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Weekly brief · No. 3

Circle buys the payout layer, Visa puts a number on stablecoin settlement, and the Senate votes on yield

Issuers move down the stack, the rails start reporting numbers, and Washington prepares to vote on stablecoin yield.

14 September 2026Covering 7–13 September 20265 min readForte Tech Solutions

The week in brief

  1. 01

    Issuers move down the stack

    Circle agreed to acquire Singapore-based Tazapay for about US$400m in stock, adding 60+ banking partners and payouts in 100+ markets where roughly 60% of flows already involve stablecoins.

  2. 02

    The rails now report numbers

    Visa’s stablecoin settlement passed a US$20bn annualised run rate, up more than 15x in a year. DBS and Citi settled a live weekend USD payment in tokenised deposits on Swift’s ledger, and U.S. Bank completed a live cross-border transaction with its own USBDC on Stellar.

  3. 03

    Washington decides on yield

    Senate Republicans released a final CLARITY Act draft ahead of a 15 September cloture vote. It keeps the ban on interest for idle balances but gives the Treasury Secretary an 18-month circuit-breaker on stablecoin rewards.

  4. 04

    Australia: two weeks to the ASIC deadline

    ASIC has received more than 45 digital asset licence applications and its no-action position ends on 30 September. From 1 October, unlicensed firms face penalties of up to 10% of annual turnover.

Global stablecoin industry

4 items

Singapore / Global8 Sep

Circle to acquire Tazapay for about US$400m in stock

The Singapore B2B cross-border payments platform processes US$25bn+ annualised volume across 100+ markets, about 60% already involving stablecoins. Close expected in 2027, subject to MAS approval.

Why it matters

Converting USDC into local currency through regulated intermediaries is the constraint on stablecoin payouts, and an issuer is now buying that layer outright.

Source: CoinDesk

Global8 Sep

Visa’s stablecoin settlement passes a US$20bn annualised run rate

Up more than 15x year on year, with 160+ stablecoin-linked card programmes. Visa also launched a stablecoin-denominated revolving credit facility with Credit Coop, secured by settlement receivables.

Why it matters

A card network now discloses stablecoin settlement as a measurable business line, and credit written against settlement files turns the rail into working-capital infrastructure.

Source: The Block

Singapore / US7 Sep

DBS and Citi settle a live weekend USD payment in tokenised deposits on Swift’s ledger

Executed on Saturday 5 September from Singapore to New York, settling in minutes rather than up to two business days.

Why it matters

Bank money is catching up on the always-on proposition. For treasurers the choice becomes one of counterparty, reach and cost rather than availability.

Source: CoinDesk

United States9 Sep

U.S. Bank completes a live cross-border transaction with its own USBDC stablecoin on Stellar

An intra-group transfer between the bank’s North American and European entities, built with the Stellar Development Foundation and PwC. Minting, redemption, freeze and clawback were exercised.

Why it matters

A top-five US bank issuing on a public chain moves bank stablecoins from announcements to live transactions.

Source: Ledger Insights

Funding, M&A and market entrants

3 items

United States10 Sep

Coinbase and Moov bring stablecoin acceptance and settlement to 1,000+ community banks

Coinbase’s Payments API and custodial accounts are embedded in Moov’s platform, giving smaller US institutions stablecoin payments, merchant acceptance and payouts inside existing systems.

Why it matters

Distribution is reaching the community-bank layer where fears of deposit flight are loudest.

Source: PYMNTS

Global9–11 Sep

Tether and Fasanara launch a US$400m private credit vehicle

StableFund is an evergreen fund deploying USDT-linked short-duration asset-backed credit; the sponsors reportedly target up to US$3bn of further institutional capital.

Why it matters

The largest issuer is deploying stablecoin liquidity as credit. How that sits alongside reserve segregation is a question regulators will be asked to answer.

Source: Tether

EU / United States8–9 Sep

MoonPay wins a Dutch EMI licence; PayPal opens PYUSDx for white-label dollar coins

MoonPay can issue MiCA e-money tokens and passport across the EEA. PayPal, M0 and MoonPay launched PYUSDx, a platform for custom stablecoins backed by PYUSD reserves.

Why it matters

Two entry routes are maturing at once: direct issuance in Europe, and white-label issuance on an incumbent’s reserves in the US.

Source: Stablecoin Insider

Global regulation

3 items

United States10–14 Sep

Senate Republicans release a final CLARITY Act draft ahead of the cloture vote

The draft keeps the ban on interest for idle stablecoin balances, permits usage-linked rewards, and lets the Treasury Secretary impose an 18-month circuit-breaker on rewards. Sixty votes needed; Republicans hold 53.

Why it matters

The yield question is being settled inside market-structure legislation, with Treasury given discretion over distribution economics.

Source: The Block

United States4 Sep

Fed staff set out how payment stablecoins could enter the US monetary aggregates

A FEDS Note concludes GENIUS-compliant stablecoins could sit in M1 if used mainly as a medium of exchange, or in non-M1 M2 if held mainly for trading. Staff views, not policy.

Why it matters

Official statisticians are framing stablecoins as money rather than crypto assets.

Source: Federal Reserve

European Union9–11 Sep

EU economists propose copying US redemption limits to fix MiCA’s multi-issuance run risk

A CEPR paper argues MiCA’s immediate par redemption would drain EU reserves in a global run, and proposes mirroring the OCC’s draft two-day delay and fees.

Why it matters

Redemption mechanics, not just reserve quality, become a differentiator between issuers and jurisdictions.

Source: Ledger Insights

Australia and corridors

2 items

Australia2 Sep

ASIC issues a final call before the 30 September licensing deadline

More than 45 AFS licence applications received since October 2025. Firms must lodge or vary a licence, or be appointed as authorised representatives, by 30 September. From 1 October, breaches carry penalties of up to 10% of turnover.

Why it matters

Counterparties should confirm Australian partners’ licensing status now.

Source: ASIC

United States / Global10 Sep

MoneyGram launches a stablecoin-backed Visa debit card with Rain

Users hold stable-dollar balances and spend globally on the Visa network, with Apple Wallet and Google Wallet support.

Why it matters

A remittance incumbent is putting stablecoin balances at the point of spend, not only at the cash-out counter.

Source: TickerTape

Coming up

  • 15 SepUS Senate cloture vote on the CLARITY Act
  • 15–16 SepFOMC meeting and projections
  • 16 SepCircle’s Arc mainnet launch
  • 22 SepBank of England systemic-stablecoin consultation closes
  • 24 SepBinance halts all USDP spot pairs
  • 28 Sep–1 OctSibos 2026
  • 30 SepASIC no-action expiry; FCA gateway opens; MiCA review closes
  • 16 OctMAS stablecoin legislation consultation closes
  • 19–20 OctGENIUS NPRM and SEC comments due
  • 30 OctRBA consultation on RITS closes

Watchlist

  • This weekCLARITY cloture result and whether the rewards circuit-breaker survives
  • From 1 OctASIC’s enforcement posture toward unlicensed firms
  • H2 2026Entity formation for the 21-bank stablecoin consortium
  • 2027Approvals for Circle–Tazapay
  • After 30 SepThe Commission’s response on MiCA multi-issuance

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