Written by: Cobo
This week, global stablecoin regulation continued to advance. The EU MiCA Act was officially implemented, and more than 50 institutions have been approved for compliance licenses; Hong Kong plans to issue a single-digit number of licenses in the first batch, emphasizing high thresholds and prudent pilots; in the United States, the legislative process of the GENIUS Act has attracted much attention, and stablecoins are gradually being incorporated into the federal financial system.
The increase in regulatory thresholds is accelerating the trend of centralization on the issuing side, and stablecoins are becoming the core assets of a few institutions with banking qualifications and clearing networks. This also drives the infrastructure towards service-oriented stratification. Service providers such as Agora and Cobo are packaging clearing, custody, risk control, and deposit and withdrawal capabilities into standard interfaces, providing companies with callable and combinable stablecoin issuance and circulation capabilities, and building a new generation of cross-border financial execution layer.
At the capital level, infrastructure enthusiasm has rebounded. Circle became the most favored US stock target by Korean investors in June. Global crypto financing rebounded to US$2.8 billion. Financial services projects attracted the most funds. The stablecoin track is once again becoming a value anchor for market attention.
The global evolution of stablecoins is moving from a competition for licenses to a competition for execution and connectivity capabilities.
Market Overview and Growth Highlights
The total market value of stablecoins reached $257.012b (about $257 billion), a weekly increase of $2.107b (about $2.12 billion). In terms of market structure, USDT continued to maintain its dominant position, accounting for 62.25%; USDC ranked second, with a market value of $62.554b (about $62.6 billion), accounting for 24.34%.
Blockchain network distribution
The top three stablecoin networks by market capitalization are:
Ethereum: $127.002b ($127 billion)
Tron: $81.395b ($81.4 billion)
Solana: $11.149b ($11.1 billion)
Top 3 fastest growing networks per week:
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 digits" to "30 countries": A comparative observation of the global stablecoin regulatory dividends
Stablecoins are rapidly evolving into a key infrastructure for global digital finance, and the implementation of supervision in various countries is also accelerating. In this process, "compliance identity" has transformed from passive compliance to a strategic asset, bringing market access, trust endorsement and institutional dividends to institutions.
Europe is at the forefront. After the MiCA Act came into effect, the passport mechanism of "licensing in one place, access to the whole region" was initially implemented. According to Patrick Hansen, Circle's EU policy director, 14 stablecoin issuers and 39 crypto asset service providers have been approved, including crypto-native companies such as Coinbase, Kraken, and OKX, as well as traditional financial institutions such as BBVA and Clearstream and different types of institutions such as N26 and eToro. Unified compliance thresholds and strong regulatory enforcement are driving the formation of a European crypto market with institutional consistency and cross-border access.
Hong Kong has chosen a more prudent path. The HKMA is expected to implement stablecoin regulation regulations from August, with only a single-digit number of licenses issued in the first batch, emphasizing 100% high-quality asset reserves and risk isolation, and prohibiting the use of reserve assets for active management. While improving system stability, this also puts pressure on the issuer's profit model. Since the income structure is highly dependent on reserve interest and handling fees, the annualized return may be only 1-3% in a normal interest rate environment, which is difficult to cover rigid costs such as technology, compliance, and security. However, Hong Kong regulators position stablecoins as the "clearing currency layer" of on-chain finance, encouraging them to be embedded in a broader ecosystem such as payment, asset management, and credit for coordinated development. This "sacrificing profits for compliance" model is intended to create long-term market space through institutional security. The regulatory sandbox mechanism also leaves room for innovative experiments under the compliance framework. The "Project Ensemble" launched by the Hong Kong Monetary Authority is a specific example. The project is exploring the application of real-world assets (RWA) such as tokenized bonds, funds, carbon credits, and supply chain finance.
