Weekly brief · No. 7
Europe starts the clock on non-compliant coins, card networks put stablecoins into production, and ASIC drafts its rules
ESMA sets a wind-down for non-compliant stablecoins, Visa and Mastercard put stablecoin settlement into production, and ASIC drafts platform rules.
19 October 2026Covering 5–18 October 20267 min readForte Tech Solutions
The week in brief
- 01
Europe starts the clock
ESMA told MiCA-authorised firms to stop servicing non-compliant stablecoins and clear client exposures within three months, and the EBA made USDC the EU’s first significant e-money token, under EBA supervision from 12 November. Qivalis, backed by 37 banks, won a Dutch e-money licence.
- 02
Stablecoin settlement goes into production
Visa Direct moved USDC prefunding of cross-border payouts into production and Mastercard launched a fiat-and-stablecoin platform with BVNK. USDC reaches 82m eligible Samsung Wallet devices in the US this month, and SAP customers get USDC and EURC through Tereina.
- 03
Supply flat, usage rising
Standard Chartered pushed its $2tn forecast to 2030 with supply near $309bn, while Allium data show $482bn of stablecoin payments to September, up 45%. The FSB told the G20 that global stablecoins remain untested in severe stress.
- 04
Rulebooks fill in
ASIC’s CP 392 proposes capital of up to A$14m for platforms holding client assets, with comments due 27 November, and Treasury released draft crypto tax reporting law. In the US, the OCC expects its final GENIUS rule shortly as community banks sue over crypto trust charters.
Global industry and markets
5 itemsGlobal15 Oct
Visa and Mastercard move stablecoin settlement into production
Visa Direct now lets eligible businesses prefund cross-border payouts with USDC in near real time, starting with processor Inyo Global. Mastercard and BVNK launched one API for fiat and stablecoin accounts, conversion, cards and payouts; Nuvei and Marqeta are early users.
Why it matters
Prefunding ties up working capital across payout markets. With both card networks offering stablecoin funding inside existing rails, stablecoin settlement becomes available to mainstream payment firms, not only crypto-native ones.
United States / Global7–8 Oct
USDC heads to Samsung Wallet and SAP’s enterprise ecosystem
From late October, US Galaxy users (82m eligible devices) can hold and send USDC, with Bastion as infrastructure partner, Coinbase as sub-custodian and bank payouts to 60+ countries. Tereina will bring USDC and EURC into SAP Cloud ERP through SAP Pay.
Why it matters
Stablecoins are being built into channels that consumers and corporate treasuries already use. That puts them alongside cards and bank transfers, and raises expectations for reconciliation and compliance tooling.
Global14–17 Oct
Stablecoin supply stalls near $309bn while payment use grows
Standard Chartered pushed its $2tn supply forecast from 2028 to 2030, noting monthly transfer value near $10tn and velocity doubling to about 30x. Allium data put stablecoin payments at $482bn to September, up 45%.
Why it matters
The same dollars are moving more often rather than the float growing. For settlement providers, liquidity, conversion depth and turnover matter more than headline market capitalisation.
Netherlands / United States13–14 Oct
Bank-backed coins move closer: Qivalis licensed, Wells Fargo targets H1 2027
DNB authorised Qivalis, a euro stablecoin venture backed by 37 European banks, as an e-money institution; issuance is planned within months. Wells Fargo said it and 20 other institutions will issue a stablecoin from H1 2027, and its tokenised deposits are live.
Why it matters
Bank-issued euro and dollar coins are nearing launch. Corporates will soon choose between bank consortium coins, tokenised deposits and incumbent issuers for treasury and cross-border flows.
Global / Singapore5–15 Oct
Stablecoin-backed cards scale past 100 markets
StraitsX and Visa will extend stablecoin-backed card issuing to 100+ markets from US$6bn of annualised card spend in Asia. Stripe plans stablecoin cards in 100+ countries by year-end; Bakkt picked Thredd for a US card programme settling in stablecoins.
Why it matters
Cards let holders spend stablecoins without merchants accepting them, with settlement converting to fiat. Card programmes are becoming a significant source of stablecoin-to-fiat conversion demand.
Global regulation
4 itemsEuropean Union8 Oct
ESMA tells MiCA firms to stop servicing non-compliant stablecoins
An ESMA opinion says authorised crypto-asset service providers should cease services for non-MiCA-compliant stablecoins, block new purchases and clear existing client exposures within three months, allowing only wind-down activity. No token is named; reports identify USDT as the largest affected.
Why it matters
MiCA’s stablecoin rules now carry a hard exit timetable for EU venues. Clients holding non-compliant coins will need to convert or move them, likely into USDC, EURC or other authorised e-money tokens.
European Union14 Oct
EBA names USDC the EU’s first significant e-money token
Of 45 notified e-money tokens, USDC is the first classed as significant. From 12 November the EBA supervises Circle’s EU entity on own funds, reserves, liquidity and recovery plans; the ACPR keeps governance. It also signed a supervisory MoU with New York’s DFS.
Why it matters
Significant status brings stricter capital and liquidity standards and EU-level supervision. The NYDFS agreement is an early template for overseeing a coin issued on both sides of the Atlantic.
United States2–15 Oct
OCC’s final GENIUS rule due shortly as banks sue over trust charters
Comptroller Jonathan Gould said the OCC expects its final issuer rule before end-October, ahead of its November target. The ICBA sued the OCC on 2 October over its power to charter crypto firms as trust banks; at least 13 of 21 recent approvals involve crypto firms.
Why it matters
A final OCC rule sets the federal route for issuers before the Act takes effect, by 18 January 2027 at the latest. The lawsuit adds legal risk to the trust-bank status several issuers seek.
