## Short Segments

Coinbase and Better have funded the first bitcoin-backed mortgage, setting the stage for a nationwide rollout. Mastercard is expanding its network to include stablecoin settlements, offering new flexibility for financial institutions. Travala introduces an AI travel protocol with gasless USDC payments, streamlining hotel bookings. And coming up, Visa and Brale are testing privacy-enabled stablecoin settlements on the Canton Network, a move that could reshape institutional finance. Coinbase and Better fund the first bitcoin-backed mortgage, with plans for a nationwide rollout. In a groundbreaking move, Coinbase and Better have issued the first Fannie Mae-backed mortgage using bitcoin as collateral. This development marks a significant shift in how digital assets can be leveraged in traditional finance, potentially opening new pathways for homeownership. The mortgage was issued to a couple in Michigan, and the companies plan to expand this offering nationwide by summer 2026. By using bitcoin as collateral, qualified buyers may find new opportunities to secure mortgages, especially as traditional homeownership becomes increasingly challenging. This initiative could pave the way for broader acceptance of cryptocurrency-backed financial products, signaling a new era in the intersection of digital assets and real estate finance. Mastercard adds stablecoin settlement across its network, enhancing real-time financial transactions. Mastercard is integrating stablecoin settlements into its global payment network, allowing transactions in regulated U.S. dollar stablecoins like USDC and PYUSD. This move supports intraday, weekend, and holiday settlements, providing financial institutions with greater flexibility and liquidity management. By incorporating stablecoins, Mastercard aims to meet the growing demand for real-time money movement, particularly in cross-border payments. This development not only enhances the speed and efficiency of transactions but also expands the options available for financial institutions to process payments using digital assets. As stablecoins become more integrated into traditional financial systems, Mastercard's initiative represents a significant step towards the future of digital finance. Travala unveils an AI travel protocol with gasless USDC payments on Base, revolutionizing hotel bookings. Travala, a cryptocurrency-native travel platform, has launched a new protocol that leverages AI to autonomously search, book, and pay for hotel accommodations. Built on the Base blockchain, this protocol supports gasless USDC payments, significantly reducing transaction costs. The AI agents can complete bookings without human intervention, streamlining the payment process and enhancing user experience. This innovation not only simplifies travel bookings but also demonstrates the potential of AI and blockchain technology to transform traditional industries. By bypassing traditional credit card networks, Travala's protocol offers a glimpse into the future of automated, cost-effective travel solutions.

## Feature Story

Visa and Brale are testing privacy-enabled stablecoin settlements on the Canton Network, a move that could redefine institutional finance. Visa, in collaboration with Brale, is exploring the use of SBC stablecoin for settlement on the Canton Network. This proof of concept aims to evaluate how privacy-enabled blockchain infrastructure can facilitate faster and more programmable settlements while maintaining control over transaction visibility. The SBC token, backed by the U.S. dollar and issued by Brale, is being tested for its ability to support institutional users who require controlled visibility of their transactions. Visa's involvement as a Super Validator on the Canton Network underscores its commitment to advancing blockchain technology for regulated finance. By integrating privacy controls, the Canton Network allows financial institutions to share blockchain infrastructure without compromising sensitive data. This initiative aligns with Visa's broader strategy to develop faster global settlement infrastructure, highlighting the potential of stablecoins in enhancing financial operations. The implications of this test are significant. If successful, it could lead to widespread adoption of privacy-enabled stablecoin settlements, offering financial institutions a secure and efficient alternative to traditional settlement methods. This development could also influence regulatory approaches to digital assets, as privacy and compliance become central to on-chain finance. As Visa and Brale continue their testing, the financial industry will be watching closely to see how this innovation might reshape the landscape of institutional payments. Looking ahead, the success of this proof of concept could pave the way for broader implementation of privacy-enabled stablecoin settlements, potentially transforming how financial institutions conduct transactions on a global scale.

