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August 23, 2026

Stablecoins

Stablecoin Supply Falls From May Peak as Past Depegs Highlight Ongoing Peg Risks

Stablecoin market shrinks $14.6B from May peak as depeg risks stay in focus The stablecoin supply fell about $14.6 billion from its May 2026 peak of $322 billion to roughly $307.6 billion by early August, while USDT and USDC still make up about 83% of the market. The pullback follows new US federal stablecoin rules that reduced interest payments on digital dollars, underscoring how reserve, banking, and counterparty shocks can still break $1 pegs, as seen in USDC, USDT, UST and xUSD.

August 21, 2026

Stablecoins

Ripple, Clearpool and Cicada Plan RLUSD Lending Market on XRP Ledger

Ripple, Clearpool and Cicada plan RLUSD lending market on XRPL Ripple, Clearpool and Cicada Partners are building an institutional lending market on the XRP Ledger where fintechs, payments firms and crypto companies could borrow RLUSD for working capital. Clearpool is testing the setup on Devnet, Cicada will manage credit, and Ripple will invest in the fund, but a mainnet launch still depends on XRPL governance approving the XLS-66 Lending Protocol and XLS-65 Single Asset Vaults.

August 19, 2026

Stablecoins

China Expands e-CNY Operator Network to 30 Banks After Latest Additions

China expands e-CNY operator network to 30 banks China added eight more banks to its e-CNY operator network this week, including Bank of Shanghai and Bank of Hangzhou, after previously adding 12 in April, taking the total to 30 from 10 at the start of the year. The new participants have connected to the central system and will launch services after operational and technical work, extending the PBOC’s push to broaden commercial-bank distribution of the digital yuan.

Stablecoins

Visa Seeks New Stablecoin Partner After Mastercard’s BVNK Acquisition

Visa seeks new stablecoin partner after Mastercard buys BVNK Visa has started looking for a new stablecoin settlement and OTC partner after Mastercard closed its acquisition of BVNK on Aug. 3, taking over the provider that had been handling Visa’s stablecoin settlement operations. An RFP seen by CoinDesk shows Visa wants a firm that can swap and settle multiple stablecoins, including Open USD, and hold crypto exchange licenses in the U.S., Canada, the UK and Singapore.

Stablecoins

Bitcoin.com Wallet to Integrate UAE-Registered Stablecoin USDU

Bitcoin.com Wallet to add UAE-regulated stablecoin USDU Bitcoin.com will integrate USDU into its self-custodial wallet, adding support for the UAE’s first USD-backed stablecoin registered with the Central Bank of the UAE as a Foreign Payment Token. Universal issues USDU under ADGM’s FSRA regime, says each token is backed 1:1 by liquid USD reserves at regulated UAE banks, and publishes monthly third-party attestation reports. Bitcoin.com also plans to accept USDU for designated services, while swap and buy/sell features will be added later as third-party provider support becomes available.

August 18, 2026

Stablecoins

FASB Proposal Could Let Some Stablecoins Qualify as Cash Equivalents

FASB proposes letting some stablecoins count as cash equivalents The Financial Accounting Standards Board has proposed a US GAAP rule change that would let certain stablecoins be classified as cash equivalents if issuers hold liquid reserves exceeding tokens in circulation and offer redemption into US dollars at any time. If finalized, qualifying stablecoins could sit alongside US Treasuries, commercial paper and money-market funds, with comments open through Nov. 19.

Stablecoins

Circle says euro stablecoin EURC has surpassed €400 million in circulation

Circle’s EURC tops €400 million in circulation Circle said its euro stablecoin EURC has crossed €400 million in circulation for the first time, becoming the first euro-pegged stablecoin to reach that level. The token launched on Ethereum in June 2022 and now runs on five blockchains, while Circle says MiCA-compliant issuance and wider payment integrations, including Thunes support and Visa and Mastercard settlement expansion, are helping build euro-denominated on-chain rails.

Stablecoins

Anchorpoint Launches Beta for HKDAP, Hong Kong’s First Live Regulated Stablecoin

Anchorpoint starts live beta for HKDAP stablecoin in Hong Kong Anchorpoint Financial launched phase-one beta access for its HKDAP stablecoin on August 12, becoming the first of Hong Kong’s two licensed stablecoin issuers to move from approval to a live transaction. Access is limited to institutional distributors and professional investors: HashKey completed an initial client mint-and-redemption, while OSL is handling distribution, liquidity, exchange, trading, and settlement. Anchorpoint has not disclosed circulation, user, or volume data.