In terms of RMB stablecoins, institutions such as the National Financial and Development Laboratory have proposed a "dual-track collaborative" development model: Hong Kong will assume the role of issuing offshore RMB stablecoins (CNHC) through cooperation between domestic and foreign institutions, or authorize domestic financial institutions to issue them based on Hong Kong legal persons; domestically, the Shanghai Free Trade Zone will be used as the basis for promoting the pilot of domestic offshore RMB stablecoins (CNYC). The two places will work together to form a "domestic + overseas" dual system of RMB stablecoins, and enhance the international availability and competitiveness of RMB assets in scenarios such as on-chain finance, cross-border settlement, and real-world assets (RWA). In terms of regulatory mechanisms, this path advocates that the central financial management department should lead the top-level system design, while promoting coordination and cooperation with Hong Kong regulatory authorities, and using regulatory sandboxes and electronic fence technologies to form a controllable and testable landing mechanism.
The United States has not yet established a federal unified licensing mechanism, but the legislative process of the GENIUS Act is promoting the inclusion of stablecoins in the national payment and clearing system. Leading companies such as Circle and Ripple are actively applying for federal trust bank licenses, striving to directly access the Federal Reserve clearing network, intending to occupy a core settlement role under the "digital dollar" framework. This trend is transforming "stablecoin compliance" into part of the future digital infrastructure of the US dollar.
The global stablecoin regulatory landscape is rapidly diverging: the EU emphasizes market integration, Hong Kong prioritizes risk control, and the United States is betting on global settlement dominance. In the context of regulation becoming an increasingly driving force for the industry, stablecoin issuers must combine local institutional paths with their own capabilities and endowments, clarify their strategic positioning, and find a truly sustainable development model.
🎯 New paradigm of digital finance: Reshaping the stablecoin ecosystem and the rise of infrastructure under the licensing threshold
With their technological advantages, stablecoins are evolving from single digital tokens to the core of the next-generation financial infrastructure.
However, with the increasingly stringent regulations such as the US GENIUS Act, the issuance of stablecoins has been pushed to the compliance threshold of banks, requiring high-standard reserves, strong regulatory licenses and core settlement docking capabilities. This high compliance wall has deterred most companies, but it has also prompted crypto giants such as Circle and Ripple to apply for federal trust bank licenses in an effort to gain the right to speak on the future "digital dollar" infrastructure. This trend clearly shows that the direct issuance of stablecoins has become a game limited to large institutions with strong capital and license qualifications.
Agora's stablecoin operating system is trying to structurally dismantle this high-threshold process. Through the white label issuance solution, Agora provides a full set of modular services including compliance framework, custody services, reserve management, on-chain AML, fiat currency channels, exchange docking, etc., enabling enterprises to quickly deploy their own brand stablecoins based on existing compliance paths and focus on the business and products themselves.
This trend of abstracting capabilities represents the evolution of stablecoin services from "license-holding intermediaries" to "underlying capability platforms." Early models such as Paxos relied on their own licenses to export issuance services to third parties, while Agora emphasizes standardizing and networking core capability modules and opening up stablecoin infrastructure to a wider range of institutions. This shift lowers the barriers to entry and provides a path for stablecoins to become "in-platform currencies" or "vertical scenario clearing layers."
Cobo's stablecoin solution also reflects the specific practice and product of "the evolution of financial functions to embedded infrastructure": core nodes such as clearing, custody, risk control, and deposits and withdrawals are encapsulated as standardized modules and opened in the form of APIs, allowing enterprises to combine and call them flexibly on demand. In this architecture, trust is transferred from the institution itself to the interface itself, just as cloud computing replaces local deployment. On-chain wallets, MPC and centralized custody ensure the compliance and security of funds, multi-bank channels and payment networks enable the efficient circulation of stablecoins in cross-border scenarios, and risk control and on-chain monitoring modules introduce regulatory-acceptable behavioral norms for transactions. This interfaced structure is reshaping the market logic of stablecoins-the issuer no longer assumes the full process capabilities, but builds its own service system based on the trusted execution layer, making stablecoins truly composable, governable, and globally adaptable financial primitives.