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Mastercard's stablecoin expansion could reshape global payments. The House of Lords urges UK regulators to ease stablecoin rules. Ledger researchers find a flaw in Trezor's chip, but user funds remain safe. AX Coin receives Bahrain's first stablecoin issuer license. The Blockchain Association pushes for the Clarity Act with support from 160 former officials. And UK peers warn against delaying sterling stablecoin regulations. Mastercard's stablecoin move could transform global payments. Mastercard is expanding its settlement infrastructure to include stablecoins like USDC, PYUSD, and RLUSD, enabling transactions beyond traditional banking hours. This shift allows for intraday, weekend, and holiday settlements, offering a 24/7 payment capability that could significantly enhance liquidity management and cross-border transactions. By integrating stablecoins into its network, Mastercard aims to reduce reliance on traditional banking windows, providing faster fund finality for banks, merchants, and payment processors. This development highlights the growing institutional adoption of digital assets and the potential for stablecoins to streamline global payment systems. House of Lords committee urges UK regulators to ease stablecoin rules. The UK House of Lords has called on the Bank of England and the Financial Conduct Authority to revise their approach to stablecoin regulation. The committee warns that strict reserve requirements and a ban on interest could hinder the growth of UK-issued stablecoins, potentially leaving the UK behind the US and EU. The report suggests that a more flexible regulatory framework could enhance the competitiveness of sterling-backed tokens, offering faster and cheaper payment options. This push for regulatory reform underscores the importance of balancing innovation with oversight in the evolving digital currency landscape. Ledger researchers find flaw in chip used by Trezor Safe 7; Trezor says user funds safe. Ledger's Donjon security team has identified a hardware vulnerability in the TROPIC01 chip used in Trezor's Safe 7 wallet. The flaw, which requires physical access and specialized equipment to exploit, affects only one of the wallet's multiple security layers. Trezor assures users that their funds remain secure, as the wallet's design includes multiple protective measures. This incident highlights the ongoing challenges in hardware security and the importance of robust multi-layered defenses in protecting digital assets. AX Coin, backed by AXG, granted first stablecoin issuer license by the Central Bank of Bahrain. AX Coin Bahrain, a subsidiary of SOLOWIN Holdings, has received the first stablecoin issuer license under Bahrain's regulatory framework. This license allows AX Coin to operate within a compliant, institutional-grade digital payments infrastructure. The move positions Bahrain as a forward-thinking hub for digital finance, supporting the integration of traditional and digital assets. This development marks a significant step in the Middle East's embrace of blockchain technology and stablecoin innovation. Blockchain Association urges Senate to pass Clarity Act with letter from 160 former security officials. The Blockchain Association has rallied support from 160 former national security and law enforcement officials to advocate for the Clarity Act. The proposed legislation aims to enhance anti-money laundering and sanctions compliance within the crypto market structure. Supporters argue that the Act would provide a much-needed enforcement upgrade, countering concerns about limiting prosecutorial power. This push reflects the ongoing debate over regulatory clarity and enforcement in the rapidly evolving crypto landscape. Peers warn UK cannot afford to drag its feet on sterling stablecoin rules. The House of Lords has urged the Bank of England and the FCA to adhere to their timetable for stablecoin regulation. Delays could cede the digital payments race to the US and EU, potentially excluding British SMEs from a fast-moving market. The committee emphasizes the need for timely regulatory action to ensure the UK remains competitive in the global digital economy. This call to action highlights the strategic importance of regulatory agility in fostering innovation and market growth.

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Mastercard expands stablecoin settlement options with USDC, PYUSD, and RLUSD. In a significant move, Mastercard has broadened its settlement capabilities to include several regulated U.S. dollar stablecoins, such as USDC, PYUSD, and RLUSD. This expansion allows for intraday, weekend, and holiday settlements across its global payments network, leveraging blockchain technology to facilitate real-time money movement. The integration of stablecoins into Mastercard's infrastructure marks a pivotal shift towards always-on finance, addressing the growing demand for 24/7 transaction capabilities. By enabling on-chain settlements, Mastercard aims to enhance liquidity management and provide greater flexibility in how money moves, particularly for cross-border payments. This development is poised to benefit banks, merchants, and payment processors by reducing reliance on traditional banking hours and offering faster fund finality. Mastercard's decision to support stablecoin settlements across multiple blockchain networks, including Ethereum, Solana, and XRP Ledger, underscores the increasing institutional adoption of digital assets. As the company continues to operate alongside existing fiat processes, this move highlights the potential for stablecoins to complement traditional financial systems, offering a seamless integration of digital and fiat currencies. Looking ahead, Mastercard's expansion into stablecoin settlements could set a precedent for other financial institutions, encouraging broader adoption of blockchain technology in the payments industry. As the landscape evolves, stakeholders will be watching closely to see how this integration impacts global payment systems and whether it accelerates the transition towards a more digital economy. For now, Mastercard's initiative represents a bold step towards modernizing financial infrastructure, paving the way for a future where digital currencies play a central role in global commerce.

