Stablecoin Weekly Pulse | Vol. 18: USDGO at US$1 Billion — The Story Behind

Vol. 18 · Data through July 23, 2026 · Approximately 10 minutes

Welcome to Stablecoin Weekly Pulse. Beginning with Vol. 18, the series continues on OSL Insights, offering a concise weekly review of the data, infrastructure developments, and regulatory changes influencing stablecoin payments and settlement.

This edition reviews developments through July 23, 2026. It then examines what USDGO’s US$1 billion milestone indicates—and does not indicate—about institutional stablecoin adoption. The original Stablecoin Weekly Pulse issue remains available on OSL Insights.

I. Stablecoin & Payments: This Week in Data

• DefiLlama’s stablecoin market data showed that US-dollar stablecoins across all blockchains had a combined market capitalization of approximately US$310.983 billion on July 23, 2026. This was a seven-day net increase of roughly US$1.387 billion, equivalent to 0.45% week over week.

• During the same seven-day period, nominal on-chain stablecoin transaction volume reached US$996.5 billion. Adjusted transaction volume was US$264.6 billion, or about 26.6% of nominal volume. Much of the difference reflected activity not associated with end-user payments, including arbitrage, internal exchange transfers, market-making round trips, and contract-to-contract movements.

• Retail-sized transfers represented US$1.6 billion, or approximately 0.6% of adjusted volume. However, the 32.7 million retail-sized transactions accounted for around 69% of the 47.3 million adjusted transactions during the period. Average transaction value was approximately US$2,890 overall and about US$49 for retail-sized transfers.

Data source: Messari, Artemis, and OSL Research. “Effective” volume excludes market-making, wash trading, bot activity, and other non-organic transactions.

II. This Week in Stablecoin Payments and Infrastructure

1. Enterprise-Grade USDGO Surpasses US$1 Billion in Circulating Supply

On July 20, 2026, OSL Group announced that USDGO had exceeded US$1 billion in global circulating supply. USDGO is an enterprise-grade, regulated US-dollar stablecoin operated and distributed by OSL and issued by Anchorage Digital Bank N.A.

The milestone placed USDGO among the six largest regulated stablecoins worldwide and made it the largest regulated US-dollar stablecoin operated by an Asia-based stablecoin operator.

USDGO launched officially in February 2026 with a 1:1 US-dollar peg. Its reserves are supported by cash, short-term US Treasuries, and other high-quality liquid assets. The reserve structure includes tokenized funds such as BlackRock’s BUIDL, Goldman Sachs’ STBXX, and JPMorgan’s JLTXX.

The product is positioned as a regulated, enterprise-grade stablecoin for cross-border payments, institutional treasury management, and other workflows connecting traditional and digital finance.

2. Visa Launches Enterprise Stablecoin Platform VSP

Visa launched the Visa Stablecoin Platform, or VSP, on July 22, 2026. The enterprise platform is designed to give more than 200 million merchants, financial institutions, and fintech companies unified infrastructure for stablecoin and on-chain fund management. At launch, VSP supports Open USD, or OUSD, introduced by the Open Standard Alliance. The platform is also compatible with stablecoins including USDC and USDG.

By connecting stablecoins with Visa’s established clearing and treasury-management networks, VSP aims to lower the operational barriers that conventional companies and financial institutions encounter when minting, redeeming, and managing stablecoin balances.

3. Stripe-Led Consortium Proposes US$53.4 Billion Acquisition of PayPal

On July 16, 2026, Stripe joined private-equity firm Advent International in submitting an all-cash proposal to acquire PayPal for approximately US$53.4 billion.

The proposal valued PayPal at US$60.50 per share, an estimated premium of 28%. Block and several other institutions are participating in the financing.

If completed, the transaction would rank among the payments industry’s largest acquisitions in recent years. Stripe plans to bring together its Web3 and stablecoin infrastructure experience with PayPal’s consumer network and PYUSD ecosystem, with the potential to reshape digital payments and crypto settlement.

4. Ant International Closes US$1.2 Billion Series A

Ant International, Ant Group’s payments business, announced on July 21, 2026 that it had completed a US$1.2 billion Series A funding round.

