Payments Weekly · 2026-W43Weekly
PAY.NEWS
Stablecoin regulation takes shape as agentic payments gain momentum
This issue covers October 19–25, 2026. Payment stablecoin regulation and applications are advancing in parallel: the OCC has finalized its issuer regulatory framework, HSBC has launched an HKD stablecoin for PayMe users, JPM Coin has expanded to Ethereum, and Anchorage has also partnered with Western Union and Securitize. AI agent payments are moving from pilots toward productization, with Visa and Mastercard exploring business payments and Walmart setting limits and approvals for shopping agents; regulators are beginning to discuss agent identity, authorization, and accountability. In payment infrastructure, HKEX has pushed its T+1 settlement target to the second half of 2028, while cross-border real-time payment networks continue to expand. There have also been new developments in bank liquidity support, tokenized deposits, and financial institutions’ risk and compliance requirements.
Stablecoin Regulation and Applications
Section overviewThe OCC has finalized a regulatory framework for payment stablecoin issuers, covering reserves, redemption, custody, capital, and supervision, signaling that issuance activity is entering a clearer federal regulatory regime. Meanwhile, HSBC has launched a Hong Kong-regulated HKD stablecoin for PayMe users, JPM Coin has expanded to Ethereum, and Anchorage has partnered with Western Union and Securitize on stablecoins, extending applications to transfers, institutional payments, and tokenized settlement.
PYMNTS10.22OCC finalizes payment stablecoin regulatory framework, rules take effect Jan 18
The OCC has finalized rules regulating payment stablecoin issuers within its jurisdiction, covering reserves, redemption, custody, risk management, capital, reporting, and supervision. The rules take effect Jan 18. The framework applies to subsidiaries of national banks and federal savings associations, nonbank issuers seeking federal approval, and certain foreign issuers; BSA, AML, and OFAC sanctions compliance requirements will be addressed in a separate rulemaking coordinated by the Treasury Department.
HSBC launches HKD stablecoin RedCoin for more than 3.3 million PayMe users
HSBC has launched the HKD stablecoin RedCoin (RCHKD), making it available to more than 3.3 million PayMe users for transfers between friends and family and payments at more than 100,000 merchants in Hong Kong. Users can enable a stablecoin wallet in the PayMe app over the coming days; RedCoin is regulated by the Hong Kong Monetary Authority and authorized for issuance under Hong Kong’s Stablecoins Ordinance.
PYMNTS10.19JPMorgan expands JPM Coin deposit token to the Ethereum network
JPMorgan has expanded its deposit token, JPM Coin, to the Ethereum network for the bank’s institutional clients. The token can be used for blockchain payments by crypto industry clients and by financial institutions for digital cash settlement or collateralizing tokenized assets. Kinexys says its blockchain infrastructure has processed more than $3 trillion since launch, with average daily transaction value exceeding $5 billion.
Anchorage enters two stablecoin partnerships with Western Union and Securitize
Anchorage entered two partnerships with Western Union and Securitize within two days, respectively using its issued stablecoin for cross-border remittances and tokenized transaction settlement.
Ledger Insights10.23SoFi launches retail tokenized deposit SOFIE with a floating 4.4% annual yield
SoFi has launched SoFi Earn (SOFIE), a tokenized deposit provided by SoFi Bank, FDIC-insured and paying a floating 4.4% rate. Customers can convert it into SoFi USD when they need to make purchases or move funds on-chain; the product is being rolled out to SoFi Crypto members through November.
Agentic Payments and Governance
Section overviewAI agents are beginning to enter enterprise payment and shopping scenarios: Visa is piloting automatic payment of approved invoices with BILL and Billtrust, Mastercard has demonstrated a multi-provider budget payment solution, and Walmart will let users set purchase limits and approve transactions individually for shopping agents. Meanwhile, the FCA is working with industry on an agentic finance framework, while banks and brokerages still restrict external agents from transferring customer funds. Permissions, accountability, and risk controls are key to implementation.
PYMNTS10.20Visa launches agentic payment pilots with BILL and Billtrust to automate invoice payments through supplier portals
Visa has launched agentic payment partnership pilots with accounts payable and receivable solution providers BILL and Billtrust, allowing AI agents to initiate and complete approved buyer invoice payments end to end through supplier portals.
Fintech News Singapore10.21Mastercard demonstrates how AI agents can pay multiple service providers from a single budget
Mastercard demonstrated its Agent Pay for Machines solution, in which AI agents can pay multiple service providers within a single approved budget; early access for developers is now available. The solution is based on x402: after a service provider returns “402 Payment Required,” the agent generates a digitally signed payment credential, and the provider verifies it before delivering the service. The transaction can be completed off-chain first and redeemed later.