August 17, 2026

Stablecoins

Tron Becomes Top USDT Network in Q2 as Low-Value Transfers Reach 52% Share

Tron overtakes Ethereum in USDT supply in Q2 Tron became the largest host chain for Tether in Q2, reaching $87.9 billion in USDT versus Ethereum’s $78.7 billion, while total stablecoin market cap on the network rose 4.1% quarter over quarter to a record $89.2 billion, Messari said. The report also said Tron handled 52% of sub-$1,000 transfers among native-issuance chains, as daily transactions hit 11.8 million and active addresses averaged 3.6 million.

August 12, 2026

Stablecoins

USDT Supply Falls by $4 Billion as Stablecoin Demand Softens

USDT supply drops $4B as stablecoin demand weakens USDT’s 60-day supply change has fallen by $4 billion, with about $870 million disappearing in 11 days, while its market cap slipped to around $183 billion, CryptoQuant data highlighted by Green Dot founder Stacy Muur shows. USDC supply is also shrinking, suggesting weaker stablecoin demand rather than a simple rotation out of USDT, even as Tron added $10.8 billion in stablecoin market cap this year.

Stablecoins

Anchorpoint Begins Beta Issuance of Hong Kong-Regulated HKDAP Stablecoin

Anchorpoint starts beta issuance of Hong Kong’s first regulated stablecoin Standard Chartered-backed Anchorpoint has launched the beta phase of HKDAP with licensed Hong Kong exchanges HashKey and OSL, marking the first issuance of a Hong Kong-regulated stablecoin after the HKMA granted issuer licenses to Anchorpoint and HSBC in April. For now, access is limited to institutions, corporates and professional investors, with cross-border payments and tokenized securities settlement as the initial use cases.

Stablecoins

Slovenia Enters ESMA’s MiCA Stablecoin Register With Dinaro Listing

Slovenia gets first MiCA-listed stablecoin issuer via Dinaro ESMA’s latest MiCA register update added Slovenia-based electronic money institution Dinaro to its EMT stablecoin list, the first issuer from Slovenia to appear in the dataset. The move brings the EMT register to 43 entries; ESMA also added CASPs Partners Banka and Volksbank Beilstein-Ilsfeld-Abstatt, while Czech firm Altlift was removed, leaving 325 authorized CASPs.

Stablecoins

Anchorpoint Begins Beta Rollout of HKD-Backed HKDAP Stablecoin in Hong Kong

Anchorpoint starts phased rollout of HKD-backed stablecoin HKDAP Standard Chartered-backed Anchorpoint has opened beta access to its Hong Kong dollar-backed HKDAP stablecoin for institutional distributors and professional investors, starting with cross-border payments, fiat conversion and tokenized asset settlement. HashKey Exchange joined as a distribution partner and completed its first HKDAP mint and redemption, as Anchorpoint expands the rollout after securing HKMA licensing approval in April.

August 11, 2026

Stablecoins

TRON processed $2.1 trillion in USDT transfers in Q2 as U.S. market access widened

TRON handled $2.1T in USDT transfers in Q2 2026 TRON processed $2.1 trillion in USDT transfers in Q2 2026 as its stablecoin market hit a record $89.2 billion and USDT supply on the network reached $87.9 billion, the largest circulating balance among blockchains. U.S. access also widened, with Binance.US restoring TRX trading, Bitnomial adding TRX and launching U.S.-regulated futures, and Anchorage Digital enabling institutional TRX staking custody.

August 9, 2026

Stablecoins

IMF says domestic stablecoins may unintentionally deepen dollarization risks

IMF warns local stablecoins could speed dollarization in emerging markets IMF First Deputy Managing Director Dan Katz said domestic stablecoins may unintentionally make it easier to switch into dollar tokens if they run on the same blockchain infrastructure, raising dollarization risks in emerging markets. The IMF noted nearly 99% of stablecoins are dollar-denominated, giving them deeper liquidity and wider acceptance, and said regulators should tailor controls on onramps, offramps and on-chain exchanges to local risks rather than impose a blanket ban.

