Tag: Stablecoin

Hong Kong to Approve First Stablecoin Licenses for Banks

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HSBC Holdings and a joint venture led by Standard Chartered are reportedly set to become the first authorized stablecoin issuers in Hong Kong. The Hong Kong Monetary Authority (HKMA) is expected to issue stablecoin licenses to HSBC and Standard Chartered, the South China Morning Post reported Thursday, citing people familiar with the matter. HSBC and Standard Chartered are set to be in the first batch as authorities reportedly prioritize institutions already authorized to issue banknotes in the city. The Hong Kong government, through the HKMA, authorizes banknote issuance to three…

Alibaba Backs MetaComp to Expand Stablecoin Payment Network

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Singapore-based MetaComp said Friday it completed a new funding round backed by Alibaba, as the company expands its stablecoin payment infrastructure. MetaComp completed a Pre-A+ round backed by Alibaba, bringing the cumulative total to $35 million across two rounds in three months, according to the announcement. The latest round also featured the European early-stage venture capital investor Spark Venture, with Beijing-based 100Summit Partners serving as exclusive financial adviser. MetaComp previously announced closing a $22 million Pre-A funding round in December 2025 from investors including Eastern Bell Capital, Noah, Sky9 Capital,…

Bank of England hints at softer approach to stablecoin restrictions

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The Bank of England may soften its approach to stablecoin regulation after industry criticism of proposed holding limits. Speaking at a House of Lords Financial Services Regulation Committee hearing on Wednesday, Deputy Governor Sarah Breeden said the central bank is open to alternative measures to manage financial stability risks tied to potential shifts from bank deposits to stablecoins. The BOE had proposed temporary caps of £20,000 for individuals and £10 million for businesses, but officials are now reviewing feedback from the industry as part of the ongoing consultation process. The…

New Zealand Rules NZDD Stablecoin Not a Financial Product

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New Zealand’s financial regulator has ruled that a local currency-tied stablecoin, NZDD, isn’t a financial product, a move a local law firm says is an important step toward regulatory clarity. The Financial Markets Authority (FMA) said on Wednesday that the new designation for the stablecoin pegged to the New Zealand dollar resulted directly from a financial technology sandbox pilot the regulator is running. “The economic substance of the NZDD stablecoin is that it is not a debt security, as the NZDD stablecoin is not an investment, and no income, interest…

Stablecoin Yields will Bring Fresh Money to US Banks: Patrick Witt

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Stablecoin yield providers will inject more capital into the US banking system, argues White House Council of Advisors for Digital Assets executive director Patrick Witt, amid debate over whether stablecoin yields will draw deposits away.  “Foreigners exchange local currency for stablecoins from a US-based issuer,” Witt said in an X post on Wednesday, adding that “global demand for USD is massive.” “That is net new capital entering the American banking system,” Witt said. Most US stablecoin issuers hold US dollars or US Treasuries to back each token issued. Banking and…

Wells Fargo files “WFUSD” trademark, signaling launch of dollar-backed stablecoin

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Wells Fargo has filed a trademark application for “WFUSD,” signaling the bank’s plans to enter the growing stablecoin market, according to a March 10 submission to the US Patent and Trademark Office (USPTO). The filing covers software, blockchain platforms, and financial services for digital payments, crypto trading and staking, wallets, tokenization, and smart contracts. This is not Wells Fargo’s first foray into digital currency technology. The San Francisco-based firm previously piloted Wells Fargo Digital Cash, an internal stablecoin for cross-border settlements running on its first distributed ledger technology platform. The…

Aon Tests Stablecoin Payments for Insurance Premiums

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Aon, one of the world’s largest insurance brokers, is testing the use of stablecoins to pay insurance premiums, highlighting the growing role of digital dollars in traditional financial infrastructure following the passage of the GENIUS bill last year.  In a Monday announcement, UK-based Aon said it completed a pilot that settled insurance premiums for clients, including Coinbase and Paxos, using USDC (USDC) on Ethereum and PayPal USD (PYUSD) on Solana. Tim Fletcher, CEO of Aon’s financial services division, said the pilot reflects the company’s effort to explore stablecoins as a…

Stablecoin Transaction Volume Hits a New Record High as USDC Surpasses USDT

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Stablecoins have hit an all-time high in monthly transaction volume, as Circle’s USDC (USDC) flipped Tether’s USDt (USDT), new data shows. Key takeaways: Stablecoin monthly transaction volume reached a record $1.8 trillion in February. USDC comprised 70% of all stablecoin volume. Rising stablecoin supply on exchanges puts crypto markets in a good position to recover. USDC “consistently” flips USDt transfer volume The stablecoin transfer volume reached $1.8 trillion in February, setting a monthly record, according to data from Allium. Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged…

Florida Senate Approves First Stablecoin Bill, Awaits DeSantis’ Signature

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Florida lawmakers have approved a state-level framework regulating payment stablecoins, moving the legislation to Governor Ron DeSantis’ desk for final approval. In a Friday post on X, Samuel Armes, founder of the Florida Blockchain Business Association, revealed that Senate Bill 314 has cleared the Florida Senate unanimously. The measure is set to become law once signed by DeSantis, which Armes expects within the next month. “It has now passed the Senate and the House, and will be signed by DeSantis within the next 30 days!” he wrote on X. Florida…

Florida becomes first US state to pass stablecoin framework

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Florida, the southeastern US state that has positioned itself as a leader in digital asset policy, today became the first state in the nation to pass a comprehensive regulatory framework for payment stablecoins. The legislation now awaits signature from Governor Ron DeSantis, a vocal proponent of crypto-friendly policies who has backed efforts to establish Florida as a hub for blockchain innovation. The bill establishes a licensing regime for qualified stablecoin issuers while simultaneously launching a pilot program that would allow the state’s Department of Financial Services to accept stablecoin payments…