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The latest weekly report shows that the JUST ecosystem's TVL has reached $11.46 billion, accounting for 42.28% of the total TVL in Tron DeFi. This week, the platform's deposit scale reached $3.75 billion, while the borrowing scale was $193 million, demonstrating abundant market liquidity. Meanwhile, JUST, through a normalized buyback and burn mechanism, has cumulatively burned $60.03 million, with the burn rate further increasing to 13.70%. While providing users with diversified yield options such as sTRX and USDD, the platform continues to optimize the asset allocation supply and demand pattern; this transparent and efficient mechanism execution, along with long-term stable value returns, not only highlights JUST's robust operational strength as a core DeFi protocol in Tron but also builds a resilient long-term value system for users.

Gate's venture capital division, Gate Ventures, announced a strategic investment in the DeFi project 3F. 3F provides a one-click RWA leverage solution that supports the use of tokenized real-world assets as collateral to access decentralized lending markets. Through automated lending and position management mechanisms, it offers differentiated and sustainable sources of income for stablecoin depositors. This model aims to enhance capital utilization efficiency and expand the connection pathways between DeFi and real-world assets.3F aggregates multi-market lending demand through a unified borrower mechanism and introduces programmatic circular lending anchored to real-world credit, which helps improve the counter-cyclical nature and capital efficiency of stablecoin yields. Gate Ventures continues to focus on infrastructure directions such as the integration of RWA and DeFi, believing that related solutions are expected to provide more resilient sources of income amid market cycle fluctuations. As the RWA market size expands, the importance of infrastructure connecting stablecoin liquidity and RWA leverage is gradually increasing. Gate Ventures is laying out plans around related infrastructure directions and supporting the development of projects with long-term growth potential.

According to Businesswire, the blockchain B2B payment network Paystand announced the launch of the Bitcoin ecosystem-based stablecoin USDb, which is backed 1:1 by US dollar reserves and is natively deployed on the Bitcoin sidechain Rootstock. It is also compatible with the Liquid Network and the Bitcoin Lightning Network. Notably, USDb is primarily aimed at traditional corporate finance such as accounts receivable and payable, cross-border payroll, and treasury management.

According to BBX data, corporate BTC reserves continue to expand, traditional financial giants are implementing stablecoin strategies, and the earnings season for crypto-related stocks is about to open. The core dynamics are as follows:Strategy, Inc. (NASDAQ: $MSTR) submitted SEC Form 8-K today (April 28), disclosing that the company sold 1,451,601 shares of MSTR common stock (ATM financing) between April 20 and 26, netting $255 million, and purchased an additional 3,273 BTC at an average price of $77,906; as of April 26, the company's total holdings rose to 818,334 BTC.The Western Union Company (NYSE: $WU) CEO Devin McGranahan confirmed during the Q1 2026 earnings call on April 24 that the Solana-based USD stablecoin USDPT "has entered the final preparation stage and is expected to launch next month," ahead of the previously disclosed timeline of "the first half of 2026"; USDPT is issued by federal regulator Anchorage Digital Bank, with U.S. Bank serving as custodian, initially aimed at replacing SWIFT for instant settlements among 360,000 global agent locations, and will later be opened to consumers, with plans to launch a Stable Card; the company is also launching the Digital Asset Network (DAN), connecting crypto wallets with its offline locations via API, covering over 200 countries.Coinbase Global, Inc. (NASDAQ: $COIN) announced through BusinessWire that the Q1 2026 earnings release date is set for after the market closes on May 7, 2026, with an analyst call scheduled for that afternoon at 2:30 PM (ET). Current market consensus expectations are: Q1 revenue of approximately $1.56 billion to $1.58 billion, with earnings per share (GAAP) of about $0.29; the company previously guided Q1 subscription and services revenue to be in the range of $550 million to $630 million during the Q4 2025 earnings call, while trading revenue will depend on the overall trading volume in the crypto market for Q1.

Renzo posted on platform X that the past week has been a true test for the DeFi ecosystem. To support the healthy liquidity of the DeFi ecosystem, Renzo has provided over 10 million dollars in liquidity support to the Aave V3 stablecoin market from the treasury.

