Stable News is Lumx’s weekly curation dedicated to tracking the key movements in stablecoins, digital infrastructure, and the future of global payments.
While Brazil was on Carnival break, the rest of the world continued to generate important signals about how stablecoins and digital assets are being treated across jurisdictions. In the United States, the focus remains on banking infrastructure and legislative deadlocks. In Africa, the discussion revolves around real liquidity and effective spreads. Meanwhile, in Asia and Europe, central banks are advancing regulatory sandboxes and developing their own digital monetary sovereignty strategies.
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A quick update from Lumx
Movements were not limited to the international stage. Internally, Lumx also deepened relevant discussions for the ecosystem.
Travel Rule — no longer a detail
The Travel Rule has become central in regulatory and operational discussions. The debate is no longer conceptual; it now concerns traceability, governance, and data quality embedded directly into financial flow design.
We recently published an educational carousel summarizing why this requirement exists and the practical impact it has on companies operating with stablecoins and cross-border payments.
Click here to access.
Morning Finance — Conversations at the Table
On the eve of Carnival in Rio, we hosted another edition of Morning Finance, an intimate gathering with leaders from banks, fintechs, and payment companies.
The proposal was simple: take the debate off the stage and bring it to the table. Small groups, guided breakfast, and candid discussions about payments and new financial infrastructure models. Smaller, well-curated formats continue to prove to be some of the most productive environments for structural decisions.
Click here to watch our aftermovie.
Stable Talks — Gnosis Pay and self-custodial cards
The latest episode of Stable Talks featured João Victor Vieira from Gnosis Pay to discuss the evolution of self-custodial crypto cards, from a retail product to a B2B infrastructure layer.
The conversation covered account abstraction, smart wallets, collateral, compliance, and Brazil’s role as one of the fastest-growing markets in this segment.
Fiserv builds 24/7 dollar rails inside the banking perimeter
In brief, strategic shift:
Traditional banking infrastructure begins offering continuous settlement for crypto companies
Dollar liquidity becomes an operational advantage, not just banking access
U.S. regulatory deadlock remains the backdrop
The launch of INDX by Fiserv directly addresses one of the largest frictions for digital asset companies: real-time dollar settlement within a traditional banking framework, with FDIC coverage and access through a network of participating institutions.
While stablecoins provide continuous onchain liquidity, Fiserv now replicates “always-on” functionality in the offchain environment. The proposal does not require tokenizing the dollar but delivers 24/7 settlement.
The move is symptomatic of the current U.S. moment. Even with the CLARITY Act stalled and debates around yield and rewards unresolved, institutional demand for continuous rails is already being met.
The integration between TradFi and digital assets is advancing less through narrative and more through infrastructure.
Africa records the highest stablecoin–fiat conversion spreads
In brief, strategic shift:
Blockchain reduces friction, but local costs remain decisive
Spreads reflect competition and liquidity, not just technology
Conversion remains the main bottleneck
Data from Borderless.xyz shows that Africa recorded the highest median spreads for stablecoin-to-fiat conversion in January. In Botswana, spreads reached approximately 20%, while in South Africa they were closer to 1.5%.
The core point is clear: the promise of lower costs depends on the last mile. Stablecoins settle in seconds, but conversion into local currency is still determined by banking infrastructure, competition, and market depth.
Adoption in emerging markets continues to grow, but efficiency gains only materialize when the local ecosystem matures.
Malaysia tests stablecoins and tokenized deposits in regulatory sandbox
In brief, strategic shift:
Central bank tests local-currency stablecoins for institutional settlement
Tokenized deposits emerge as a bridge between banks and onchain infrastructure
Focus remains on wholesale settlement
Bank Negara Malaysia announced pilots involving ringgit-denominated stablecoins and tokenized bank deposits within a regulatory sandbox.
The choice is strategic: start with wholesale, not retail. The objective is to test institutional settlement, cross-border settlement, and real-world asset tokenization with banks such as Standard Chartered, CIMB, and Maybank.
The move also reflects local considerations, including compatibility with Shariah principles. Stablecoins are treated as national monetary infrastructure, not speculative products.
Bundesbank brings euro stablecoins into the sovereignty debate
In brief, strategic shift:
Euro-denominated stablecoins enter the discussion as a strategic tool
Europe seeks independence from the digital dollar
CBDCs and stablecoins are framed as complementary layers
Bundesbank President Joachim Nagel argued that euro-denominated stablecoins could contribute to strengthening European independence in payments and cross-border settlement.
With nearly all existing stablecoins denominated in dollars, the debate shifts from technical to geopolitical.
Euro stablecoins emerge as a possible complement to a future CBDC, especially for companies and individuals involved in international flows.
South Korea reopens the market to corporations after nine years
In brief, strategic shift:
Institutions return under strict prudential limits
Stablecoins and ETFs enter the regulatory horizon
Gradual opening replaces full liberalization
The decision to end the ban on corporate trading marks a significant inflection point in the South Korean market.
Listed companies and professional firms will once again be able to trade digital assets, albeit under strict limits—such as a 5% cap on annual capital allocation and restrictions to major assets.
The objective is to institutionalize the market without repeating the excesses of the previous cycle. The agenda includes specific stablecoin legislation and potential approval of spot ETFs in the future.
Institutionalization here means controlled access and gradual scale.
This week’s developments make it clear that stablecoins are not advancing under a uniform model. Each jurisdiction is attempting to fit the product within its own priorities: banking efficiency, real liquidity, monetary sovereignty, or prudential control.
The next phase will not be defined by a single regulation or dominant architecture, but by the ability to connect, or fragment, these rails at global scale.
The challenge becomes interoperability under multiple sovereignties.
See you in the next edition.