Walmart to launch Agent Profiles, letting users set limits and approvals for AI shopping agents
Walmart will launch Agent Profiles, allowing consumers to set purchase limits and individual transaction approvals for each AI shopping agent. Approval is required by default, and consumers can also set limits such as $50, $100, or $200; Walmart may still require approval for purchases within those limits. Agents cannot access payment card data or add or modify payment methods; the accompanying Walmart Agent Gateway will be available in beta to businesses and developers.
FCA to work with industry to develop an agentic finance regulatory framework
The FCA says it will work with the financial industry, other regulators, and frontier labs to develop an agentic finance framework covering agent identity, delegated authority, accountability, and enforcement. The FCA has published good and bad AI practices, requiring firms to put consumers first, establish clear accountability and human oversight, and prepare for system failures, supplier dependencies, and significant failures or near misses. The FCA is also using AI to supervise markets, including developing tools for 60,000 AML-regulated firms coming under its remit in 2028 and using agent tools to supervise around 9,000 small wholesale market transaction reporting firms.
PYMNTS10.20JPMorganChase, Citigroup, Bank of America, and Charles Schwab refuse to let external AI agents transfer customer funds
JPMorganChase, Citigroup, Bank of America, and Charles Schwab do not allow external AI agents to log in to accounts and transfer customer funds, but retain read-only balance access through authorized connectors.
Fintech News Singapore10.22Visa tests AI-driven business payments and launches new fraud control tools
Visa is introducing supplier analytics, fraud prevention, and invoice automation tools for business payments; SESA 2.0 has identified more than US$600 billion in potential commercial card payment opportunities since launch.
Fintech News10.22Visa launches commercial payment analytics, virtual card risk controls, and AI agent payment capabilities
Visa announced three commercial payment capabilities covering supplier spend analytics, virtual card payment risk controls, and a live pilot for AI agents to complete B2B invoice payments. SESA 2.0 combines AI-driven supplier scoring, Visa commercial payment data, and buyer benchmarks; since its launch, SESA has helped financial institutions identify more than $600 billion in potential cardable spend.
Meta discloses Muse agent shopping usage and Stripe payment arrangement
Meta CEO Mark Zuckerberg said shopping is the most common use of the Muse personal AI agent, with around 25% of users asking it to perform shopping tasks and an average purchase amount of $200. Muse uses Stripe’s Link digital wallet for payments; Meta says it has around 10 million registered users in the US and Canada.
Payment Networks and Market Infrastructure
Section overviewHong Kong Exchanges and Clearing has moved its target for shifting the securities market from T+2 to T+1 to the second half of 2028, and plans to support the transition with extended instruction windows, real-time updates, and status tools. Cross-border payment connectivity is also expanding, with Thunes adding real-time transfers to Venezuelan bank accounts and DBS PayLah! connecting to Taiwan’s TWQR merchant network. Meanwhile, a Google Cloud outage disrupted multiple Revolut payment services, highlighting the impact of critical technology services on payment continuity.
Fintech News Hong Kong10.19HKEX moves Hong Kong securities market T+1 settlement target to the second half of 2028
HKEX plans to shorten the Hong Kong securities market settlement cycle from T+2 to T+1 in the second half of 2028, subject to market readiness and regulatory approval. HKEX will support the transition with a three-layer framework that includes extended instruction windows, more real-time updates and matching, and the Settlement Profile Repository and Status Dashboard. Southbound Stock Connect trades following Hong Kong settlement arrangements will also move to T+1.
Fintech News Singapore10.21Thunes adds Venezuela to its global real-time payments network
Thunes now enables banks and payment service providers to send real-time transfers to Venezuelan bank accounts, processing transfers through Credito Inmediato Interbancario. The channel supports remittances, freelancer payments, mobile wallets, and cash pickup. Remittance inflows to Venezuela in 2025 are estimated at US$6 billion, equivalent to 7 percent of GDP, with about half originating in the US.
Fintech News Singapore10.21DBS PayLah! expands QR payments to Taiwan, covering more than 250,000 merchants
DBS PayLah! users can now make QR payments using TWQR at more than 250,000 merchants in Taiwan, covering around two-thirds of the TWQR merchant network. More than 3 million PayLah!
Google Cloud outage disrupts multiple Revolut payment services
A Google Cloud outage disrupted Revolut services including card payments, transfers, and ATM withdrawals. Revolut said customer funds and data were safe. The Revolut status page showed 28 services partially unavailable at the time of reporting, and Downdetector received more than 1,500 user reports; the company did not state how many customers were affected or when full restoration would be completed.
