Rake leaves into beds instead of bags

“These live transactions show how tokenized deposits can deliver practical, real-world benefits, contingent payments that give customers greater control over their money,” said Lucy Rigby, economic secretary to the Treasury.

For businesses and customers, tokenised deposits have the potential to speed up settlement, improve cash-flow management and provide more convenient, transparent and secure ways to pay.

“Tokenized deposits have the potential to play a key role in the evolution of digital money and payments in the U.K. and beyond,” said Gilbert Verdian, founder and CEO of Quant,

Tokenized deposits are digital records of money already held in a bank account. Unlike stablecoins, they remain a liability of the issuing bank and retain the protections attached to conventional deposits.

Stablecoins are increasingly being used to settle payments behind existing card networks, allowing money to move around the clock without changing how consumers pay.

But rather than cutting Visa, Mastercard or banks out of the process, the technology is beginning to replace a narrower piece of the payments stack: the traditional banking rails used to settle obligations between participants.

That shift was in focus this week when SoFi began settling debit and credit card transactions with Mastercard using its SoFiUSD stablecoin. The bank said it is migrating its entire card program, which it expects to process more than $25 billion in annualized volume, to the system.

The shift does not remove intermediaries from the card settlement process, a SoFi spokesperson told Cointelegraph, but provides an alternative blockchain-based settlement rail.

For customers, the change largely happens behind the scenes. SoFi cardholders will continue using their debit and credit cards as normal, while moving the process onchain allows the bank to settle transactions faster, according to the spokesperson.

Visa is also moving settlement onchain. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized run rate as it expanded support to nine blockchains, describing blockchain settlement as a “viable complement to traditional settlement rails.”

Related: US weighs overseas push for dollar-backed stablecoins: Bloomberg

Stablecoins don’t eliminate payment intermediaries

Federal Reserve researchers wrote in a March note that stablecoins could change the economics of payments without necessarily eliminating banks.

Cointelegraph spoke with payments and investment experts to better understand what moving card settlement onchain actually changes, and what remains largely the same.

“I wouldn’t call it disintermediation at this stage,” Martins Benkitis, co-founder and CEO of emerging-markets liquidity provider Gravity Team, told Cointelegraph.

“Visa and Mastercard are still there. The banks are still there. The network is still calculating the obligations, managing the transaction and deciding how participants interact with it,” he said.

Visa stablecoin settlement model. Source: Visa

As a result, stablecoins could become a larger part of payments without businesses or consumers necessarily interacting with them directly.

“If stablecoins become a major part of payments, most businesses probably won’t care that there is a stablecoin somewhere in the process,” Benkitis said. “They’ll care that settlement is available when they need it and that the money arrives.”

The economics of faster settlement

Varun Datta, venture capitalist and founder of Truth Ventures, agreed that continuous settlement could reduce delays and the amount of capital firms need to keep in different locations for payments, particularly across borders.

But those benefits do not necessarily translate into cheaper payments, he said. Conversion, compliance, integration and stablecoin-management costs still need to be considered.

“I don’t think speed on a blockchain automatically means a cheaper end-to-end payment,” Datta said. He added that he would want to see evidence of lower total costs and better liquidity management at scale before calling the economic case proven.

Related: US stablecoin adoption could surge with bank-like protections: Visa survey

Stablecoins still need local liquidity

The economics can become more complicated when stablecoins ultimately need to be converted into local currencies.

Benkitis said that while dollar-denominated stablecoins can move between balance sheets within minutes, completing payments in emerging markets can be more complicated. Local currency liquidity can be thinner, fewer banks may handle the flows, and access to the domestic banking system is still required.

“The stablecoin gets the value there quickly,” Benkitis said. “You still need the local liquidity to finish the payment.”

Magazine: Winners and losers of the SEC’s new tokenized stocks rules

Crypto gambling platform Duelbits has taken its site offline after attackers drained roughly $7 million from its hot wallets on Thursday.

“Confirming a ~$7M hack. Still investigating exactly what happened and how,” co-founder Joe wrote on X, adding that “user funds are safe.” He said the platform would stay offline until the investigation is finished and its hot wallets are refilled.

Blockchain security firm Scam Sniffer first flagged the incident, reporting that Duelbits hot wallets on Ethereum, BNB Chain and Tron sent funds to newly created addresses in a suspected private key compromise. It later said the company’s bitcoin hot wallet also lost 8.1 BTC.

A private key compromise is also the method that targeted Stake, the largest crypto casino by volume, in 2023. Hackers at the time made off with $40 million.

Etherscan data shows the Ethereum wallet, labeled as a Duelbits hot wallet, sent 836 ETH, about 593,000 USDT, 97,000 USDC, 31,500 DAI and 12.4 billion SHIB to the attacker within minutes. The wallet now holds less than $25 in ether.

