The global regulatory landscape for stablecoins has entered an accelerator phase of competition.
Written by: Cobo
This week, global stablecoin regulation continues to advance. The EU's MiCA legislation has officially taken effect, with over 50 institutions already approved for compliance licenses; Hong Kong plans to issue a limited number of licenses, emphasizing high thresholds and cautious pilot programs; in the United States, the legislative process of the GENIUS Act is attracting attention, as stablecoins are gradually being integrated into the federal financial system.
The rising regulatory thresholds are accelerating the trend of centralization at the issuance end, with stablecoins becoming core assets for a few institutions that possess banking qualifications and clearing networks. This is also driving infrastructure towards a service-oriented layered approach. Service providers like Agora and Cobo are packaging capabilities such as clearing, custody, risk control, and fund flows into standard interfaces, providing enterprises with callable and combinable stablecoin issuance and circulation capabilities, thereby building a new generation of cross-border financial execution layers.
On the capital front, infrastructure interest is rebounding. Circle has become the most favored U.S. stock target for Korean investors in June, with global crypto financing rebounding to $2.8 billion, and financial service projects attracting the most funds, making the stablecoin sector a renewed focal point of market value.
The globalization of stablecoins is rapidly evolving from a licensing competition to a competition in execution layers and connectivity capabilities.
Market Overview and Growth Highlights
The total market capitalization of stablecoins has reached $257.012 billion, with a week-on-week increase of $2.107 billion. In terms of market structure, USDT continues to dominate, accounting for 62.25%; USDC ranks second with a market cap of $62.554 billion, accounting for 24.34%.
Blockchain Network Distribution
Top three networks by stablecoin market cap:
Ethereum: $127.002 billion
Tron: $81.395 billion
Solana: $11.149 billion
Top 3 networks with the fastest weekly growth:
Noble: +45.57% (USDC accounts for 68.18%)
Movement: +28.75% (USDT accounts for 25.52%)
Hedera: +20.07% (USDC accounts for 99.84%)
Data from DefiLlama
🎯 From "Single-Digit" to "Accessing 30 Countries": A Comparative Observation of Global Stablecoin Regulatory Dividends
Stablecoins are rapidly evolving into key infrastructure for global digital finance, with regulatory frameworks accelerating in various countries. In this process, "compliance identity" has transformed from passive compliance into a strategic asset, providing institutions with market access, trust endorsement, and institutional dividends.
Europe is at the forefront. After the MiCA legislation took effect, a passport mechanism allowing "one license in one place, valid across the region" has been preliminarily established. According to Circle's EU Policy Director Patrick Hansen, 14 stablecoin issuers and 39 crypto asset service providers have been approved, including crypto-native companies like Coinbase, Kraken, and OKX, as well as traditional financial institutions like BBVA, Clearstream, and various other types of institutions such as N26 and eToro. A unified compliance threshold and strong regulatory enforcement are driving the formation of a European crypto market with institutional consistency and cross-border operability.
Hong Kong has chosen a more cautious path. The Monetary Authority expects to implement stablecoin regulatory regulations starting in August, with the first batch issuing only a limited number of licenses, emphasizing 100% high-quality asset reserves and risk isolation, prohibiting the use of reserve assets for active management. While this enhances system stability, it also puts pressure on the profitability model of issuers. Due to the revenue structure being highly dependent on reserve interest and fees, annual returns in a normal interest rate environment may only be 1-3%, which is insufficient to cover rigid costs such as technology, compliance, and security. However, Hong Kong's regulation positions stablecoins as the "clearing currency layer" of on-chain finance, encouraging their integration into a broader ecosystem of payments, asset management, and credit for collaborative development. This "sacrificing profit for compliance" model aims to create long-term market space through institutional security. The regulatory sandbox mechanism also reserves space for innovative experiments within the compliance framework. The "Project Ensemble" launched by the Hong Kong Monetary Authority is a concrete example, exploring the application of tokenized bonds, funds, carbon credits, and supply chain finance in real-world assets (RWA).