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MoneyGram's launch of a stablecoin on Stellar marks a significant shift in digital dollar payments. Coinbase invests in a stablecoin reserves ETF, Franklin Templeton partners with MoonPay, and Backpack blends traditional and tokenized stock trading. Hamilton Lane's fund launches on Tron, and UAE's dirham-backed stablecoins see growing demand. MoneyGram launches a stablecoin on Stellar, joining the rush toward digital dollar payments. MoneyGram has introduced MGUSD, a U.S. dollar stablecoin, on the Stellar blockchain. This move positions MoneyGram at the forefront of digital dollar payments, aiming to transform remittance services by integrating with a trusted payments network. MGUSD is designed to support cross-border transfers and financial access for underserved communities, serving over 60 million active customers worldwide. By leveraging blockchain technology, MoneyGram aims to enhance its global payments network, offering a more efficient and accessible service for its users. Coinbase invests in a stablecoin reserves ETF issued by ProShares. The ProShares GENIUS Money Market ETF, with $22 billion in assets under management, is designed to meet the stringent requirements of the GENIUS Act, making it eligible for stablecoin reserves investment. This ETF provides a flexible, transparent option for investors seeking a high-quality cash management solution, investing exclusively in short-term U.S. Treasuries. Coinbase's investment highlights the growing interest in regulatory-compliant financial products that support the stablecoin ecosystem. This move could pave the way for more stablecoin issuers to manage their reserves in a compliant and efficient manner. Franklin Templeton brings its BENJI tokenized fund to MoonPay. This partnership expands institutional access to Franklin Templeton's tokenized money market fund by integrating it with MoonPay Trade. The collaboration positions both firms for a broader strategic relationship as tokenized funds gain traction in onchain treasury, collateral, and liquidity uses. By leveraging MoonPay's infrastructure, Franklin Templeton aims to enhance the distribution and accessibility of its tokenized products, bridging traditional asset management with decentralized finance. This integration marks a significant step in the evolution of tokenized financial products. Backpack launches a securities platform blending traditional and tokenized stock trading. Backpack Securities combines a U.S.-regulated brokerage for traditional equities ownership with a tokenization platform. This platform allows users to trade U.S. stocks through regulated brokerage infrastructure and convert their holdings into blockchain-transferable tokenized assets. By partnering with Solana-based tokenization protocol Sunrise, Backpack aims to offer a seamless trading experience that bridges the gap between traditional and digital asset markets. This development could attract a new wave of investors seeking diversified investment opportunities. Hamilton Lane's tokenized HLSCOPE fund launches on Tron, marking the first Securitize asset on the network. Securitize has expanded Hamilton Lane's tokenized Senior Credit Opportunities Fund to the TRON blockchain, widening regulated access to private credit. This launch brings one of the industry's most established tokenized private credit products to a major blockchain network, enhancing the accessibility and scalability of private credit investments. By leveraging TRON's infrastructure, Securitize aims to provide a more efficient and transparent platform for investors seeking exposure to private credit markets. This move signifies a growing trend of bringing traditional financial assets onchain. Demand for UAE dirham-backed stablecoins set to grow as digital asset adoption accelerates. The UAE is moving regulated stablecoins from pilot environments to everyday payments, supported by a national rulebook that ensures monetary safeguards. As digital currencies gain wider acceptance, their use is extending beyond trading and remittances into everyday business transactions. This shift is driven by regulatory clarity, institutional participation, and growing market gravity in the UAE. The increasing demand for dirham-backed stablecoins highlights the region's commitment to integrating digital assets into its financial ecosystem.