🎯 WeChat Pay MCP and the future of "machine currency"
On July 3, Tencent Yuanqi Platform announced the access to WeChat Pay MCP, opening up capabilities such as order placement, appreciation, and order management. Since then, AI Agent has begun to have the ability to "collect payments", evolving from a simple information provider to an executor of economic behavior. Through simple API calls or preset workflows, developers can allow Agents to complete service generation, delivery, and payment in user conversations, building a complete business closed loop. This marks the entry of the AI business model into the automation stage, opening up a new business entrance for developers.
This progress echoes the global experimental exploration of AI commercialization. Previously, Anthropic had allowed Claude 3 LLM to independently operate vending machines. Although it ultimately lost money, AI performed robustly in replenishment, bargaining, and risk control. After reviewing the situation, the root cause of the failure of this experiment was not the algorithm itself, but a systematic deficiency - unclear goal alignment (for example, "helpfulness" is greater than "pursuit of profit"), the absence of pricing strategy, and lack of order management and CRM support. This experiment shows that AI Agent already has technical capabilities, and the key gap is that the external structure and authorization infrastructure have not yet been perfected.
The payment system is the next bottleneck for AI business capabilities to break through. Traditional payment paths are designed for humans, with high fees, slow settlement, and inflexible authorization. They are structurally incompatible with Agent's 24/7 operation, micropayment, and highly automated requirements. As a "machine-native currency", stablecoins naturally fit Agent's business logic: extremely low cost allows fine-grained dynamic pricing; on-chain records and wallet addresses can be connected to the CRM system to achieve user profiling and automatic incentives; instant settlement supports synchronization of payment and order status, building an end-to-end order fulfillment process without human intervention.
However, when AI Agent has the ability to collect payments, it also means the automated amplification of risks. New models of inducing payments, selling false content, and even "AI cheating AI" may form a closed loop without human intervention. The platform needs to simultaneously improve the authority management and risk control structure, and strictly control developer access, payment trigger logic, and abnormal behavior. The economic identity of AI Agent has been activated, and the security and governance of the payment infrastructure will directly determine whether this new paradigm can be released in a healthy manner.
Market adoption
🌱Circle and OKX reach USDC strategic cooperation to expand global liquidity and coverage
Quick Facts
Circle has established a partnership with the world-renowned exchange OKX to provide 1:1 two-way exchange services between USD and USDC for 60 million OKX users;
The two parties will simplify the channels for capital inflow and outflow through common banking partners, making it easier for customers to use USDC for transactions, payments, and other operations;
As part of the collaboration, Circle and OKX will jointly carry out educational and community programs to help users understand the benefits of digital currencies such as USDC.
Why it matters
This collaboration further expands USDC's global accessibility and liquidity, demonstrating Circle's aggressive expansion of its market influence as the world's largest stablecoin issuer. By establishing deep integration with exchanges with a large user base, Circle strengthens its business model while enhancing USDC's utility in international payments and transactions.
🌱Ant International plans to incorporate Circle stablecoin into blockchain platform
Quick Facts
According to people familiar with the matter, Ant International, a subsidiary of Ant Group, plans to integrate Circle’s USDC stablecoin into its blockchain platform after the regulation of stablecoins in the United States is improved;
Ant Group processed more than $1 trillion in global transactions last year, one-third of which was processed by its blockchain system, demonstrating its huge size in the digital payment sector;
Ant International is applying for stablecoin licenses in Hong Kong, Singapore and Luxembourg, indicating that it is actively developing global stablecoin business, and cooperation with the listed Circle is an important step.
Why it matters:
The cross-border cooperation between China's technology giant and the leading US stablecoin issuer reflects that stablecoins have gained mainstream recognition in the global payment field. It also shows that Ant Group is expanding its international blockchain business through compliant channels, which may become a new model for Chinese companies to participate in global digital financial competition.