Regarding the renminbi stablecoin, institutions like the National Financial and Development Laboratory have proposed a "dual-track collaborative" development model: Hong Kong will take on the role of the offshore renminbi stablecoin (CNHC) issuance center, initiated through cooperation between domestic and foreign institutions, or authorized domestic financial institutions to issue based on Hong Kong entities; domestically, the Shanghai Free Trade Zone will promote the pilot of the domestic offshore renminbi stablecoin (CNYC). The collaboration between the two regions forms a "domestic + offshore" dual system for renminbi stablecoins, enhancing the international usability and competitiveness of renminbi assets in scenarios such as on-chain finance, cross-border settlement, and real-world assets (RWA). In terms of regulatory mechanisms, this path advocates for the central financial management department to lead the top-level institutional design while promoting coordination with Hong Kong regulatory authorities, and leveraging regulatory sandboxes and electronic fencing technologies to form a controllable and experimental implementation mechanism.
The United States has yet to establish a federal unified licensing mechanism, but the legislative process of the GENIUS Act is pushing stablecoins into the national payment and clearing system. Leading companies like Circle and Ripple are actively applying for federal trust bank licenses, aiming for direct access to the Federal Reserve's clearing network, intending to occupy a core settlement role under the "digital dollar" framework. This trend is transforming "stablecoin compliance" into a part of the future digital infrastructure of the dollar.
The global regulatory landscape for stablecoins is rapidly differentiating: the EU emphasizes market integration, Hong Kong highlights risk control, and the U.S. bets on global settlement dominance. As regulation increasingly becomes a driving force in the industry, stablecoin issuers must align their strategies with local institutional paths and their own capabilities, clarify their strategic positioning, and seek truly sustainable development models.
🎯 A New Paradigm in Digital Finance: The Restructuring of the Stablecoin Ecosystem and the Rise of Infrastructure Under Licensing Thresholds
Stablecoins, leveraging their technological advantages, are evolving from a single digital token into the core of next-generation financial infrastructure.
However, as regulatory frameworks like the U.S. GENIUS Act become increasingly stringent, stablecoin issuance is being pushed towards bank-level compliance thresholds, requiring high-standard reserves, strong regulatory licenses, and core settlement connectivity capabilities. This high compliance wall deters the vast majority of enterprises but also prompts crypto giants like Circle and Ripple to apply for federal trust bank licenses, striving to gain a voice in the future "digital dollar" infrastructure. This trend clearly indicates that direct issuance of stablecoins has become a game limited to large institutions with substantial capital and licensing qualifications.
Agora's stablecoin operating system is attempting to structurally dismantle this high-threshold process. Through a white-label issuance solution, Agora provides a full suite of modular services, including compliance frameworks, custody services, reserve management, on-chain AML, fiat channels, and exchange integration, enabling enterprises to quickly deploy their own branded stablecoins based on existing compliance paths, focusing on their business and products.
This trend of abstracting capabilities represents the evolution of stablecoin services from "license-holding intermediaries" to "underlying capability platforms." Early models like Paxos relied on their own licenses to provide issuance services to third parties, while Agora emphasizes standardizing and networking core capability modules, opening stablecoin infrastructure to a broader range of institutions. This shift lowers entry barriers, providing a pathway for stablecoins to become "in-platform currencies" or "vertical scene clearing layers."
Cobo's stablecoin solution also reflects the concrete practice and product of "financial functions evolving into embedded infrastructure": core nodes such as clearing, custody, risk control, and fund flows are packaged as standardized modules and opened through APIs, allowing enterprises to combine and flexibly call upon them as needed. In this architecture, trust shifts from the institution itself to the interface, much like cloud computing replaces local deployment. On-chain wallets, MPC, and centralized custody ensure compliance and security of funds, while multi-bank channels and payment networks enable efficient circulation of stablecoins in cross-border scenarios, and risk control and on-chain monitoring modules introduce behavior norms that can be accepted by regulators. This interface-based structure is reshaping the market logic of stablecoins—issuers no longer bear the full-process capabilities but build their service systems based on a trusted execution layer, making stablecoins truly combinable, governable, and globally adaptable financial primitives.
🎯 WeChat Pay MCP and the Future of "Machine Currency"
On July 3, Tencent's Yuanqi platform announced the integration of WeChat Pay MCP, opening capabilities for ordering, appreciation, and order management. From this point on, AI Agents have begun to possess "payment" capabilities, evolving from mere information providers to executors of economic actions. Through simple API calls or preset workflows, developers can enable Agents to complete service generation, delivery, and payment within user dialogues, creating a complete business closed loop. This marks the entry of AI business models into the automation stage, opening new commercial avenues for developers.
