Specialized blockchains like Berachain, Story (IPfi), Unichain, Monad, and MegaETH are leading a wave of specialized blockchain launches designed to serve diverse decentralized finance applications. These chains challenge the notion that a handful of general-purpose networks can support all use cases and declare that the future is not one monolithic chain to rule them all. Financial institutions are entering DeFi with expectations shaped by decades of traditional finance, and the demand is clear: performance-optimized platforms catering to high-speed trading, tokenized intellectual property, and sophisticated real-world asset markets. Critics warn that a highly fragmented landscape could dilute liquidity and create inefficiencies, making it harder for assets to flow seamlessly across different platforms. However, emerging data from beta deployments indicates that specialized networks can attract robust ecosystems, offering developers more freedom to innovate in areas like algorithmic credit scoring, IP rights management, and tokenized commodities. Experiments in liquid staking, real-world asset tokenization, and hybrid on-chain/off-chain data verification further validate the need for these chains as key infrastructure layers for the next wave of institutional DeFi. The long-term viability of this multi-chain paradigm will depend on whether interoperability frameworks can facilitate frictionless asset movement and whether institutions gain confidence in the governance and security of specialized chains. The future of blockchains is not monolithic; it’s modular, specialized, and taking off. As the market evolves, it’s crucial to develop seamless user interfaces and robust interoperability mechanisms that abstract away technical friction.
Playtron rolls out Game Dollar programmable stablecoin for gaming to enable purchases, subscriptions and rewards, giving a seamless and consistent experience for payments and rewards
Playtron, a Web3 gaming operating system, announced plans to roll out Game Dollar, a stablecoin for gaming that will be used to power purchases, subscriptions, and rewards across Playtron’s and other gaming ecosystems in the future. Game Dollar will be used to power Playtron’s GameOS, aiming to unify gaming ecosystems across platforms, where gaming economies remain mostly siloed. With Game Dollar, Playtron seeks to create a neutral, programmable financial layer across games and gaming marketplaces, giving a seamless and consistent experience for payments and rewards. Game Dollar will be built on top of the M0 stablecoin platform with seamless payments APIs powered by Bridge-supporting game marketplaces, publishers, and gamers. Importantly, Game Dollar will be available for use in a new, first-of-its-kind handheld gaming console, the SuiPlay0X1, allowing for payments and rewards on a wide range of PC games as well as new titles developed using the Sui blockchain within the console. “Programmable stablecoins are the next evolution of digital assets, and Game Dollar is a powerful example of how this innovation unlocks real utility in one of the world’s most dynamic sectors,” said Adeniyi Abiodun, chief product officer of Mysten Labs. Game Dollar will initially launch exclusively on Sui. M0 is the universal platform powering builders of application-specific stablecoins. With M0, developers can build safe, programmable and interoperable digital dollars.
Visa invests in Stabelcoin infrastructure platform BVNK that processes more than $12 billion annually for companies like Ferrari and Rapyd
Stabelcoin infrastructure platform BVNK received an investment from Visa. The new capital comes on the heels of a $50 million Series B funding round in December. “We’re proud to support BVNK as they help accelerate global adoption of stablecoin payments,” Rubail Birwadker, head of growth products and partnerships at Visa, said. “Stablecoins are fast becoming a part of global payment flows, and Visa invests in new technologies and builders like BVNK, staying at the forefront of what’s next in commerce to better serve our clients and partners.” There was $27 trillion in total stablecoin transaction volume globally across 1.25 billion transactions in 2024, per Visa Onchain Analytics. BVNK processes more than $12 billion annually for companies like Ferrari and Rapyd. “We’re experiencing a once-in-a-generation shift to a new foundational payment technology, powered by stablecoins,” BVNK co-founder and CEO Jesse Hemson Struthers said. “At BVNK, we’re building the infrastructure to make these new rails accessible to businesses, empowering them to operate at the speed of today’s economy.”
OCC clarifies banks may buy and sell assets crypto-assets; can also outsource custody to third parties
The OCC has clarified that institutions under its oversight can now buy and sell crypto assets on behalf of their customers. In addition, the OCC stated that national banks may outsource crypto-asset services to third parties, including custody and trade execution, provided those third parties maintain sound risk management practices. The latest OCC letter follows a similar directive issued in March, which rescinded the 2021 policy requiring banks to seek prior supervisory approval before engaging in crypto-related services. “The services national banks may provide in relation to the cryptocurrency they are custodying may include services such as facilitating the customer’s cryptocurrency and fiat currency exchange transactions, transaction settlement, trade execution, recordkeeping, valuation, tax services, reporting, or other appropriate services,” the March letter stated. It further clarified: “A bank acting as custodian may engage a sub-custodian for cryptocurrency it holds on behalf of customers and should develop processes to ensure that the sub-custodian’s operations have proper internal controls to protect the customer’s cryptocurrency.” Meanwhile, the Federal Reserve recently dropped its supervisory guidelines that previously required American banks to notify it in advance of any crypto-asset activities. Banks are also no longer required to obtain formal approval from the Fed before engaging in stablecoin-related operations. The decisions by both US regulators reflect the broader shift toward more crypto-friendly policies under the Trump administration.
