Weekly brief · No. 5
The Fed writes its stablecoin rules, card settlement moves on-chain, and Australia’s licensing clock runs out
The Fed proposes issuer rules, SoFi and Visa move card settlement to stablecoins, and ASIC’s no-action position ends on 30 September.
28 September 2026Covering 21–27 September 20267 min readForte Tech Solutions
The week in brief
- 01
Washington writes the rulebook
The Fed proposed reserve, capital and application rules for stablecoin issuers on 24 September, the third federal bank regulator to do so, without the OCC and FDIC’s concentration caps. The OCC conditionally chartered three stablecoin-focused trust banks, including AUSD issuer Agora.
- 02
Stablecoins move behind the card swipe
SoFi moved its $25bn card programme to settlement in its own bank-issued SoFiUSD on Mastercard; Visa put its stablecoin settlement run rate at $20bn, up 15 times, as Reap takes stablecoin-linked cards to 100+ markets. Binance took a $100m Circle stake under a five-year USDC deal.
- 03
Payments outgrow the downturn
Chainalysis counts $220bn of cross-border stablecoin flows in the year to June, up 78% while crypto market value fell 37%. Banks are building alternatives in parallel: live UK tokenised-deposit transactions, a Canadian Big Six project and the Eurosystem’s Pontes link to central bank money.
- 04
Deadline week
ASIC’s no-action position ends on 30 September, when the FCA gateway opens and MiCA review submissions close; Europe’s central banks want MiCA’s bank-deposit reserve rule dropped. Brazil bars stablecoins from bulk cross-border settlement from 1 October, and Hong Kong is linking CMU to the UAE and Switzerland.
Global industry and markets
5 itemsUnited States22 Sep
SoFi moves its $25bn card programme to stablecoin settlement on Mastercard
SoFiUSD is issued by SoFi Bank, an OCC-chartered national bank, redeemable 1:1 and backed primarily by cash. Merchants receive instant settlement into SoFi accounts without holding stablecoins. Cross-border and remittance use cases are next.
Why it matters
The first stablecoin issued by a national bank is running inside card-network settlement, not as a crypto product. It sets a live benchmark for bank-issued coins in everyday payments at scale.
Global23 Sep
Visa’s stablecoin settlement hits a $20bn run rate as Reap takes stablecoin cards to 100+ markets
The run rate is up 15 times year on year across 160+ card programmes. Reap will issue Visa credit cards using stablecoins as collateral and for repayment, expanding into EMEA and Africa, and will settle with Visa in stablecoins to cut prefunding.
Why it matters
Stablecoin settlement between issuers and card networks is becoming routine. Programme managers now compete on compliance and prefunding costs, lifting demand for regulated coins in more currencies.
Global22 Sep
Binance takes a $100m Circle stake under a five-year deal to promote USDC
Binance bought about 1.24m Class A shares in a private placement that closed on 17 September, subject to a two-year lockup. Circle will pay Binance a monthly incentive fee linked to USDC held through its wallet infrastructure, with a focus on emerging-market distribution.
Why it matters
The largest exchange is tying itself to the regulated US issuer, which could shift the USDT and USDC balance on its venue. Distribution economics are now the main battleground between issuers.
Global23 Sep
Chainalysis: cross-border stablecoin flows up 78% to $220bn as crypto market value fell 37%
In the 12 months to June 2026, flows grew from $124bn to $220.3bn, with an average transfer of about $3,000. The long tail grew fastest: the lower three quarters of corridors rose from $260m to $8.66bn, and 4,708 new corridors appeared.
Why it matters
Payment volume decoupling from token prices is a clear utility signal. Growth in smaller corridors points to supplier payments and remittances, where local on- and off-ramps are the binding constraint.
UK / Canada22–24 Sep
UK’s GBTD goes live and Canada’s Big Six launch a CAD tokenised-deposit project
Seven UK banks on UK Finance’s Quant-built GBTD platform completed first live customer transactions, locking remortgage funds until completion. BMO, CIBC, National Bank, RBC, Scotiabank and TD will explore CAD tokenised deposits; Tetra’s trust-issued CADD stablecoin went live on Solana.
Why it matters
Commercial banks are standing up tokenised deposit networks alongside stablecoins in the same currencies. Settlement providers will need to interoperate with both, and compete on conditional payments.
Global regulation
4 itemsUnited States24 Sep
Fed proposes reserve, capital and application rules for stablecoin issuers it supervises
Two proposals require full backing in Treasury bills and other high-quality liquid assets, standardised capital for credit and operational risk, custody rules and a subsidiary application process. Unlike the OCC and FDIC’s 40% single-institution caps, the Fed sets no concentration limit. Comments are due 60 days from Federal Register publication.
Why it matters
All three federal bank regulators have now proposed issuer rules, and they differ on reserve constraints. Banks will weigh reserve flexibility when choosing an issuing charter before licensing begins in January 2027.
