The Hong Kong model and the European and American paths of stablecoin regulation

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 license 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 end, and stablecoins are becoming the core assets of a few institutions with banking qualifications and clearing networks. This also promotes the infrastructure to service-oriented layering. Service providers such as Agora and Cobo are encapsulating clearing, custody, risk control, and deposit and withdrawal capabilities into standard interfaces to provide companies with callable and combinable stablecoin issuance and circulation capabilities, and build a new generation of cross-border financial execution layer.

At the capital level, infrastructure heat has rebounded. Circle became the most favored US stock target by Korean investors in June. Global crypto financing rebounded to $2.8 billion. Financial services projects attracted the most funds. The stablecoin track is becoming a value anchor for market attention again.

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

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 continues to maintain its dominant position, accounting for 62.25%; USDC ranks second with a market value of $62.554b (approximately US$62.6 billion), accounting for 24.34%.

Blockchain network distribution

The top three stablecoin networks by market value:

• Ethereum: $127.002b (127 billion U.S. dollars)

• Tron: $81.395b (814 billion U.S. dollars)

• Solana: $11.149b (111 billion U.S. dollars)

Top 3 networks with the fastest weekly growth:

• 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 global stablecoin regulatory dividends

Stablecoins are rapidly evolving into key infrastructure for global digital finance, and the implementation of supervision in various countries is also accelerating. In this process, "compliance identity" has been transformed from passive compliance to strategic assets, 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 "one license in one place, access to the whole region" was initially implemented. According to Patrick Hansen, EU Policy Director of Circle, 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 expects to implement the stablecoin regulatory 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. Project Ensemble launched by the Hong Kong Monetary Authority is a concrete example. The project is exploring the application of tokenized bonds, funds, carbon credits, supply chain finance and other real-world assets (RWA).

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; domestic offshore RMB stablecoins (CNYC) pilot projects will be promoted based on the Shanghai Free Trade Zone. The two places will work together to form a dual system of "domestic + overseas" for 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 implementation 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's 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 dollar digital infrastructure.

The global stablecoin regulatory landscape is rapidly diverging: the EU emphasizes market integration, Hong Kong emphasizes risk control priority, and the United States bets 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 of Stablecoin Ecosystem and Rise of Infrastructure under License Threshold

Stablecoins are evolving from single digital tokens to the core of the next generation of financial infrastructure with their technological advantages.

However, with the increasingly stringent regulatory laws and 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 wall of compliance 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.

The stablecoin operating system launched by Agora 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 abstract 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 placed more emphasis on 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 interface structure is reshaping the market logic of stablecoins - the issuer no longer bears 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 money", evolving from a simple information provider to an executor of economic behavior. Through simple API calls or preset workflows, developers can let Agent complete service generation, delivery and payment in user conversations, building a complete business closed loop. This marks the entry of AI business models into the automation stage, opening up new business entrances 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 terms of 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 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's commercial capabilities to break through. Traditional payment paths are designed for people, with high fees, slow settlement, and inflexible authorization. They are structurally incompatible with Agent's 24/7 operation, micropayment, and highly automated needs. 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 with the CRM system to achieve user profiling and automatic incentives; instant settlement supports synchronization of payment and order status, and builds 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 under the premise of zero human intervention. The platform needs to simultaneously improve the permission 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 strategic cooperation on USDC to expand global liquidity and coverage

Highlights

• 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;

• As part of the cooperation, Circle and OKX will jointly carry out educational and community projects to help users understand the advantages of digital currencies such as USDC.

Why it matters

This cooperation further expands the global accessibility and liquidity of USDC, showing that Circle is actively expanding 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 the practicality of USDC in the field of international payments and transactions.

Ant International plans to incorporate Circle's stablecoin into its blockchain platform

Quick overview of key points

• According to people familiar with the matter, Ant Group's Ant International plans to integrate Circle's USDC stablecoin into its blockchain platform after the U.S. stablecoin regulation 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 field;

• Why it is important:

  The cross-border cooperation between the Chinese technology giant and the leading US stablecoin issuer reflects the mainstream recognition of stablecoins in the global payment field, and 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 the global digital financial competition.

