Weekly brief · No. 6
Payment giants launch a shared dollar coin, Swift’s ledger goes live, and licensing deadlines turn into regimes
Visa, Mastercard and Stripe back Open USD, Swift’s blockchain ledger goes live, and ASIC, the FCA and Florida turn deadlines into regimes.
5 October 2026Covering 28 September – 4 October 20267 min readForte Tech Solutions
The week in brief
- 01
Payment giants pool a dollar coin
Open USD launched on 30 September with Visa, Mastercard, Stripe, Coinbase and Shopify as founding backers, 200+ partners and $468m in circulation, passing most reserve income to the platforms that distribute it. Citi and Coinbase linked stablecoin acceptance to Citi bank accounts.
- 02
Bank money goes on-ledger at Sibos
Swift said its blockchain ledger is live for tokenised deposits, with at least 19 banks expected by year-end, and The Clearing House set out a two-track plan. Visa reported stablecoin-linked card volume up nearly 200%, with business programmes at 17%.
- 03
The US rulebook fills in
The Fed’s GENIUS proposals reached the Federal Register (comments by 30 November), Treasury set state certification procedures and Florida’s regime went live. A Senate minority report tied USDT to 84% of 846 Iran-linked wallets; Tether cites $550m of freezes.
- 04
Deadlines become regimes
ASIC’s no-action position lapsed on 30 September with 45+ applications on file, and the RBA’s surcharge ban and interchange cuts took effect. The FCA gateway opened, ESMA is testing Binance’s use of reverse solicitation, Brazil’s stablecoin settlement limits went live and HSBC named its HKD coin.
Global industry and markets
5 itemsGlobal / United States30 Sep
Open USD launches with Visa, Mastercard, Stripe and Coinbase as backers
The Open Standard’s OUSD launched with $468m in circulation and 200+ partners, 52 of them banks. Reserves sit with BlackRock, BNY and Lead Bank; minting and redemption are free, and the platforms that use it most receive nearly all reserve earnings.
Why it matters
Card networks and processors now co-own a coin that hands reserve income to distributors, challenging the issuer-keeps-the-yield model of USDT and USDC. Distribution economics become the main competitive lever.
United States29 Sep
Citi and Coinbase link stablecoin acceptance to Citi bank accounts
Citi’s corporate and institutional clients can accept stablecoin payments through Spring by Citi, with Coinbase Payments processing and Citi settling in fiat as bank of record. Coinbase will use Citi’s Virtual Account Wallet for its business accounts. The US launches first.
Why it matters
A global bank is putting stablecoin receipts behind its own fiat settlement. Corporates can accept stablecoins without holding them, removing a main treasury and custody barrier.
Global / United States30 Sep–1 Oct
Swift says its blockchain ledger is live; The Clearing House maps tokenised deposits
At Sibos, Swift CEO Javier Pérez-Tasso said large institutions are using the ledger for 24/7 tokenised-deposit payments in five major currencies, with at least 19 banks expected by year-end. TCH plans Quant-based interoperability between US bank platforms from H1 2027.
Why it matters
Bank-issued tokenised money now has a shared cross-border rail that runs outside cut-off times. Stablecoins competing for treasury and correspondent flows face a bank-native alternative on Swift.
Global2 Oct
Visa: stablecoin-linked card volume up nearly 200%, with business programmes at 17%
Visa supports 160+ stablecoin-linked card programmes. Allium research it cites puts annual stablecoin payments at $401bn–$527bn, led by service fees ($56bn), payroll ($43bn) and supplier payments ($28bn), with B2B cross-border at 43%.
Why it matters
Corporate payments, not trading, are driving stablecoin card growth. Business use brings invoicing, reconciliation and FX expectations that issuers and settlement providers will need to meet.
United States28 Sep
Senate report ties USDT to 84% of Iran-linked wallets; Tether cites $550m frozen
Senator Blumenthal’s PSI minority report reviewed 846 sanctioned or targeted wallets and asked Treasury and the Justice Department to examine Tether’s sanctions and AML compliance. Tether says it has supported nearly $550m of Iran-linked freezes and 2,900+ investigations.
Why it matters
Sanctions exposure is becoming a factor in stablecoin selection. Firms settling in USDT should expect sharper screening questions from banks and regulators as US foreign-issuer rules take shape.
Global regulation
4 itemsUnited States29–30 Sep
Fed’s GENIUS proposals reach the Federal Register; Treasury sets state certification steps
Comments on the Fed’s reserve, capital, custody and application rules for the issuers it supervises are due 30 November. Treasury’s interim rule, effective 30 September, sets the forms and review steps states follow before the Stablecoin Certification Review Committee.
Why it matters
Both the federal and state routes to issuance now have procedures in place. Issuers choosing between state and federal oversight can plan timelines ahead of licensing in January 2027.
