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This week Simon Taylor & Cuy Sheffield are joined by:

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Revolut began a phased rollout of EURR on Ethereum, then completed the removal of USDT from its retail offering across the EEA and Switzerland on August 31. The two tokens serve different currencies, but the timing captures Revolut’s shift toward stablecoins that fit its European regulatory perimeter. Stripe-owned Bridge issues EURR, which is available to eligible customers in Denmark, Poland and Portugal. The company reports more than 80 million customers and describes EURR as the first step in a plan to introduce stablecoins linked to other currencies.

Cuy Sheffield saw EURR as an onchain extension of the multicurrency account Revolut helped popularize. Instead of switching among euros, pounds and dollars inside a conventional account, customers could eventually hold and exchange stablecoins in each currency around the clock. Simon Taylor connected that thesis to the launch geography. Denmark and Poland sit outside the eurozone, and he saw a use case among expats and cross-border customers who lack domestic access to euro-denominated SEPA payments. For those users, a 24/7 euro balance provides something their local-currency account does not.

One condition determines whether the model works. Customers need reasons to retain the stablecoin after the first conversion or payment, and MiCA rules out yield as one of them. Hannah Arnold noted the token comes with no yield and no rewards, so retention has to come from what customers can do with the balance.

Hannah’s “playground” includes the next payment, FX conversion, transfer or onchain investment. Revolut controls that product environment and the customer relationship, while Bridge handles issuance and the related reserve obligations. If EURR becomes a reusable balance rather than a temporary bridge between fiat and crypto, Revolut can turn its multicurrency account into an onchain distribution layer.

Standard Chartered Bank Hong Kong has become the first bank distributor of HKDAP, a regulated Hong Kong dollar stablecoin issued by its subsidiary Anchorpoint Financial. Standard Chartered is Anchorpoint’s largest shareholder, while Standard Chartered Trustee holds the reserve assets. HKDAP is live on Ethereum in a controlled beta for institutions and professional investors. Anchorpoint reported 522,000 HKDAP in circulation as of August 19, equivalent to roughly US$67,000.

The bank plans tokenized money-market-fund subscriptions and settlement with asset managers in Q4 2026 and says it intends to adopt intragroup settlement across its network in the near term.

The rollout gave the group two questions to work through. The first was how a bank moves from experimentation to a product clients can use. Cuy focused on Standard Chartered starting with its own settlement activity, which lets the bank learn what it needs across custody, permissions, reconciliation and liquidity. Hannah saw the same move as a change from asking whether stablecoins belong inside a bank to working out how they fit into its operations.

Simon then widened the discussion to market design. SWIFT’s ledger coordinates tokenized deposits issued by separate banks, while Hong Kong and Singapore are testing stablecoins that can circulate beyond one institution’s balance sheet. HSBC holds Hong Kong’s second stablecoin issuer licence and plans to launch its own token in the second half of 2026, putting both HSBC and Standard Chartered behind the stablecoin model.

The circulation figure shows how early HKDAP remains. Banks operating in 24/7 markets may need tokenized deposits for activity inside their networks and stablecoins for value that must travel beyond them. Simon’s conclusion was direct: “That means big banks have to support stablecoins.”

LayerZero has announced ATLAS, a headless exchange engine scheduled to launch later in 2026 on its Zero blockchain. LayerZero says ATLAS achieved sub-millisecond median latency in a test environment designed to resemble public deployment and will initially be provisioned for 200,000 transactions per second at launch.

Thomas Cowan connected the announcement to the less glamorous constraint facing tokenized equities. Current markets require capital to be posted in advance and provide little of the netting available through established clearing infrastructure.

Thomas’s benchmark creates a useful loop. DTCC is collaborating with LayerZero on Zero’s digital-market infrastructure, while DTC and NSCC provide the netting efficiency ATLAS still needs to reproduce. Citadel Securities has also invested in ZRO and is working with LayerZero on market structure and potential trading, clearing and settlement applications.

Raw speed cannot compensate for absent liquidity.

Market makers, brokers, exchanges and custodians must still concentrate on compatible infrastructure. Thomas said Bullish is focused on getting exchanges, market makers, custodians and brokerages into the same room to agree on three chains they can prioritize over the next year. ATLAS needs to coordinate those institutions and attract trading activity before its throughput becomes commercially relevant.

Fasset has raised $68 million in an SBI-led Series C at a $1 billion valuation, three months after a $51 million Series B. The company reports more than $40 billion in annualized volume across 125 countries, supported by relationships with banks, telecom operators and payment providers.

Simon saw Fasset’s distribution through banks, telecom operators and payment firms as the hard work behind its reported scale. Asked about the company, Hannah widened the discussion to a broader trend she sees through Turnkey: blockchain-based financial products are reaching large volumes with far fewer employees. The 2010s model put APIs over banks; shared settlement and non-custodial infrastructure lower the staffing requirement again.

Hannah pointed to Axiom, a Solana memecoin trading interface, as an extreme example of organizational compression. By her estimate, it reached roughly $100 million in cumulative revenue in four months with a team of about four people. Later she put it more bluntly, “The headcount-to-volume ratios are getting really crazy”.

It also illustrated the control problem. In February 2026, ZachXBT alleged that Axiom employees had used internal tools to identify private user wallets and discussed trading on that information. Axiom said someone on its team had abused customer-support tools, removed access and opened an investigation.

Simon connected that risk to Synapse. After the banking middleware provider filed for bankruptcy in 2024, differences between its records and partner-bank ledgers froze customer funds. In a June 2024 report, the court-appointed trustee estimated an $85 million shortfall, with customers owed $265 million against $180 million held by partner banks.

Cuy expected more global software companies to embed stablecoin accounts and has seen less than anticipated. His example was QuickBooks offering a dollar account and cross-border B2B payments inside software businesses already use. Simon expects the earlier fintech sequence to repeat: consumer neobanks, B2B neobanks, then embedded finance over the next three to four years.

If that sequence holds, stablecoin infrastructure will disappear into payroll, accounting and commerce software. The winners will pair low-cost settlement with distribution and controls that survive the first serious reconciliation failure.

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