  Meow and Bridge jointly create a USDC payment ecosystem to achieve the same convenient experience as cash

  Key points

  • American financial technology company Meow has become the first company in the United States to allow enterprises to send and receive USDC directly on commercial banking platforms by integrating Bridge's Orchestration API;

  • The results after implementation are remarkable: Meow's transaction volume has increased by billions, the number of customer accounts has increased threefold, and it has achieved profitability in 2024, while helping companies reduce accounting processing time from hours to minutes.

  Why it matters

  This case demonstrates the breakthrough progress of stablecoins in actual commercial applications, and by seamlessly integrating USDC with traditional banking services, it has lowered the threshold for companies to adopt crypto payments. The cooperation between Meow and Bridge provides a template for how fintech companies can use stablecoin technology to create competitive advantages, and proves the feasibility of stablecoins as a daily commercial payment tool.

  Australian fintech unicorn Airwallex starts building a stablecoin platform team

  Quick overview of key points

  • The official website of Australian cross-border payment unicorn Airwallex shows that it is setting up a stablecoin platform team and opening engineering positions;

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

  • The platform is designed to support near-instant global payments, and achieve on-chain liquidity and seamless fiat-stablecoin conversion, providing users with more efficient cross-border financial services.

  Why it's important

  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 collaborate to launch stablecoin payment cards in Latin America

  Quick Overview

  • Visa announced a partnership with stablecoin service provider Bridge and has begun to launch 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;

  • Why it is important

    Traditional payment giant Visa has further expanded its layout in the field of stablecoins, and has specially selected Latin American high-inflation regions as key markets, showing that stablecoins are shifting from speculative tools to practical payment tools, and have been strategically recognized by mainstream payment institutions.

    Macro Trends

    The size of the U.S. national debt hit a record high, surpassing the 2-month record level for the first time

    Quick Overview of Key Points

    • The total amount of U.S. national debt hit a new record high, breaking the record set in February this year. The government needs to continue to issue a large amount of bonds in a high-interest rate environment to make up for the spending gap and roll over maturing debts;

    • This has led to a significant increase in the proportion of interest expenses, further aggravating the fiscal burden and directly affecting market liquidity, long-term interest rate trends and investor confidence;

    • left;">Faced with a debt crisis, the government may explore non-traditional financing channels, including guiding compliant stablecoin issuers to increase their holdings of treasury bonds, forming a "stealth quantitative easing" mechanism to indirectly support demand for U.S. debt.

    Why it's important

    The continued rise in national debt not only threatens the long-term stability of the U.S. dollar, but may also reshape the regulatory environment for stablecoins. The government has the motivation to guide stablecoin reserves to the treasury bond market and increase the channels for absorbing U.S. debt, which 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 Points

    • Bank of America Mizuno gives Circle stock (CRCL) an "underperform" rating with a target price of $85, which is significantly lower than the current trading price. It believes that the market is overly optimistic about the valuation;

    • Bank of America Mizuno believes that 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 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 began 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 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.

    A stablecoin registration boom has erupted in South Korea, and local companies are scrambling to layout the digital payment market

    Quick Overview of Key Points

    • South Korea currently has no clear regulatory guidelines for stablecoins, but it has set off a stablecoin trademark registration boom. Almost every other day, a bank or company applies for a stablecoin-related trademark;

    • Once a listed company submits an application for a stablecoin trademark, its stock price usually soars by 15-30% in a day, which has become a normal market reaction;

    • South Korean financial giants are scrambling 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 among Korean investors, with a net inflow of US$410 million in a single month. This national 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 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 within 23 seconds and escaped

    Key points

    • An attacker successfully converted all funds into USDC and escaped only 23 seconds before the USDT0 project froze its 1.3 million USDT0 assets;

    • The USDT0 team responded quickly and froze the funds immediately, but due to the time difference in blockchain transaction confirmation, the attacker was unable to complete the fund transfer;

    • One ​​hour after the incident, USDC issuer Circle had not responded to the incident or taken freezing measures, which aroused the community's doubts about its security response mechanism.