Participants included Ant Group, Alibaba, and several prominent international institutional investors.

The funding illustrates continued capital investment in cross-border payments and fintech. Ant International said its expansion would focus on Southeast Asia, the Middle East, and Latin America, with greater investment in cross-border payments, global accounts, and inclusive financial-technology services intended to support merchant growth.

5. GENIUS Act Implementation Rules Remain Pending One Year After Signing

July 18, 2026 marked one year since the US GENIUS Act was signed.

Substantial disagreements continue among six major regulatory authorities, including the Federal Reserve and US Treasury, as well as traditional banks and industry lobbying groups. The unresolved questions concern how competing interests should be balanced and how the Act’s anti-money-laundering requirements should be implemented.

Final implementation rules were not delivered by the statutory one-year deadline, creating a further delay. The wider rulemaking schedule has consequently moved to no earlier than the first quarter of 2027, while the final mandatory effective date could extend to August 2027.

Applications for permitted payment stablecoin issuer status are currently paused. At the same time, ongoing pressure from the White House and Congress is shortening the period available to stablecoin issuers for on-chain technology upgrades and compliance audits during the second half of 2026.

Get a concise, 10-minute briefing on the data, regulation, and infrastructure shaping global stablecoin payments, delivered to your inbox each week.

III. Analyst Deep Dive

USDGO’s New Starting Point: What Does Surpassing US$1 Billion Really Prove?

Businesses in Asia and emerging markets frequently face volatile local currencies and incomplete banking coverage. USDGO is intended to address those frictions through a 1:1 US-dollar peg, round-the-clock conversion without dependence on conventional settlement windows, and the potential for businesses to receive ecosystem participation rewards on funds that would otherwise be pre-positioned and left idle for cross-border settlement.

Stablecoins were once viewed mainly as bridges for virtual-asset trading. That perception is changing. In July 2026, USDGO, the enterprise-grade compliant stablecoin operated and distributed by OSL Group, exceeded US$1 billion in circulation. The milestone placed it among the six largest compliant stablecoins worldwide and made it the largest compliant US-dollar stablecoin operated by an Asia-based operator.

The milestone was preceded by a deliberate institutional structure. OSL Group announced its USDGO launch plan in December 2025, with Anchorage Digital as issuer and OSL as brand operator and distributor. This structure connected the product with bank-grade compliance standards from the outset.

Following USDGO’s official launch in February 2026, its reserve structure continued to expand. Tokenized funds from BlackRock, Goldman Sachs, and JPMorgan—BUIDL, STBXX, and JLTXX respectively—were added over time, creating a reserve system supported by leading global asset managers.

USDGO increased from US$100 million to US$1 billion in approximately three months. This was an unusually rapid pace of validation for a financial-infrastructure product. Jason Liu, Head of USDGO at OSL Group, described the significance of the milestone this way:

A circulating supply above US$1 billion gives USDGO greater liquidity depth for institutional-scale, large-value payments. The more important issue, however, is what the growth itself reflects.

The Only Asian Player in the Global Top Six: Closer to Emerging-Market Pain Points

Local-currency volatility, limited banking-network coverage, and cross-border settlement constrained by fixed clearing windows affect companies and financial institutions throughout Southeast Asian trade routes, Latin American payment corridors, and African remittance networks.

The compliant stablecoin market has nevertheless been dominated largely by US-based institutions. Their systems were not originally built around all of these emerging-market operating conditions, leaving a structural gap.

USDGO’s move into the global top tier helps address that gap. As the only operator based in Asia within this group, USDGO is supported by a client base, commercial network, and operating approach that are closer to the challenges faced by emerging-market institutions.

This combination—an operating approach informed by emerging-market needs and the security and technical foundations required for enterprise payments—supports USDGO’s distinct position among a relatively small group of compliant stablecoins.

Capital Management in Three Stages: From Conversion to Ecosystem Rewards

Blockchain technology can reduce the number of intermediaries involved in a transaction, allowing stablecoins to improve payment efficiency and lower costs. Yet many stablecoins still involve a less visible expense: the spread between fiat currency and the stablecoin.

