Tag: Stablecoin

South Korea Stablecoin Stalls As BOK Pushes Bank Control

admin

South Korea is likely to end the year without a framework for locally issued stablecoins, amid ongoing disputes over the role of banks in stablecoin issuance. The country’s central bank, the Bank of Korea (BOK), and other financial regulators have clashed over the extent of banks’ involvement in issuing Korean won-backed stablecoins, delaying a framework widely expected to arrive in late 2025, the Korea JoongAng Daily reported Tuesday. According to the BOK, a consortium of banks should own at least 51% of any stablecoin issuer seeking regulatory approval in South…

‘Buy now, pay later’ giant Klarna debuts stablecoin on Stripe’s blockchain

admin

Key Takeaways Klarna has launched its own payment stablecoin, KlarnaUSD, on Stripe’s blockchain to streamline cross-border payments. The stablecoin aims to cut costs for consumers and merchants while expanding Klarna’s services into crypto and international payments. Share this article Klarna, the Swedish “buy now, pay later” fintech giant, is entering the stablecoin space with the launch of KlarnaUSD on a Stripe-built blockchain, the Financial Times reported Tuesday. The rollout is aimed at streamlining international payments and reducing costs for both consumers and merchants as stablecoins help bypass intermediaries such as…

Bitcoin Drops as Yen Falls, Canada Approves Stablecoin Rule: Global Express

admin

On Friday, the Japanese government approved a $135-billion (21.3 trillion Japanese yen) stimulus package, mainly aimed at price relief and subsidizing gas and household electricity bills. Prime Minister Sanae Takaichi and her cabinet believe the plan will dampen inflation by 0.7 percentage points on average from February to April. But markets, including crypto markets, are concerned. The yen has significantly weakened against the US dollar, hitting 10-month lows; Japanese government 10-year bond yields reached 1.84% on Thursday, the highest level since the 2008 financial crisis. Major government spending like this…

Toku and PDAX Enable Stablecoin Payroll in the Philippines

admin

PDAX, a regulated cryptocurrency exchange in the Philippines, has partnered with Web3 payroll provider Toku to enable remote workers in the country to receive wages in stablecoins. According to Tuesday’s press release, the new integration connects Toku’s token-based payroll system with PDAX’s regulated cash-out rails, enabling companies to send stablecoin wages through their usual payroll flows and allowing workers to convert earnings to pesos without incurring wire fees or delays. Toku routes payments directly to PDAX wallets or external addresses for real-time, onchain settlement. Workers can then cash out to…

Paxos Launches USDGO Stablecoin Across Hyperliquid, Plume and Aptos

admin

Paxos Labs has launched USDG0, an omnichain extension of its regulated USDG stablecoin, bringing fully backed dollar liquidity to Hyperliquid, Plume and Aptos through LayerZero’s OFT standard. According to an X post from Paxos Labs on Tuesday, USDG0 extends USDG (USDG), a 1:1 dollar-backed stablecoin issued by Paxos and governed by the Global Dollar Network, to new chains without creating separate wrapped versions.  By using LayerZero’s OFT standard, USDG0 can move across blockchains as a single native asset while preserving the same regulatory protections and backing as USDG on Ethereum,…

Grab Super App Eyes Stablecoin Settlement With StraitsX

admin

Grab, Southeast Asia’s largest super-app, is taking a deeper step into stablecoin infrastructure with a new exploratory agreement with StraitsX, a Singapore-based stablecoin issuer. The two companies announced on Tuesday that they had signed a memorandum of understanding (MOU) to develop a Web3-enabled settlement layer that brings digital asset wallets, programmable payments and stablecoin-based clearing into everyday consumer experiences.  If approved by regulators and implemented, the system would allow Grab users to hold and spend StraitsX-issued tokens like XSGD and XUSD directly within the app, which is available in Singapore,…

Grab and StraitsX collaborate to develop web3 wallets and stablecoin settlement across Asia

admin

Key Takeaways Grab and StraitsX are collaborating to develop web3 wallets and stablecoin-based payment infrastructure across Asia. The partnership will enable Grab users and merchants to transact with stablecoins like XSGD and XUSD for efficient cross-border payments. Share this article Southeast Asia super-app Grab has signed a strategic memorandum of understanding with StraitsX to assess the rollout of a web3-enabled payments network that could support digital transactions across Asia, the companies said Tuesday. The collaboration targets integrating web3 wallets into the Grab app and establishing a stablecoin-based payment network that…

Figment and OpenTrade launch new stablecoin yield product

admin

Key Takeaways Figment and OpenTrade launched a stablecoin yield product offering 15% APR on stablecoins, with Crypto.com serving as custodian. Yield is generated by staking Solana (SOL) and using perpetual SOL futures, delivering returns more than double traditional SOL staking. Share this article A new stablecoin yield product from Figment and OpenTrade seeks to deliver 15% APR by combining staking rewards with hedging strategies. According to a Monday announcement, leading staking provider Figment has teamed up with OpenTrade, a lending and yield infrastructure solution backed by a16z Crypto and Circle,…

Figment and OpenTrade Launch Solana-based Stablecoin Yield Product

admin

Figment and OpenTrade have introduced “OpenTrade Stablecoin Staking Yield,” a new stablecoin yield product that targets a yield of 15% by utilizing Solana staking returns, with Crypto.com providing custody for the underlying assets. According to Monday’s announcement, institutions deposit and withdraw stablecoins, while the yield is produced by Solana (SOL) staking rewards and an offsetting perpetual-futures hedge run by OpenTrade. Deposits and withdrawals are handled through Figment’s platform, with the strategy executed in an OpenTrade-managed vault. Figment said the strategy has historically delivered returns above Solana’s typical 6.5% to 7.5%…

5-Year Cardano Holder Loses $6M from Stablecoin Swap

admin

A five-year Cardano holder accidentally torched more than $6 million in ADA after using an illiquid trading pool to facilitate a stablecoin swap. The trade, first noted by blockchain sleuth ZachXBT on Sunday, saw 14.4 million Cardano (ADA) tokens worth $6.9 million swapped for 847,695 of the US dollar Anzens (USDA) stablecoin, resulting in a loss of approximately $6.05 million. Source: ZachXBT The Cardano user — with wallet address “addr…4×534” — appeared to make a test transaction of 4,437 ADA for a US dollar stablecoin with the ticker USD at…