This development resonates with global experimental explorations of AI commercialization. Previously, Anthropic allowed Claude 3 LLM to independently operate a vending machine; although it ultimately incurred losses, the AI performed robustly in restocking, bargaining, and risk control. A post-mortem review revealed that the fundamental reason for this experiment's failure was not the algorithm itself, but rather systemic deficiencies—unclear goal alignment (e.g., "helpfulness" outweighing "profit pursuit"), absence of pricing strategies, and lack of order management and CRM support. This experiment shows that AI Agents possess the technical capabilities, but the key gap lies in the external structure and authorized infrastructure that have yet to be perfected.
The payment system is the next bottleneck for breakthroughs in AI business capabilities. Traditional payment pathways are designed for humans, with high fees, slow settlements, and inflexible authorizations, creating structural mismatches with the 24/7 operation, micro-payment, and high automation needs of Agents. Stablecoins, as "machine-native currencies," naturally align with the business logic of Agents: extremely low costs allow for fine-grained dynamic pricing; on-chain records and wallet addresses can integrate with CRM systems to achieve user profiling and automatic incentives; instant settlements support synchronization of payment and order status, creating an end-to-end order fulfillment process without human intervention.
However, when AI Agents possess payment capabilities, it also means an automated amplification of risks. Induced payments, the sale of false content, and even new models of "AI scamming AI" could form closed loops with zero human intervention. Platforms need to simultaneously improve permission management and risk control structures, strictly controlling developer access, payment trigger logic, and abnormal behaviors. The economic identity of AI Agents has been activated, and the security and governance of payment infrastructure will directly determine whether this new paradigm can be healthily released.
Market Adoption
🌱 Circle and OKX Reach Strategic Cooperation on USDC to Expand Global Liquidity and Coverage
Key Points Summary
Circle has established a partnership with the globally renowned exchange OKX to provide 60 million OKX users with 1:1 USD and USDC two-way exchange services;
Both parties will simplify the channels for fund inflows and outflows through common banking partners, making it easier for customers to use USDC for trading, payments, and other operations;
As part of the collaboration, Circle and OKX will jointly conduct educational and community projects to help users understand the advantages of digital currencies like USDC.
Why It Matters
This partnership further expands the global accessibility and liquidity of USDC, demonstrating that Circle is actively enhancing its market influence as the largest stablecoin issuer worldwide. By establishing deep integration with an exchange that has a large user base, Circle strengthens its business model while enhancing the practicality of USDC in international payments and trading.
🌱 Ant International Plans to Integrate Circle Stablecoin into Blockchain Platform
Key Points Summary
According to informed sources, Ant Group's Ant International plans to integrate Circle's USDC stablecoin into its blockchain platform after the regulatory framework for stablecoins in the U.S. is improved;
Ant Group processed over $1 trillion in global transactions last year, with one-third handled by its blockchain system, showcasing its significant scale in the digital payment sector;
Ant International is applying for stablecoin licenses in Hong Kong, Singapore, and Luxembourg, indicating its proactive layout in the global stablecoin business, with collaboration with the publicly listed Circle being an important step.
Why It Matters:
The cross-border collaboration between a Chinese tech giant and a leading U.S. stablecoin issuer reflects the mainstream recognition of stablecoins in the global payment sector, while also showing that Ant Group is expanding its international blockchain business through compliant channels, which could become a new model for Chinese enterprises to participate in global digital finance competition.
🌱 Meow and Bridge Create USDC Payment Ecosystem for Cash-Equivalent Experience
Key Points Summary
U.S. fintech company Meow has become the first company in the U.S. to allow businesses to send and receive USDC directly on commercial bank platforms by integrating Bridge's Orchestration API;
This solution addresses multiple pain points: it simplifies the previously time-consuming process of opening accounts at crypto exchanges, eliminates the disconnect between USDC and traditional accounting systems, provides enterprise-level fund control, and reduces transaction costs;
The implementation has shown significant results: Meow's transaction volume has increased by billions, customer account numbers have tripled, and profitability is expected in 2024, while helping businesses reduce accounting processing time from hours to minutes.
