Stable News is Lumx’s weekly curation dedicated to tracking the key movements in stablecoins, digital infrastructure, and the future of global payments.
This week provided a clear snapshot of how the stablecoin market is beginning to expand beyond the dollar-centric narrative. Despite the continued dominance of USDT and USDC, new developments show that other currencies, regions, and institutional structures are gaining traction in a more consistent way.
Amid regulatory advances in Europe, adoption by large corporations, increasing pressure for transparency, and new use cases in mortgage credit, what emerges is a market that continues to consolidate while also becoming more specialized.
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Euro-denominated stablecoins gain traction with regulatory support
In brief:
Euro stablecoins already represent over 80% of the non-USD market
MiCA emerges as the main adoption catalyst in Europe
Usage is concentrated in payments, remittances, and treasury
Euro-denominated stablecoins are gaining traction within a market historically dominated by the dollar. According to data from Dune in a report commissioned by Visa, these assets already account for more than 80% of supply outside the USD axis, with EURC from Circle standing out.
More relevant than absolute size is the usage pattern. Unlike previous cycles, current growth is directly tied to real payment flows, remittances, and treasury operations, especially among companies operating in euros.
This progress is closely linked to the European regulatory environment. MiCA has brought legal clarity and reduced operational barriers, allowing stablecoins to be treated as viable infrastructure within the financial system.
The movement reinforces an important takeaway: while dollar dominance remains, market expansion increasingly depends on specific use cases where local currency, regulation, and integration matter.
Stablecoins enter companies’ operational radar
In brief:
Stablecoins are seen as an entry point for corporate adoption
CFOs and treasurers move to the center of decision-making
Payments remain a smaller but growing share of usage
According to Brad Garlinghouse, CEO of Ripple, stablecoins may represent a “ChatGPT moment” for companies, acting as a gateway to broader blockchain infrastructure adoption.
The shift in focus is significant. The topic moves beyond innovation teams and directly involves CFOs and treasury departments, who evaluate stablecoins through the lens of operational efficiency, liquidity, and cost reduction.
While payments still represent a fraction of total transaction volume, usage is already consistent. Estimates from McKinsey suggest approximately $390 billion annually in stablecoin payments by 2025, with strong presence in B2B, remittances, and settlement.
This shift helps reposition the sector’s growth: less dependent on market cycles and more tied to structural decisions within companies.
Large corporations advance with their own blockchain rails
In brief:
Mitsubishi adopts JPMorgan’s blockchain infrastructure
Platform has already processed trillions in volume
Banks develop permissioned digital rails
The adoption of JPMorgan’s Kinexys network by Mitsubishi reinforces an ongoing trend: large corporations are integrating blockchain rails into corporate payments and global operations.
This infrastructure enables near-instant settlement, continuous operation, and reduced reliance on traditional banking processes. With trillions already processed, the model demonstrates real demand at institutional scale.
At the same time, the move highlights an important contrast. While stablecoins advance as open and programmable rails, traditional banks continue to develop permissioned and controlled versions of the same logic.
Pressure for transparency increases with stablecoin scale
In brief:
Tether initiates full audit process with KPMG
Move follows institutional expansion
Transparency becomes a requirement, not a differentiator
Tether has hired KPMG to conduct its first full audit of USDT reserves, marking an important shift in the company’s institutional posture.
The decision comes amid expansion in the United States and potential fundraising efforts, where transparency is no longer optional but required to operate at institutional scale.
The move reflects a structural trend: as stablecoins gain systemic relevance, the need for stronger standards in governance, control, and accountability increases.
Stablecoins begin entering mortgage lending
In brief:
Fannie Mae starts accepting digital assets as collateral
USDC can be used without liquidation
Model connects crypto to traditional credit
For the first time, Fannie Mae will allow digital assets to be used as collateral for mortgage financing, in partnership with Coinbase and Better Home.
The model allows users to retain their assets, including stablecoins, while using them as a basis to access credit.
This development is significant because it connects stablecoins to one of the most traditional structures in the financial system: mortgage lending. Usage expands beyond payments and remittances into long-term financial products.
Even with initial limitations, the move signals a gradual expansion of these assets’ role within traditional financial architecture.
As stablecoins expand across different currencies, structures, and use cases, the market evolves toward a more diverse and specialized model.
Dollar dominance remains clear, but the sector’s expansion increasingly reflects local needs, regulatory contexts, and market-specific dynamics.
More than isolated growth, what emerges is a process of integration into the global financial architecture, where different stablecoins serve distinct roles, adapted to specific contexts.
It is within this balance between global standardization and local specialization that the next phase of the market begins to take shape.
