132: J.P. Morgan launches a stablecoin (sort of)
Hey, it’s Marc.
A former Citi exec just launched Ubyx, a Visa-like clearing network for stablecoins, backed by Peter Thiel, Coinbase, and Galaxy. It aims to make stablecoins interoperable across banks, merchants, and chains like Solana and Base. [analysis]
Then: We’re hosting a stablecoin event with Fintech Blueprint, Kaiko, Keyrails, and Reown this week in NY. RSPV now, space is limited!
Also, this week:
JP Morgan launched a stablecoin on Base which isn't a stablecoin
Walmart and Amazon want to launch their own stablecoins.
Shopify integrates stablecoins with Stripe and Coinbase (for real)
Tron plans a U.S. IPO
FC Barcelona launches Barça.Pass, a digital fan ID
And much more.
PS: We’re releasing our stablecoin flagship report around Permissionless NYC next week together with Fintech Blueprint. Want to partner & expose yourself to 200k+ digital asset leaders? Reach out.
Top Boardroom Reads This Week
Digital Assets
Stablecoins and the collapse of the legacy payment model (Dragonfly)
The great tokenization shift: 2025 and the road ahead (Keyrock)
Why digital asset adoption is accelerating (Goldman Sachs)
Stripe’s Endgame (51)
Circle IPO: Feeding the public market’s hunger for crypto exposure (Pantera)
Circle | The 1st stablecoin company to IPO dashboard (Token Terminal)
The evolution of tokens over the year (Binance)
Stablecoins at an inflection point (Fireblocks)
AI
How we built our multi-agent research system (Anthropic)
A practical guide to building agents (OpenAI)
Meta’s story (51)
Apple’s Viral AI Paper. Reality or Fraud? (Ignacio de Gregorio)
👉 Get your brand in front of 35,000+ decision-makers — book your ad spot now.
JPMorgan launches a stablecoin on Base which isn't a stablecoin
JPMorgan is piloting a new deposit token (not a stablecoin) called JPMD on Coinbase’s Layer-2 network, Base. It's essentially a digital version of the deposits that customers hold in their accounts. In plain English: Commercial bank money, wrapped in a token, moving at crypto speed. It will first be used by select institutional Coinbase clients, with plans for broader rollout pending regulatory greenlights. They’re digitized claims on actual deposits held by a bank, making them legally and technically distinct from stablecoins like USDC or USDT. [Whitepaper]
“From an institutional standpoint, deposit tokens are a superior alternative to stablecoins,” said JPM’s Naveen Mallela .
“Because they are based on fractional banking, we think it is more scalable.”
So what? The biggest U.S. bank is now settling money on a public chain. Unlike typical crypto assets, JPMD is explicitly built for regulated, compliant financial flows, with backing from JPMorgan’s $3.9T balance sheet. This also gets Base a huge credibility bump as the transaction layer for institutional money. Expect more banks to explore this route post-GENIUS Act. [RELEASE] [ANALYSIS]
Shopify now accepts stablecoins (for real)
Shopify now lets merchants accept USDC globally via Shopify Payments, powered by Coinbase and Stripe. The Base network enables instant, low-fee checkouts with crypto wallets or Shop Pay. Payouts arrive in local currency or USDC, with Stripe handling conversion and compliance. [RELEASE]; [ANALYSIS]
So what? This isn’t just a crypto checkout option, it’s a new payment system hiding in plain sight. Shopify, Stripe, and Coinbase just turned stablecoins into real, programmable money for global commerce. Discounts, loyalty, and settlements can now run on autopilot — and customers won’t even know it’s powered by blockchain.
Ex-Citi veteran builds the Visa for stablecoins
Former Citi exec Tony Shin raised $10M for Ubyx, a stablecoin clearing network backed by Founders Fund, Galaxy, Coinbase, and VanEck. It connects issuers like Paxos, Ripple, Monerium and lets banks redeem stablecoins at par into fiat. The goal: turn fragmented stablecoin rails into standardized infrastructure, so corporates can treat stablecoins as cash equivalents, not crypto chips. [RELEASE]
Why it matters: Right now, every stablecoin lives in its own silo. Different chains. Different rules. That’s a huge problem if you’re a bank, fintech, or merchant. Ubyx changes that. This could be the foundation layer that finally brings stablecoins into everyday banking. [ANALYSIS]
Walmart & Amazon Eye Stablecoins to Slash Fees
Walmart and Amazon are exploring launching their own stablecoins as the GENIUS Act — the first comprehensive U.S. stablecoin bill — advances in the Senate (68-30 procedural vote). The appeal: cut billions in annual card network fees, enable faster settlements, and gain control over payment rails. Other firms like Expedia and major airlines are also watching closely. [RELEASE]
So what? Retail and e-commerce platforms using stablecoins is a big signal — it means stablecoins are going mainstream. When companies like Amazon, Shopify, and Walmart step in, costs drop, setup gets easier, and rules become clearer. Big players need smooth, simple systems — and the rest of the market will catch up.
11M Fans Get Web3 Passports via BarçaPass
FC Barcelona just launched BarçaPass, a Web3 wallet and digital Fan ID, in partnership with Futureverse. With access for 11M+ existing Barça ID holders, the platform enables fans to own avatars, collectibles, and access metaverse experiences, all with full asset ownership and interoperability across ecosystems. [RELEASE]
So what? We’ve seen that story before. Here’s what I’ve learned after tracking 50+ brand metaverse launches over the last three years: most don’t work. Building worlds and content from scratch is hard. Using existing ecosystems like Roblox is easier. That’s where brands like Nike and NFL actually reach users. Barca wants to link digital identity to merch, loyalty, ticketing, and more through a unified ID. Even though ambitious and notoriously hard, it’s a signal ports brands are starting to treat fan identity like enterprise CRM: portable, programmable, and owned by the user.
News Flash
Tron plans a U.S. IPO via reverse merger with SRM Entertainment. Link
Blockworks introduced Token Transparency Framework. Link
Ant Group plans to launch stablecoins under new Hong Kong, Singapore laws. Link
FIFA Rivals launches globally, blending mobile soccer gameplay. Link
ChatGPT now connects to company tools like Google Drive and Outlook. Link
Top Vendors This Week
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That’s all for now, folks. More for PRO readers below 👇
Take care
– Marc & Team