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MoneyGram debuts MGUSD stablecoin on Stellar for its global payments network. MoneyGram has launched MGUSD, a U.S. dollar stablecoin, on the Stellar blockchain, targeting over 60 million customers for cross-border payments. This move marks a decisive shift in MoneyGram's stablecoin strategy, as the company transitions from third-party digital dollar services to its own branded stablecoin. MGUSD is designed to support a growing suite of financial services across MoneyGram's global network, with native issuance on Stellar and support from partners like Bridge, M0, and Fireblocks. The stablecoin will be integrated into the MoneyGram app, offering self-custodial wallets for users, and aims to enhance financial access for underserved communities. By leveraging blockchain technology, MoneyGram seeks to transform its remittance services, providing a more efficient and accessible solution for cross-border transfers. This launch positions MoneyGram at the forefront of digital dollar payments, as the company plans to expand MGUSD beyond the U.S. market. The introduction of MGUSD reflects a broader trend of financial institutions embracing blockchain technology to improve payment infrastructure and reach new customer segments. As MoneyGram continues to build its payments infrastructure on blockchain, the success of MGUSD could pave the way for further innovations in the digital payments space. With the backing of established partners and a robust blockchain network, MGUSD is poised to play a significant role in the evolution of global remittance services.

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Coinbase is making a strategic move into India by launching direct Indian rupee rails and perpetual futures trading. This development is part of a broader expansion strategy in Asia's third-largest economy. Coming up, we'll explore how the digital euro is being positioned as a counter to stablecoin risks, and how stablecoins are reshaping business payments. Later, we'll dive deeper into Coinbase's expansion in India and what it means for the crypto market there. Digital euro is key to counter stablecoin risks, says ECB’s Schnabel. Isabel Schnabel, a member of the European Central Bank's board, emphasized the need for central banks to address stablecoin risks through strong regulation and the development of central bank digital currencies (CBDCs). She highlighted that the growing use of stablecoins could reinforce the dollar's dominance and undermine the euro's role in the global economy. With stablecoins gaining traction, Schnabel's remarks underscore the urgency for the ECB to develop a digital euro to maintain monetary sovereignty and stability. This move could reshape the landscape for issuers and regulators, as they navigate the evolving digital currency ecosystem. The stablecoin revolution is reshaping business payments. Stablecoins are increasingly being used in business-to-business payments, shifting the focus from speculative crypto activities to practical treasury applications. Companies are turning to dollar-pegged digital assets for supplier payments, payroll, and cross-border settlements, where traditional banking systems are slow and costly. This trend highlights the growing importance of stablecoins as a new financial rail, offering faster and more efficient transactions. For businesses, this means reduced friction in fund movements and a potential overhaul of traditional payment processes. BIS's latest research: The future of stablecoins and the global monetary landscape. The Bank for International Settlements (BIS) has released a report analyzing the impact of stablecoins on the international monetary system. The report reveals that approximately 98% of stablecoins are dollar-denominated, reinforcing the dollar's dominance rather than challenging it. This could accelerate digital dollarization in emerging markets, posing risks to their monetary sovereignty. The findings suggest that while stablecoins offer new opportunities for cross-border payments, they also present challenges for global monetary policy and regulation.

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Coinbase launches Indian rupee rails with perps access in expansion push. Coinbase has made a significant move by launching direct Indian rupee (INR) deposit and withdrawal rails, alongside perpetual futures trading, in India. This marks a major expansion into Asia's third-largest economy, aiming to tap into its booming $3 billion crypto market. By enabling INR transactions through the Immediate Payment Service (IMPS), Coinbase removes the need for peer-to-peer exchanges and intermediaries, reducing friction and scam risks for Indian users. This development allows seamless bank-to-crypto transfers on a regulated platform, enhancing accessibility for retail traders. Coinbase's strategy aligns with its broader "Everything Exchange" initiative, which includes plans to introduce tokenized equities, decentralized exchange access, and DeFi lending in India over the next year. The move comes after Coinbase's initial attempt to enter the Indian market in 2022 faced regulatory hurdles and was short-lived. Now, with a fully functional fiat integration, Coinbase is poised to capture a significant share of the Indian crypto market. For issuers and custodians, this expansion means increased liquidity and trading opportunities, while regulators will need to monitor the impact on local financial systems. As Coinbase strengthens its foothold in India, the focus will be on how this integration influences the broader adoption of cryptocurrencies in the region.

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Stablecoins may soon face a new challenger in the world of digital finance. The Bank of England is considering alternatives to stablecoin holding limits, as tokenized deposits gain traction. Coming up, we'll explore how this shift could reshape the landscape for issuers, custodians, and payment companies.