Why It Matters
This case demonstrates the groundbreaking progress of stablecoins in practical business applications. By seamlessly integrating USDC with traditional banking services, it lowers the barriers for enterprises to adopt crypto payments. The collaboration between Meow and Bridge provides a template for fintech companies on how to leverage stablecoin technology to create competitive advantages, while also proving the feasibility of stablecoins as everyday business payment tools.
🌱 Australian Fintech Unicorn Airwallex Builds Stablecoin Platform Team
Key Points Summary
The official website of Australian cross-border payment unicorn Airwallex shows that it is forming a stablecoin platform team and has opened engineering positions for recruitment;
The company plans to build infrastructure that allows customers and internal systems to purchase, hold, send, and settle tokens globally;
The platform aims to support near-instant global payments and achieve on-chain liquidity and seamless fiat-stablecoin conversion, providing users with more efficient cross-border financial services.
Why It Matters
As a payment giant valued at over $3 billion, Airwallex's entry into the stablecoin space represents an important integration of traditional payments and blockchain technology. This will provide more efficient settlement channels for its global payment network while offering more convenient stablecoin services for institutional users, potentially accelerating the application of stablecoins in cross-border payment scenarios in the Asia-Pacific region.
🌱 Visa Partners with Bridge to Launch Stablecoin Payment Cards in Latin America
Key Points Summary
Visa has announced a partnership with stablecoin service provider Bridge and has begun launching stablecoin payment cards in Latin American countries such as Argentina, Colombia, and Mexico;
This service provides buyers and sellers with a more flexible way to transact with stablecoins while allowing fintech companies and businesses to offer stablecoin payment card services through a single API interface;
Latin America, as the first large-scale promotion area, reflects the practical application value of stablecoins in countries with high inflation and exchange rate volatility, as Visa continues to expand its crypto payment network.
Why It Matters
Traditional payment giant Visa is further expanding its footprint in the stablecoin space, particularly choosing high-inflation regions in Latin America as key markets, indicating that stablecoins are shifting from speculative tools to practical payment instruments and have gained strategic recognition from mainstream payment institutions.
Macroeconomic Trends
🔮 U.S. National Debt Surpasses Historical High, Exceeding February Record Levels for the First Time
Key Points Summary
The total U.S. national debt has reached a new historical high, breaking the record set in February this year, as the government continues to issue large amounts of bonds in a high-interest-rate environment to cover spending gaps and roll over maturing debt;
This has led to a significant increase in interest expenditure, further exacerbating the fiscal burden and directly affecting market liquidity, long-term interest rate trends, and investor confidence;
In the face of the debt crisis, the government may explore non-traditional financing channels, including guiding compliant stablecoin issuers to increase their holdings of national debt, forming a kind of "invisible quantitative easing" mechanism to indirectly support demand for U.S. Treasuries.
Why It Matters
The continuously rising national debt not only threatens the long-term stability of the dollar but may also reshape the stablecoin regulatory environment. The government has the incentive to direct stablecoin reserves into the national debt market, increasing the absorption channels for U.S. Treasuries, which will have profound implications for the reserve strategies and regulatory compliance of mainstream stablecoins like USDC.
🔮 Mizuho is Bearish on Circle Stock: USDC Mid-Term Growth Prospects Overestimated
Key Points Summary
Bank of America has given Circle stock (CRCL) a "Underperform" rating with a target price of $85, significantly below the current trading price, believing the market is overly optimistic in its valuation;
Analysts point to three major risk factors: the upcoming interest rate cut cycle, stagnation in USDC circulation (which has remained at $62 billion since April), and structurally high distribution costs (profit margins dropping from 61% in 2023 to 39% by early 2025);
Bank of America believes Circle's projected revenue of $4.5 billion in 2027 may be overestimated by 25-30%, unless USDC adoption significantly increases or interest rates remain high, both of which are unlikely to occur.
