Original Title: "Cobo Stablecoin Weekly Report NO.15 | From 'Single-Digit License' to '50 Passes', the Hong Kong Model of Stablecoin Regulation and the European and American Paths"

Welcome to the Cobo Stablecoin Weekly Report Issue 15.

This week, global stablecoin regulation continues to advance. In the European Union, over 50 institutions have obtained compliant licenses; Hong Kong is planning to issue single-digit licenses for the first time, emphasizing high thresholds and cautious pilot projects; in the United States, the progress of the "GENIUS Act" legislation is being closely watched, and stablecoins are gradually being integrated into the federal financial system.

The raising of regulatory thresholds is accelerating the centralization trend on the issuance side, with stablecoins becoming core assets of a few institutions with banking qualifications and settlement network capabilities. This also drives infrastructure towards service-oriented layering. Service providers such as Agora and Cobo are packaging capabilities such as clearing, custody, risk control, and deposits and withdrawals as standard interfaces, providing enterprises with callable and composable stablecoin issuance and circulation capabilities, and building a new generation of cross-border financial execution layer.

On the capital side, infrastructure heat is on the rise. Circle has become the most favored U.S. stock target for Korean investors in June, global crypto financing has rebounded to $28 billion, financial services projects attract the most funds, and the stablecoin track is once again becoming a market-focused value anchor.

The global evolution of stablecoins is shifting from the competition for licenses to the competition at the execution layer and connectivity.

Market Overview and Growth Highlights

The total market value of stablecoins has reached $257.012 billion, with a weekly increase of $2.107 billion. In terms of market landscape, USDT continues to maintain its dominant position with a share of 62.25%; USDC ranks second with a market value of $62.554 billion, accounting for 24.34%.

Blockchain Network Distribution

Top three stablecoin market value networks:

· Ethereum: $127.002 billion

· Tron: $81.395 billion

· Solana: $11.149 billion

Top 3 fastest-growing networks of the week:

· Noble: +45.57% (USDC share 68.18%)

· Movement: +28.75% (USDT share 25.52%)

· Hedera: +20.07% (USDC Dominance 99.84%)

Data Source: DefiLlama

From "Single Digits" to "Passporting Across 30 Countries": A Comparative Observation of Global Stablecoin Regulation Dividends

Stablecoins are rapidly evolving into a key foundation of global digital finance, with regulatory frameworks around the world accelerating. In this process, "compliance identity" has shifted from passive compliance to a strategic asset, providing institutions with market access, endorsement of trust, and institutional dividends.

Europe is at the forefront. Following the enforcement of the MiCA regulation, the "single-license, cross-border access" passport mechanism has begun to take shape. According to Patrick Hansen, Circle's EU Policy Director, 14 stablecoin issuers and 39 crypto asset service providers have been approved, including native crypto companies like Coinbase, Kraken, and OKX, as well as traditional financial institutions like BBVA and Clearstream, and different types of institutions like N26 and eToro. A unified compliance threshold and robust regulatory enforcement are driving the formation of a European crypto market with institutional consistency and cross-border interoperability.

Hong Kong has chosen a more cautious path. The HKMA expects to implement stablecoin regulations starting in August, initially issuing licenses to only single-digit applicants, emphasizing a 100% reserve of high-quality assets and risk segregation, and prohibiting the use of reserve assets for active management. While this enhances system stability, it also puts pressure on the issuers' profitability. As the revenue model heavily relies on reserve interest and fees, the annualized return may only be 1–3% in a normal interest rate environment, making it challenging to cover fixed costs such as technology, compliance, and security. However, Hong Kong's regulation positions stablecoins as the "settlement currency layer" of on-chain finance, encouraging their integration into a broader ecosystem of payments, asset management, credit, and more. This "sacrifice profit for compliance" model aims to build long-term market space through institutional security. The regulatory sandbox mechanism also allows room for innovative experiments within a compliant framework. One concrete example is the HKMA's "Project Ensemble," which is exploring the application of real-world assets (RWA) such as tokenized bonds, funds, carbon credits, and supply chain finance.