## Feature Story

The Bank of England is signaling a potential shift in the digital finance landscape, as it considers the rise of tokenized deposits over stablecoins. This development comes amid ongoing discussions about the future of stablecoin regulation in the UK. The Bank of England, led by Deputy Governor Sarah Breeden, is re-evaluating its approach to stablecoin holding limits, following industry feedback and concerns about liquidity stress. Tokenized deposits, which represent traditional bank deposits in a digital form, are gaining attention as a viable alternative to stablecoins. Unlike stablecoins, which are often backed by a mix of assets and can be subject to regulatory scrutiny, tokenized deposits are directly linked to existing bank accounts, offering a potentially more stable and regulated option for digital transactions. The Bank of England's interest in tokenized deposits is part of a broader strategy to modernize the UK's payment infrastructure. The central bank has outlined plans to accelerate the development of tokenized finance, while continuing to refine its stablecoin regulations. This includes the possibility of introducing a digital pound, which would further integrate digital assets into the UK's financial system. For issuers and custodians, the rise of tokenized deposits could mean a shift in focus from stablecoins to these new digital instruments. Payment companies and developers may also need to adapt their systems to accommodate tokenized deposits, which could offer faster and more secure transactions compared to traditional methods. Regulators, meanwhile, are tasked with ensuring that the transition to tokenized deposits does not compromise financial stability. The Bank of England is considering various approaches to manage the risks associated with stablecoins, including potential caps on issuance and alternative reserve requirements. As the Bank of England prepares to publish draft rules next month, the financial industry is watching closely. The outcome of these discussions could set a precedent for how other countries approach the regulation of digital assets and the integration of tokenized finance into their economies. In summary, the Bank of England's exploration of tokenized deposits over stablecoins marks a significant moment in the evolution of digital finance. This shift could lead to more regulated and stable digital transactions, impacting issuers, custodians, payment companies, and developers. As the UK moves towards a more tokenized financial system, the implications for global finance are profound, with potential ripple effects across markets and regulatory frameworks worldwide.

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## Feature Story

Circle's court-ordered freeze of Zama's cUSDC contract has trapped $12.6 million, sparking significant concern across the crypto infrastructure landscape. This development stems from a legal dispute involving Overnight Finance, which has led to Circle blacklisting the smart contract address for Zama's Confidential USDC token on Ethereum. The freeze, executed without prior warning, has isolated an entire pool of funds, including a $12.4 million transaction linked to Overnight Finance. On-chain tracking by ZachXBT revealed that the blacklist hit Zama's privacy-focused contract, raising questions about the broad scope of the compliance action. Users and industry observers are questioning why Circle chose to freeze the entire contract rather than targeting the specific wallet address associated with the allegations against Overnight Finance. This decision has significant implications for issuers and custodians who rely on smart contracts for privacy and confidentiality in their transactions. Zama CEO Rand Hindi expressed that the protocol's confidential USDC contract was "caught in a crossfire," and his team is actively investigating the freeze. The incident highlights the tension between regulatory compliance and the operational integrity of decentralized finance protocols. For developers and enterprises, this freeze underscores the potential risks associated with using privacy-focused smart contracts in a regulatory environment that demands transparency and accountability. As the situation unfolds, stakeholders are closely monitoring how Circle and Zama will address the frozen assets and what this means for future compliance actions involving smart contracts. Looking ahead, the crypto community is keenly aware of the need for clear guidelines and protocols to balance privacy with regulatory obligations. This case could set a precedent for how similar disputes are handled, impacting the broader market structure and compliance landscape. As we continue to track this story, the key takeaway is the critical importance of understanding the regulatory environment and its potential impact on crypto infrastructure operations. Stay tuned for further updates as we delve deeper into the implications of this freeze and its ripple effects across the industry.