🌱Meow and Bridge jointly create a USDC payment ecosystem to achieve the same convenient experience as cash
Quick Facts
Meow, a US fintech company, has become the first company in the US to allow businesses to send and receive USDC directly on commercial banking platforms by integrating Bridge's Orchestration API;
The solution solves multiple pain points: it simplifies the time-consuming process of opening an account on a crypto exchage, eliminates the gap between USDC and the traditional accounting system, provides enterprise-level fund control, and reduces transaction costs;
The results after implementation are significant: Meow's transaction volume has increased by billions, the number of customer accounts has tripled, and it will achieve profitability in 2024, while helping companies reduce account processing time from hours to minutes.
Why it matters
This case demonstrates the breakthrough of stablecoins in practical commercial applications, lowering the threshold for enterprises to adopt crypto payments by seamlessly integrating USDC with traditional banking services. The cooperation between Meow and Bridge provides a template for how fintech companies can use stablecoin technology to create competitive advantages, while proving the feasibility of stablecoins as a daily commercial payment tool.
🌱Australian fintech unicorn Airwallex starts building a stablecoin platform team
Quick Facts
The official website of Australian cross-border payment unicorn Airwallex shows that it is setting up a stablecoin platform team and is recruiting engineers.
The company plans to build infrastructure that will allow clients and internal systems to buy, hold, send and settle tokens globally;
The platform aims to support near-instant global payments, achieve on-chain liquidity and seamless fiat-to-stablecoin conversion, and provide users with more efficient cross-border financial services.
Why it matters
As a payment giant with a valuation of over US$3 billion, Airwallex's entry into the stablecoin field represents an important integration of traditional payment and blockchain technology. This will provide a more efficient settlement channel for its global payment network, while providing more convenient stablecoin services for institutional users, which may accelerate the application of stablecoins in cross-border payment scenarios in the Asia-Pacific region.
🌱Visa and Bridge partner to launch stablecoin payment cards in Latin America
Quick Facts
Visa 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 trade stablecoins, while allowing fintech companies and enterprises to provide 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 fluctuations. Visa continues to expand its crypto payment network.
Why it matters
Traditional payment giant Visa has further expanded its layout in the field of stablecoins, specifically choosing high-inflation regions in Latin America as key markets, indicating that stablecoins are shifting from speculative tools to practical payment tools and have gained strategic recognition from mainstream payment institutions.
Macro Trends
🔮The size of the U.S. national debt hit a record high, surpassing the February record for the first time
Quick Facts
The total U.S. national debt hit a new record high, breaking the record set in February this year. The government needs to continue to issue large amounts of bonds in a high-interest environment to make up for spending gaps and roll over maturing debts;
This has led to a significant increase in the proportion of interest expenses, further exacerbating the fiscal burden and directly affecting market liquidity, long-term interest rate trends and investor confidence;
Faced with a debt crisis, the government may explore non-traditional financing channels, including guiding compliant stablecoin issuers to increase their holdings of government bonds, forming an "invisible quantitative easing" mechanism to indirectly support demand for U.S. debt.
Why it matters
The continued rise in national debt not only threatens the long-term stability of the US dollar, but may also reshape the regulatory environment for stablecoins. The government has the motivation to direct stablecoin reserves to the treasury market and increase the channels for absorbing US debt. This will have a profound impact on the reserve strategies and regulatory compliance of mainstream stablecoins such as USDC.
🔮Mizuho is bearish on Circle stock: USDC's medium-term growth prospects are overestimated
Quick Facts
Bank of America Mizuno gave Circle stock (CRCL) an "underperform" rating with a target price of $85, which is significantly lower than the current trading price, and believes that the market is overly optimistic about the valuation;
Analysts point to three major risk factors: the upcoming rate cut cycle, the relative stagnation of USDC circulation (which has remained at $62 billion since April), and structurally high distribution costs (profit margins fall from 61% in 2023 to 39% in early 2025);
BofA Mizuno believes Circle’s forecast of $4.5 billion in revenue in 2027 may be 25-30% too high unless USDC adoption increases significantly or interest rates remain persistently high, both of which are unlikely to happen.