According to Cointelegraph, the Israeli Capital Market, Insurance and Savings Authority has approved the virtual asset trading platform Bits of Gold to launch a stablecoin BILS pegged to the Israeli shekel.This stablecoin has previously completed a 2-year pilot on the Solana blockchain. According to the announcement, the reserve assets of BILS will be held in designated independent accounts within Israel. The project is also part of the regulatory framework for the cryptocurrency industry promoted by the Israeli Tax Authority and the Ministry of Finance, covering specific stablecoin activities.

a16z crypto released an analysis report titled "The New Stack of Global Finance: The Stablecoin Edition." The report points out that stablecoins have evolved from niche trading tools into fundamental financial pipelines, giving rise to a new type of "banking as a service" model that is driving the reconstruction of the financial system. The report believes that the transition to on-chain finance has "crossed the point of no return."The report categorizes blockchains into three types: general-purpose chains (such as Solana, Ethereum, and L2), payment-specific chains (such as Stripe's Tempo), and institutional networks (such as Canton). It also notes that the bottlenecks in the banking industry are easing, with a number of crypto-friendly banks actively connecting on-chain infrastructure with traditional fiat systems. The competition for stablecoin issuance has shifted to regulatory positioning, with issuers vying to obtain OCC national trust charters.The report states that payments are the "first act," while credit may be the more important "second act." The large-scale issuance of stablecoins will give rise to a new on-chain credit market, allowing capital to form outside the traditional banking system. The report also emphasizes that stablecoins not only enhance the dominance of the dollar but also provide emerging market users with access channels to the dollar.

According to Blockchain for Europe, the European Blockchain Association, in collaboration with Dr. Ulrich Bindseil, former Director General of Market Infrastructure and Payments at the European Central Bank, and Erwin Voloder, Director of Research and Strategy at the Association, jointly released a report titled "Reforming MiCA to Support Euro Stablecoins."The report recognizes the significance of MiCA as a milestone regulatory framework, but also points out that some of its design choices may place Europe in the unfavorable range of the regulatory "Laffer curve"—excessively stringent requirements could weaken the EU's market competitiveness and drive related businesses outside the EU.The report proposes a series of targeted and pragmatic reform suggestions aimed at fostering a more competitive, resilient, and globally influential euro stablecoin ecosystem under MiCA, and calls on policymakers, industry participants, and various stakeholders to actively engage in discussions to jointly promote the continuous improvement of the MiCA framework.

According to official news, Banking Circle has officially launched a stablecoin settlement service today.Previously, the bank had obtained a crypto asset service provider (CASP) license issued by the Luxembourg financial regulator CSSF. The new service supports instant two-way exchanges between fiat currencies and mainstream stablecoins such as USDC, USDG, and EURI, and relies on the bank's core platform to achieve round-the-clock settlement and regulatory traceability. Currently, the global market value of stablecoins is approximately 250 billion euros, with an annual payment transaction volume of about 330 billion euros and a monthly on-chain transaction volume exceeding 80 trillion euros.Banking Circle CEO Laust Bertelsen stated that stablecoins have become the core infrastructure for cross-border settlement and fund management. This launch aims to combine the efficiency of blockchain payments with banking compliance standards to serve its global client base of over 750 payment institutions.

CryptoQuant analyst Darkfost posted on the X platform that Binance attracted a total of $6 billion in stablecoin inflows in March and April, with nearly $3.5 billion in net inflows in April, contrasting sharply with the previous net outflow of about $7.6 billion.Despite the escalating tensions between the U.S. and Iran increasing market uncertainty and concerns about rising inflation being unfavorable for risk assets, the trend of stablecoin inflows has clearly shifted. The analyst pointed out that when inflows to major exchanges exceed outflows, it indicates that some parts of the market are beginning to reposition themselves to participate in the gradual recovery over the past two months. If this trend continues, it may provide support for a short-term positive market.

According to The Block, Western Union announced the launch of its stablecoin USDPT. At the same time, Western Union will also launch a network that connects digital wallets with its existing retail infrastructure and plans to introduce a stablecoin payment card called Stable Card for global consumers.

According to Caixin, Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF), warned that the Trump administration's push for financial deregulation, particularly the relaxation of bank capital requirements and regulatory transparency, is significantly increasing the risk of a systemic financial crisis in the United States in the future.Kenneth Rogoff pointed out that one of the important reasons supporting the relaxation of regulations is to allow traditional banks to maintain innovation and market competitiveness in the competition with cryptocurrencies, especially stablecoins pegged to the dollar. If cryptocurrency regulations are relaxed simultaneously, combined with the deregulation of the traditional financial system, it could trigger a "double deregulation" risk, ultimately leading to systemic collapse. Although a comprehensive banking crisis may not erupt in the short term, the risks have clearly increased, and the regulatory balance between stablecoins and the traditional banking system is becoming a key hidden danger.

a16z released the latest research indicating that stablecoins are gradually evolving from their initial role as transaction settlement tools and stores of value into global financial infrastructure. Data shows that following the regulatory clarity driven by the U.S. GENIUS Act, the stablecoin market has accelerated its growth, with adjusted trading volumes reaching approximately $4.5 trillion.The report shows that consumer-to-business (C2B) stablecoin transactions grew by 128% year-on-year, reaching 284.6 million transactions. The monthly collateral deposits for stablecoin card projects also increased from nearly zero at the end of 2024 to over $300 million by early 2026, reflecting the rapid expansion of stablecoin payment scenarios. Meanwhile, the velocity of stablecoins has increased from 2.6 times to 6 times since early 2024, indicating a shift from being "held" to being "frequently used." a16z believes that the focus of stablecoin applications is shifting from cross-border payments to local payment infrastructure, particularly evident in markets such as Asia and Brazil.