Regarding RMB stablecoins, institutions like the National Financial and Development Laboratory have proposed a "dual-track synergy" development model: Hong Kong will serve as the offshore RMB stablecoin (CNHC) issuance hub, launched through collaboration with domestic and foreign institutions or authorized domestic financial institutions relying on Hong Kong entities for issuance; domestically, a trial for onshore RMB stablecoin (CNYC) will be driven based on the Shanghai Free Trade Zone. The synergy between the two regions establishes a dual system of RMB stablecoins, enhancing the international usability and competitiveness of RMB assets in scenarios such as on-chain finance, cross-border settlements, and real-world asset (RWA) utilization. In terms of regulatory mechanisms, this approach advocates for top-level system design led by the central financial management department, while promoting coordination with Hong Kong regulators and utilizing regulatory sandboxes and electronic fence technologies to create a controllable and testable implementation mechanism.

The United States has not yet established a federal unified licensing mechanism, but the legislative process of the GENIUS Act is driving the stablecoin inclusion into the national payment and settlement system. Leading companies like Circle and Ripple are actively pursuing federal trust bank charters to gain direct access to the Fed's clearing network, intending to occupy a core settlement role within the "digital dollar" framework. This trend is transforming "stablecoin compliance" into a part of the future dollar digital infrastructure.

The global stablecoin regulatory landscape is rapidly diverging: the EU emphasizes market integration, Hong Kong highlights risk control priorities, and the U.S. is betting on global settlement dominance. Against the backdrop of regulation increasingly becoming an industry driver, stablecoin issuers must integrate local regulatory pathways with their own capabilities, clarify their strategic positioning, and seek a truly sustainable development model.

Digital Finance New Paradigm: Stablecoin Ecosystem Reshaping and Infrastructure Rise Below the Licensing Threshold

With its technological advantages, stablecoins are evolving from a single digital token into the core of the next-generation financial infrastructure.

However, as regulatory laws like the U.S. GENIUS Act become more stringent, stablecoin issuance is being pushed towards a bank-level compliance threshold, requiring high-standard reserves, strong regulatory licenses, and core settlement interoperability. This compliance barrier has made the majority of enterprises hesitant, but it has also prompted crypto giants like Circle and Ripple to apply for federal trust bank charters, aiming to control the discourse of the future "digital dollar" infrastructure. This trend clearly indicates that direct stablecoin issuance has become a game limited to large institutions with substantial capital and licensing qualifications.

The stablecoin operating system launched by Agora is attempting to structurally break down this high threshold process. Through a white-label issuance solution, Agora provides a full set of modular services including compliance frameworks, custody services, reserve management, on-chain AML, fiat channels, exchange integrations, etc., enabling enterprises to quickly deploy their branded stablecoins based on existing compliance pathways and focus on their business and product.

This trend of capability abstraction 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 networkizing core capability modules, opening stablecoin infrastructure to a wider range of institutions. This shift reduces entry barriers and provides a path for stablecoins to become "in-platform currencies" or "vertical scene settlement layers."

Cobo's stablecoin solution also reflects the specific practice and product of the "financial function evolving into embedded infrastructure" trend: core nodes such as settlement, custody, risk control, and deposits and withdrawals are encapsulated as standardized modules and opened through APIs for enterprises to flexibly combine and call upon as needed. In this architecture, trust shifts from the institution itself to the interface, much like how cloud computing replaces on-premise deployment. On-chain wallets, MPC, and centralized custody ensure compliance and security of funds, multiple bank channels and payment networks enable efficient circulation of stablecoins in cross-border scenarios, and risk control and on-chain monitoring modules introduce regulatory-acceptable behavior standards to transactions. This interface-based structure is reshaping the market logic of stablecoins—issuers no longer undertake end-to-end capabilities but build their service systems based on a trusted execution layer, making stablecoins truly composable, governable, and globally adaptable financial primitives.