Why it matters
Although Circle successfully landed on the New York Stock Exchange at an IPO price of $31 last month and quickly became popular among retail investors, institutional investors have begun to question the rationality of its valuation. With the advancement of regulations such as the GENIUS Act, which may bring more competitors, and partners such as Coinbase attracting more USDC holders by offering yields (Coinbase's USDC share has increased from 8% to 22% in more than a year), Circle may face greater profit pressure and challenges in the market share of US dollar stablecoins in the future.
🔮South Korea has seen a surge in stablecoin registrations, with local companies scrambling to enter the digital payment market
Quick Facts
South Korea currently has no clear regulatory guidelines for stablecoins, but has set off a wave of 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 usually soars by 15-30% in one day, which has become a normal market reaction;
South Korean financial giants are rushing to join the game. Institutions that have applied for stablecoin trademarks include 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
South Korean investors are enthusiastic about the stablecoin field. In June, Circle stock became the most popular foreign stock for South Korean investors, with a net inflow of US$410 million in a single month. This nationwide craze shows that South Korea is rapidly becoming a key market for stablecoin competition in Asia. Investors are actively looking for the "next Circle", which may give birth to South Korean local stablecoin projects with global influence in the future.
Regulatory Compliance
🏛️ Circle did not freeze the stolen funds, and the hacker converted 1.3 million USDT0 into USDC in 23 seconds and escaped
Quick Facts
An attacker successfully converted all his funds into USDC and escaped just 23 seconds before the USDT0 project froze his 1.3 million USDT0 assets.
The USDT0 team responded quickly and immediately implemented the freeze, but due to the time difference in blockchain transaction confirmation, they failed to prevent the attacker from completing the fund transfer;
One hour after the incident, USDC issuer Circle had not yet responded to the incident or taken freezing measures, raising questions in the community about its security response mechanism.
Why it matters
Circle’s handling of the stolen funds will become an important case of stablecoin security collaboration. Its response speed is not only related to the possibility of fund recovery, but also tests the coordination efficiency and market trust among centralized stablecoin issuers.
🏛️Tether holds $8 billion worth of gold reserves in a secret Swiss vault
Quick Facts
Tether, the world's largest stablecoin issuer, has its own vault in Switzerland and currently holds about 80 tons of gold, worth about $8 billion, accounting for nearly 5% of its reserve assets;
Tether CEO Paolo Ardoino called it "the most secure vault in the world," but did not disclose its exact location for security reasons. The size of the vault is comparable to the precious metals and commodities holdings disclosed by UBS;
The company also issues gold-backed tokens called XAUT, each backed by 1 ounce of gold. Currently, it has issued tokens equivalent to 7.7 tons of gold (about $819 million), which holders can redeem directly 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 the challenge to the traditional financial system. However, the stablecoin regulatory rules introduced by the European Union last year and the proposed regulations in the United States only allow cash and cash-like assets (such as short-term Treasury bonds) as the backing assets of 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 exchage ByBit
Quick Facts
According to people familiar with the matter, stablecoin issuer Circle has secretly established a USDC revenue sharing agreement with ByBit, the world's second largest crypto exchage, to share the revenue generated by stablecoin reserves;
Circle has previously reached an agreement with Coinbase to share 50% of the USDC reserve revenue, and disclosed a similar cooperation with Binance in its pre-IPO application documents;
A person familiar with the matter said, "Any exchange that holds a large amount of USDC basically has an agreement with Circle," suggesting that this has become Circle's standard business model for expanding USDC's market share.
Why it matters
This reveals how stablecoin issuers can incentivize exchanges to promote the use of their currencies through revenue sharing. This model will help Circle quickly expand the USDC ecosystem, but it may also raise regulatory concerns about the transparency of reserve revenue distribution and the substance of the stablecoin business.