August 8, 2026

Stablecoins

USDG Reaches $3.5 Billion Market Cap as More Than Half of Supply Sits on OKX X Layer

USDG market cap jumps to $3.5B as OKX ecosystem drives growth Stablecoin USDG has grown to a $3.5 billion market cap from about $300 million over the past year, on-chain analyst EmberCN said on Aug. 8, with the expansion tied to OKX’s ecosystem. About $1.95 billion of USDG now sits on OKX’s X Layer, meaning more than half of supply is concentrated there, and EmberCN said the rise came through real usage rather than major marketing or subsidy programs.

August 6, 2026

Stablecoins

Visa Direct to Add Stablecoin Top-Ups and Payouts Through zerohash Partnership

Visa Direct adds stablecoin payouts and top-ups through zerohash Visa and digital asset infrastructure provider zerohash have partnered to let Visa Direct clients top up accounts and make payouts in stablecoins, while managing cross-border liquidity 24/7. Visa said the move expands stablecoin use on its money movement network, which reaches more than 18 billion acceptance points across 195+ countries and territories.

Stablecoins

Circle Extends Coinbase USDC Agreement Through 2029, Keeps Focus on Reinvestment

Circle renews Coinbase USDC agreement through 2029 Circle extended its USDC deal with Coinbase for three years on existing terms, keeping the stablecoin central to Coinbase products through 2029. CFO Jeremy Fox-Geen said the company has no plans for quarterly dividends and will reinvest capital into products, infrastructure, distribution partnerships and strategic opportunities. USDC circulation reached $73.3 billion at the end of Q2, with 30% held on Coinbase.

August 5, 2026

Stablecoins

Coinbase, Visa and Mastercard Reaffirm USDC Support After OpenUSD Launch

Coinbase, Visa and Mastercard back multi-stablecoin approach after OUSD launch Coinbase, Visa and Mastercard said they will keep supporting multiple stablecoins after OpenUSD’s launch triggered a sell-off in Circle shares, signaling no immediate break with USDC. Coinbase said it renewed its commercial agreement with Circle and will keep expanding the USDC ecosystem, while also supporting customer demand for OUSD; Visa and Mastercard said they won’t pick winners and would add OUSD alongside other supported stablecoins.

August 4, 2026

Stablecoins

US and UK Step Up Stablecoin Coordination as GENIUS Act Takes Effect

US and UK regulators expand stablecoin talks as GENIUS Act rollout begins US and UK financial officials used a London regulatory meeting to deepen coordination on stablecoins, tokenization and digital asset oversight as Washington starts implementing the GENIUS Act. No new rules were agreed, but both sides backed “responsible” digital asset growth and a separate July 14 statement called for fully backed stablecoins with 1:1 high-quality liquid reserves, segregated backing and timely redemption.

Stablecoins

Tether Says XAUt Gold Reserves Rose 9.5% in Q2 as Spot Bullion Fell 14.1%

Tether Gold reserves rise 9.5% in Q2 despite bullion’s worst quarter since 2013 Tether said the physical gold backing its XAUt token increased 9.5% in Q2 even as spot gold fell 14.1%, its steepest quarterly drop since Q2 2013. CEO Paolo Ardoino said demand was driven by holders adding gold exposure during weak market conditions, using the token’s fully backed on-chain structure. XAUt remains the largest tokenized real-world asset product at $2.4 billion.

August 3, 2026

Stablecoins

South Korea Records $367 Million in June Stablecoin Outflows to Overseas Exchanges

South Korea logs 18th straight month of stablecoin outflows South Korean exchanges recorded net stablecoin outflows for an 18th consecutive month in June, with 560.3 billion won ($367 million) moving to overseas platforms, based on FSS data obtained by Yonhap. The country’s five biggest exchanges sent 2.7 trillion won abroad and received 2.2 trillion won back, as traders sought products unavailable locally, including offshore derivatives, RWAs, DeFi and staking; lawmaker Lee Jong-wook urged tighter oversight of cross-border crypto activity.

July 31, 2026

Stablecoins

Tether Reports $1.5 Billion Q2 Profit as USDT Supply Reaches $184.6 Billion

Tether posts $1.5B Q2 operating profit, reports $4.1B excess reserves Tether generated about $1.5 billion in net operating profit in Q2 2026, driven mainly by returns from US Treasury holdings and repo operations, while its latest BDO attestation showed $187.7 billion in assets against $183.6 billion in liabilities, leaving roughly $4.1 billion in excess reserves. USDT supply reached about $184.6 billion by the end of June, which Tether said was more than 60% of the stablecoin market.

