield-bearing stablecoin allocating USDC across Aave, Euler, and Fluid, maturing October 22, 2026, while also earning 20x Infinifi Points.Capital is deployed via Pendle Router, with 1 siUSD converting to 1.09465 iUSD at maturity.
Yield is generated from InfiniFi’s diversified DeFi lending strategies, with the PT locking in a fixed 12.82% APY while YT holders capture remaining variable yield and points.
The tokenaccepts mM1-USD deposits into the junior tranche of Strata’s tranched mM1-USD market, providing leveraged exposure to M1 Capital’s market-neutral digital asset strategies as first-loss capital, with ~$1.05M in junior TVL.Capital is deployed into Midas’s mM1-USD vault tracking the M1 Capital Master Fund’s diversified market-neutral strategies, with 5x point multipliers for junior holders.
Yield is generated from M1 Capital’s market-neutral strategies benchmarked above 0%, delivering a projected 11.22% APY with junior holders absorbing losses first in exchange for enhanced upside and overperformance capture.
The vaultaccepts USDC deposits and allocates capital into Concrete-managed yield strategies with clearly defined short, medium, and long-term mandates, with ~$810k in TVL and a 14-day withdrawal queue.Capital is deployed through Fireblocks-custodied strategy infrastructure with 5% of TVL kept available for withdrawals at any time, with ZeroShadow monitoring as vault pauser.
Yield is generated from Concrete’s underlying strategy allocations, delivering an 11.85% live APY and 9.84% 7-day APY while also earning Concrete Points.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