🏛️Hong Kong Stablecoin Ordinance will take effect in August, and the A-share market is paying close attention to stablecoin layout opportunities
Quick Facts
Hong Kong's Stablecoin Ordinance will officially take effect on August 1, becoming the world's first comprehensive regulatory framework for fiat stablecoins. The HKMA will announce implementation guidelines this month, and it is expected that the number of licenses issued in the first batch will be in the single digits.
Many listed companies in Shanghai and Shenzhen have been frequently asked by investors about their stablecoin business layout recently. The policy opening, improved transaction efficiency and strategic positioning demand have jointly driven market enthusiasm;
The settlement period of the Hong Kong government's tokenized green bonds has been shortened from T+5 to T+1, proving that blockchain technology can effectively reduce transaction friction costs. Hong Kong hopes to connect digital assets with the real economy.
Why it matters
The implementation of the Hong Kong stablecoin regulatory framework has set an important benchmark for the Asian digital asset market, not only providing a clear compliance path, but also likely to promote the development of RMB stablecoins. This will attract more financial institutions and technology companies to enter the stablecoin field, while providing reference and reference for relevant policies in mainland China.
🏛️EU MiCA regulatory 6-month report: 14 stablecoin issuers approved, 39 crypto service providers licensed
Quick Facts
According to Patrick Hansen, Circle’s EU policy director, six months after the implementation of the EU MiCA regulations, there are 14 authorized stablecoin (electronic currency token) issuers in seven EU countries, including three 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.
39 Crypto Asset Service Providers (CASPs) have obtained MiCA licenses in 9 EU/EEA countries, led by Germany (12) and the Netherlands (11). Institutional types include traditional financial institutions (such as BBVA, Clearstream), fintech companies (such as N26, Trade Republic) and native crypto companies (such as Coinbase, Kraken);
Currently, no issuer of asset-referenced tokens (ART) has been approved, indicating insufficient market demand; about 30 white papers have been submitted for notification under Chapter 2 of MiCA for crypto assets such as Bitcoin and Ethereum; the transition period has ended in six countries including the Netherlands and Poland, and the Netherlands Authority for the Financial Markets (AFM) is in the lead in issuing licenses.
Why it matters
Six months after its full implementation, MiCA has shown clear momentum, with European companies actively applying for licenses to extend their services to 30 European Economic Area 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 parts of the world. The EU's progress also shows the institutionalization trend of crypto financial services, with traditional finance and crypto-native companies competing under the same regulatory framework.
🏛️Dubai approves the first tokenized money market fund QCD, jointly launched by Qatar National Bank and DMZ Finance
Quick Facts
The Dubai Financial Services Authority approved the QCD Money Market Fund, backed by Qatar National Bank and DMZ Finance, making it the first tokenized money market fund approved in the region;
The fund aims to put traditional assets on the blockchain, serve various institutional application scenarios, and further strengthen the Middle East's position as a digital asset financial center;
A joint report predicts that the global tokenized real assets (RWA) market will reach $18.9 trillion by 2033, with Dubai and Doha emerging as early leaders.
Why it matters
This move marks an important breakthrough in the field of physical asset tokenization (RWA). The Middle East is actively deploying digital asset financial infrastructure, combining traditional finance with blockchain technology to provide new investment channels for global institutional investors.
🏛️Orbiter Finance cooperates with Nasdaq-listed companies to create a compliant stablecoin cross-chain solution
Quick Facts
Orbiter Finance has reached a strategic cooperation with Nasdaq-listed Nano Labs to jointly develop a compliant stablecoin cross-chain solution called NBNB.io;
The solution will support low-cost cross-chain transfers of multiple fiat currencies such as USD, HKD and offshore RMB, and is scheduled to be officially launched in the fourth quarter of 2025;
This collaboration aims to promote the application of compliant stablecoins in the BNB Chain ecosystem, especially to promote the actual implementation of stablecoins in blockchain scenarios such as DeFi.
