Stable News is Lumx’s weekly curation dedicated to tracking the key movements in stablecoins, digital infrastructure, and the future of global payments.
The global stablecoin agenda advanced simultaneously on multiple fronts this week. From projections about direct impacts on the U.S. Treasury Bill market to integration into banking stacks and regulatory deadlocks over rewards, the overall movement reinforces a clear transition: stablecoins are no longer analyzed solely through a growth lens, but increasingly treated as a structural variable within the financial system.
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Stablecoins Could Generate $1 Trillion in T-Bill Demand by 2028, Says Standard Chartered
In brief, strategic shift:
Bank projects a $2 trillion market cap by 2028
Issuers could generate up to $1 trillion in additional T-Bill demand
The U.S. Treasury may adjust its debt composition
A Standard Chartered report projects that the stablecoin market could reach $2 trillion by 2028. If current reserve models remain largely allocated to short-term U.S. Treasuries, this would imply between $800 billion and $1 trillion in additional demand for Treasury Bills.
Combined with the Federal Reserve’s reinvestment dynamics, the bank estimates this could create structural excess demand for short-term paper. The practical effect would be pressure on the U.S. Treasury to increase T-Bill issuance and reduce the supply of long-term bonds, potentially even revisiting 30-year auctions.
The most relevant point is not just the projected growth, but the systemic effect: stablecoins could begin to directly influence the structure of the U.S. yield curve. If this trajectory materializes, the impact will no longer be marginal.
TRM Labs and Finray Integrate Crypto and Fiat Monitoring into a Single Framework
In brief, strategic shift:
Unified monitoring across onchain and traditional rails
MiCA accelerates the need for integrated supervision
Compliance consolidates as structural infrastructure
TRM Labs and Finray Technologies announced a solution that integrates crypto and fiat transaction monitoring within the same operational environment. The proposal eliminates fragmentation between traditional rails and blockchain in risk analysis and compliance.
Demand is particularly evident in Europe under the MiCA framework, where institutions must demonstrate structured and auditable supervision of hybrid flows. Banks and EMIs operating on/off-ramps can no longer sustain parallel control systems.
The move reinforces a broader pattern: stablecoins are no longer an additional layer. They require a full redesign of risk governance within the same financial stack.
Rewards Continue to Stall the CLARITY Act in the U.S.
In brief, strategic shift:
White House, banks, and industry resume negotiations
Rewards remain the core regulatory deadlock
Debate centers on the boundary between payments and deposits
Negotiations around the CLARITY Act once again stalled over the most sensitive issue: the treatment of stablecoin rewards.
The debate is no longer about the legitimacy of tokens, but about their economic design. Banks argue that yield-bearing stablecoins directly compete with traditional deposits, altering funding dynamics within the financial system. Crypto companies, on the other hand, contend that banning rewards would undermine the competitiveness of the digital dollar relative to other jurisdictions.
The lack of consensus keeps the bill in limbo. The deadlock makes clear that the dispute is no longer technological but structural: who captures the yield on reserves—and under which rules.
Modern Treasury Integrates Stablecoins into the Same Stack as ACH and Wires
In brief, strategic shift:
Stablecoins operate within traditional infrastructure
USDG, USDP, and USDC enter as native rails
Technical abstraction reduces friction for multi-rail companies
Modern Treasury, a financial operations software company that has processed more than $400 billion for institutional clients, announced the integration of stablecoins into its stack.
Companies can now move ACH, wires, RTP, FedNow, and stablecoins within the same operational and compliance framework.
The significance lies not in technological novelty, but in standardization. Stablecoins are treated as just another rail within financial architecture. As they begin to behave like traditional rails, interest from major banking infrastructure players in capturing part of this operational layer increases accordingly.
Bank of Korea Supports Bank-Led Won Stablecoins
In brief, strategic shift:
Initial issuance restricted to commercial banks
Monetary policy and FX control at the center of debate
Issuer eligibility remains undefined
The Bank of Korea reiterated its position that won-pegged stablecoins should be issued primarily by commercial banks.
Concerns revolve around monetary policy, financial stability, and potential loopholes in capital controls. The proposed model includes banking consortia and interagency coordination for issuer approval.
As in other jurisdictions, the debate no longer questions the existence of local stablecoins, but rather the institutional design that will govern their operation.
As stablecoins are absorbed into the core of the financial system, analyses centered solely on volume or market cap growth lose relevance.
The current debate lies within global macroeconomic, regulatory, and banking architecture. Projections involving U.S. public debt impact, full integration into banking stacks, and disputes over funding dynamics show that the technology has reached a new level of maturity.
The question is no longer whether stablecoins will be part of the system. The focus now is on how they will be integrated, and under which structural limits.
See you in the next edition.