Why It Matters
Although Circle successfully went public on the NYSE last month at an IPO price of $31 and quickly became popular among retail investors, institutional investors are beginning to question the rationality of its valuation. With regulatory advancements like the GENIUS Act potentially bringing more competitors, along with partners like Coinbase attracting more USDC holders by offering yields (Coinbase's share of USDC has increased from 8% to 22% over more than a year), Circle may face greater profit pressure and challenges to its market share in the dollar stablecoin space in the future.
🔮 South Korea Experiences a Surge in Stablecoin Registrations, Local Companies Compete in the Digital Payment Market
Key Points Summary
South Korea currently lacks clear regulatory guidelines for stablecoins, yet there has been a surge in stablecoin trademark registrations, with banks or companies applying for stablecoin-related trademarks almost every other day;
Once a listed company submits a stablecoin trademark application, its stock price typically skyrockets by 15-30% within a day, which has become a common market reaction;
Major financial players in South Korea are rushing to enter the market, with institutions that have applied for stablecoin trademarks including Toss Bank, Shinhan Financial Group, KakaoPay, KB Kookmin Bank, KakaoBank, K Bank, Shinhan Card, Mirae Asset, and more than a dozen other well-known companies.
Why It Matters
The enthusiasm of South Korean investors for the stablecoin sector is high, with Circle stock becoming the most popular foreign stock among South Korean investors in June, seeing a net inflow of $410 million in a single month. This nationwide trend indicates that South Korea is rapidly becoming a key market in Asia's stablecoin competition, with investors actively seeking the "next Circle," which may lead to the emergence of globally influential local stablecoin projects.
Regulatory Compliance
🏛️ Circle Did Not Freeze Stolen Funds, Hacker Converted 1.3 Million USDT0 to USDC and Escaped in 23 Seconds
Key Points Summary
An attacker successfully converted 1.3 million USDT0 into USDC and escaped just 23 seconds before the USDT0 project team could freeze the assets they held;
The USDT0 team reacted quickly to implement a freeze, but due to the time lag in blockchain transaction confirmations, they were unable to prevent the attacker from completing the fund transfer;
An hour after the incident, Circle, the issuer of USDC, had not responded to the matter or taken freezing measures, raising community concerns about its security response mechanism.
Why It Matters
Circle's handling of the stolen funds will become an important case for stablecoin security collaboration, as its response speed relates not only to the possibility of fund recovery but also tests the coordination efficiency among centralized stablecoin issuers and market trust.
🏛️ Tether Holds $8 Billion in Gold Reserves in Secret Vault in Switzerland
Key Points Summary
Tether, the world's largest stablecoin issuer, has its own vault in Switzerland, currently holding about 80 tons of gold valued at approximately $8 billion, accounting for nearly 5% of its reserve assets;
Tether CEO Paolo Ardoino stated that this is "the safest vault in the world," but did not disclose the specific location for security reasons. The vault's scale is comparable to the precious metals and commodities holdings disclosed by UBS;
The company also issues gold-backed tokens XAUT, with each token backed by 1 ounce of gold, and has issued tokens equivalent to 7.7 tons of gold (approximately $819 million), which holders can directly redeem for physical gold in Switzerland.
Why It Matters
Tether's accumulation of such a large-scale gold reserve highlights the trend of stablecoin issuers seeking diversified asset support and challenges to the traditional financial system. However, the stablecoin regulatory rules enacted by the EU last year and the proposed regulations in the U.S. only allow cash and cash-like assets (such as short-term government bonds) as supporting assets for fiat stablecoins, which may force Tether to sell its gold reserves when seeking authorization in these markets.
🏛️ Circle Reaches USDC Revenue Sharing Agreement with Crypto Exchange ByBit
Key Points Summary
According to informed sources, stablecoin issuer Circle has secretly established a USDC revenue-sharing agreement with ByBit, the world's second-largest cryptocurrency exchange, to share the income generated from stablecoin reserves;
Circle had previously reached a similar agreement with Coinbase to share 50% of USDC reserve income and disclosed a similar collaboration with Binance in its IPO filing;
An insider stated, "Any exchange holding a large amount of USDC basically has an agreement with Circle," suggesting that this has become Circle's standard business model for expanding USDC market share.
Why It Matters
This reveals how stablecoin issuers incentivize exchanges to promote the use of their tokens through revenue sharing, a model that helps Circle rapidly expand the USDC ecosystem while potentially raising regulatory concerns about the transparency of reserve income distribution and the substance of stablecoin operations.