Global12 Oct
FSB: global stablecoins remain untested under severe stress
A G20 note puts stablecoin value near $300bn in mid-2026, flat on the year and 99% dollar-pegged. It flags run spillovers via reserve sales, bank deposits and FX, and asks authorities to build cross-border monitoring metrics.
Why it matters
Standard-setters are moving from writing rules to monitoring how they work across borders. Issuers and intermediaries should expect more data requests on reserves, redemptions and cross-border holdings.
Australia and corridors
4 itemsAustralia15 Oct
ASIC proposes platform standards, with capital of up to A$14m
Consultation Paper 392 sets out proposed capital, custody, conduct and market-integrity standards for the Digital Assets Framework. Platforms holding client assets would need the greater of A$14m in net tangible assets or 10% of revenue, with lower tiers otherwise. ASIC reports 140+ licence applications.
Why it matters
The capital bar will shape which platforms stay onshore and how they hold client assets. Licence applications open on 8 April 2027, and certain stablecoins will be regulated separately as tokenised stored-value facilities.
Australia15 Oct
Treasury releases draft law for crypto tax reporting
Exposure draft legislation would bring the OECD Crypto-Asset Reporting Framework into Australian law, add a domestic reporting regime for crypto transactions involving Australian residents and update the Common Reporting Standard. International data exchanges are reportedly expected from 2028.
Why it matters
Platforms serving Australians will need transaction-level tax reporting alongside AML and licensing obligations, with data shared across borders. Design choices made now will affect onboarding and record-keeping.
UAE (DIFC) / Bahrain12–16 Oct
Standard Chartered offers RLUSD custody in the DIFC; Partior eyes dinar settlement
Standard Chartered’s DFSA-regulated DIFC branch now offers institutional custody of Ripple’s RLUSD and plans to make it eligible as mirrored collateral at LMAX. Partior and the National Bank of Bahrain signed an MoU on bringing Bahraini dinar settlement onto Partior’s network.
Why it matters
Global-bank custody and collateral use make dollar stablecoins easier for Gulf institutions to hold. Adding GCC currencies to shared ledgers points to multi-currency on-chain settlement in the region.
Kazakhstan7 Oct
Kazakhstan’s central bank explores a tenge stablecoin with Tether
The National Bank of Kazakhstan, the Alatau City Authority and Tether signed an MoU to prepare a concept and pilot for a tenge-pegged stablecoin, and to test asset tokenisation in Alatau, potentially using Tether’s Hadron platform.
Why it matters
A central bank exploring a local-currency coin with the largest dollar issuer is a new model. It could add a stablecoin leg to Central Asian trade and remittance corridors.
Coming up
- 19–20 OctUS Treasury GENIUS Act NPRM (19 Oct) and SEC Regulation Crypto Assets (20 Oct) comments due
- Late OctSamsung Wallet begins its USDC rollout to eligible US Galaxy users
- 27–28 OctFOMC meeting, with rates at 3.75–4.00%
- 28 OctTreasury consultation on the crypto tax reporting draft law closes
- 30 OctRBA consultation on RITS in a tokenised ecosystem closes
- By 31 OctOCC final GENIUS Act issuer rule expected
- 2–6 NovHong Kong FinTech Week, with the main conference on 2–3 Nov
- 3–4 NovUS midterm elections (3 Nov); Circle Q3 results (4 Nov)
- 9–12 NovECB digital euro innovation platform wave 2 applications close (9 Nov); USDC moves to EBA supervision (12 Nov)
- 16–20 NovSingapore FinTech Festival week, with the festival at Singapore EXPO on 18–20 Nov
Watchlist
- To early JanHow EU platforms delist or convert USDT and other non-MiCA coins within ESMA’s three-month window, and whether more issuers seek authorisation
- WeeksThe OCC’s final rule and whether the Fed and FDIC finalise before GENIUS takes effect, plus the ICBA’s challenge to crypto trust charters
- 27 NovASIC CP 392 submissions close; final instruments are due in March 2027 and licence applications open on 8 April 2027
- H1 2027Qivalis’ white paper and euro coin launch, and the 21-institution US bank consortium’s stablecoin
- NovHong Kong FinTech Week for launch timing of HSBC’s RedCoin and any further HKMA issuer licences
You might also be interested in
- Visa’s survey of 14,250 consumers in 14 Asia Pacific markets, including Australia, found 46% likely to use stablecoins within five years, against 16% in the past year (5 Oct).Visa’s survey of 14,250 consumers in 14 Asia Pacific markets, including Australia, found 46% likely to use stablecoins within five years, against 16% in the past year (5 Oct).
- EU finance ministers agreed a position limiting direct ESMA supervision to significant crypto firms, narrowing the Commission’s proposal (13 Oct).EU finance ministers agreed a position limiting direct ESMA supervision to significant crypto firms, narrowing the Commission’s proposal (13 Oct).
- The CFTC issued an advance notice on federal rules for crypto exchanges, and FinCEN withdrew two proposed crypto rules, including its 2020 unhosted-wallet proposal (5 Oct).The CFTC issued an advance notice on federal rules for crypto exchanges, and FinCEN withdrew two proposed crypto rules, including its 2020 unhosted-wallet proposal (5 Oct).
- MAS plans to use wholesale CBDC to settle tokenised MAS Bills, extending its interbank settlement trials (9 Oct).MAS plans to use wholesale CBDC to settle tokenised MAS Bills, extending its interbank settlement trials (9 Oct).
- Cross River Bank embedded RLUSD in its core banking platform alongside ACH, wires and real-time payments, in limited US states (15 Oct).Cross River Bank embedded RLUSD in its core banking platform alongside ACH, wires and real-time payments, in limited US states (15 Oct).