Stable News is Lumx’s weekly curation dedicated to tracking the key movements in stablecoins, digital infrastructure, and the future of global payments.
In the United States, the debate over stablecoin yield continues to stall negotiations between banks, industry players, and regulators. At the same time, other developments show that infrastructure continues to move forward in parallel. Compliance, banking rails, and supervisory capabilities increasingly appear as inseparable components of this new settlement layer.
A quick update from Lumx
Before moving on to this week’s news, here are a few recent developments at Lumx:
Lumx Demo Day
Tomorrow we will host Lumx Demo Day, an event focused on demonstrating in practice how B2B companies can access more efficient payment rails through stablecoins. Only a few seats remain available, and more information can be found on the event page.
Stable Talks – Season Finale
Last week, the final episode of Season 2 of Stable Talks, the podcast powered by Bitso Business, went live. The guest was Manu, co-founder of belo, one of the pioneers in using crypto for remittances and payments since 2015. Access the episode here.
New Head of Operations
We also recently announced the arrival of Cecília Rotiroti as Lumx’s new Head of Operations. The hire reinforces the company’s commitment to operational excellence and expanding delivery capacity. Learn more here.
Stablecoin inflows rise again while Washington remains stalled on yield debate
In brief:
Weekly stablecoin inflows reached $1.7 billion
Debate over stablecoin yield continues to stall the CLARITY Act
Onchain demand remains active despite regulatory deadlock
Data from Messari shows that net stablecoin flows have started growing again, reaching approximately $1.7 billion in inflows during the week, reversing a recent slowdown.
The contrast is notable. While the market continues issuing and moving stablecoins, Washington remains stuck on the most sensitive discussion: who gets to capture the economic value associated with these assets.
The debate around yield has become the main bottleneck in negotiations between banks, crypto companies, and lawmakers. At its core, the dispute is no longer about technological legitimacy. The focus now is how to integrate stablecoins into the financial system without directly pressuring bank deposits, margins, and existing incentive structures.
Jamie Dimon reinforces banking resistance to yield-bearing stablecoins
In brief:
JPMorgan CEO said companies paying yield should become banks
Banks argue the public would ultimately bear systemic imbalances
Debate shows how stablecoins are touching the core of the banking system
During recent public discussions, Jamie Dimon, CEO of JPMorgan, stated that crypto companies wishing to offer rewards or yield on stablecoins should operate as banks and comply with the same prudential framework.
The position reflects a recurring concern in the banking sector: allowing yield on stablecoins without the same regulatory requirements would create asymmetric competition for liabilities.
More than an isolated criticism, the statement highlights the central point of institutional friction. Stablecoins are beginning to touch the most sensitive area of the banking system: funding, deposit remuneration, and relationships with customer liabilities.
Stablecoins gain traction in crypto philanthropy
In brief:
Stablecoin donations are increasing within crypto philanthropy
Stable assets provide predictable funding for NGOs
Greater regulatory clarity helps strengthen institutional trust
A report from The Giving Block shows that stablecoins are gaining ground in the crypto philanthropy ecosystem.
The main reason is simple: predictability. Instead of relying on the volatility of assets like BTC or ETH, organizations can receive donations in stable digital currencies, making financial planning and operational management easier.
This movement expands the scope of stablecoin usage beyond trading, remittances, or treasury management. They are also becoming a value transfer instrument in social and institutional contexts where stability and speed matter.
Kraken gains access to the Federal Reserve’s core payments infrastructure
In brief:
Kraken Financial received approval for a Federal Reserve master account
Move brings crypto companies closer to core financial infrastructure
Access was granted with limitations but still marks structural progress
Kraken Financial received authorization to operate a master account at the Federal Reserve, bringing an institution connected to the crypto market closer to the central payments infrastructure of the United States.
In practice, this allows more efficient movement of fiat deposits between the banking system and digital asset markets.
The access was granted in a limited format, similar to the concept of a “skinny master account,” designed for institutions focused on payment innovation. Even so, the approval signals a gradual shift in how the traditional financial system integrates crypto-native companies.
FATF places P2P stablecoin transfers at the center of money laundering risk
In brief:
FATF identifies stablecoins as the primary virtual asset in illicit flows
Transfers between non-custodial wallets become a key concern
Organization recommends stronger intervention capabilities for issuers
A new report from the Financial Action Task Force (FATF) indicates that stablecoins already appear as the main virtual asset across several illicit transaction chains, especially in transfers between non-custodial wallets.
The core concern lies in the absence of regulated intermediaries capable of performing traditional supervision.
As a result, the organization now recommends that issuers maintain the technical capability to freeze, block, or remove tokens from circulation when requested by authorities.
This development increasingly aligns the technical design of stablecoins with global regulatory requirements. Compliance is no longer just a policy or process—it becomes part of the product architecture itself, embedded in smart contracts and operational frameworks.
While challenges related to scale, regulation, and governance remain, it is also clear that the range of applications for stablecoins continues to expand.
Cases such as the growth of donations in stable assets show how new narratives and uses continue to emerge as infrastructure matures. More than a debate about technology, the current moment reflects a process of practical experimentation across different contexts, from institutional payments to social value transfers.
As new rails, supervisory models, and applications emerge, the debate around stablecoins continues to evolve alongside the possibilities for transforming global payment systems.
See you in the next edition.