A small spread can become material when applied to institutional payment volumes and treasury turnover. It is therefore an important consideration for business leaders deciding whether to adopt a stablecoin. USDGO’s approach to this issue has contributed to its acceptance and growth.

In addition to its 1:1 US-dollar reserve backing, USDGO is designed to provide efficient 1:1 conversion between US dollars and USDGO when liquidity is required, without slippage. It also does not add a separate redemption fee to the fiat-conversion process, supporting lower-friction subscription, conversion, and redemption.

Traditional fiat clearing operates within banking hours and can be delayed by time zones, weekends, and business-day restrictions. USDGO conversion and settlement capabilities are designed to remain available around the clock, enabling a business to respond to liquidity needs without waiting for a conventional clearing window.

Under traditional cross-border payment models, companies often pre-position fiat working capital in several markets to cover timing gaps. The funds remain idle until required.

USDGO turns capital that would otherwise be locked in advance into an on-chain US-dollar asset that can be accessed when needed. A business can convert the amount required at the time of a transaction rather than maintaining large prefunded balances. This reduces the cost of tied-up capital, while ecosystem participation may further reduce the opportunity cost associated with in-transit funds.

USDGO has developed relationships with experienced payment-industry participants across cross-border payments, fiat on- and off-ramping, and institutional fund flows. Their coverage extends across emerging and developed markets. On the infrastructure and custody side, USDGO also works with established technology and institutional service providers.

OSL Group, as operator and distributor, committed an initial US$20 million to ecosystem rewards. The programme continues to provide participation rewards to clients using USDGO for transactions and payments, supporting wider adoption in enterprise settlement and cross-border payments.

This ecosystem support is relevant to multinational manufacturers, supply-chain treasury teams, and other institutions considering stablecoins while managing capital erosion and the cost of idle working capital. It can help businesses reduce cost and improve efficiency while receiving additional rewards for expanding real-world use cases.

The connections across payments, trading, and custody give USDGO the foundation required to support institutional, large-value payment activity. Scale is the visible result; ecosystem support helps create the confidence required for adoption.

Expanding Use Cases, Reinforced by Trust

USDGO’s move into a higher tier of liquidity reflects both institutional demand and the opportunity for compliant stablecoins in emerging markets. Demand is not limited to a fixed list of applications. It continues to be tested and expanded as USDGO enters new markets and serves different client types.

Use cases identified to date include:

• Institutional fund transfers and treasury management, helping multinational corporations and financial institutions improve the efficiency of cross-border capital allocation;

• Digitally native industries such as interactive entertainment, where an on-chain US-dollar settlement account can support frequent deposits and payments across fragmented currencies;

• Fintech and payment platforms requiring round-the-clock, lower-cost international on- and off-ramp channels and on-chain US-dollar liquidity;

• In-transit funding and trade finance, where a traceable on-chain US-dollar instrument can provide an alternative to fiat settlement.

These applications have gained early traction because they address some of the most significant points of friction in emerging-market cross-border flows. Currency volatility, incomplete banking access, and fixed clearing windows are especially pronounced in these settings.

They should not be treated as the boundaries of USDGO’s potential use. The flexibility of a compliant stablecoin means that applications could extend from cross-border institutional flows to frequent everyday transactions as new use cases are tested and validated.

Global stablecoin regulation has also matured. Developments such as the signing of the GENIUS Act in the United States have made compliance a baseline consideration rather than an optional feature for institutional clients. As regulatory uncertainty declines, institutional attitudes are moving from observation toward active evaluation.

This creates an opportunity for USDGO’s bank-grade compliance structure. USDGO is issued by Anchorage Digital Bank N.A., the first federally chartered crypto bank in the United States, and is operated and distributed by OSL, a Hong Kong-listed company with licences across multiple jurisdictions.

USDGO reserves are backed 1:1 by cash and short-term US Treasuries. The underlying holdings include tokenized funds associated with BlackRock, Goldman Sachs, and JPMorgan. The participation of established financial institutions provides an additional signal of confidence in the system’s potential for adoption at greater scale.

Emerging markets have lacked an on-chain settlement instrument that combines compliance, trust, liquidity, and straightforward conversion. USDGO is intended to address this gap.

