The Hong Kong Monetary Authority (HKMA) warned investors it has not approved any stablecoin issuers, labeling the marketing of such products as illegal, the SCMP reports. The statement came after Hong Kong-based AnchorX announced the introduction of AxCNH, a stablecoin pegged to the offshore Chinese yuan. The company said it held a license from Kazakhstan’s Astana Financial Services Authority and that the coin would support cross-border payments and tokenized real-world assets, according to the SCMP. In ...

RedotPay, a Hong Kong-based payments fintech, said it raised $47 million in strategic investment, bringing in Coinbase Ventures as a new backer in a round that lifted its valuation above $1 billion, giving it so-called unicorn status. The round included contributions from existing investors Galaxy Ventures and Vertex Ventures, the company said in a Thursday email. RedotPay aims to blend blockchain speed and efficiency with traditional payment networks. Founded in 2023, the company has more than 5 million ...

Nine European lenders have joined to launch a euro-backed stablecoin, scheduled to be launched in the second half of 2026. Per a Bloomberg report on Thursday, the banking consortium includes ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International. The stablecoin will be regulated under the trading block’s Markets in Crypto Assets (MiCA) rule. Further, the banks have formed a new company in the Netherlands to house the stablecoin project. It aims to be lic ...

Naver Financial moves to acquire Upbit in a landmark share swap, aiming to launch South Korea’s first crypto-powered super app. | Credit: Getty Images. Key Takeaways Naver Financial, the fintech arm of South Korea’s largest portal, is set to acquire Upbit through a share swap. The deal would give Naver control of Korea’s top crypto exchange and expand its reach into digital finance and stablecoins. The companies plan to build a “super app” combining crypto trading with e-commerce, payments, and othe ...

By Tom Sims, Tommy Reggiori Wilkes and Valentina Za FRANKFURT (Reuters) -A consortium of nine European banks, including heavyweights ING and UniCredit, said on Thursday they are forming a new company to launch a euro-denominated stablecoin, a move they hope will help counter U.S. digital market dominance. A host of top U.S. financial firms have been preparing to launch their own dollar-backed crypto tokens after President Donald Trump signed a law overseeing rules for stablecoins that could further cem ...

DeFi protocol Solstice Finance has announced strategic partnerships with data provider Chainlink and custody firms Ceffu and Copper. The collaborations are intended to support the upcoming launch of USX, a new stablecoin built on the Solana network. According to a press release published on Sept. 24, Solstice will integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This service is designed to allow the USX stablecoin to be transferred securely across different blockchains. Stablecoin innov ...

Hyperliquid’s highly anticipated USDH stablecoin has gone live, after the newly formed firm Native Markets won the ticker bid last week. Native Markets claimed that over $15 million worth of the stablecoin was pre-minted in the 24 hours before it went live on Wednesday. Earlier this month, Hyperliquid opened proposals to take over the USDH ticker on the network. As a result, a stream of crypto companies put their hats in the ring, including the likes of Paxos, Agora, and Ethena—the last of those with backin ...

Hyperliquid's very own stablecoin USDHL, developed by Native Markets, debuted Wednesday, generating over $2 million in early volume. As of writing, the Hyperliquid-listed USDH/USDC pair traded at 1.001, with a total trading volume of 2,244,932.79 USDC. Last week, the Hyperliquid validator community selected Native Markets to receive the USDH ticker following a lengthy bidding war that saw proposals from Paxos, Ethena, Frax, and others. The dollar-pegged stablecoin is issued natively on HyperEVM and is b ...

Tether's could reach a $500 billion valuation. | Credit: Credit: Getty Images. Key Takeaways Tether could be valued at around $500 billion following the planned raise. Tether’s USDT is the leading stablecoin with a market cap of over $173 billion. The firm is launching a U.S.-compliant stablecoin that targets American businesses and institutions. Leading stablecoin issuer Tether (USDT) is planning to raise up to $20 billion through a private placement deal to boost its existing and new business op ...

Ripple’s RLUSD stablecoin is being integrated into tokenized money-market funds from BlackRock and VanEck, giving holders of the products a direct redemption path into on-chain liquidity. Through a new smart contract on Securitize’s platform, investors in BlackRock’s BUIDL and VanEck’s VBILL funds can now swap their shares for RLUSD on demand, creating what Ripple calls a 24/7 stablecoin off-ramp for tokenized treasuries. The move positions RLUSD as a settlement layer for real-world assets (RWA) while br ...