Stablecoins

Tether Reports $1.5B Q2 Operating Profit as USDT Reserve Surplus Drops to $4.11B

Tether Q2 reserve buffer falls to $4.11B despite $1.5B profit Tether reported about $1.5 billion in Q2 2026 net operating profit, but its excess reserves fell to $4.11 billion from $8.23 billion in Q1, according to a Friday BDO attestation. The report said USDT remained overcollateralized, with $187.75 billion in assets against $183.64 billion in liabilities, but did not explain the drop in surplus or provide prior quarter-style dollar breakdowns for Treasuries, gold and Bitcoin.

Stablecoins

Ripple Mints 15 Million RLUSD on Ethereum as Network Supply Exceeds $712 Million

Ripple mints 15M RLUSD on Ethereum as supply tops $712M Ripple issued 15 million RLUSD on Ethereum, pushing the stablecoin’s circulating supply on the network above $712 million after earlier removing 15 million RLUSD from the XRP Ledger and minting another 10 million on Ethereum on July 29. The move comes as Upbit and Bithumb added RLUSD in South Korea, widening access while Ripple positions the stablecoin for use in cross-border business payments.

July 30, 2026

Stablecoins

UK FCA says stablecoins' strongest payment use case is cross-border transfers

FCA says stablecoins’ clearest UK payment use is cross-border transfers The UK Financial Conduct Authority said feedback from its March Stablecoin Sprint showed stablecoins’ strongest near-term payment use case is cross-border transfers, while UK consumers have little reason to switch from fast, low-cost domestic bank and card payments. The findings informed final rules published June 30 requiring UK-issued qualifying stablecoins to be fully backed and redeemable at par.

Stablecoins

South Korea report urges interim stablecoin rules ahead of broader crypto law

South Korea report calls for interim stablecoin licensing rules A South Korean policy report urges regulators to issue interim guidance for won-backed stablecoins before lawmakers finish the Digital Asset Basic Act, arguing that waiting would leave issuers and users without clear rules. The report recommends guidance on licensing, permitted activities and payment services, while a separate compromise under discussion would let banks keep majority ownership of issuers as fintech or non-bank partners manage operations; the FSC plans to consolidate 10 proposals into one bill in 2026.

Stablecoins

Tether brings native USA₮ stablecoin to Celo with gas payments in the token

Tether launches native USA₮ on Celo Tether has launched its regulated stablecoin USA₮ on Celo, making the network the second after Ethereum to support the asset natively. The rollout lets users pay gas fees in USA₮ itself, removing the need to buy a separate network token before transacting. USA₮ operates under Anchorage Digital Bank, N.A., follows the GENIUS Act, and has reserves safeguarded by Cantor Fitzgerald.

July 29, 2026

Stablecoins

Tether deploys USAT on Celo, adding a second mainnet after Ethereum

Tether launches USAT on Celo Tether has deployed its US-focused stablecoin USAT on Celo, the token’s second mainnet after Ethereum. The launch adds native mint-and-burn support and lets users pay gas fees with USAT on Celo via the network’s CIP-64 upgrade, cutting reliance on third-party bridges. Tether said the move targets a blockchain already widely used for digital-dollar payments, where Celo accounts for 28% of cross-chain USDT transfers.

Stablecoins

Altura says bank review is delaying final stablecoin vault payout

Altura payout delayed as bank restricts account holding £16.4M Altura said the final payout from its stablecoin vault is on hold after a bank temporarily restricted the account holding more than £16.4 million meant for user redemptions. The protocol said the cash was being sent to an OTC partner for conversion into USDT when the restriction hit, and that the bank is now conducting an internal review with no completion date given.

Stablecoins

Visa Reports $11.63B Q3 Revenue and Expands Stablecoin Payments Strategy

Visa maps out stablecoin push after $11.63 billion Q3 revenue Visa used its July 28 earnings call to lay out a broader stablecoin strategy spanning OpenUSD, tokenized bank deposits, blockchain settlement and AI-powered commerce after reporting $11.63 billion in Q3 net revenue, up 14% year over year. The company said OpenUSD will be the first stablecoin on its beta Visa Stablecoin Platform, but its long-term approach will stay multi-coin and multi-chain rather than backing a single winner.

