Stable News: Circle, Tether and Worldcoin

We’re excited to share another edition of Stable News, our weekly newsletter authored by Caio Barbosa, Co-Founder and CEO of Lumx, now also published on our official blog. Here, you’ll find key updates and analysis on stablecoins, digital payment infrastructure, and the path toward a new tokenized economy.

This week’s spotlight is on major players like Circle, Tether, Visa, and Worldcoin, along with fresh data on the global stablecoin market and a special invitation to a series of regulatory-focused events we’re hosting. Check out the highlights below.

Reading time: 7 minutes

Circle prepares for IPO and strengthens USDC’s momentum

Circle has just filed for its IPO on the New York Stock Exchange under the ticker CRCL. The company revealed strong financials: $1.68 billion in revenue and $155 million in net income for 2024. This move comes amid the growing buzz around stablecoins globally—particularly in the United States, where regulatory debates are becoming central to investors and institutions.

More than just a capital raise, Circle’s public offering sends a clear message: transparency and regulatory alignment are just as valuable as market share. While USDT still leads the market, it has been losing ground, and USDC is gaining institutional traction, positioning itself as one of the world’s most compliance-first stablecoins.

It’s worth noting that the IPO may be delayed due to recent economic turbulence tied to statements and decisions by current U.S. President Donald Trump, which have led many companies to adopt a wait-and-see stance due to market volatility.

Key takeaways:

✅ Circle is betting that transparency and regulation will be as valuable as market dominance

✅ The IPO could unlock new partnerships and solidify USDC as an institutional payment standard

✅ The market is beginning to distinguish between long-term builders and legacy leaders

Tether may launch new stablecoin to sidestep U.S. regulation

While Circle targets the NYSE, Tether is taking a more complex path. The proposed STABLE and GENIUS Acts in the U.S. may exempt issuers like Tether from mandatory regulation for up to two years. This exclusion isn’t accidental: Tether aims to avoid direct oversight, and CEO Paolo Ardoino has indicated the company may launch a regulated stablecoin if forced out of the U.S. market.

This contrasts sharply with Circle’s strategy and adds to Tether’s challenges, especially after being delisted in Europe under the MiCA regulation. Despite this, Tether is leaning on its global dominance—but more regulated markets may soon shut out USDT, which still accounts for 62% of market cap and 75% of CEX volumes (though it’s been slipping, as shown below).

If Tether does introduce a new currency, it may fragment its portfolio to maintain relevance in the U.S.—potentially creating space for new, regulation-friendly issuers, including bank-backed, state-backed, or major corporate stablecoins like those from PayPal or Visa.

Unfolding dynamics:

✅ Tether seems willing to fragment its offering to stay relevant in regulated markets

✅ The gap in the U.S. may accelerate the rise of new players aligned with regulation

✅ We may be witnessing the regionalization of stablecoins, with issuers tailored to local contexts

Metamask Card launches in Argentina

In a move that highlights Latin America’s role as a real-world testing ground, ConsenSys has officially launched the Metamask Card in Argentina—a product that’s been available in Brazil since December 2024. This physical card enables payments anywhere Mastercard is accepted, with funds drawn directly from the user’s Metamask wallet.

This bridge between Web3 and the physical world is one of the most promising paths for stablecoins to achieve everyday usage. No need for currency exchange or traditional bank accounts—everything goes straight from blockchain to checkout.

In countries with unstable currencies and low banking penetration, like Argentina, the proposition is almost irresistible: a card that gives you access to digital dollars without a bank account. It’s worth noting: the Metamask Card is likely just the beginning of a new wave of hybrid crypto-traditional finance solutions. True adoption may come from blockchain’s invisibility.

Our CEO Caio Barbosa also had a brief chat with Daniel Lynch, who led the launch, sharing early insights (and spoilers) with our community. You can watch their conversation here.

Why it matters:

✅ Latin America continues to be a global showcase for real-world crypto use

✅ Adoption accelerates when blockchain fades into the background

✅ Cards like Metamask’s prove stablecoins are ready for daily life—just needed a bridge

Worldcoin + Visa

The World Network, the blockchain infrastructure behind the Worldcoin project founded by Sam Altman (OpenAI), is working on an integration with Visa. The concept is simple: enable the Worldcoin wallet—currently used mostly for biometric ID (World ID)—to function as a stablecoin payment method accepted wherever Visa is accepted.

If realized, this partnership could mark a leap forward in the idea of global financial identity: a single wallet, linked to your biometric identity, allowing instant international payments.

That said, the project still faces strong resistance around privacy and sensitive data usage. But if it manages to resolve this, Worldcoin could become the first real case of mass-scale convergence between digital identity, stablecoins, and global payments. And with Visa involved, reach will no longer be a problem.

What to watch:

✅ Visa brings scale to the equation

✅ The identity + stablecoin combo is a powerful narrative

✅ The challenge is now balancing innovation and privacy

(Source: BBC)

Global stablecoin landscape — March 2025

We wrap up this edition with the latest data from CoinDesk’s Stablecoins Report. Here are the key highlights:

• Total market cap grew by 3.62%, reaching $231 billion — the 18th consecutive month of growth

• USDT remains dominant but declining: 62.1% of market cap (lowest since 2023) and 75.5% of CEX volumes

• USDC grew 7.37% in the month, reaching $59.7 billion — a new record for Circle’s stablecoin

• USDtb by Ethena (backed by BlackRock’s BUIDL) surged 1,219% this month and entered the global top 10

• Gold-backed stablecoins like XAUT and PAXG hit $1.4 billion in capitalization, boosted by rising gold prices

In numbers and trends:

✅ Stablecoins keep growing steadily, evolving with new formats

✅ USDC gains strength while USDT shows signs of slipping

✅ Tokenization is moving forward with institutional weight, led by names like BlackRock, Circle, and PayPal

The rise of regulation — and why it’s time to prepare

In recent weeks, a common question has emerged in conversations with fintech leaders, banks, and infrastructure firms: How do we navigate stablecoin regulation safely without halting operations?

The demand for clarity has grown as regulations like MiCA in Europe move forward, and U.S. legislation like the STABLE and GENIUS Acts gain traction. In Brazil, we’re still in an earlier phase—but there are signs regulation is coming, via public consultations and the Central Bank’s involvement in early frameworks.

The most common concerns aren’t theoretical—they affect real-world decisions like product design, tax risk, treasury planning, and engagement with regulators.

To address this, we at Lumx created a series of three online events focused on leaders directly involved in early stablecoin operations across Brazil, the U.S., Europe, and Latin America.

Here’s what’s coming:

• Three sessions from April 22 to 24, from 7 PM to 9 PM (BRT)

• Practical conversations with those building or regulating stablecoins in key markets

• A space reserved for leaders in fintech, banking, legal, compliance, and treasury teams

Spots are limited. Register here: https://lu.ma/upktqo3g

Thanks for reading. See you in the next edition!