Coinbase’s x402 protocol to enable AI agents to pay for digital items automatically with stablecoins, allowing direct transactions from holder to merchant without intermediaries
Crypto exchange Coinbase has unveiled the x402 protocol to automate online payments with stablecoins, allowing direct transactions from holder to merchant without intermediaries. The protocol will be particularly useful for AI agents to pay for digital items automatically, but can serve any service requiring micropayments – essentially functioning as the online version of automated toll payments. Applications could include API usage, online content, flights, or computer resources. While designed for direct payments, various intermediaries will likely emerge to simplify the process for merchants. The key is that there is no need for an intermediary. The stablecoin payment goes directly from the holder to the merchant. That said, any number of intermediaries will pop up to make it easier for merchants. When browsing the web, if we come across a missing web page it often shows a 404 error. An error code that we never see is the 402 error, which says there’s a paywall and you need to make a payment. Coinbase is using this to build a protocol for payments to make it as seamless as sending a tweet. “We built x402 because the internet has always needed a native way to send and receive payments—and stablecoins finally make that possible,” said Erik Reppel, Head of Engineering at Coinbase Developer Platform. “Just like HTTPS secured the web, x402 could define the next era of the internet; one where value moves as freely and instantly as information. We’re laying the groundwork for an economy run not just by people, but by software—autonomous, intelligent, and always on.”
Ramp and Stripe expand partnership to enable businesses to fund a wallet using local currency or by depositing stablecoins directly with stablecoin-backed corporate cardss
Ramp will expand its issuing partnership with Stripe, a programmable financial services company, to launch the industry’s first stablecoin-backed corporate cards with fully integrated spend management software. Together, these companies are setting a new standard in global commerce by making cross-border transactions dramatically easier and faster. By working with Stripe to extend Ramp’s platform to previously unreachable markets, businesses in emerging economies will gain access to the same advanced financial tools that have helped over 30,000+ U.S. companies save billions of dollars and millions of hours. This combination of stablecoin-backed cards and Ramp’s powerful financial platform will accelerate business growth and commerce in regions that need it most. The integration enables issuance of new card programs in multiple countries at once, starting with select Latin American markets. Ramp and Stripe’s stablecoin-backed corporate cards offers businesses dramatically faster settlements, lower costs, built-in protection from currency volatility, and seamless card issuance — enabling global growth without global headaches: 1) Fund: Businesses can fund a wallet with Ramp using local currency, which is converted to stablecoin, or by depositing stablecoins directly. 2) Transact: Card purchases work as standard local payments. The cardholder simply pays in their local fiat currency, and the merchant receives fiat currency. 3) Protect: Funds are held in dollar-equivalent value, shielded against local currency devaluation. 4) Simplify: With Ramp’s corporate card, businesses can also access Ramp’s full suite of spend management and financial automation tools globally.
Consumers can now select Cash App Pay as their preferred payment method when ordering food and checking out on the Domino’s Pizza app
Cash App has announced its new partnership with Domino’s Pizza, giving customers payment flexibility when ordering food. This launch marks the first nationwide pizza restaurant chain to be available with Cash App Pay. When checking out on the Domino’s app, consumers can now select Cash App Pay as their preferred payment method. Cash App users can get access to all available merchants on the app. Cash App says the new partnership allows Domino’s to connect with Cash App’s young and growing user base, building long-term loyalty. According to data from the National Restaurant Association, 79% of Gen Z and 85% of millennials use mobile apps for fast-food orders. Alex Fisher, head of revenue, North America, Cash App Commerce said, “Through this integration we are able to help them unlock incremental value with next generation consumers who we know are looking for convenience and flexibility at checkout.”
