Top Moves This Week

• Visa Expands USDC Settlement in the U.S.

• J.P. Morgan Launches Tokenized Money Market Fund

• Superstate Tests Whether RWAs Can Be Composable

Visa Expands USDC Settlement in the U.S.

Visa has rolled out 7-day USDC settlement for issuers and acquirers in the U.S., expanding pilots that are already processing roughly $300 million per month.

The move is more impactful for acquirers than issuers. Why:

Merchants are willing to pay for faster settlement; a payment processor like Stripe charges 0.6% for next-day payouts. On their end, acquirers can off-ramp USDC to fiat 24/7 via Circle.

For issuers, the benefits are more limited 

While 7-day USDC settlement can reduce pre-funding requirements, it introduces balance-sheet exposure to a stablecoin that many bank treasurers lack clear mandates, custody, and accounting treatment for. Further, most issuing-bank operations remain firmly grounded to traditional banking hours, limiting the operational upside of (and willingness to adopt) continuous settlement.

Broader issuer adoption will depend on stablecoins being recognized as cash equivalents, or on deeper tokenization forcing treasury teams to operate directly on crypto rails.

J.P. Morgan Launches Tokenized MMF on Ethereum

J.P. Morgan has launched MONY, a tokenized money market fund on Ethereum, joining similar offerings from BlackRock, Franklin Templeton, Fidelity, and others.

Despite growing interest, adoption remains limited. Tokenized money market funds on public blockchains collectively manage about $10 billion (less than 0.2% of the $7 trillion global MMF market) and most have fewer than 1,000 investors, largely crypto-native.

The constraint is demand, not issuance. Broader uptake requires portfolio managers, corporate treasurers, and institutional investors to operate directly on crypto rails.

Infrastructure upgrades from firms like SWIFT, Nasdaq, and DTCC may bring more participants on-chain, but these efforts are primarily driven by operational efficiency gains — estimated at 30–60% for some products — rather than by enabling new financial behaviors.

The open question is whether traditional institutions will adopt crypto-native use cases; where tokenized funds function as yield-bearing collateral, on-chain reserve assets, and composable balance-sheet primitives within DeFi.

Superstate Tests RWAs’ Composability

This week’s RWA developments highlight a central design choice: whether tokenized assets operate within open, composable systems; or remain isolated replicas.

At one extreme are synthetic representations that import TradFi price exposure without bridging structural mismatches. Last weekend, TradeXYZ’s equity-linked perpetuals exposed this risk, after a whale trade triggered cascading liquidations and sparked backlash. DeFi trades 24/7; equity markets do not. So when the reference markets close, price discovery stalls and becomes self-referencing, creating risks for investors.

Traditional infrastructure is taking a different path. DTCC’s tokenized Treasury pilot on Canton, enabled by a regulatory no-action letter, prioritizes privacy, finality, and institutional control. These efforts may deliver efficiency gains, but largely re-platform existing workflows inside permissioned silos.

On the other extreme, Superstate’s decision to bring its registered tokenized securities into Solana DeFi as collateral via Kamino illustrates the composable path. Assets remain permissioned, but composable in DeFi. Crucially, these are not derivatives, they are the underlying securities, operating directly within on-chain markets.

The model isn’t perfect. Market hours still matter, and oracle design remains complex. But it avoids shortcuts while preserving interoperability, allowing RWAs to plug into transparent systems where liquidity, risk, and settlement interact natively.

The distinction matters. Tokenization’s long-term value won’t come from issuing assets on-chain alone. It will come from integrating them into open, composable financial systems. Isolation may feel safer in the short term — but it won’t reshape markets.

Other Stories Worth Your Time

RedotPay has raised $107 million in a Series B — The HK–based stablecoin payments fintech now serves over 6 million users across 100+ markets, with $10 billion+ in annualized payment volume and more than $150 million in annual revenue. 

This follows a recent wave of stablecoin/crypto payments funding — for example, Rain raised $58 million in a Series B earlier in 2025 to build out stablecoin card and API infrastructure.

FDIC Proposes New Rules for Payment Stablecoins — U.S. regulators proposed approval requirements for FDIC-supervised banks seeking to issue payment stablecoins through subsidiaries, signaling tighter oversight as stablecoins move deeper into the regulated banking system.

Coinbase Launches End-to-End Tokenization Platform — Coinbase unveiled a full-stack tokenization platform designed to help issuers bring real-world assets on-chain, signaling a push to become core infrastructure for compliant asset issuance rather than just a distribution venue.

Intuit Integrates USDC With Circle — Intuit partnered with Circle to integrate USDC into its payments and accounting products, enabling businesses to send, receive, and reconcile stablecoin payments natively within existing financial workflows.

SoFi to Launch Native Stablecoin, SoFiUSD — SoFi announced plans to launch its own U.S. dollar–backed stablecoin, extending its financial stack deeper into payments and signaling growing interest from regulated fintechs in issuing proprietary on-chain dollars.

DTCC Pilots Tokenized Treasuries on Canton — DTCC launched a tokenized U.S. Treasury pilot on the Canton network, enabled by a regulatory no-action letter and focused on privacy, finality, and institutional control for systemically important settlement infrastructure.

Vanguard Executive Dismisses Bitcoin While Expanding ETF Access — A Vanguard executive labeled Bitcoin a speculative “digital Labubu,” even as the firm expanded client access to crypto ETFs, underscoring the disconnect between internal skepticism and external client demand.

China Reaffirms Crackdown on Tokenized Real-World Assets — Multiple Chinese industry bodies issued renewed warnings against tokenized RWAs and crypto-linked financial products, reinforcing Beijing’s hardline stance on blockchain-based financial experimentation.