🏛️ Hong Kong Stablecoin Regulations Effective in August, A-Share Market Highly Focused on Stablecoin Layout Opportunities
Key Points Summary
Hong Kong's "Stablecoin Regulations" will officially take effect on August 1, becoming the world's first comprehensive regulatory framework for fiat stablecoins. The Monetary Authority will announce implementation guidelines within this month, with the first batch of licenses expected to be in single digits;
Several listed companies in the Shanghai and Shenzhen stock markets have recently been frequently inquired by investors about their stablecoin business layouts, driven by policy openings, improved trading efficiency, and strategic positioning needs;
The Hong Kong government's tokenized green bond settlement cycle has been shortened from T+5 to T+1, proving that blockchain technology can effectively reduce transaction friction costs, as Hong Kong aims to connect digital assets with the real economy.
Why It Matters
The implementation of Hong Kong's stablecoin regulatory framework sets an important benchmark for the Asian digital asset market, providing a clear compliance path and potentially promoting the development of a renminbi stablecoin. This will attract more financial institutions and tech companies into the stablecoin space while providing references and lessons for related policies in mainland China.
🏛️ EU MiCA Regulation Six-Month Report: 14 Stablecoin Issuers Approved, 39 Crypto Service Providers Licensed
Key Points Summary
According to Circle's EU Policy Director Patrick Hansen, six months after the implementation of the EU MiCA regulations, 14 authorized stablecoin (e-money token) issuers are distributed across seven EU countries, with three each in France, Malta, and the Netherlands. Of the 20 stablecoins issued, 12 are pegged to the euro, seven to the U.S. dollar, and one to the Czech koruna;
A total of 39 crypto asset service providers (CASPs) have obtained MiCA licenses, distributed across nine EU/EEA countries, with Germany (12) and the Netherlands (11) leading. The types of institutions include traditional financial institutions (e.g., BBVA, Clearstream), fintech companies (e.g., N26, Trade Republic), and native crypto firms (e.g., Coinbase, Kraken);
No asset-referenced token (ART) issuers have been approved yet, indicating insufficient market demand; about 30 white papers have submitted notifications based on Chapter 2 of MiCA for crypto assets like Bitcoin and Ethereum; the transition period has ended for six countries, including the Netherlands and Poland, with the Dutch Authority for the Financial Markets (AFM) leading in license issuance.
Why It Matters
The clear development momentum shown six months after the full implementation of MiCA indicates that European companies are actively applying for licenses to extend their services to 30 EEA countries. This regulatory framework is gradually establishing a compliant ecosystem for the European crypto asset market, providing a reference model for stablecoin regulation in other regions globally. The EU's progress also reflects the institutionalization trend of crypto financial services, with traditional finance and native crypto firms competing under the same regulatory framework.
🏛️ Dubai Approves First Tokenized Money Market Fund QCD, Jointly Launched by Qatar National Bank and DMZ Finance
Key Points Summary
The Dubai Financial Services Authority has approved the QCD money market fund, supported by Qatar National Bank and DMZ Finance, making it the first tokenized money market fund approved in the region;
The fund aims to bring traditional assets on-chain, serving various institutional application scenarios, further strengthening the Middle East's position as a digital asset financial center;
A joint report predicts that the global market size for tokenized real-world assets (RWA) will reach $18.9 trillion by 2033, with Dubai and Doha becoming early leading regions.
Why It Matters
This move marks a significant breakthrough in the field of real-world asset tokenization (RWA), as the Middle East actively lays out digital asset financial infrastructure, combining traditional finance with blockchain technology to provide new investment channels for global institutional investors.
🏛️ Orbiter Finance Partners with Nasdaq-Listed Company to Create Compliant Stablecoin Cross-Chain Solution
Key Points Summary
Orbiter Finance has reached a strategic partnership with Nasdaq-listed company Nano Labs to jointly develop a compliant stablecoin cross-chain solution named NBNB.io;
This solution will support low-cost cross-chain transfers in multiple fiat currencies, including the U.S. dollar, Hong Kong dollar, and offshore renminbi, with plans to officially launch in the fourth quarter of 2025;
This collaboration aims to promote the application of compliant stablecoins within the BNB Chain ecosystem, particularly facilitating the practical implementation of stablecoins in blockchain scenarios such as DeFi.
