Banks Mount a Stablecoin Challenge as Ripple's RLUSD Tops $2 Billion

English Edition

1. Regulatory Framework Takes Shape: SEC Custody Rule & UK Stablecoin Mandate

August 27 — The SEC submitted a revised digital asset custody rule to the White House Office of Management and Budget for review. The new rule addresses how investment advisers and investment companies custody client crypto assets. Unlike the withdrawn 2023 proposal, this version has broader scope and a more open posture toward digital assets. (CoinDesk) (The Defiant)

August 27 — The UK government plans to legislate a new stablecoin-specific objective for the Bank of England. Financial stability remains the primary mandate, and the BoE will report to Parliament annually on stablecoin-related progress. (CoinDesk)

August 27 — Japan's Financial Services Agency, Ministry of Finance, central bank, and financial institutions are jointly researching blockchain applications in securities cash settlement, aiming for a development plan by early 2027. (Cointelegraph)

2. Issuer Competition Heats Up: RLUSD Hits $2B, Revolut Launches EURR, Banks Enter the Fray

August 26–27 — Ripple's RLUSD total supply surpassed $2 billion, with over $540 million minted on the XRP Ledger in the past 30 days. Data shows RLUSD supply grew 30% while USDT supply declined over the same period. (The Crypto Basic) (AMBCrypto)

August 26 — Revolut officially launched its euro stablecoin EURR, issued through its subsidiary Bridge. The rollout starts with select customers in Denmark, Poland, and Portugal, with plans to expand across the European Economic Area. EURR will support multiple blockchains and external wallets. (CoinDesk) (Cointelegraph)

August 26 — South Korea's Shinhan Financial Group partnered with Visa to test stablecoin issuance, remittance, and redemption on Visa's platform, alongside building AI-driven payment models. (CoinDesk)

August 26 — Circle (CRCL) shares fell over 2% amid reports that banking groups are preparing to launch their own stablecoins, potentially challenging USDC's dominance. (CoinGape)

3. Banking Infrastructure Goes On-Chain: BankChain Alliance & Taurus-Swift Integration

August 27 — Thirty-nine U.S. state banking associations formed the BankChain Alliance, targeting a 2027 blockchain network launch. The initiative supports tokenized deposits, stablecoins, smart payments, and automated settlement. This represents one of the largest bank-led shared blockchain infrastructure efforts to date. (The Defiant) (Cointelegraph)

August 27 — Digital asset infrastructure provider Taurus connected its institutional platform to Swift's blockchain ledger system, with first clients expected to go live within days. (Cointelegraph)

4. Crypto-Backed Credit Expands: Bitcoin Mortgages, Galaxy Credit Lines, Aave Savings

August 27 — U.S. digital bank Better, in partnership with Coinbase, launched bitcoin-backed mortgages. Borrowers can use BTC as collateral for down payments, but require a 250% collateralization ratio (e.g., $250,000 in BTC to secure a $100,000 loan). (Cointelegraph) (AMBCrypto)

August 27 — Galaxy opened crypto-backed credit lines to retail clients through GalaxyOne. Users can collateralize BTC, ETH, or staked SOL at 8.99% APR without selling assets. (Decrypt)

August 27 — Aave opened iOS early access for its savings app, supporting bank deposits and stablecoin deposits. A July proposal also outlines plans for swap and FX functionality within 2026. (The Defiant)

5. Market Snapshot: Bitcoin ETF Inflows Surge, PCE Data Triggers Volatility

August 27 — U.S. spot bitcoin ETFs recorded their eighth consecutive day of net inflows, with August totals exceeding $3 billion. BlackRock's IBIT posted a record positive trading week. BlackRock's digital assets head said the macro case for bitcoin is strengthening. (CoinDesk) (CoinDesk)

August 27 — Bitcoin briefly dipped below $78,000 after U.S. July PCE data came in hotter than expected, then rebounded above $80,000. Bernstein predicted BTC will reclaim $125,000 by year-end. (CoinGape) (Cointelegraph)

August 26 — The Crypto Fear & Greed Index surged to 74, up from 27 less than two weeks ago. This level last appeared shortly before October's $19 billion liquidation event. Friday's $6.4 billion bitcoin options expiry adds to near-term volatility risk. (CoinDesk)