July 28, 2026

Stablecoins

BIS data show $846T OTC derivatives market as crypto rails target short-dated FX flows

BIS: OTC derivatives hit $846T as stablecoins target FX settlement flows The global OTC derivatives market reached $846 trillion in notional value in June 2025, up 16% year over year and the fastest annual growth since 2008, BIS data show. FX derivatives accounted for $155 trillion, much of it maturing within a year, while stablecoins are increasingly being used for institutional crypto OTC settlement as firms target 24/7 liquidity and collateral management needs tied to short-dated FX flows.

Stablecoins

USAT Reaches $140.8M After 540% Monthly Surge as Offshore USDT Shrinks

USAT jumps to $140.8M as offshore USDT shrinks by about $6B USAT, the federally regulated dollar token issued by Anchorage Digital Bank, grew from $22 million to $140.8 million in a month, a 540% jump that the source describes as the fastest growth among regulated dollar tokens this year. Over the same period, its offshore parent USDT contracted by roughly $6 billion, underscoring demand for a U.S.-compliant structure with Cantor Fitzgerald as reserve custodian and Deloitte-signed reserve reports.

Stablecoins

Kenya Lowers Stablecoin Issuer Capital Requirement to $2.32 Million

Kenya cuts stablecoin issuer capital requirement to $2.32M Kenya’s National Treasury has lowered the minimum paid-up capital for stablecoin issuers by 40% to 300 million Kenyan shillings, about $2.32 million, from nearly $3.9 million proposed in draft rules last March, in a bid to encourage entry into its growing crypto market. The new framework still gives the Central Bank of Kenya broad oversight, including powers to force local platforms to stop offering offshore-issued tokens, while requiring 1:1 reserve backing, segregated reserves and redemption at face value within two business days.

Stablecoins

Upbit Opens RLUSD Trading in KRW, BTC and USDT With Launch-Time Order Curbs

Upbit lists RLUSD with KRW, BTC and USDT pairs South Korea’s Upbit opened RLUSD markets against KRW, BTC and USDT, with deposits supported only on the XRP Ledger using issuer address rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De and a correct destination tag. At launch, buy orders were blocked for about five minutes, sell orders more than 10% below the previous day’s close were restricted for the same period, and only limit orders were allowed for roughly two hours.

July 27, 2026

Stablecoins

Tether’s XAUt gold token wins Shariah certification from Amanah Advisors

Tether’s XAUt gets Shariah certification Tether’s gold-backed token XAUt has received Shariah certification from Amanah Advisors, giving the company a clearer route to offer the product to Islamic financial institutions and investors seeking compliant exposure to physical gold. Amanah said the token’s structure meets key Islamic finance principles, with full physical gold backing, no interest or leverage, and transparent reserves; Tether says each token represents one troy ounce of gold stored in Swiss vaults.

Stablecoins

Ripple launches RLUSD institutional platform and expands compliance ties

Ripple launches RLUSD platform for institutions Ripple on July 23 launched Ripple Mint, a platform that lets institutional clients mint, redeem, bridge and manage RLUSD through a single interface or via APIs and webhooks. The move targets automated stablecoin use in payments, treasury and trading, and comes with a strategic investment in compliance provider Notabene, whose network spans 2,300 institutions in 100+ jurisdictions and about $2 trillion in annualized volume.

July 24, 2026

Stablecoins

BPI tests stablecoin settlement rail for inbound cross-border payroll in the Philippines

BPI pilots stablecoin settlement for cross-border payroll in the Philippines Bank of the Philippine Islands has teamed up with Meridian to test a stablecoin-based settlement rail for inbound payroll payments, starting with freelancers and virtual assistants paid by overseas clients. BPI said the pilot will run with Bangko Sentral ng Pilipinas oversight under existing rules, with broader rollout planned before the 49th ASEAN Summit in November if consumer protection and stablecoin reserve transparency requirements are met.

July 21, 2026

Stablecoins

United Stables adopts Chainlink infrastructure after U stablecoin passes $1B supply

United Stables picks Chainlink as oracle for $1B U stablecoin United Stables has adopted Chainlink as the official oracle and cross-chain infrastructure for its U stablecoin after U passed $1 billion in circulating supply and more than $2.5 billion in daily trading volume. Chainlink Data Feeds and Proof of Reserve are now live, while United Stables said it plans to add CCIP to support future cross-chain transfers of U across blockchain networks.