Why It Matters
The collaboration between a listed company and a professional cross-chain protocol marks an important step toward bringing compliant stablecoins closer to mainstream finance. The introduction of Hong Kong dollar and offshore renminbi stablecoins will provide users in the Asia region with more diversified digital asset options while bringing new growth points to the BNB Chain ecosystem.
🏛️ National Financial Laboratory Proposes "Internal and External Integration" Development Model for Renminbi Stablecoin
Key Points Summary
Yang Tao, Deputy Director of the National Financial and Development Laboratory, suggests that the renminbi stablecoin adopt a domestic and foreign linkage strategy, advancing innovative exploration simultaneously in the Shanghai Free Trade Zone and Hong Kong;
Two models for domestic offshore renminbi stablecoins (CNYC) are proposed: establishing a dedicated issuing institution by multiple parties in the Shanghai Free Trade Zone or directly minting stablecoins based on the digital renminbi operating institution;
The article points out that Web3.0-based stablecoins have surpassed traditional offshore and onshore concepts, recommending the adoption of the BIS "Unified Ledger" concept to promote the coordinated development of digital renminbi and stablecoins.
Why It Matters
This proposal indicates that Chinese official think tanks have begun to systematically consider the strategy for renminbi stablecoins, emphasizing the construction of a complete ecosystem through institutional innovation and regulatory guidance, which has significant implications for the development path of China's digital finance and the internationalization strategy of the renminbi.
New Product Updates
🌱 Stablecoin Market Segmentation After GENIUS Act, Checker Positions as Liquidity Service Provider
Key Points Summary
Following the regulatory clarity brought by the GENIUS Act, the market has shown polarization: traditional financial giants are seizing stablecoin issuance rights with capital advantages, while fintech companies face challenges in obtaining liquidity;
Checker precisely positions itself as a liquidity service provider, helping financial institutions and fintech companies overcome three major pain points: shallow regional liquidity, high technical and compliance costs, and inefficient market expansion;
The platform has collaborated with several leading teams, including Blox_globe and GrupoBraza, to build a distribution network covering emerging markets globally, including Lagos, São Paulo, Paris, and Nairobi.
Why It Matters
The market segmentation created by regulatory clarity has generated new business opportunities—giants are responsible for compliant issuance, while specialized service providers handle efficient distribution. Checker is filling the critical gap in the transition from stablecoin issuance to widespread global usage by addressing liquidity as a core issue.
🌱 Solayer Launches Emerald Sub Card Service, Evolving Stablecoin Card Management
Key Points Summary
Solayer has launched the Emerald Sub Cards service, allowing users to manage multiple cards through a single main account, with customizable labels, independent spending limits, and expense tracking for each card;
This service supports flexible allocation of uses, such as setting independent cards for daily grocery shopping, family use, friend sharing, or specific savings, enhancing the adaptability of stablecoin payments in various scenarios;
The service is now open to all Emerald Card holders, who can apply for use through the app.solayer.org/card website, marking a move toward aligning stablecoin payments with traditional bank card functionalities.
Why It Matters
Solayer's initiative represents a rapid improvement in user experience for stablecoin payment tools, lowering the barriers for ordinary users to adopt stablecoins by introducing traditional banking features like sub-card management. This innovation will promote the application of stablecoins in everyday consumption scenarios while providing a crypto-friendly solution for household financial management and budget control.
Capital Layout
💰 Revolut Plans $10 Billion Financing, Secretly Building Its Own Stablecoin
Key Points Summary
British fintech company Revolut is negotiating a $1 billion financing round, with a valuation reaching $65 billion, a 44% increase from last year, with U.S. investment firm Greenoaks likely to lead the round;
Reports suggest that Revolut is secretly developing its own stablecoin, leveraging its 50 million active users, banking licenses across more than 30 countries, and the Revolut X crypto exchange to build a strong distribution network;
Unlike traditional stablecoin issuers, Revolut does not need to pay high channel fees, and its own distribution capabilities will become the core profit point of its stablecoin business, potentially achieving higher profit margins.