Why it matters
The cooperation between a listed company and a professional cross-chain protocol marks an important step for compliant stablecoins to move closer to mainstream finance. In particular, the launch of Hong Kong dollar and offshore RMB stablecoins will provide users in Asia with more diversified digital asset options, while bringing new growth points to the BNB Chain ecosystem.
🏛️National Financial Laboratory proposes a development model of RMB stablecoin "internal and external integration"
Quick Facts
Yang Tao, deputy director of the National Financial and Development Laboratory, suggested that the RMB stablecoin adopt a domestic and foreign linkage strategy, and that innovative exploration could be promoted simultaneously in the Shanghai Free Trade Zone and Hong Kong;
Two domestic offshore RMB stablecoin (CNYC) models are proposed: multiple institutions set up special issuing institutions in the Shanghai Free Trade Zone, or rely on digital RMB operating institutions to directly mint stablecoins;
The article points out that stablecoins based on Web3.0 have surpassed the traditional concepts of offshore and onshore, and suggests drawing on the BIS "unified ledger" concept to promote the coordinated development of digital RMB and stablecoins.
Why it matters
This proposal shows that China's official think tanks have begun to systematically think about the RMB stablecoin strategy, emphasizing the construction of a complete ecosystem through institutional innovation and regulatory guidance, which has important guiding significance for China's digital financial development path and the RMB internationalization digital strategy.
New Product Express
🌱The stablecoin market is stratified after the GENIUS Act, and Checker is positioned as a liquidity service provider
Quick Facts
After the GENIUS Act brought regulatory clarity, the market became polarized: traditional financial giants seized the right to issue stablecoins with their capital advantages, while fintech companies faced challenges in obtaining liquidity;
Checker is precisely positioned as a liquidity service provider, helping financial institutions and fintech companies overcome three major pain points: shallow regional liquidity, high technology and compliance costs, and inefficient market expansion;
The platform has partnered with several cutting-edge teams such as Blox_globe and GrupoBraza to build a distribution network covering emerging markets around the world such as Lagos, Sao Paulo, Paris and Nairobi.
Why it matters
The market segmentation brought about by clear regulation has created new business opportunities - giants are responsible for compliant issuance, and professional service providers are responsible for efficient distribution. Checker is filling the key gap from stablecoin issuance to widespread global use by solving the core link of liquidity.
🌱Solayer launches Emerald sub-card service, stablecoin card management evolves again
Quick Facts
Solayer launched Emerald Sub Cards, which allows users to manage multiple cards through one main account, set custom labels, independent spending limits and track spending for each card;
The service supports flexible usage allocation, such as setting up independent cards for daily grocery shopping, family use, friends sharing or special savings, enhancing the adaptability of stablecoin payment scenarios;
The service is now open to all Emerald Card holders, and users can apply for it through the app.solayer.org/card website, marking a move of stablecoin payments closer to traditional bank card functions.
Why it matters
Solayer's move represents that stablecoin payment tools are rapidly improving the user experience, and by introducing traditional banking functions such as sub-card management, it has lowered the threshold for ordinary users to adopt stablecoins. This innovation will promote the application of stablecoins in daily consumption scenarios, while providing a crypto-friendly solution for family financial management and budget control.
Capital layout
💰Revolut plans to raise $65 billion and is secretly building its own stablecoin
Quick Facts
British fintech company Revolut is in talks to raise $1 billion at a valuation of $65 billion, up 44% from last year, with U.S. investment firm Greenoaks expected to lead the round;
It is reported that Revolut is secretly developing its own stablecoin, building a strong distribution network with 50 million active users, banking licenses in more than 30 countries and the Revolut X crypto exchage;
Unlike traditional stablecoin issuers, Revolut does not need to pay high channel fees. Its own distribution capabilities will become the core profit point of its stablecoin business, and it is expected to achieve higher profit margins.
Why it matters
While Revolut has gained a high valuation with its super application model, its stablecoin plan will reshape the industry's competitive landscape. With a full-stack financial license and a large user base, Revolut's entry into the stablecoin market may pose a major challenge to existing issuers and provide new standards for compliance and innovation.
