Stable News is Lumx’s weekly curation, dedicated to highlighting the most relevant developments in stablecoins, tokenization, and digital payment infrastructure across the global economy.
This edition marks a symbolic moment: while Lumx raises $3.4 million in a seed round to strengthen stablecoin infrastructure in Latin America, the international landscape moves toward a race for sovereign digital currencies.
Among this week’s highlights: a $300 trillion minting error at Paxos that became a case study in on-chain transparency, the European Union’s push to compete with the dollar, Japan’s launch of a yen-backed stablecoin, global banks testing a G7 stablecoin standard, and Coinbase expanding its corporate focus with USDC.
Reading time: 8 minutes
Around Lumx
Lumx announced the closing of a $3.4 million seed round, led by Indicator Capital and CMT Digital, with participation from Bitso, Nomad, Antler, Honey Island, and other strategic partners.
The investment marks a milestone in consolidating stablecoin infrastructure in Latin America, confirming the region’s growing maturity in technology, liquidity, and global scalability.
With the new funding, Lumx will focus on expanding licenses, strengthening compliance, and deepening international connections, while maintaining its essence: a lean, autonomous team built to move fast and deliver consistently.
Caio Barbosa, CEO of Lumx, emphasized that this achievement reflects the evolution of the Latin American market, where banks, fintechs, and enterprises are increasingly seeking to integrate stablecoins securely and in compliance with regulations, something that seemed distant just a few years ago.
[Read more about the announcement here.]
Additionally, Lumx revealed a new layer of the Lumx Conference, an invite-only event taking place on November 5 in São Paulo, bringing together leaders from technology, regulation, and compliance. The conference will serve as a strategic forum to discuss the future of stablecoins and the regulatory foundations shaping the sector.
[Learn more about the event here.]
Finally, a new episode of Season 2 of Stable Talks powered by Bitso Business has just been released. In this episode, Caio Barbosa and Julián Colombo welcome Rachael Akalia, Regional Marketing Manager at Yellow Card, for a conversation about how Africa is becoming one of the world’s most dynamic ecosystems for stablecoin adoption and digital payments.
The discussion draws parallels with Latin America, highlighting stablecoins as real financial infrastructure helping solve challenges such as inflation and liquidity in emerging markets.
[Watch the full episode here.]
Paxos and the Lesson Behind a $300 Trillion Error
An internal error at Paxos led to the accidental minting of $300 trillion in PYUSD, the stablecoin issued for PayPal. The issue was detected and reversed in less than 30 minutes, demonstrating the effectiveness of on-chain transparency.
More than a technical glitch, the event underscored the difference between institutional opacity and public verifiability: on blockchain, even errors become proof of maturity, they are visible, auditable, and reversible.
Why it matters:
✅ Blockchain transparency enables errors to be detected and fixed within minutes.
✅ In contrast, similar failures in traditional banks can take months to surface.
✅ Even in centralized systems, public traceability remains an unmatched advantage.
Europe Wants to Compete with the Dollar in the Stablecoin Arena
After years of caution, the European Union is now promoting the development of euro-backed stablecoins as a strategic move to counter the dominance of dollar-based assets.
Pierre Gramegna, Managing Director of the European Stability Mechanism, stated that “Europe cannot depend on dollar-denominated stablecoins”, signaling a geopolitical shift in the region’s approach.
The move follows the GENIUS Act in the U.S., which consolidated the digital dollar as the market standard. Now, the EU aims to position the euro as a serious contender in the digital finance landscape.
Why it matters:
✅ Marks a shift in Europe’s posture toward sovereign stablecoins.
✅ Reinforces that monetary competition in digital assets is also geopolitical.
✅ The challenge will be balancing innovation with control and credibility for the euro.
Japan Sets the Example: Banks Unite for a Yen Stablecoin
Three of Japan’s largest banks, MUFG, Mizuho, and Sumitomo Mitsui, announced the creation of a yen-backed stablecoin operated by the Progmat Coin platform.
The project aims to reduce costs and speed up corporate settlements, integrating blockchain directly into banking operations. Mitsubishi Corporation will be the first to use the token for internal transactions between its subsidiaries.
Why it matters:
✅ Japan is leading with interoperable, bank-issued stablecoins.
✅ Asia is emerging as the first region to fully integrate stablecoins into institutional finance.
✅ A decisive step toward tokenizing corporate transactions.
Global Banks Unite in Search of a G7 Standard
A consortium of ten major global banks, including Goldman Sachs, Citi, Deutsche Bank, and Santander, has begun research to develop stablecoins backed by G7 currencies.
The group plans to test issuances on public blockchains, focusing on liquidity and regulatory compliance, signaling deeper integration between traditional finance and digital infrastructure.
Why it matters:
✅ Marks the beginning of the institutional phase of stablecoins.
✅ Shows the convergence of TradFi and DeFi.
✅ The new race will be about who defines the standards, global banks or native issuers.
Coinbase Targets Businesses with a New Crypto Platform
Coinbase launched Coinbase Business, a solution for SMEs that combines payments, USDC liquidity, and annual yields of up to 4.1%.
The platform acts as a “crypto operating account,” with integration into accounting systems and instant settlement. This positions Coinbase alongside fintechs like Brex and Mercury, but with on-chain infrastructure at its core.
Why it matters:
✅ Expands USDC usage across the global business ecosystem.
✅ Offers real blockchain-based payments and yield opportunities.
✅ Redefines the concept of a corporate account in the digital age.
Between trillion-dollar errors fixed in minutes, governments debating monetary sovereignty, and global banks joining the race, stablecoins have clearly outgrown their niche origins to become the core infrastructure of digital finance.
The sector is maturing in real time, and with every new development, whether from a fintech or a regulator, the line between “crypto” and global financial infrastructure becomes increasingly blurred.
See you in the next edition.