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Aave Labs secures dual UK licenses, paving the way for regulated crypto payments infrastructure. Mastercard wins New York’s BitLicense, expanding its crypto payments reach. The CFTC opens the door for crypto perpetual futures contracts in the US, with Coinbase and Kalshi leading the charge. And coming up, Paxos becomes the first blockchain-native firm to secure SEC registration as a clearing and settlement agency. Aave Labs has achieved a significant milestone by securing dual UK licenses for its crypto payments infrastructure. The Financial Conduct Authority has granted Aave Labs' subsidiaries, Push Labs Limited and Push Virtual Assets Limited, registration as cryptoasset exchange providers. This approval, combined with their existing Electronic Money Institution authorization, establishes a robust framework for regulated crypto services in the UK. For Aave Labs, this development is a strategic move to bridge decentralized finance with traditional financial systems, offering zero-fee fiat on-ramps. By securing these licenses, Aave Labs positions itself to expand its services and enhance its compliance posture in one of the world's most stringent regulatory environments. This move is expected to facilitate smoother integration of crypto payments into everyday transactions, benefiting both businesses and consumers. Mastercard has secured a coveted BitLicense from the New York State Department of Financial Services, marking a significant expansion in its crypto payments strategy. This license allows Mastercard to operate digital asset activities under one of the strictest regulatory frameworks in the United States. With this approval, Mastercard aims to integrate stablecoins into traditional banking systems, enhancing its blockchain-based payments and settlement infrastructure. The move underscores Mastercard's commitment to maintaining its market dominance by expanding its digital asset footprint. As major financial firms deepen their involvement in crypto, Mastercard's BitLicense positions it to offer more secure and compliant crypto payment solutions, potentially setting a precedent for other financial institutions. The Commodity Futures Trading Commission has opened the door for crypto perpetual futures contracts in the US, a move that could reshape the trading landscape. Kalshi and Coinbase are among the first to receive approval to offer these products, marking a significant step for regulated US firms in the crypto space. Perpetual futures, known for their high leverage and lack of expiration dates, have been a staple in offshore markets but are now gaining traction domestically. This development could lead to increased competition and innovation in the US crypto market, as firms vie for a share of this lucrative segment. For traders, the introduction of perpetual futures on regulated exchanges offers new opportunities for hedging and speculation, potentially increasing market liquidity and depth. Base has launched its Azul upgrade on the mainnet, pushing Coinbase's Ethereum Layer 2 network toward full decentralization. The Azul upgrade introduces a new proof system and client stack, significantly reducing withdrawal times from seven days to just one. This enhancement is part of Base's strategy to improve network security and scalability, aligning more closely with Ethereum's ecosystem. Node operators are required to transition to the new base-reth-node and base-consensus clients, as older versions will no longer support Azul. With reported transaction bursts of up to 5,000 TPS and a 99% reduction in empty blocks, Base's upgrade promises to enhance the user experience and operational efficiency. This move is a critical step in Coinbase's efforts to decentralize its Layer 2 network, potentially setting a new standard for Ethereum-based solutions.

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Paxos has become the first blockchain-native firm to secure SEC registration as a clearing and settlement agency, a groundbreaking development in the crypto infrastructure landscape. The U.S. Securities and Exchange Commission has granted Paxos Securities Settlement Company, a subsidiary of Paxos, this registration under Section 17A of the Securities Exchange Act of 1934. This approval allows Paxos to provide clearing and settlement services for eligible securities transactions, marking a significant milestone for blockchain technology in traditional finance. Since 2020, Paxos has been operating US equities clearing and settlement services with major global financial institutions, demonstrating improved settlement efficiency and reliability. By securing this registration, Paxos not only legitimizes its operations but also sets a precedent for other blockchain firms seeking to enter the regulated financial markets. This move could potentially accelerate the adoption of blockchain technology in clearing and settlement processes, offering faster and more secure transactions compared to traditional methods. For issuers, custodians, and payment companies, Paxos' SEC registration means access to a more efficient and transparent settlement infrastructure, potentially reducing costs and operational risks. As the first blockchain-native firm to achieve this status, Paxos is paving the way for broader institutional adoption of blockchain solutions in the financial sector. Looking ahead, the industry will be watching closely to see how Paxos leverages this regulatory approval to expand its services and influence the future of securities settlement. This development could also prompt other blockchain firms to pursue similar regulatory pathways, further integrating blockchain technology into the fabric of global financial systems.

