Visa Stablecoins -Visa pilots pre-funded Stablecoins for cross-border payments.
Starknet Bitcoin - Starknet unveils 100M STRK initiative to bring Bitcoin DeFi to its network.
SocGen Uniswap - Societe Generale’s crypto arm deploys Euro and Dollar Stablecoins on Uniswap, Morpho.
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Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
mETH Protocol offers liquid staking (mETH) and diversified restaking (cmETH) for institutional-grade ETH yield
cmETH surpassed $620M market cap since Q4 2024 launch, cementing its role in the restaking sector
Integrated with 40+ DeFi protocols and launched campaigns on Bybit to drive adoption
Republic Technologies became the first public company to hold an LST (mETH) on its balance sheet.
Security-sharing protocol leveraging Bitcoin to secure BSNs
Activated stake slashing, marking Phase-2 and the debut of the first Bitcoin Supercharged Network (BSN)
Token Launch: BABY token (10B supply) went live with allocations across community, ecosystem, investors, team, and advisors; functions as gas, governance, staking, and rewards
Activated v2 hard fork with Utreexo, RHP4, QUIC networking, and modular client apps—modernizing consensus, storage, and usability
Network revenue rose 79.9% QoQ to ~$83.9K, driven by pricing dynamics
Rebranded as “World’s Safest Cloud Storage, by Design”, emphasizing privacy and data sovereignty
The Federal Reserve cut interest rates by 0.25% at the September Federal Open Market Committee meeting, with up to three more rate cuts expected by the end of the year. As the Federal Reserve continues to cut rates, stablecoin issuers dependent on short-term Treasuries and related instruments will face declining yields and revenues. This dynamic opens space for alternative, higher-yielding models like USD.AI’s synthetic dollar to capture market share in the $297.4 billion stablecoin industry.
The U.S. has strong incentives to preserve the dollar’s global role, and legislation like the Genius Act signals that it plans to maintain the dollar’s strength through stablecoins. Stablecoins denominated in USD remain a practical tool for reinforcing dollar liquidity and accessibility in digital markets, and therefore international ones. This, combined with the ongoing demand for artificial intelligence infrastructure like compute resources, creates another vector for stablecoin innovation. USD.AI is positioned to capitalize on this by generating yield from compute power, aligning stablecoin issuance with one of the most capital-intensive growth markets in history.
USD.AI is a synthetic dollar protocol with $504.4 million in TVL that bridges DeFi with AI infrastructure. The protocol consists of a stablecoin, USDai, its yield-bearing derivative, sUSDai, and the tokenized real-world asset CALIBER (Collateralized Asset Ledger with Insurance, Bailment, Evaluation, and Redemption), an ERC-721.
USD.AI launched in May 2025 as a true stablecoin backed by Treasuries prior to accumulating GPU hardware. This strategy allowed them to build capital while avoiding cash drag on ordered GPU hardware from the original equipment manufacturer. As orders are filled and properly tokenized by CALIBER, they enter the second stage of their rollout plan, and so does the yield. APYs on sUSDai are expected to rise from 4% to 12% by the end of Stage 02, and upwards of 40% by the end of Stage 03 once they are completely backed by compute power.
Circle’s IPO and OpenAI's potential new $500 billion valuation show that investors are very interested in both stablecoin and AI exposure; USD.AI offers both. As traditional, Treasury-backed issuers see their margins compressed, USDai’s is poised to see increasing yield as demand for AI, and the subsequent demand for compute power, grows. If USD.AI’s rollout proceeds as planned, it could set a precedent for the next generation of stablecoins, moving beyond passive treasury management toward active integration with high-growth sectors of the global economy.