The US$1 billion milestone does not demonstrate the success of one specific use case. It indicates that the underlying capability has reached a point where broader institutional adoption can be explored. The use cases that generate the next phase of demand are still developing.

That is why surpassing US$1 billion should be understood not as an endpoint, but as a new starting point for USDGO’s pursuit of broader institutional-market opportunities.

Found this issue useful? Share it with colleagues working across stablecoins, payments, or digital financial infrastructure.

The views and opinions expressed in this article are solely those of the author and do not constitute professional financial advice.

Sources

• OSL Insights: Stablecoin Weekly Pulse | Vol. 18 — USDGO at US$1 Billion: The Story Behind, July 23, 2026.

• DefiLlama: Stablecoin market data, used for the July 23, 2026 market-capitalization context.

Disclaimer and Disclosure

1. Nature of Document This document (the "Document") has been prepared by OSL internal personnel for informational purposes only and does not constitute investment, legal, tax, or any other professional advice, nor should it be relied upon as such. No part of this Document may be reproduced, distributed, or transmitted to any third party in any form without the prior written permission of OSL. This Document does not constitute an offer, solicitation, marketing material, product disclosure statement, or legal document, nor does it form the basis of any binding contract or commitment. This Document is intended solely to present OSL's observations and strategic insights into the industry and does not represent the official position, strategy, or decisions of OSL. The authors are not independent research analysts, and this Document does not constitute "investment research" as defined by applicable laws or regulations. Consequently, this Document has not been prepared in accordance with regulations designed to ensure the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

2. No Reliance The information, opinions, and analyses contained in this Document are based on public information and OSL's internal judgment, without regard to the personal objectives, financial situation, or needs of any recipient. This Document does not constitute a personal recommendation, nor does it constitute an invitation or solicitation to buy, sell, or engage in any financial instrument, product, or service. Recipients should consult their own independent advisors regarding their personal circumstances, objectives, experience, and financial resources before making any investment or other decision. All investments involve risk; values may fluctuate, and investors may recover less than the original investment amount. Past performance is not indicative of future results.

3. Accuracy, Completeness, and Limitations This Document has been prepared based on information OSL believes to be reliable, but OSL has not independently verified its accuracy, completeness, or fairness. Although reasonable care has been taken to ensure the content is not false or misleading, OSL makes no express or implied warranty as to the accuracy, completeness, fairness, or reasonableness of the content. OSL accepts no liability for any errors, omissions, or consequences of reliance caused by third-party information cited in the Document. The performance of any instruments, entities, or strategies mentioned may be significantly affected by market, regulatory, technical, or other factors.

4. Forward-Looking Statements This Document may contain forward-looking statements involving known and unknown risks, uncertainties, and other factors. Actual results, performance, or achievements may differ materially from those expressed or implied by such statements. OSL is under no obligation to update, revise, or withdraw any forward-looking statements.

5. Disclosure of Conflicts of Interest OSL, its affiliates, and employees may hold positions in or participate in transactions related to the assets or entities mentioned in this Document. The authors or related personnel may receive compensation related to OSL's business performance in this regard. OSL has implemented policies and procedures to identify and manage potential conflicts of interest.

6. Intellectual Property and Restrictions on Use This Document is protected by copyright and is for the internal use of the designated recipient only. Recipients may store, display, analyze, modify, reformat, and print this Document for internal purposes, but without OSL's prior written consent, may not:

• Resell, redistribute, or use this Document commercially;

• Reverse engineer, extract, or create derivative works, including for training or application in machine learning/artificial intelligence systems;

• Publish or transmit this Document to third parties.

7. Limitation of Liability To the maximum extent permitted by applicable law, OSL and its affiliates, officers, employees, and agents shall not be liable for any direct, indirect, incidental, consequential, or special damages arising out of or in connection with the use, reliance, or interpretation of this Document, including but not limited to:

• Loss of profits;

• Business interruption;

• Data corruption or loss;

• Reputational damage.

8. Global Distribution Note Recipients should ensure compliance with applicable local laws. Distribution of this Document may be restricted in certain jurisdictions. Recipients must ensure this Document is not distributed to any person or entity prohibited by law from receiving it.