Digital Transactions News10.19Fiserv makes Commerce Hub available globally
Fiserv has made Commerce Hub available globally, allowing enterprise merchants to manage payments through a single connection to Fiserv and access onboarding, APIs, reporting, and operational controls through a single integration.
Bank Liquidity and Prudential Regulation
Section overviewThe ECB has expanded EUREP and increased its flexibility, providing non-euro-area central banks with liquidity support backed by euro collateral; the HKMA has increased offshore renminbi repo financing and designated primary liquidity providers. On the regulatory front, the RBI has revised bank leverage ratio rules, the ECB has stressed that regulatory simplification must not weaken resilience, and CPMI and IOSCO have issued guidance on business risks for financial market infrastructures, advancing liquidity support and risk management in parallel.
European Central BankFirst party10.21ECB expands EUREP coverage and flexibility, strengthening international euro liquidity support
This year the ECB enhanced EUREP, which provides non-euro-area central banks with a euro liquidity backstop secured by high-quality euro-denominated collateral. The updated framework offers standing access in principle to all central banks, with a limit of up to €50 billion per central bank and individual operations lasting from one day to one week, with the option to extend. Central banks that complete onboarding can draw from the facility starting in the fourth quarter of 2026. Philip R. Lane said EUREP primarily supports euro-denominated bond markets, while swap lines supplement liquidity support through local bank lending channels.
HKMA — Press releases (English)First party10.23HKMA designates 12 offshore renminbi primary liquidity providers and raises repo facility to RMB22 billion
The HKMA has designated 12 banks as primary liquidity providers for Hong Kong’s offshore renminbi market for a two-year term, effective October 27, 2026. Following the designation, the total renminbi repo financing under the dedicated PLP Scheme will increase from RMB20 billion to RMB22 billion to strengthen liquidity support for the offshore renminbi market.
Reserve Bank of India revises leverage ratio rules in capital adequacy guidelines for commercial banks
The Reserve Bank of India issued the Commercial Banks’ Capital Adequacy Prudential Norms (Eleventh Amendment Directions), revising minimum leverage ratio requirements, capital conservation constraints, and rules for calculating and disclosing exposures. The minimum leverage ratio is 4% for domestic systemically important banks and 3.5% for other banks; branches of global systemically important banks in India must meet 3.5% plus the applicable leverage ratio buffer. The revised directions take effect April 1, 2027.
European Central BankFirst party10.20ECB Executive Board member Frank Elderson: Bank supervision can be simplified, but must not weaken financial resilience
ECB Executive Board member Frank Elderson said bank supervision can be simplified and made more proportionate, but must not turn into deregulation; financial resilience remains the foundation for stable growth and competitiveness. He proposed raising the simplified supervisory threshold for small, non-complex banks from €5 billion to €10 billion, which would bring around 150 banks into the simplified regime. In response to AI risks, banks need to reassess their cybersecurity measures and submit related action plans by the end of October.
CPMI and IOSCO issue supplementary guidance on financial market infrastructure business risks and business loss management
On October 14, 2026, CPMI and IOSCO issued a final report on business risks and business loss management for financial market infrastructures, as supplementary guidance to the Principles for Financial Market Infrastructures (PFMI). The Bank of Japan circulated the report and the original publication notice; the material concerns risk management for financial market infrastructures.
RBI issues six-month regulatory directions to Puducherry Co-operative Urban Bank Ltd
The Reserve Bank of India (RBI) issued regulatory directions to Puducherry Co-operative Urban Bank Ltd. Effective from the close of business on October 21, 2026, the bank may not, without RBI’s written approval, grant or renew loans, make investments, incur liabilities, or accept new deposits, among other activities.
RBI removes clause on limits for non-option derivative contracts in commercial bank miscellaneous directions; revised directions effective immediately
The Reserve Bank of India issued the Commercial Banks (Miscellaneous) Second Amendment Directions, 2026, removing Chapter IV, Section C, “Limits on Non-Option Derivative Contracts,” and Paragraph 37 of the Commercial Banks (Miscellaneous) Directions, 2025. The amended directions take effect immediately upon publication.
Indian Prime Minister inaugurates Reserve Bank of India data centre and cybersecurity training institute
Indian Prime Minister Narendra Modi inaugurated the Reserve Bank of India’s new data centre and cybersecurity training institute in Bhubaneswar, Odisha. The new data centre will host critical systems including RTGS and NEFT, while the training institute will develop expertise in cybersecurity, AI, and other emerging technologies.