WeChat Pay MCP and the Future of "AI Agent"

On July 3, Tencent's AI Platform announced the integration of WeChat Pay MCP, opening up capabilities such as ordering, appreciation, order management, etc. From this point on, AI Agents have gained the ability to "receive payments," transitioning from merely providing information to executing economic activities. Through simple API calls or predefined workflows, developers can enable their Agents to complete service generation, delivery, and payment within user conversations, establishing a complete commercial loop. This marks the entry of AI business models into an automated stage, opening up new business opportunities for developers.

This development echoes the global exploration of AI commercialization. Previously, Anthropic had Claude 3 LLM operate a vending machine independently, and although it ultimately incurred losses, AI demonstrated robust performance in replenishment, negotiation, and risk control. Upon post-mortem analysis, the fundamental reason for the failure of this experiment was not the algorithm itself but rather systemic shortcomings—lack of clear goal alignment (e.g., "being helpful" outweighing "profit-seeking"), absence of pricing strategy, and the lack of order management and CRM support. This experiment demonstrated that AI Agents already possess the technical capabilities, with the key gap lying in the incomplete external structure and authorization infrastructure.

The payment system is the next bottleneck for the breakthrough of AI business capabilities. The traditional payment path is designed for humans, with high fees, slow settlement, and inflexible authorization, posing structural inadequacies in the face of an Agent's 24/7 operation, micro-payments, and high automation requirements. Stablecoins, as "machine-native currency," naturally align with Agent business logic: ultra-low costs allow for fine-grained dynamic pricing; on-chain records and wallet addresses can be integrated with CRM systems to achieve user profiling and automatic incentives; instant settlement supports payment and order status synchronization, building an end-to-end, human-free order fulfillment process.

However, when AI Agents have the ability to receive payments, it also means an automatic amplification of risks. Induced payments, sale of fake content, and even new forms of "AI deceiving AI" may form closed loops without any human intervention. Platforms need to simultaneously improve authorization management and risk control structures, rigorously controlling developer access, payment triggering logic, and abnormal behavior. 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 released in a healthy manner.

Market Adoption

Circle and OKX Reach Strategic Cooperation on USDC to Expand Global Liquidity and Coverage

Key Highlights:

· Circle partners with the globally renowned exchange OKX to provide 1:1 USD-to-USDC and USDC-to-USD exchange services to OKX's 60 million users

· The two parties will simplify the funding channels through a shared banking partner, making it easier for customers to transact, pay, and more using USDC

· As part of the partnership, Circle and OKX will engage in joint educational and community initiatives to help users understand the advantages of USDC and other digital currencies

Why It Matters:

· This collaboration further expands the global accessibility and liquidity of USDC, demonstrating Circle's proactive efforts to enhance its market influence as the world's largest stablecoin issuer. By deepening integration with exchanges boasting a large user base, Circle strengthens its business model while enhancing USDC's utility in international payments and transactions

The Ant International Plan to Incorporate Circle's Stablecoin into Its Blockchain Platform

Key Takeaways:

· According to insiders, Ant Group's Ant International Plan will integrate Circle's USDC stablecoin into its blockchain platform once US stablecoin regulations are finalized

· Ant Group processed over $1 trillion in global transactions last year, with one-third handled by its blockchain systems, showcasing its significant presence in digital payments

· Ant International is applying for stablecoin licenses in Hong Kong, Singapore, and Luxembourg, indicating its active global stablecoin business development, with the collaboration with the already-listed Circle being a crucial step

Why It Matters:

The cross-border cooperation between a Chinese tech giant and a leading US stablecoin issuer reflects the mainstream recognition of stablecoins in global payments. Additionally, it demonstrates that Ant Group is expanding its international blockchain business through compliant channels, potentially setting a new model for Chinese companies to engage in global digital financial competition

Meow Teams Up with Bridge to Build a USDC Payment Ecosystem, Achieving Seamless Cash-like Experience

Key Takeaways:

· US fintech company Meow becomes the first company in the US to allow enterprises to directly send and receive USDC on a commercial bank platform by integrating Bridge's Orchestration API