United States18 Sep
OCC conditionally charters three stablecoin-focused trust banks, including AUSD issuer Agora
Agora will move AUSD issuance from Bermuda into a US trust bank; Bastion, a white-label issuer, converts from a New York trust charter; Catena Labs targets AI-agent payments. The OCC has received 40 de novo applications in 18 months, against 48 from 2011 to 2024.
Why it matters
A federal trust charter is becoming the standard US home for non-bank issuers ahead of GENIUS licensing, and offshore issuers now have a visible route onshore.
European Union22 Sep
ESCB asks the Commission to drop MiCA’s bank-deposit reserve requirement
The ESCB’s MiCA review response would replace the rule that issuers hold 30% of reserves (60% if significant) as bank deposits with a minimum in assets maturing within one to five working days. It also seeks to extend the remuneration ban to lending, borrowing and staking. The MiCA review consultation closes 30 September.
Why it matters
The deposit rule is the largest cost gap between EU and US reserve models. Removing it would ease issuance in Europe, while a wider yield ban would reach exchange reward programmes.
European Union21 Sep
Eurosystem launches Pontes for wholesale tokenised settlement in central bank money
Pontes links DLT platforms to T2. Deutsche Bank, Santander, Société Générale, KfW and the EIB are among first participants, with Axiology, Cashlink, Clearstream and SWIAT as DLT operators; full implementation in 2028. The ECB will invest some own funds in tokenised securities via Pontes.
Why it matters
Europe now has a live central bank cash leg for tokenised assets. Stablecoins seeking a role in EU wholesale settlement will be measured against risk-free money on the same rails.
Australia and corridors
4 itemsAustralia24 Sep
ASIC’s no-action position ends 30 September; unlicensed firms exposed from 1 October
Firms stay covered only if they have lodged an AFS licence application or variation, or act as an authorised representative, by Wednesday. ASIC has received 45+ applications since October 2025. Penalties reach 10% of turnover; AUSTRAC registration does not authorise financial products.
Why it matters
The transition ends and the licensing perimeter becomes enforceable. Counterparties should confirm Australian platforms and intermediaries have lodged, as AUSTRAC registration alone will not cover financial-product services.
Australia21 Sep
RooRooEx launches in Australia with AUD, USD and USDT pairs on Integral technology
CloudTech Group’s broker-assisted spot platform went live with multi-source pricing, TWAP execution and in-house custody. It is AUSTRAC-registered and argues pure crypto spot trading needs no AFSL, while acknowledging stablecoins such as USDT may be treated differently.
Why it matters
FX-grade execution is arriving in Australian digital asset markets. The launch also tests where crypto spot trading ends and stablecoins as financial products begin, days before the deadline.
HK / UAE / Switzerland23 Sep
HKMA plans 24-hour atomic settlement on CMU OmniClear, with links to the UAE and SIX
Chief Executive Eddie Yue said the CMU digital asset platform will settle against CBDCs and explore tokenised deposits and regulated stablecoins, with tests on tokenised Exchange Fund Bills. New CMU links with the Central Bank of the UAE and Switzerland’s SIX are being built.
Why it matters
A regional depository settling around the clock against several forms of digital money would join Asian, Gulf and Swiss liquidity, and gives licensed stablecoins a potential role in bond settlement.
Asia-Pacific23 Sep
Visa: Asia-Pacific holds 51% of stablecoin payment volume as digital remittances dominate
Digital shares reach 86% in India, 82% in Singapore and 72% in the Philippines. USD coins dominate liquidity, while local assets such as StraitsX’s XSGD and bank-backed yen coins gain ground; 80% of Indian consumers surveyed would use stablecoins once educated.
Why it matters
The region already accounts for most stablecoin payment activity. Local-currency coins gaining share means corridors will increasingly settle in non-USD legs rather than converting through dollars at both ends.
Coming up
- 28 Sep–1 OctSibos 2026: expect Swift ledger and tokenised-deposit announcements
- 30 SepASIC no-action ends; FCA gateway opens (to 28 Feb 2027); MiCA review closes
- 1 OctBrazil’s Resolution 561 bars stablecoins for bulk cross-border settlement
- From 5 OctUS Senate state work period ahead of the November election
- 7–8 OctTOKEN2049 Singapore
- 16 OctMAS stablecoin legislation consultation closes
- 19–20 OctGENIUS NPRM (19 Oct) and SEC Regulation Crypto Assets (20 Oct) comments due
- 27–28 OctFOMC meeting, after the 16 September rise to 3.75–4.00%
- 30 OctRBA consultation on RITS in a tokenised ecosystem closes
Watchlist
- 1 OctASIC’s enforcement posture and the final count of digital asset licence applications
- WeeksFederal Register publication of the Fed proposals, and whether regulators converge on concentration limits
- WeeksSEC and CFTC rule texts after the CLARITY collapse
- Q4 2026The Commission’s MiCA review: the deposit rule, the yield ban and ESMA licensing
- WeeksWhether other US card issuers follow SoFi onto bank-issued stablecoin settlement
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