July 19, 2026

Stablecoins

One Year On, US Stablecoin Rules Under GENIUS Act Are Still Incomplete

US stablecoin rules still unfinished a year after GENIUS Act took effect A year after the GENIUS Act established the first US legal framework for stablecoins, the detailed rules to enforce it are still not final. The FDIC and OCC have issued draft proposals on custody, capital, liquidity and KYC, with the OCC’s interpretive proposal released in February, but final adoption is still months away. Broader crypto market legislation under the Clarity Act remains stalled by political deadlock over ethics rules on crypto-related income for senior public officials.

Stablecoins

US regulators miss GENIUS Act deadline as stablecoin rules remain unfinished

US regulators miss GENIUS Act stablecoin rulemaking deadline U.S. financial regulators missed the GENIUS Act’s July 18 deadline to finish key stablecoin rules, leaving major requirements on reserves, redemptions, capital, custody, customer identification and AML still unsettled. The OCC, FDIC, NCUA and Treasury have proposals out, but the law’s federal framework is still set to take effect by Jan. 18, 2027, shortening issuers’ time to prepare once final rules arrive.

July 17, 2026

Stablecoins

ECB Says Stablecoin Growth Could Weaken Eurozone Banks’ Deposit Base

ECB says stablecoins could weaken eurozone banks’ deposit base ECB Executive Board member Piero Cipollone warned that growing stablecoin use could further erode commercial banks’ retail deposits as digital payments shift activity, fees and transaction data to non-European providers. He said a digital euro would help preserve the role of public money and keep banks involved in payments, as the ECB prepares a pilot with 36 payment service providers in the second half of next year ahead of a possible issuance decision as early as 2029.

July 16, 2026

Stablecoins

Visa launches stablecoin platform for banks, fintechs and payment providers

Visa launches Stablecoin Platform for banks and fintechs Visa has unveiled the Visa Stablecoin Platform, a new system for banks, fintechs, and payment providers to issue, hold, and transfer stablecoins through Visa’s network. The platform combines minting, redemption, wallet infrastructure, and treasury management, supports OUSD alongside USDC and USDG, and is entering beta with select customers before a broader rollout.

July 14, 2026

Stablecoins

Velocity raises $38 million Series A for stablecoin treasury and settlement platform

Velocity raises $38M Series A for stablecoin treasury and settlement platform Velocity, a startup that lets corporate users hold, move and settle funds with stablecoins while connecting to bank rails and compliance systems, raised $38 million in a Series A led by Dragonfly and FirstMark. The July 14 round, which included Capital One Ventures, QED, Coinbase Ventures, Wintermute Ventures and Ripple, brings total funding to nearly $50 million since May and will fund network expansion, product development and regulatory capabilities.

July 12, 2026

Stablecoins

Stablecoin supply falls $10 billion from May peak in biggest monthly drop since Terra-Luna

Stablecoin market posts biggest monthly dollar drop since Terra-Luna The stablecoin market fell by about $7.7 billion in June, taking the decline since May’s peak to roughly $10 billion, the largest monthly dollar drop since the May 2022 Terra-Luna crash. USDT slipped to about $184 billion from $190 billion in May, while USDC fell to around $73 billion from just under $80 billion in March 2026, as reduced on-chain liquidity weighed on supply. Analysts said the pullback looks temporary, but shrinking supply could remove a tailwind for crypto markets until new demand appears.

Stablecoins

IMF paper says dollar stablecoins may widen FX access while raising run risks

IMF paper warns dollar stablecoins can speed currency runs An IMF working paper says dollar stablecoins can widen access to foreign currency in economies with fixed or tightly managed exchange rates when official dollar access is rationed, but they may also amplify exits from local currencies during severe stress. The paper found stablecoins can act as parallel FX benchmarks, and said regulators may need temporary limits on unusually large or panic-driven transactions.

Stablecoins

Toss begins won stablecoin pilot on Optimism’s OP Stack

Toss tests KRW stablecoin pilot on Optimism’s OP Stack South Korean fintech app Toss, which has about 30 million registered users, is running a three-month proof of concept for a Korean won stablecoin on Optimism’s OP Stack with Sunnyside Labs. The test is designed to see whether a financial institution can handle settlement, KYC/AML and transaction privacy on a public blockchain at the same time; Optimism said it is a pilot, not a launch commitment.