Stablecoin infrastructure provider HIFI has secured $37 million in Series A funding led by Left Lane Capital, underscoring continued demand for platforms that connect dollar stablecoins with traditional payments and banking rails. The deal arrives even as the broader crypto market has been under pressure.

According to Chainalysis, cross-border stablecoin flows rose 77.5% to $220.3 billion over the 12 months ending June 2026. During the same period, the wider crypto market contracted by more than a third, highlighting how stablecoin-related use cases have remained comparatively resilient.

Key takeaways

• HIFI raised $37 million in a Series A led by Left Lane Capital, with the company not disclosing a valuation.
• Chainalysis data shows cross-border stablecoin flows grew 77.5% to $220.3 billion in the year to June 2026 despite broader crypto weakness.
• HIFI says it processes about $7 billion in annualized volume through its platform.
• The company is expanding beyond payments into tokenized capital markets, including US-dollar settlement for tokenized repo and Treasury activity.
• HIFI also supports card-based payouts via Visa Direct using USDC, aligning with Visa’s reported growth in stablecoin-linked card programs.

Why stablecoin rails are still attracting capital

Stablecoins are increasingly viewed less as a trading vehicle and more as a settlement layer for moving value across borders and between regulated systems. That shift is reflected in the growth of cross-border stablecoin transfers, which Chainalysis reports surged to $220.3 billion during the year ending June 2026.

For investors, this matters because it points to durable infrastructure demand. Even when other segments of the crypto market slow, businesses building rails between stablecoin liquidity and real-world payment channels can benefit from ongoing enterprise adoption—particularly where speed, interoperability, and dollar settlement are required.

HIFI’s Series A and its role in dollar settlement

HIFI’s CEO Zach Walsh told Cointelegraph that the Series A is the company’s first priced funding round. While the startup did not share its valuation, it provided an operating datapoint: HIFI processes approximately $7 billion in annualized volume directly through its platform.

The funding will be used to scale HIFI’s “tokenized capital markets” infrastructure and extend its product suite, including stablecoin payments offerings, Walsh said. In practical terms, the platform enables customers to move funds into and out of stablecoins, route payouts through US banking rails and cards, and handle US-dollar settlement for the cash leg of tokenized repo and Treasury transactions.

From stablecoin payments to tokenized repo and Treasuries

HIFI’s push into tokenized capital markets comes alongside efforts from traditional market infrastructure providers. In July, the Depository Trust & Clearing Corporation (DTCC) conducted production trades using tokenized securities across multiple market functions, including US Treasury and repo settlement, equity transactions, securities lending, and collateral workflows.

DTCC noted that HIFI was among more than 30 participating firms. The exercise reportedly included organizations such as BlackRock, Goldman Sachs, and Nasdaq, and involved trades like US Treasury and repo delivery-versus-payment using assets held at the Depository Trust Company that were converted into tokenized representations.

DTCC also indicated it plans to launch its Tokenization Service in October. For companies like HIFI, that timeline is important: it suggests that market participants may soon need more standardized plumbing to connect tokenized assets and stablecoin-denominated or dollar-settled workflows to conventional settlement systems.

Visa Direct, USDC-to-card payouts, and growing card usage

Beyond institutional trading workflows, HIFI has been expanding into card-based payments. The company’s platform supports conversion of USDC and sending proceeds to eligible Visa debit and credit cards globally, according to HIFI’s website.

This expansion aligns with Visa’s reported growth in stablecoin-linked card activity. On Sept. 9, Visa said more than 160 stablecoin-linked card programs were live globally during its fiscal second quarter, with payment volume through those programs rising nearly 200% year over year. Visa also stated that its stablecoin settlement volume had surpassed a $20 billion annualized run rate—more than 15 times its level a year earlier.

For market participants, the significance is that stablecoin rails are increasingly being routed through consumer and merchant payment stacks, not just handled by exchanges or cross-border transfer desks. If that adoption continues, infrastructure providers that can reliably bridge stablecoin liquidity into regulated payment instruments could see sustained demand.

Investors and builders should watch for how DTCC’s planned Tokenization Service rollout intersects with stablecoin settlement capabilities—particularly whether more tokenized Treasury, repo, and lending workflows translate into higher usage of dollar-settling infrastructure like HIFI’s. The next signal to track is whether card-linked stablecoin programs keep scaling at similar rates as stablecoin-linked payouts expand beyond early adopters.

Stablecoin infrastructure firm HIFI has secured $37 million in a Series A funding round led by Left Lane Capital, underscoring how demand for rails that connect crypto stablecoins to traditional payment and capital-market workflows is holding up even as parts of the broader crypto market have cooled.