    Why it is important

    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 gold reserves worth $8 billion in a secret Swiss vault

    Quick Overview

    • Tether, the world's largest stablecoin issuer, has its own vault in Switzerland, which 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 the specific 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, XAUT, each token is backed by 1 ounce of gold, and 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, stablecoin regulatory rules introduced by the European Union last year and proposed regulations in the United States only allow cash and cash-like assets (such as short-term Treasury bills) to be used as backing assets for fiat stablecoins, which may force Tether to sell its gold reserves as it seeks authorization in these markets.

    Circle and crypto exchange ByBit reach USDC revenue sharing agreement

    Quick overview

    • According to people familiar with the matter, stablecoin issuer Circle has secretly established a USDC revenue sharing agreement with the world's second largest crypto exchange ByBit to share the revenue generated by stablecoin reserves;

    • Circle has previously reached a 50% split with Coinbase Circle has announced an agreement to share USDC reserve revenue, and disclosed a similar partnership with Binance in its pre-IPO filing;

    • Any exchange that holds a large amount of USDC basically has an agreement with Circle,” a person familiar with the matter said, suggesting that this has become Circle’s standard business model for expanding USDC’s market share.

    Why it matters

    This reveals how stablecoin issuers incentivize exchanges to promote the use of their currencies through revenue sharing, a model that helps Circle quickly expand the USDC ecosystem, while also potentially raising 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 highly concerned about the opportunity of stablecoin layout

    Quick Overview of Key Points

    • 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 within this month, and it is expected that the number of licenses issued in the first batch will be in the single digit;

    • Many listed companies in Shanghai and Shenzhen have recently been frequently asked by investors about the layout of stablecoin business. The opening of policies, improved transaction efficiency and strategic positioning needs have jointly driven market enthusiasm;

    • Why it is important

      The implementation of Hong Kong's stablecoin regulatory framework has set an important benchmark for the Asian digital asset market. It not only provides a clear compliance path, but also may 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 6-month report: 14 stablecoin issuers approved, 39 crypto service providers licensed

      Highlights

      • According to Patrick Hansen, Circle's EU policy director, in the six months since the implementation of the EU MiCA regulations, 14 stablecoins (electronic currency tokens) have been authorized Issuers are located in 7 EU countries, including 3 in France, Malta and the Netherlands. Among the 20 stablecoins issued, 12 are pegged to the euro, 7 are pegged to the US dollar, and 1 is pegged to the Czech koruna. 39 crypto asset service providers (CASPs) have obtained MiCA licenses, distributed in 9 EU/EEA countries, with Germany (12) and the Netherlands (11) leading the way. Institutional types include traditional financial institutions (such as BBVA and Clearstream), fintech companies (such as N26, Trade Republic) and native crypto companies (such as Coinbase, Kraken);

      • No asset-referenced token (ART) issuers have been approved yet, 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 6 countries including the Netherlands and Poland, and the Netherlands Financial Market Authority (AFM) is in the lead in issuing licenses.

      Why it matters

      MiCA has shown clear momentum six months after its full implementation, with European companies actively applying for licenses to cover their services in 30 EEA countries. This regulatory framework is gradually establishing a compliant ecosystem for the European crypto asset market and 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 first tokenized money market fund QCD, jointly launched by Qatar National Bank and DMZ Finance

      Quick overview

      • The Dubai Financial Services Authority approved the QCD money market fund supported by Qatar National Bank and DMZ Finance, becoming the first approved tokenized money market fund in the region;

      • The fund aims to put traditional assets on the chain, 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 market size for tokenized real assets (RWA) 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 tokenized real assets (RWA). The Middle East is actively deploying digital asset financial infrastructure, combining traditional finance with blockchain technology, and providing new investment channels for global institutional investors.

      Orbiter Finance  partners with Nasdaq-listed company to create a compliant stablecoin cross-chain solution

      Quick Overview

      • Orbiter Finance  partners with Nasdaq-listed company Nano Labs reached a strategic cooperation 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 US dollars, Hong Kong dollars and offshore RMB, and is scheduled to be officially launched in the fourth quarter of 2025;

      • This cooperation aims to promote compliant stablecoins on BNB 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 choices, while bringing new growth points to the BNB Chain ecosystem.