· This solution addresses multiple pain points: it simplifies the previously time-consuming process of opening an encrypted exchange account, eliminates the gap between USDC and traditional accounting systems, provides enterprise-level fund control, and reduces transaction costs

· The post-implementation effect is significant: Meow's transaction volume has increased by billions, customer account numbers have tripled, and it achieved profitability in 2024, while helping businesses reduce accounting processing time from hours to minutes

Why It Matters:

This case demonstrates the breakthrough progress of stablecoins in practical business applications by seamlessly integrating USDC with traditional banking services, reducing the barriers for enterprises to adopt encrypted payments. The collaboration between Meow and Bridge provides a template for how fintech companies can leverage stablecoin technology to create a competitive advantage, while proving the feasibility of stablecoins as a daily business payment tool

Australian FinTech Unicorn Airwallex Initiates Stablecoin Platform Team

Key Takeaways:

· Australian cross-border payment unicorn Airwallex's website indicates that it is forming a stablecoin platform team and is open for engineer position recruitment

· The company plans to build infrastructure that allows customers and internal systems to purchase, hold, send, and settle tokens globally

· This platform aims to support nearly instant global payments and achieve on-chain liquidity with seamless fiat-to-stablecoin conversions, providing users with more efficient cross-border financial services

Why It Matters:

As a payment giant valued at over $30 billion, Airwallex's entry into the stablecoin field represents a significant integration of traditional payments and blockchain technology. This will provide its global payment network with more efficient settlement channels while offering institutional users more convenient stablecoin services, potentially accelerating the application of stablecoins in cross-border payment scenarios in the Asia-Pacific region

Visa Collaborates with Bridge to Launch Stablecoin Payment Card in Latin America

Key Takeaways:

· 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 a more flexible stablecoin trading method for buyers and sellers, while allowing fintech companies and enterprises to offer stablecoin payment card services through a single API interface

· The Latin American region is the first large-scale deployment area, reflecting the practical application value of stablecoins in high inflation, exchange rate fluctuation countries, as Visa continues to expand its encrypted payment network

Why It Matters:

· Traditional payment giant Visa further expands its presence in the stablecoin field, specifically choosing the Latin American high inflation region as a key market, demonstrating that stablecoins are shifting from speculative tools to practical payment tools and have received strategic recognition from mainstream payment institutions

Macro Trends

U.S. National Debt Reaches Historic High, Surpassing February Record Levels

Key Highlights:

· The total U.S. national debt hits another historic high, surpassing the record set in February this year, as the government continues to issue large amounts of debt in a high-interest rate environment to cover expenditure gaps and roll over maturing debt

· This has led to a significant increase in the interest payment ratio, further exacerbating the fiscal burden, directly impacting 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, creating a form of "stealth quantitative easing" mechanism to indirectly support U.S. debt demand

Why It Matters:

· The continuous rise in national debt not only threatens the long-term stability of the U.S. dollar but could also reshape the stablecoin regulatory environment. The government is incentivized to direct stablecoin reserves to the government bond market, increasing avenues for U.S. debt absorption. This will have a profound impact on the reserve strategies and regulatory compliance of mainstream stablecoins like USDC

SMBC Nikko Securities Bearish on Circle Stock: Mid-term Growth Outlook for USDC Overestimated

Key Highlights:

· SMBC Nikko Securities gives Circle stock (CRCL) an "underperform" rating with a target price of $85, significantly lower than the current trading price, believing the market has overvalued the stock

· Analysts point out three major risk factors: the upcoming interest rate cut cycle, relatively stagnant USDC circulation (has remained at $62 billion since April), and structurally high distribution costs (profit margin expected to drop from 61% in 2023 to 39% in early 2025)

· Bank of America believes that Circle's projected $4.5 billion revenue in 2027 may be overstated by 25-30%, unless USDC adoption significantly increases or interest rates remain high, both of which are unlikely to occur

Why It Matters:

· Despite Circle's successful New York Stock Exchange debut last month at a $31 IPO price and rapid popularity among retail investors, institutional investors are starting to question its valuation. With the potential for more competitors, such as through the GENIUS Act, and partners like Coinbase attracting more USDC holders by offering yields (Coinbase's share of USDC has grown from 8% to 22% in a little over a year), Circle may face greater profit pressures and US dollar stablecoin market share challenges in the future

Stablecoin Registration Craze Erupts in South Korea as Local Companies Rush Into Digital Payment Market

Key Takeaways:

· South Korea currently lacks clear stablecoin regulatory guidance, yet there is a surge in stablecoin trademark registrations, with nearly a bank or company applying for stablecoin-related trademarks every other day

· When publicly listed companies file for stablecoin trademark registrations, their stock prices typically surge by 15-30% within a day, becoming the market's normal reaction

· South Korean financial giants are aggressively entering the space, with over ten well-known institutions, including Toss Bank, Shinhan Financial Group, KakaoPay, KB Kookmin Bank, KakaoBank, K Bank, Shinhan Card, and Mirae Asset, having applied for stablecoin trademarks

Why It Matters:

· South Korean investors are increasingly enthusiastic about the stablecoin sector, with Circle's stock in June becoming the hottest foreign stock among South Korean investors, with a net inflow of $410 million in a single month. This nationwide craze demonstrates that South Korea is quickly becoming a key market for stablecoin competition in Asia, with investors actively seeking the "next Circle," potentially giving rise to globally influential South Korean native stablecoin projects in the future

Regulatory Compliance

Circle Does Not Freeze Stolen Funds, Hacker Converts $1.3 Million USDT to USDC and Escapes in 23 Seconds

Key Takeaways:

· An attacker was able to convert 1.3 million USDT0 to USDC in just 23 seconds before the USDT0 project team froze their holdings, allowing the attacker to escape

· The USDT0 team reacted swiftly by implementing a freeze, but due to the blockchain transaction confirmation time, they were unable to stop the attacker from completing the fund transfer

· One hour after the incident, USDC issuer Circle had not yet responded to the event or taken any freeze action, raising questions in the community about its security response mechanism

Why It Matters:

· Circle's handling of the stolen funds will become a crucial case in stablecoin security collaboration. Its response speed not only affects 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 Swiss Secret Vault

Key Highlights:

· Tether, the world's largest stablecoin issuer, owns its own gold vault in Switzerland, currently holding about 80 tons of gold worth approximately $8 billion, accounting for nearly 5% of its reserve assets

· Tether CEO Paolo Ardoino referred to this as the "safest gold vault in the world" but did not disclose the specific location for security reasons. The vault's size rivals that of Swiss banking giant UBS's disclosed holdings of precious metals and commodities

· The company also issues a gold-backed token called XAUT, with each token backed by 1 ounce of gold. Currently, tokens equivalent to 7.7 tons of gold (about $8.19 billion) have been issued, allowing holders to directly redeem physical gold in Switzerland

Why It Matters:

· Tether's accumulation of such a massive gold reserve highlights stablecoin issuers' trend toward diversified asset backing and their challenge to the traditional financial system. However, the stablecoin regulatory rules enacted by the EU last year and proposed regulations in the US only allow cash and cash-like assets (such as short-term government bonds) as backing assets for fiat-backed stablecoins, potentially forcing Tether to liquidate its gold reserves when seeking authorization in these markets

Circle Enters Into USDC Revenue Sharing Agreement with Crypto Exchange Bybit

Key Points:

· According to sources familiar with the matter, stablecoin issuer Circle has secretly entered into a USDC yield-sharing agreement with the world's second-largest cryptocurrency exchange, ByBit, to share earnings from the stablecoin reserve

· Circle had previously reached an agreement with Coinbase to share 50% of USDC reserve earnings and disclosed a similar partnership with Binance in its pre-IPO filing

· One source stated that "virtually every exchange holding a significant amount of USDC has an agreement with Circle," implying that this has become a standard business model for Circle to expand its USDC market share

Why It Matters:

· This reveals how stablecoin issuers incentivize exchanges through revenue sharing to promote the use of their coin, aiding Circle in rapidly expanding the USDC ecosystem. However, it may also raise regulatory scrutiny regarding the transparency of reserve earnings distribution and the nature of stablecoin operations

Hong Kong's Stablecoin Regulation to Take Effect in August, A-share Market Highly Anticipates Stablecoin Development Opportunities

Key Points:

· Hong Kong's "Stablecoin Regulation" will officially take effect on August 1, becoming the world's first comprehensive regulatory framework for fiat-backed stablecoins. The HKMA will release implementation guidelines this month, with the initial batch of licenses expected to be in single digits

· Several listed companies on the Shanghai and Shenzhen stock exchanges have recently been frequently asked by investors about their stablecoin business layout, driven by the policy opening, improved transaction efficiency, and strategic positioning needs

· The Hong Kong government's tokenized green bond settlement cycle has been reduced from T+5 to T+1, demonstrating that blockchain technology can effectively reduce transaction friction costs. Hong Kong aims to integrate digital assets with the real economy

Why It's Important:

· The implementation of Hong Kong's stablecoin regulatory framework has set a significant benchmark for the Asian digital asset market, providing a clear compliance path and potentially driving the development of the Renminbi stablecoin. This will attract more financial institutions and tech companies into the stablecoin space while offering insights for related policies in mainland China

EU's MiCA Regulation 6-Month Report: 14 Stablecoin Issuers Approved, 39 Crypto Service Providers Licensed

Key Highlights:

· According to Circle's EU Policy Director Patrick Hansen, since the implementation of the EU's MiCA regulation six months ago, there are already 14 authorized stablecoin (Electronic Money Token) issuers operating in 7 EU countries. France, Malta, and the Netherlands each have 3 issuers, with 20 stablecoins issued where 12 are pegged to the Euro, 7 to the US Dollar, and 1 to the Czech Koruna

· 39 Crypto Asset Service Providers (CASP) have obtained MiCA licenses, spread across 9 EU/European Economic Area countries, with Germany (12) and the Netherlands (11) leading the way. Institutions include traditional financial firms (such as BBVA, Clearstream), FinTech companies (such as N26, Trade Republic), and native crypto companies (such as Coinbase, Kraken)

· Currently, there are no approved Asset-Referenced Token (ART) issuers, indicating insufficient market demand; approximately 30 whitepapers have been notified under Chapter 2 of MiCA targeting assets like Bitcoin, Ethereum, and other crypto assets; 6 countries including the Netherlands and Poland have passed the transition period, with the Dutch Financial Markets Authority (AFM) in a leading position in license issuance

Why It Matters:

· Six months after full MiCA implementation, significant progress has been made, with European companies actively seeking licenses to extend services to all 30 European Economic Area countries. This regulatory framework is gradually establishing a compliant ecosystem for the European crypto asset market, serving as a reference model for stablecoin regulation in other regions globally. The EU's advancement also demonstrates the institutionalization trend of crypto financial services, where traditional finance and native crypto firms are competing under the same regulatory framework

Dubai Approves First Tokenized Money Market Fund QCD, Launched by Qatar National Bank and DMZ Finance

Key Highlights:

· The Dubai Financial Services Authority has approved the QCD Money Market Fund supported by Qatar National Bank and DMZ Finance, becoming the region's first approved tokenized money market fund

· The fund aims to tokenize traditional assets to serve various institutional use cases, further enhancing the Middle East's position as a digital asset financial hub

· A joint report predicts that the global Real World Asset (RWA) tokenization market will reach $18.9 trillion by 2033, with Dubai and Doha emerging as early leaders

Why It Matters:

· This marks a significant breakthrough in the Real World Asset (RWA) tokenization field, with the Middle East actively building digital asset financial infrastructure, combining traditional finance with blockchain technology to provide new investment channels for global institutional investors

Orbiter Finance Collaborates with Nasdaq-listed Company to Build Compliant Stablecoin Cross-chain Solution

Key Takeaways:

· Orbiter Finance has entered into a strategic partnership with Nasdaq-listed company Nano Labs to jointly develop a compliant stablecoin cross-chain solution named NBNB.io

· The solution will support low-cost cross-chain transfers of various fiat currencies such as the US dollar, Hong Kong dollar, and offshore Chinese yuan, and is scheduled to officially launch in Q4 2025

· This collaboration aims to promote the application of compliant stablecoins in the BNB Chain ecosystem, especially to drive the practical implementation of stablecoins in blockchain scenarios such as DeFi

Why It Matters:

· A collaboration between a listed company and a professional cross-chain protocol signifies an important step toward mainstreaming compliant stablecoins, particularly the introduction of Hong Kong dollar and offshore Chinese yuan stablecoins, providing Asian users with a more diverse selection of digital assets and bringing new growth opportunities to the BNB Chain ecosystem

National Finance Lab Proposes "Internal and External Integration" Development Model for Renminbi Stablecoin

Key Takeaways:

· Yang Jian, Deputy Director of the National Finance and Development Lab, proposed a strategy for the Renminbi stablecoin to adopt an internal and external linkage model, which can be jointly explored in the Shanghai Free Trade Zone and Hong Kong

· Two models of onshore-offshore Renminbi stablecoin (CNYC) were suggested: multiple institutions establishing a specialized issuing institution in the Shanghai Free Trade Zone, or directly minting stablecoins through a digital Renminbi operating agency

· The article points out that stablecoins based on Web3.0 have surpassed traditional offshore and onshore concepts, and proposes leveraging the BIS's "unified ledger" concept to promote the coordinated development of digital Renminbi and stablecoins

Why It Matters:

· This proposal indicates that a Chinese official think tank has begun to systematically consider the RMB stablecoin strategy, emphasizing the construction of a complete ecosystem through institutional innovation and regulatory guidance. It has important guiding significance for China's digital financial development path and RMB international digital strategy

New Product Express

GENIUS Act Segments Stablecoin Market Post-Regulation, Checker Positioned as Liquidity Provider

Key Highlights:

· After the regulatory clarity brought by the GENIUS Act, the market has experienced polarization: traditional financial giants have seized the stablecoin issuance rights with their capital advantage, while fintech companies face 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 technical and compliance costs, and inefficient market expansion

· The platform has already collaborated with various cutting-edge teams such as Blox_globe and GrupoBraza to build a distribution network covering emerging markets globally, such as Lagos, Sao Paulo, Paris, and Nairobi

Why It Matters:

· The market segmentation brought by regulatory clarity has created new business opportunities—giants are responsible for compliant issuance, while professional service providers are responsible for efficient distribution. Checker, by addressing liquidity, a core link, is filling a key gap in stablecoin from issuance to global widespread use

Solayer Introduces Emerald Sub Card Service, Advancing Stablecoin Card Management

Key Highlights:

· Solayer has launched the Emerald Sub Cards service, allowing users to manage multiple cards through one main account, enabling custom labeling, independent spending limits, and expense tracking for each card

· This service supports flexible use allocation, such as setting up separate 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, and users can apply for and use it through the app.solayer.org/card website, marking a convergence of stablecoin payments with traditional bank card functionality

Why It Matters:

· Solayer's move represents the rapid improvement of stablecoin payment tools in user experience. By introducing traditional banking features such as sub-card management, it has lowered the barrier for ordinary users to adopt stablecoins. This innovation will promote the use of stablecoins in daily consumption scenarios, while providing a crypto-friendly solution for household financial management and budget control

Capital Deployment

Revolut Plans $65 Billion Financing Round, Secretly Developing Stablecoin

Key Takeaways:

· UK fintech company Revolut is in talks for a $10 billion financing round, valuing the company at $65 billion, a 44% increase from last year, with US investment firm Greenoaks likely to lead the round

· There are rumors that Revolut is secretly developing its own stablecoin, leveraging its 50 million active users, banking licenses in over 30 countries, and Revolut X crypto exchange to build a strong distribution network