Citi report predicts stablecoin market size could grow to $3.7 trillion by 2030 from the current level of $240 billion; payment companies to represent 50% of the stablecoin volume within 12 months
The next five years will likely see stablecoins substitute for some overseas and domestic U.S. currency holdings, according to a Citi Future Finance report. “We’re looking at the integration of stablecoins into what you call the mainstream economy,” Ronit Ghose, the global head of Future of Finance, Citi Institute, said. The stablecoin market size is currently around $240 billion, led by Tether’s $145 billion USDT and Circle’s $60 billion USDC. In Citi’s base-case prediction, stablecoins will grow to $1.6 trillion by 2030, provided regulatory support and institutional integration take hold. In the bank’s more bullish scenario, the market could balloon to $3.7 trillion. (The global cryptocurrency market cap today stands around $3.45 trillion.) “Payment companies are leveraging stablecoins for a variety of pure-play payment flows, including cross-border transfer, remittance, merchant settlements and others,” CEO Michael Shaulov said. “Payment companies represent 11% of all of our clients, but 16% of the overall stablecoin transactions with over 30% growth of Q/Q in volumes. It is likely that this growth will continue, and they will represent 50% of the stablecoin volume within 12 months.”
“Tokenization agents” or “digital transfer agents” can help manage edge cases like wallet recovery, freezes, sanctions compliance, and complex corporate actions that smart contracts cannot handle
During one of the panels at the U.S. Securities and Exchange Commission (SEC) roundtable on tokenization, incumbents were urged to avoid attempting to hamstring new technology players. Below is a summary of the key regulatory changes discussed. 1) Transfer agent modernization: While smart contracts handle transfers, participants believe a regulatory layer is still needed in the form of “tokenization agents” or “digital transfer agents” to help manage edge cases like wallet recovery, freezes, sanctions compliance, and complex corporate actions. 2) Blockchain as official record: Participants emphasized that permissionless public blockchains should be recognized as an official record of ownership. This would eliminate duplicative off-chain record keeping, streamline operations, and unlock efficiencies. 3) Broker-dealer framework: Several participants argued that tokenized securities with embedded transfer restrictions through smart contracts should meet the 15c3-3 possession and control requirements, making them eligible to be custodied and traded by broker-dealers without triggering the “three step process” (special purpose broker-dealer requirements). 4) Self-custody options: Panelists advocated that self-custody should be permitted when chosen by investors, noting it enables direct access to innovation, reduces intermediary fees, and supports user control without compromising regulatory oversight. 5) Stablecoin settlement: Participants argued that tokenized securities should be able to be settled using stablecoins, just as cash is used in traditional finance, “without imposing extra regulatory burdens simply because the payment rails are digital.” 6) Investment Company Act adaptations: Specific areas mentioned include Single book of record at transfer agency level; Access and disclosure requirements for investor communication documents; Many mutual funds are considering dual share classes – ETF shares. These funds could also potentially be tokenized; Forward pricing rule (Rule 22c-1) modifications if 24/7 trading is implemented 7) Interoperability guidelines: Participants suggested that while industry should lead interoperability efforts, the SEC could provide high-level guideposts or considerations about what interoperability should accomplish and what factors might undermine it, creating “a common set of principles” for dialogue. 8) Regulatory sandbox/pilot programs: There was strong support for formal regulatory sandbox or pilot programs to allow firms to use DLT for issuing, trading, and settling tokenized securities. Participants emphasized these should be practical rather than experimental, focused on directly informing new rules and legislation rather than just testing technology capabilities, which are already proven. 9) Global regulatory coordination: Several speakers highlighted the need for global policy maker coordination and collaboration since technology is cross-border, and regulatory regimes need to recognize tokenized assets as they move across jurisdictions. The panel emphasized that innovation in this space could bring significant efficiencies to capital markets while maintaining investor protections, but requires thoughtful regulatory adjustments to realize its full potential.
VanEck partners Securitize to launch a tokenized treasury fund targeted at institutional and qualified investors with minimum subscriptions starting at $100,000
VanEck is the latest asset manager to launch a tokenized treasury fund, the VanEck Treasury Fund (VBILL) with Securitize as its partner for tokenization, fund administration and transfer agency. Securitize is also BlackRock’s partner for its BUIDL money market fund. “By bringing U.S. Treasuries on-chain, we are providing investors with a secure, transparent, and liquid tool for cash management, further integrating digital assets into mainstream financial markets,” said Kyle DaCruz, Director of Digital Assets Product at VanEck. “Tokenized funds like VBILL are enhancing market liquidity and efficiency, underscoring our commitment to providing value to our investors.” The British Virgin Island fund targets institutional and qualified investors with minimum subscriptions starting at $100,000 for investments on Avalanche, BNB Chain, and Solana, and $1,000,000 on Ethereum. Most demand for tokenized money market funds comes from within the digital asset community, especially stablecoin issuers looking to use tokenized assets for their reserves. For example, just two stablecoin issuers (Sky and Ethena) account for $2.1 billion or 72% of BlackRock’s BUIDL fund.