United States (states)30 Sep–1 Oct
Florida’s stablecoin regime takes effect; New York and Wyoming align supervision
From 1 October, Florida trust companies need an approval certificate to issue, with 1:1 reserves, monthly reserve disclosure and executive certifications; issuers above $10bn must move to federal oversight within 360 days. NYDFS and Wyoming signed an MoU on joint licensing and exams.
Why it matters
State regimes are going live on the GENIUS template, giving smaller issuers a supervised route below the $10bn threshold. Interstate cooperation should shorten multi-state licensing.
United Kingdom30 Sep
FCA opens its crypto authorisation gateway until 28 February 2027
Firms wanting to operate under the UK regime, which goes live on 25 October 2027, can now apply; existing firms that apply in the window may keep operating while under review. The FCA will assess consumer protection, safeguarding, market integrity and resilience.
Why it matters
The UK timetable is now fixed. Stablecoin issuers, exchanges and custodians serving UK clients have five months to apply or face a hard stop when the regime starts.
European Union1 Oct
ESMA and national regulators test Binance’s reliance on MiCA reverse solicitation
The FT reported that ESMA and authorities in France, Germany and Greece are examining how Binance serves EU customers without MiCA authorisation after the 1 July 2026 transition end. ESMA says the exemption is very narrow; Binance says it is working towards authorisation.
Why it matters
How strictly the reverse-solicitation boundary is enforced will decide whether unlicensed venues keep EU flow. It also bears on where non-MiCA stablecoins such as USDT can still trade in Europe.
Australia and corridors
4 itemsAustralia30 Sep
ASIC’s no-action position lapses with 45+ licence applications on file
Relief ended on 30 September. Firms that needed an AFS licence but had not applied, varied a licence or become an authorised representative now face penalties of up to 10% of turnover. ASIC says enforcement will target firms that failed the conditions. The Digital Assets Framework starts on 9 April 2027.
Why it matters
Australia’s licensing perimeter is now enforceable. Counterparties should confirm that platforms and intermediaries have lodged, as AUSTRAC registration alone does not cover financial-product services.
Australia1 Oct
RBA’s card surcharge ban and interchange cuts take effect
From 1 October, merchants can no longer surcharge eftpos, Mastercard or Visa payments; American Express, JCB and UnionPay have committed to follow. Debit interchange caps fall to 0.16% or 8c and consumer credit to 0.30%; foreign-issued cards are capped at 1.00% from 1 April 2027.
Why it matters
Merchants can no longer pass card costs to customers, sharpening interest in cheaper acceptance, including account-to-account and stablecoin payments. Lower caps on foreign cards also reprice inbound spend.
Hong Kong30 Sep
HSBC names its Hong Kong dollar stablecoin RedCoin, due in H2 2026
HSBC, one of the HKMA’s first two licensed issuers, will distribute RedCoin through PayMe’s 3.3m users for peer-to-peer and merchant payments, with wholesale, corporate and institutional uses to follow. Hong Kong Fintech Week in November is a possible launch venue.
Why it matters
A licensed HKD coin from a global bank with a ready retail base will test demand for regulated local-currency stablecoins, and adds a non-USD settlement leg for Asian corridors.
Brazil30 Sep–1 Oct
Brazil’s limits on stablecoins in regulated cross-border settlement take effect
Resolution BCB 561 took effect on 1 October, barring regulated FX and payment providers from using stablecoins for bulk cross-border settlement. Coinbase urged a supportive framework as policymakers weigh treating stablecoins as e-money or foreign currency, which could bring transaction taxes.
Why it matters
One of the largest stablecoin markets is pushing regulated cross-border flows back to traditional rails. Providers in Brazil corridors need fiat settlement legs, and the tax treatment of stablecoins remains open.
Coming up
- From 5 OctUS Senate state work period begins ahead of the 3 November elections
- 7–8 OctTOKEN2049 Singapore
- 16 OctMAS consultation on stablecoin legislation closes
- 19–20 OctUS Treasury GENIUS Act NPRM (19 Oct) and SEC Regulation Crypto Assets (20 Oct) comments due
- 27–28 OctFOMC meeting, with rates at 3.75–4.00%
- 30 OctRBA consultation on RITS in a tokenised ecosystem closes
- 3 NovUS midterm elections
- 9 NovApplications close for the second wave of the ECB’s digital euro innovation platform
- 11 NovKorea FSC consultation on draft tokenised securities rules closes
- NovemberHong Kong Fintech Week; OCC final GENIUS rules expected
Watchlist
- WeeksASIC’s first post-deadline actions, and decisions on the 45+ pending digital asset licence applications
- 30 NovFed comment deadline; whether the Fed, OCC and FDIC converge on reserve concentration limits
- WeeksOUSD uptake across Visa, Mastercard, Stripe and Coinbase rails, and whether USDC and USDT answer with richer distribution incentives
- Q4 2026ESMA’s line on reverse solicitation, and the Commission’s MiCA review after the 30 September consultation close
- H2 2026Launch dates for HSBC’s RedCoin and Anchorpoint’s HKDAP, and names of the first live banks on Swift’s ledger
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