· Unlike traditional stablecoin issuers, Revolut does not need to pay high channel fees. Its in-house distribution capability will be a core profit point for its stablecoin business, potentially achieving a higher profit margin

Why It Matters:

While Revolut has achieved a high valuation with its super-app 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 significant challenge to existing issuers and set a new standard for compliance and innovation

Stablecoin White-Label Service Provider Agora Completes $50 Million Series A Financing

Key Takeaways:

· Crypto startup Agora has announced the completion of a $50 million Series A financing, led by prominent crypto investment firm Paradigm, following a $12 million seed round last year

· Agora's unique business model offers a stablecoin white-label service, allowing enterprises to issue their own branded stablecoins on its AUSD stablecoin, while sharing the underlying interoperability and liquidity advantages

· Unlike mainstream stablecoins, Agora's design shares the yield on the dollar assets behind the stablecoin with partners, and collaborates with State Street and VanEck to manage reserve funds. Currently, the market cap of AUSD is around $130 million

Why It Matters:

As non-crypto giants like Meta and Apple enter the stablecoin space, Agora is focused on helping enterprises quickly adopt their own stablecoin models or forge new paths. With its "quasi-public good" profit-sharing mechanism and cross-border payment capabilities, it is poised to see broader adoption in non-US regions with significant USD volatility.

Tether Invests in Blockchain Forensics Firm Crystal Intelligence to Enhance Fight Against Crypto Crime

Key Takeaways:

· The world's largest stablecoin issuer, Tether, has strategically invested in blockchain analytics firm Crystal Intelligence to gain real-time risk monitoring, fraud detection, and regulatory intelligence tools to enhance the fight against USDT-related crimes.

· Crypto crime has surged in recent years, with the FBI reporting $9.3 billion in digital asset fraud losses last year. Stablecoins have become a preferred tool for criminals due to their widespread circulation.

· The two parties have collaborated to establish a Scam Alert public database to flag wallet addresses associated with fraud, enhancing transparency and anti-fraud capabilities.

Why It Matters:

· With increased regulatory scrutiny, Tether is showcasing its commitment to combating illicit activities through proactive investments in compliance technology, aiming to protect user safety and prepare for scrutiny from global regulatory bodies.

June Sees VC Funding Rebound to $2.8 Billion, with Financial Services Projects Leading Financing

Key Takeaways:

· After a subdued May with $594 million in crypto venture funding, the sector saw a strong recovery in June, reaching a total funding amount of around $2.8 billion, close to 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 bought $70 million worth of EigenLayer tokens.

· While AI projects had the highest count (21 projects raising $1.16 billion), Prime Services led in funding size with 5 projects raising $11.5 billion; Infrastructure projects also performed well, raising $8.81 billion

Why It Matters:

· June funding data shows a resurgence in crypto venture market activity, notably with a rise in later-stage funding (Series B and beyond), indicating investors are leaning towards more mature projects. Despite the AI narrative, funding continues to flow predominantly into financial services, reflecting the market's sustained optimism towards crypto financial infrastructure development post-Circle's listing

Monad Foundation Acquires Portal, Enhancing Blockchain Stablecoin Payment Infrastructure

Key Highlights:

· Monad Foundation acquires stablecoin infrastructure provider Portal, with Raj Parekh, former Visa crypto product lead, joining as Head of Payments and Stablecoins

· Monad Blockchain has demonstrated groundbreaking performance in its public testing phase, processing 20 billion transactions in 5 months, peaking at 10,000 TPS, designed specifically to support stablecoin daily payment scenarios for hundreds of millions of users

· Portal handles millions of dollars in stablecoin settlements daily, with its plug-and-play toolkit enabling Web2 enterprises to easily integrate crypto payment functionality into their applications, and will continue to operate independently post-acquisition

Why It Matters:

· This acquisition merges high-performance blockchain with mature stablecoin infrastructure to address the technological bottlenecks of widespread stablecoin applications, accelerating global stablecoin adoption and accessibility by providing low-cost transactions and developer-friendly tools.

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