The Web3 asset data platform RootData has outlined 30 business partners of Fireblocks, spanning multiple key areas such as DeFi protocols, payment settlement, compliance analysis, trading institutions, and multi-chain infrastructure:Settlement Layer: Represented by Circle, TripleA, and Lynq, responsible for stablecoin issuance and payment clearing.Liquidity and Trading Layer: Includes market makers and trading institutions such as Wintermute, Amber Group, GSR, and Wootton, responsible for fund distribution and market depth.On-chain Application Layer: Covers DeFi and application tools like Aave, Morpho, and MetaMask, which support the actual operation scenarios of funds.Compliance and Risk Control Layer: Service providers like Chainalysis, Elliptic, and Coincover form an important supplement to its regulatory adaptation capabilities.By 2025, Fireblocks is expected to handle over $200 billion in stablecoin transactions per month, a year-on-year increase of 300%. Fireblocks' positioning is evolving from a "custody and security service provider" to a central hub for on-chain fund flows and institutional asset circulation.Currently, Fireblocks supports over 150 public blockchain networks, and its partnership network has expanded to over 2,500 global institutional participants, including banks, asset management firms, exchanges, market makers, and fintech companies. Related compilation: Fireblocks Web3 Partner Network Compilation (Continuously Updated)Cryptocurrency projects actively showcasing their partner networks have become a key way to enhance transparency and market trust. It is reported that RootData welcomes Web3 project parties to claim information and continues to track and open more project business relationship disclosure channels. The platform has continuously released multiple issues of the cryptocurrency project ecosystem map, nominating Web3 ecosystem partners for upstream clients such as Visa, Mastercard, and Coinbase.If you wish to nominate your project in future ecosystem maps, please fill out the RootData 2026 Industry Ecosystem Mapping form to supplement your important clients and partners.

Morgan Stanley's investment management division, MSIM, announced the launch of a stablecoin reserve portfolio fund (MSNXX), which is a government money market fund designed specifically for stablecoin issuers. It aims to provide a regulated and secure storage place for reserves held by issuers that back their tokenized fiat currency versions.The fund only invests in the safest and most liquid instruments, such as U.S. Treasury bills (short-term loans to the U.S. government) and repurchase agreements (overnight loans secured by similar government securities), both of which aim for capital preservation. The fund's target net asset value is $1, meaning that the invested capital retains the same value upon redemption, avoiding price fluctuations; at the same time, the fund offers daily liquidity, allowing investors to redeem funds on any trading day without a waiting period or penalties.Currently, the market capitalization of stablecoins has reached $316 billion, with tokens pegged to the U.S. dollar, such as Tether and USDC, holding the majority share. Morgan Stanley's launch of the fund coincides with the advancement of the GENIUS Act in Congress. If passed, this act would legally require stablecoin issuers to back their tokens with high-quality liquid assets such as Treasury bills and cash-like instruments, and they must be held through regulated instruments. Thus, the fund is positioned to take on reserve management business ahead of regulatory mandates.Additionally, Morgan Stanley Investment Management recently launched the Morgan Stanley Bitcoin Trust (MSBT), which is a cryptocurrency ETP that tracks Bitcoin, with custodial and fund management services provided by BNY Mellon. It has also collaborated with BNY Mellon to launch tokenized DAP class shares of an institutional liquidity fund Treasury securities portfolio, achieving blockchain-based mirror records while the official ledger remains retained by BNY Mellon.

DogPay announced a strategic partnership with DeCard to jointly launch the DogPay physical payment card, aimed at further bridging stablecoin assets with the global traditional payment network.It is reported that this payment card combines DeCard's regulated card issuance and settlement infrastructure with DogPay's modular digital financial platform. Eligible users can transact at over 150 million Visa-supported merchants worldwide, supporting real-world application scenarios such as offline POS machine consumption, retail shopping, and ATM withdrawals, thereby directly converting stablecoin balances into everyday purchasing power.DogPay officials stated that the launch of the physical payment card aims to meet the growing market demand for compliant and globally accepted digital asset payment tools, further promoting the deep integration of digital assets with regulated financial infrastructure.