Weekly brief · No. 2
Twenty-one banks commit to a stablecoin, the RBA opens its settlement system, and supply pauses
Banks move from exploring to building, central banks recalibrate, and stablecoin supply contracts for the first time since 2022.
7 September 2026Covering 31 August – 6 September 20265 min readForte Tech Solutions
The week in brief
- 01
Banks move from exploring to building
Twenty-one institutions, including 17 global systemically important banks, committed to form a company to issue a US dollar stablecoin, targeting launch in H1 2027 with the euro next.
- 02
Central banks recalibrate
The RBA is consulting on RITS settling tokenised transactions, including central bank reserves behind stablecoins, and with Treasury found no case for a retail CBDC. Singapore is moving its stablecoin framework into law.
- 03
Supply pauses for the first time since 2022
USDT fell by close to US$3bn to about US$184bn in H1 2026 and USDC to around US$72bn, attributed to softer trading rather than payments demand.
- 04
Entrants arrive through the bank door
Revolut won conditional OCC approval for a US national bank, Cari raised US$32.5m for a tokenised-deposit network, and Tether was sued in New York over a US$42.4m freeze.
Global stablecoin industry
4 itemsGlobal1 Sep
Twenty-one banks and asset managers commit to a stablecoin issuance company
17 G-SIBs including BofA, Citi, Goldman Sachs, Deutsche Bank, MUFG, UBS, Santander and Wells Fargo, plus Standard Bank, Fidelity, WisdomTree and Abu Dhabi’s Sirius. Entity formation in H2 2026, USD launch in H1 2027, euro next.
Why it matters
A bank-owned, GENIUS- and MiCA-compliant dollar coin would be the first credible scale challenger to USDT and USDC in institutional settlement.
Global4–6 Sep
Stablecoin supply contracts for the first time since 2022
Bloomberg reports USDT shrank by almost US$3bn to about US$184bn in H1 2026 and USDC by a similar amount to around US$72bn.
Why it matters
Supply still tracks crypto trading rather than payments flows. The question is whether settlement use can grow supply independently of market cycles.
Global2–3 Sep
USDT liquidity reaches Stellar through USDT0; Paxos USDG goes native on Mantle
USDT0 extends Tether’s liquidity to Stellar without a separate network-specific token; Paxos launched USDG natively on Mantle as it joined the Global Dollar Network.
Why it matters
Omnichain issuance removes the bridged-token fragmentation that complicates settlement finality and reconciliation.
United States31 Aug–2 Sep
Tether sued in New York over a US$42.4m USDT freeze made before any warrant
An SDNY complaint alleges Tether blacklisted ten addresses at the informal request of a Homeland Security Investigations agent, 112 days before a seizure warrant issued. Tether has not commented.
Why it matters
A ruling on the process an issuer needs before acting would set the standard for every dollar issuer.
Funding, M&A and market entrants
2 itemsUnited States3 Sep
Revolut wins conditional OCC approval for a US national bank
Preliminary conditional approval for Revolut Bank US, N.A.; FDIC, Federal Reserve and final OCC sign-off still required. Launch targeted for H1 2027 with access to stablecoins.
Why it matters
A fintech with 80 million-plus customers is choosing a full US bank charter as its stablecoin distribution vehicle.
United States3 Sep
Cari raises US$32.5m from banks for a US tokenised-deposit network
First tranche funded entirely by banks, including First Horizon, Huntington, KeyBank, M&T, Old National and SouthState; 30 banks have joined and 40 more are evaluating.
Why it matters
US regional banks are capitalising shared tokenised-deposit rails rather than waiting for the majors.
Global regulation
3 itemsSingapore1 Sep
Singapore consults on stablecoin legislation and opens the door to multi-jurisdiction issuance
Payment Services Act amendments would turn the 2023 framework into law. MAS would let a coin issued from several jurisdictions carry regulated status where the foreign issuer faces an equivalent regime. Comments due 16 Oct.
Why it matters
Directly relevant to USD and AUD coins operating in more than one market. Equivalence assessments become the gating item.
United States2–3 Sep
GENIUS pathway choices harden: state regimes capped at US$10bn
State-qualified issuers are capped at US$10bn outstanding. Wyoming adopted daily proof-of-reserve attestations for its FRNT token, above the Act’s monthly baseline.
Why it matters
Domicile is now a board-level decision for US issuers. Daily reserve attestation is becoming the competitive standard.
Japan31 Aug
Japan’s FSA seeks a tax-filing exemption for trust-type stablecoins from FY2027
The request would drop beneficiary-by-beneficiary trust reports for trust-type stablecoin issuers. Effective 1 April 2027 if adopted.
Why it matters
Removing it makes trust-type yen coins workable as payment instruments.
Australia
3 itemsAustralia3–4 Sep
RBA consults on RITS supporting settlement in a tokenised ecosystem
Building on Project Acacia, the RBA is consulting on how central bank reserves could support exchanges between tokenised deposits, stablecoins and conventional deposits. Consultation closes 30 Oct.
Why it matters
The most significant Australian development for AUD stablecoins this year: a formal pathway to reserves held in central bank money.
Australia4 Sep
RBA and Treasury find no clear public-interest case for a retail CBDC
A joint position paper directs effort to wholesale settlement and private digital money.
Why it matters
Australia leaves retail digital money to regulated private issuers, with the central bank as the wholesale settlement layer.
Australia4 Sep
ASIC’s class no-action position expires in three weeks
About 30 digital asset licence applications received since October 2025. The Digital Assets Framework commences 9 April 2027, with penalties of up to 10% of turnover.
Why it matters
Counterparty due diligence should confirm licence status before month end.
Corridors and counterparty jurisdictions
2 itemsThailand3 Sep
Thailand’s SEC approves a tightened stablecoin compliance framework
New principles bring stablecoin activity within Thai law; detailed measures and a rollout timeline are still to be published.
Why it matters
Supervisory tightening follows adoption; expectations are likely to converge with Singapore and Hong Kong.
Russia1 Sep
Russia’s digital rouble goes into commercial rollout
Twelve systemically important banks must offer digital rouble wallets, and legislation legalising crypto for cross-border settlement took effect.
Why it matters
Screening and Travel Rule controls on counterparties with Russian exposure need to keep pace.
Coming up
- ~15 SepUS Senate CLARITY Act floor vote expected
- 15–16 SepFOMC meeting and projections
- 16 SepCircle’s Arc mainnet launch
- 22 SepBank of England systemic-stablecoin consultation closes
- 28 Sep–1 OctSibos 2026
- 30 SepASIC no-action expiry; FCA gateway opens; MiCA review closes
- 7–8 OctTOKEN2049 Singapore
- 16 OctMAS stablecoin legislation consultation closes
- 19–20 OctGENIUS NPRM and SEC comments due
- 30 OctRBA consultation on RITS closes
Watchlist
- H2 2026Formation of the 21-institution stablecoin company
- WeeksTether SDNY freeze case
- Q3 dataWhether stablecoin supply resumes growth
- Sep–OctVisa’s settlement-partner selection and Korean pilots
- SepAustralian Treasury commencement rules for the Digital Assets Framework
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