Stable News: From Regulation to Treasury — Stablecoins in Practice

Stable News is Lumx’s weekly curation of the most important developments in the stablecoin ecosystem and their impact on the digital financial market. In this edition, we highlight the regulatory advances in the US, the new benchmark for Circle’s IPO, the mechanics and benefits of corporate cards backed by stablecoins, and the rising trend of institutional Bitcoin allocations—from private companies to national reserve proposals.

Reading time: 5 minutes

Staking outside SEC’s scope: a new path for the US market

The SEC has issued new guidance removing native protocol staking, such as self-staking and non-custodial staking, from the scope of securities regulation. While still a technical update, this represents a significant shift in regulatory tone in the US.

For Brazil and other countries currently shaping their own regulatory frameworks, this decision may serve as a reference. Differentiating between network infrastructure and financial intermediation services brings more clarity and favors supervised innovation.

Why this matters:

✅ Opens the door to new staking-structured products, especially for institutions
✅ Reinforces staking as technical infrastructure rather than an investment product
✅ Could inspire differentiated regulatory approaches in other countries

Stablecoins under the microscope: trillion-dollar volume, yet limited use

A new global report titled “The Future of Stablecoins”, produced by M0 and Artemis, analyzed the real usage patterns of stablecoins and revealed an important contrast: despite moving over $27 trillion in 2024, surpassing the combined volumes of Visa and Mastercard, stablecoin usage remains concentrated in institutional operations and arbitrage, with limited penetration in retail or everyday flows.

The analysis reinforces that while infrastructure is robust, mass adoption still faces barriers in distribution, user experience, and integration with local financial systems.

Why this matters:

✅ Highlights the role of stablecoins as powerful financial instruments, but underutilized at the end-user level
✅ Opens opportunities for new real-world products like remittances, supply chain, and B2B payments
✅ Underscores the importance of UX, compliance, and local connectivity to broaden adoption

Circle expands IPO target: renewed confidence from institutional investors

After filing for its IPO, Circle raised its capital target to $896 million, expanding both the number of shares and the proposed price range. The move reflects growing investor interest, with firms like BlackRock reportedly considering a major stake in the offering.

This marks Circle’s continued rise as one of the world’s leading stablecoin issuers and a significant step in integrating digital assets into traditional capital markets.

Why this matters:

✅ USDC solidifies its position as a stablecoin with strong institutional backing and regulatory transparency
✅ The IPO may pave the way for other issuers to access public markets
✅ Signals growing market maturity and stronger alignment between innovation and governance

Corporate cards backed by stablecoins: scalable financial efficiency

Corporate cards collateralized with stablecoins are gaining traction as a payment solution for companies operating globally. A recent article detailed how platforms like Bridge (custodial) and Baanx (self-custodial via smart contracts) allow for automatic stablecoin-to-fiat conversion at point-of-sale, leveraging the Visa network.

This approach links digital wallets directly to the traditional financial system, reducing operational friction in expenses, payroll, and treasury management.

Why this matters:

✅ Eliminates banking intermediaries and accelerates payment settlement
✅ Expands the practical use of stablecoins as financial infrastructure
✅ Enables greater expense control and includes businesses in underbanked regions

Bitcoin in corporate treasury: from companies to governments, a growing trend

Trump Media, Méliuz, PSG, GameStop, and even members of the US government have recently announced initiatives to integrate Bitcoin as a reserve asset. With strategies ranging from brand positioning to currency hedging, these moves signal the growing institutionalization of Bitcoin within financial and strategic frameworks.

While this newsletter focuses on stablecoins, the adoption of Bitcoin in corporate treasuries directly impacts the broader perception of crypto. It reinforces stablecoins as the operational bridge and liquidity infrastructure in this new cycle.

Why this matters:

✅ Raises the level of institutional maturity in cryptoasset usage
✅ Strengthens stablecoins as the intermediate layer between digital assets and real-world operations
✅ Expands the discussion on governance, accounting, and strategic reserves in digital assets

Lumx at Stablecon 2025: where conversations shape the future

Lumx was present at Stablecon 2025, held in New York City. With a unique format, no booths, just a main stage and open networking spaces, the event brought together issuers, regulators, and institutions from around the world for high-level conversations.

The prevailing sentiment was clear: bullish. From central banks to startups, the consensus reflected informed optimism, anchored in the conviction that stablecoins are no longer just a promise, but a real and growing layer of global payment infrastructure, as shown in the video below by our Co-Founder and CEO, Caio Barbosa.

📺 Watch the video

Stablecoins are quickly solidifying as critical infrastructure within the digital financial system.

At Lumx, we closely follow this transition and remain committed to building solutions that connect cutting-edge technology with real-world financial needs.

Stay tuned for future editions of Stable News for more insights on digital payments, tokenization, and regulation.