The round marks HIFI’s first priced financing, according to the company’s CEO Zach Walsh, who also said the platform is processing about $7 billion in annualized volume. The company did not disclose a valuation.

Key takeaways

• HIFI raised $37 million in a Series A led by Left Lane Capital, its first priced funding round.
• The company says it processes roughly $7 billion in annualized volume through its stablecoin infrastructure.
• Chainalysis data cited in the coverage shows cross-border stablecoin flows rose to $220.3 billion in the 12 months ending June 2026.
• HIFI is expanding beyond payments into tokenized capital markets, including settlement support for tokenized repo and Treasury transactions.
• HIFI is also pushing card-based payouts through Visa Direct using USDC-to-Visa debit/credit conversion.

Stablecoin rails keep attracting funding

While the wider crypto market contracted by more than a third over the same 12-month period referenced in the report, cross-border stablecoin activity continued to grow. According to Chainalysis, cross-border stablecoin flows rose 77.5% to $220.3 billion in the 12 months ending June 2026.

This divergence—stablecoin-specific usage strengthening while broader market metrics weaken—helps explain why infrastructure providers are still drawing investment. Stablecoins are increasingly used as a value-transfer layer for payments and settlement, which places infrastructure companies that integrate banking rails, card networks, and on-chain settlement mechanisms in a position to capture growing demand.

What HIFI’s Series A is expected to support

Walsh told Cointelegraph that the $37 million funding will support scaling HIFI’s tokenized capital markets infrastructure and expanding its product suite, including stablecoin payments offerings.

HIFI’s platform is designed to bridge fiat and stablecoins—helping customers move dollars into and out of stablecoins, send payouts through US banking rails and cards, and settle the cash side of tokenized repo and Treasury transactions in US dollars. For investors and fintech partners, the emphasis on cash settlement is important: tokenized assets often still require reliable linkage to regulated dollar systems, especially for delivery-versus-payment style workflows.

From payments to tokenized securities workflows

The funding comes as more traditional market infrastructure firms test or operationalize tokenization. In July, the Depository Trust & Clearing Corporation (DTCC) conducted production trades using tokenized securities across several market functions—covering US Treasury and repo settlement, equity transactions, securities lending, and collateral workflows. The trades involved US Treasury and repo delivery-versus-payment, equity activity, and collateral processes using assets held at the Depository Trust Company that had been converted into tokenized representations. DTCC also said it plans to launch its Tokenization Service in October, and HIFI was among more than 30 participating firms alongside entities including BlackRock, Goldman Sachs, and Nasdaq.

Within that context, HIFI’s positioning is straightforward: rather than limiting stablecoin use to consumer remittances or merchant payments, the company is building capabilities that can support the cash leg of tokenized capital-market transactions. That matters because tokenized capital markets typically require interoperability across custody, settlement, and payments—areas where stablecoin infrastructure can offer faster or more programmatic value movement, provided compliance and settlement integrity are maintained.

Visa Direct expansion and stablecoin-linked card programs

Beyond tokenized securities, HIFI is also expanding how stablecoins can flow into everyday payment rails. The company’s platform supports card-based payouts through Visa Direct. On its website, HIFI says customers can convert USDC and send proceeds to eligible Visa debit and credit cards globally.

This push aligns with Visa’s broader reporting on stablecoin-linked payment programs. The coverage notes that Visa reported increasing usage across its payments network, including more than 160 stablecoin-linked card programs live globally during its fiscal second quarter. Visa also said payment volume through those programs rose nearly 200% year over year, and that stablecoin settlement volume had surpassed a $20 billion annualized run rate—more than 15 times its level a year earlier.

For market participants, this is a useful signal: even as regulators and legacy financial systems grapple with how to integrate crypto responsibly, stablecoins are finding a path into mainstream card settlement and payout experiences. The practical benefit for users is that stablecoin conversion can be handled behind the scenes while still using card networks for end-user spending.

What to watch next

With HIFI scaling both tokenized capital markets infrastructure and stablecoin payments that plug into banking rails and card networks, the near-term question is how quickly tokenization pilots translate into repeatable, production-grade settlement workflows—and whether growth in cross-border stablecoin flows continues to outpace broader crypto market weakness into the next quarters.

Solana Foundation has made two senior hires aimed at accelerating institutional and payments-focused adoption of the network. Rachel Conlan, a former Binance chief marketing officer, has been appointed chief strategy officer, while Jamal Raees—previously an executive at Polygon Labs—will serve as general manager of payments.

The moves signal a continued shift toward enterprise integration, particularly around stablecoins and tokenized financial services. The Foundation also pointed to recent ecosystem efforts, including the March launch of the Solana Developer Platform and new infrastructure support from major Web2 providers.