Why It Matters
As Revolut achieves a high valuation through its super app model, its stablecoin plan will reshape the competitive landscape of the industry. With a full-stack financial license and a large user base, Revolut's entry into the stablecoin market could pose a significant challenge to existing issuers and set new standards for compliance and innovation.
💰 Stablecoin White Label Service Provider Agora Completes $50 Million Series A Financing
Key Points Summary
Crypto startup Agora has announced the completion of a $50 million Series A financing round, led by the well-known crypto investment firm Paradigm, following a $12 million seed round last year;
Agora's unique business model provides stablecoin white label services, allowing companies to issue their own branded stablecoins based on its AUSD stablecoin while sharing the underlying interoperability and liquidity advantages;
Unlike mainstream stablecoins, Agora's design shares the income from the dollar assets backing the stablecoin with partners and collaborates with State Street and VanEck to manage reserves, with the current market cap of AUSD at approximately $130 million.
Why It Matters
As non-crypto giants like Meta and Apple enter the stablecoin space, Agora's focus on helping businesses quickly issue their own stablecoins may open up new avenues. Its "quasi-public good" revenue-sharing mechanism and cross-border payment capabilities are expected to gain wider application in non-U.S. regions with significant dollar volatility.
💰 Tether Invests in Blockchain Forensics Company Crystal Intelligence to Strengthen the Fight Against Crypto Crime
Key Points Summary
Tether, the world's largest stablecoin issuer, strategically invests in blockchain analytics company Crystal Intelligence to acquire real-time risk monitoring, fraud detection, and regulatory intelligence tools, enhancing efforts to combat USDT-related crimes;
Crypto crime has surged in recent years, with an FBI report indicating that digital asset fraud losses reached $9.3 billion last year, and stablecoins have become the preferred tool for criminals due to their widespread circulation;
The two parties have collaborated to establish a Scam Alert public database, marking wallet addresses associated with scams to improve transparency and anti-fraud capabilities.
Why It Matters
As regulatory scrutiny intensifies, Tether demonstrates its commitment to combating illegal activities through proactive investments in compliance technology, protecting user safety while preparing to address global regulatory oversight.
💰 June Venture Capital Funding Rebounds to $2.8 Billion, Financial Services Projects Dominate Financing
Key Points Summary
Venture capital in the crypto space rebounded strongly after a sluggish May ($594 million), with total funding in June reaching approximately $2.8 billion, nearing the $2.9 billion peak in March;
The largest funding rounds in June came from Kalshi ($185 million Series C), Digital Asset ($135 million), and Zama ($57 million); additionally, the UAE purchased $100 million worth of World Liberty Financial tokens, and a16z acquired $70 million in EigenLayer tokens;
Although AI projects had the highest number (21 projects raising $116 million), financial services (Prime Services) became the largest category by funding size, raising $1.15 billion across five projects; infrastructure projects also performed strongly, raising $881 million.
Why It Matters
The June funding data indicates a revival of vitality in the crypto venture capital market, particularly noteworthy is the increase in later-stage funding (Series B and beyond), suggesting that investors are leaning towards more mature projects. Despite the hot AI narrative, financial services remain the primary focus of funding, reflecting ongoing optimism in the market regarding the construction of crypto financial infrastructure following Circle's IPO.
💰 Monad Foundation Acquires Portal to Strengthen Blockchain Stablecoin Payment Infrastructure
Key Points Summary
The Monad Foundation has acquired stablecoin infrastructure provider Portal, with former Visa crypto product founding member Raj Parekh joining as the head of payments and stablecoins;
The Monad blockchain has demonstrated breakthrough performance in its public testing phase, processing 2 billion transactions in five months, peaking at 10,000 TPS, and is designed to support daily payment scenarios for hundreds of millions of users with stablecoins;
Portal processes millions of dollars in stablecoin settlements daily, and its plug-and-play toolkit allows Web2 companies to easily integrate crypto payment functionalities into their applications, with the acquisition maintaining independent operations.
Why It Matters
This acquisition integrates high-performance blockchain technology with mature stablecoin infrastructure, aiming to address the technical bottlenecks of large-scale stablecoin applications. By providing low-cost transactions and developer-friendly tools, it accelerates the global adoption and application of stablecoins.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