        National Financial Laboratory proposes a "internal and external integration" development model for RMB stablecoin

        Key points

        • Yang Tao, deputy director of the National Financial and Development Laboratory, suggested that RMB stablecoin adopt a domestic and overseas linkage strategy, and that innovative exploration can 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 it is recommended to learn from the BIS "unified ledger" concept to promote the coordinated development of digital RMB and stablecoins.

        Why it is important

        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 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 Overview of Key Points

        • 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 financial technology companies faced challenges in obtaining liquidity;

        • Checker is precisely positioned as a liquidity service provider, helping financial institutions and financial technology companies overcome three major pain points: shallow regional liquidity, high technical and compliance costs, and inefficient market expansion;

        • The platform has worked with many 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 is important

        The market stratification 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 the issuance of stablecoins to their widespread global use by solving the core link of liquidity.

        Solayer launches Emerald Sub Cards service, evolving stablecoin card management

        Quick Overview

        • Solayer launches Emerald Sub Cards, allowing 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 use allocation, such as setting up independent cards for daily grocery shopping, family use, friends sharing or special savings, enhancing the adaptability of stablecoin payments;

        • The service is now available to all Emerald Card  cardholders can apply for it through the app.solayer.org/card  website, which marks that stablecoin payment is getting closer to the functions of traditional bank cards.

        Why it is important

        Solayer This 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 use 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 US$65 billion and is secretly building its own stable currency

        Key points

        • British fintech company Revolut is negotiating US$1 billion in financing, with a valuation of US$65 billion, a 44% increase from last year. US investment company Greenoaks is expected to lead the investment;

        • It is reported that Revolut is secretly developing its own stablecoin, relying on 50 million active users, banking licenses across more than 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, and its own distribution capabilities will become the core profit point of its stablecoin business, which is expected to achieve higher profit margins.

        Why it is important

        While Revolut has gained a high valuation with the 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 A round of financing

        Quick summary

        • Crypto startup Agora announced the completion of $50 million A round of financing, led by well-known crypto investment institution Paradigm. It had previously completed a $12 million seed round of financing last year;

        • Unlike mainstream stablecoins, Agora is designed to share the returns of the US dollar assets behind the stablecoins 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

        With non-crypto giants such as Meta and Apple entering 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 company Crystal Intelligence to strengthen the fight against crypto crimes

        Quick Overview

        • Tether, the world's largest stablecoin issuer, strategically invests in blockchain analysis company Crystal Intelligence to obtain real-time risk monitoring, fraud detection and regulatory intelligence tools to strengthen the fight against USDT related crimes;

        • Crypto crimes have surged in recent years. The FBI reported that digital asset fraud losses reached US$9.3 billion last year. Stablecoins have become the preferred tool for criminals due to their wide circulation;

        • The two parties have cooperated to establish Scam Alert public database, marking wallet addresses associated with fraud, improving transparency and fraud prevention.

        Why it matters

        As regulatory scrutiny intensifies, Tether is demonstrating its determination to combat illegal activities by proactively investing in compliance technology, both to protect user security and to prepare for scrutiny from global regulators.

        In June, venture capital funds rebounded to $2.8 billion, with financial services projects dominating financing

        Quick Overview

        • Venture capital in the crypto field rebounded strongly after a slump in May (US$594 million), with total financing in June reaching approximately US$2.8 billion, close to the high of US$2.9 billion in March;

        • Although the number of AI projects is the largest (21 projects raised $116 million), financial services (Prime Services) became the largest category with 5 projects raising $1.15 billion; infrastructure projects also performed strongly, raising $881 million.

        Why it matters

        The June financing data shows that the crypto venture capital market has regained its vitality. It is particularly noteworthy that the proportion of late-stage financing (Round B and later) has increased, indicating 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 Overview

        • Monad Foundation acquires stablecoin infrastructure provider Portal, and former Visa crypto product founding member Raj Parekh will join as head of payments and stablecoins;

        • Monad blockchain has demonstrated breakthrough performance in the public beta stage, 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;

        • Why it is important

          This acquisition integrates high-performance blockchain and mature stablecoin infrastructure to solve the technical bottlenecks of large-scale application of stablecoins, and accelerate the application and popularization of global stablecoins by providing low-cost transactions and developer-friendly tools.