💰Stablecoin white label service provider Agora completes $50 million Series A financing
Quick Facts
Crypto startup Agora announced the completion of a $50 million Series A round of financing, led by well-known crypto investment institution Paradigm. It previously completed a $12 million seed round of financing last year.
Agora's unique business model provides stablecoin white label services, allowing enterprises to issue their own branded stablecoins based on its AUSD stablecoin while sharing the underlying interoperability and liquidity advantages;
Unlike mainstream stablecoins, Agora is designed to share the returns of the US dollar assets behind the stablecoin with its partners, and cooperates with State Street and VanEck to manage reserves. The current market value of AUSD is approximately US$130 million.
Why it matters
As non-crypto giants such as Meta and Apple enter the stablecoin field, Agora's model of focusing on helping companies quickly issue their own stablecoins may open up a new track. Its "quasi-public product" revenue sharing mechanism and cross-border payment capabilities are expected to be more widely used in non-US regions where the US dollar is more volatile.
💰Tether invests in blockchain forensics firm Crystal Intelligence to strengthen fight against crypto crime
Quick Facts
Tether, the world's largest stablecoin issuer, has made a strategic investment in blockchain analytics company Crystal Intelligence to acquire real-time risk monitoring, fraud detection and regulatory intelligence tools to strengthen the fight against USDT-related crimes;
Cryptocurrency crimes have surged in recent years. The FBI reported that digital asset fraud losses reached $9.3 billion last year. Stablecoins have become the tool of choice for criminals due to their wide circulation.
The two parties have collaborated to establish the Scam Alert public database to mark wallet addresses associated with scams, improve transparency and fraud prevention capabilities.
Why it matters
As regulatory scrutiny intensifies, Tether is demonstrating its commitment to combating illegal activities by proactively investing in compliance technology, both to protect user security and to prepare for scrutiny from global regulators.
💰 Venture capital rebounded in June to $2.8 billion, with financial services projects dominating financing
Quick Facts
After a slump in May ($594 million), venture capital in the crypto space rebounded strongly, with total financing reaching approximately $2.8 billion in June, close to the high of $2.9 billion in March.
The largest financing rounds in June came from Kalshi ($185 million Series C), Digital Asset ($135 million), and Zama ($57 million); in addition, the UAE purchased $100 million of World Liberty Financial tokens, and a16z purchased $70 million of EigenLayer tokens;
While AI projects were the largest in number (21 projects raising $116 million), Prime Services was the largest category with 5 projects raising $1.15 billion; infrastructure projects also performed strongly, raising $881 million.
Why it matters
Financing data in June showed that the crypto venture capital market has regained its vitality. Of particular note is the increase in the proportion of late-stage financing (Round B and later), which shows that investors are leaning towards more mature projects. Despite the hot AI narrative, financial services are still the main flow of funds. This investment pattern reflects the market's continued optimism about the construction of crypto financial infrastructure after Circle's listing.
💰Monad Foundation acquires Portal to strengthen blockchain stablecoin payment infrastructure
Quick Facts
Monad Foundation acquires stablecoin infrastructure provider Portal, and former Visa crypto product founding member Raj Parekh will join as head of payments and stablecoins;
The Monad blockchain has demonstrated breakthrough performance in the public beta phase, processing 2 billion transactions in 5 months, with a peak of 10,000 TPS, and is designed to support daily stablecoin payment scenarios for hundreds of millions of users;
Portal processes millions of dollars in stablecoin settlements every day. Its plug-and-play toolkit allows Web2 companies to easily integrate crypto payment functions into their applications. It will remain independently operated after the acquisition.
Why is it important?
This acquisition integrates high-performance blockchain and mature stablecoin infrastructure, aiming to solve the technical bottlenecks for large-scale application of stablecoins and accelerate the application and popularization of global stablecoins by providing low-cost transactions and developer-friendly tools.