Key takeaways

• Rachel Conlan joins Solana Foundation as chief strategy officer to lead institutional partnerships, ecosystem growth, and business adoption efforts.
• Jamal Raees becomes general manager of payments, with a stated focus on increasing usage of stablecoins and tokenized deposits across global markets.
• The hires follow Solana’s March launch of the Solana Developer Platform, featuring Modern Treasury as a payments infrastructure partner.
• Solana is also being incorporated into AWS’s x402 feature, which enables USDC-based charging for AI agents accessing content.
• Solana’s roadmap includes the planned Alpenglow upgrade intended to reduce transaction finality time from about 12.8 seconds to roughly 150 milliseconds.

Solana Foundation brings in enterprise and payments leadership

According to Solana Foundation, Conlan will oversee strategy spanning institutional partnerships, ecosystem expansion, and initiatives designed to bring businesses onto Solana. The Foundation described her experience across major crypto venues and marketing-focused leadership roles.

Conlan spent three years at Binance and previously held senior positions at OKX, CAA Sports, and Havas, giving her a background that combines crypto-native experience with broader enterprise and communications expertise. For Solana, that mix may be especially relevant as it continues to court corporate developers, payment operators, and compliance-minded institutions that typically require clear go-to-market planning and partner coordination.

Raees, meanwhile, is stepping in as general manager of payments. In a statement provided by Solana Foundation, he said his role will deepen engagement with major payments companies and focus on the infrastructure used by teams building payment services on Solana. He also said his work will center on driving adoption and usage of stablecoins and tokenized deposits, with an emphasis on global markets.

Developer Platform and payments infrastructure gain new momentum

The Foundation’s staffing changes come after the March launch of the Solana Developer Platform. Solana Foundation said the platform includes Modern Treasury as a payments infrastructure partner, positioning it to help teams build payment-related services on the network more quickly.

Mastercard and Western Union were named as early users of the platform. While the details of how those partners use the platform were not expanded in the announcement, their presence underscores Solana’s ongoing effort to position itself as a rails layer for settlement and payments—rather than solely as an application platform.

For investors and builders, the practical value of such platform initiatives is that they can reduce integration friction. Instead of payment teams assembling fragmented components from scratch, a dedicated infrastructure offering can compress timelines—especially for use cases tied to stablecoin settlement and tokenized deposits.

AWS support highlights the path toward USDC-based AI access

Separately, Solana said Amazon Web Services included Solana among the networks supported by its x402 feature. The Foundation described x402 as enabling website owners to charge AI agents in USDC for access to content.

This matters for adoption because it connects crypto payments to a mainstream developer workflow—web hosting and content delivery—where new payment models may emerge. Rather than requiring every content provider to build bespoke payment systems, a network-supported feature like x402 can make it easier to standardize how value transfer and access control work for AI-driven services.

What remains to be seen is how widely the feature will be used and whether it becomes a template for other payment-enabled AI applications. Still, the inclusion of Solana in a major cloud provider’s capabilities reflects the broader industry trend of treating stablecoin payments as an integration-friendly primitive for digital services.

Alpenglow upgrade targets a step-change in transaction finality

Solana Foundation also referenced ongoing technical work. The network is preparing to deploy Alpenglow, a planned upgrade intended to reduce transaction finality from about 12.8 seconds to roughly 150 milliseconds. Solana Foundation emphasized that the faster finality remains a target for the upgrade.

Lower finality times can be a meaningful improvement for payments and interactive applications, where users expect rapid confirmation and where payment workflows can be sensitive to delays. Faster settlement is also often cited as a requirement for more advanced financial services, since it affects how quickly systems can treat transactions as reliably completed.

As Raees’s role centers on stablecoins and tokenized deposits, performance improvements from Alpenglow could further support the credibility of those services—provided the upgrade delivers on its targets when deployed.

Scale metrics point to continued stablecoin and tokenized assets activity

Solana Foundation reported that the network has processed more than $5 trillion in stablecoin volume so far in 2026. The Foundation also said the network has more than $4.5 billion in real-world assets and more than $620 million in tokenized equity supply.

These figures are directionally relevant to the payments narrative because stablecoin usage tends to correlate with settlement activity and real-world tokenization efforts depend on reliable throughput and infrastructure. However, readers should note that the announcement did not provide definitions for each metric or explain how they were calculated. Investors may want to monitor whether these totals increase in parallel with enterprise integrations and payment-focused developer tooling.

Overall, Solana Foundation’s leadership appointments, cloud integration, and technical roadmap appear to be converging around one theme: making it easier for businesses to deploy stablecoin and tokenized financial services, while improving the network characteristics that such products rely on.

Going forward, the key question is whether the new payments leadership can translate partnerships and platform availability into sustained usage growth—especially in stablecoin payments and tokenized deposits—while Alpenglow’s finality improvements move from target to confirmed delivery.