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LI.FI Intents launches a new architecture for stablecoin payments and RWA tokenization, aiming to streamline cross-chain execution for fintechs and financial institutions. Today, we'll explore how LI.FI's intent-based architecture could reshape stablecoin payments, SoFi's launch of a new stablecoin within its app, and SOLOWIN HOLDINGS' exploration of stablecoin applications in Bahrain. Later, we'll dive into how the Bank for International Settlements sees tokenization improving wholesale cross-border payments. LI.FI Intents has unveiled an intent-based architecture designed to enhance stablecoin payments and real-world asset tokenization. This new system targets fintechs, neobanks, and regulated financial firms, offering a seamless cross-chain execution experience without the need for users to manage gas tokens. By optimizing the execution layer, LI.FI aims to provide predictable outputs and configurable compliance controls, making it easier for enterprises to handle stablecoin transactions across multiple blockchains. This development is significant as it addresses the friction often associated with cross-chain transactions, potentially paving the way for broader adoption of stablecoins in enterprise settings. As the infrastructure expands, it could lead to more efficient and compliant financial operations for businesses leveraging blockchain technology. SoFi Technologies launches $SoFiUSD stablecoin within its app, marking a strategic move to expand its digital payments strategy. As the first U.S. nationally chartered bank to offer a stablecoin on a public blockchain, SoFi now allows its nearly 15 million members to buy, sell, and hold SoFiUSD directly within its mobile banking app. This move positions SoFi to compete with major payment networks like Visa and Mastercard, while also targeting the growing stablecoin market. Despite a slight rise in stock price, analysts remain cautious due to uncertainties around earnings and adoption rates. With upcoming features like international transfers and tokenized deposit products, SoFi is betting on stablecoins to enhance its digital finance offerings. This development could significantly impact how consumers interact with digital currencies in everyday transactions. SOLOWIN HOLDINGS signs an MOU with Bahrain Payments Hub to explore stablecoin applications, aiming to integrate digital assets into Bahrain's national payments ecosystem. The non-binding Memorandum of Understanding between AX Coin Bahrain and The Benefit Company sets the stage for collaborative exploration of stablecoin technology. This partnership seeks to understand how stablecoins can complement existing financial infrastructure in Bahrain, potentially enhancing the efficiency and reach of electronic transactions. As stablecoins continue to gain traction globally, this exploration could lead to innovative payment solutions that bridge traditional and digital finance. For Bahrain, this initiative represents a step towards modernizing its financial systems and embracing digital currency advancements.

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The Bank for International Settlements highlights tokenization as a game-changer for wholesale cross-border payments. Project Agorá, a collaboration between the BIS, central banks, and financial institutions, has demonstrated that tokenization can address inefficiencies in cross-border transactions. By enabling atomic settlement, or simultaneous and indivisible settlement, across multiple currencies and jurisdictions, tokenization promises faster and safer payment processes. This project, which involved seven central banks and over 40 financial institutions, is now moving towards real-value testing to settle tokenized central bank money and bank deposits on blockchain rails. The implications are significant: tokenization could streamline cross-border payments, reduce costs, and enhance reliability, making it a compelling solution for global financial systems. As the project progresses, it could set a precedent for how central banks and financial institutions approach digital currency integration. With the potential to transform the speed and security of international transactions, tokenization might soon become a cornerstone of modern financial infrastructure. As we watch this space, the next steps will involve assessing the real-world impact of these innovations and how they might reshape the landscape of global finance.

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Circle and Nium are transforming global payments by connecting USDC settlement to over 190 countries. Coinbase expands its partnership with Standard Chartered, enhancing multi-currency funding for institutional clients. SOLOWIN HOLDINGS' AX Coin explores stablecoin integration in Bahrain's payments ecosystem. And U.S. crypto groups rally for Senate action on the Clarity for Payment Stablecoins Act. Later, we'll dive deeper into Circle's strategic move with Nium and its implications for global financial infrastructure. Coinbase expands its partnership with Standard Chartered to enhance multi-currency funding rails. Coinbase has broadened its collaboration with Standard Chartered, enabling institutional clients to access a wider range of fiat currencies, including AUD, SGD, CAD, CHF, EUR, and GBP. This expansion allows institutions to manage their global trading operations more efficiently without the need for forced foreign exchange consolidation. Additionally, Coinbase has relaunched its Direct Deposit feature for U.S. customers, allowing them to allocate a portion of their paycheck directly to crypto investments with zero trading fees. This move not only strengthens Coinbase's position in the institutional market but also enhances its service offerings for retail customers, reflecting a strategic push to integrate crypto more seamlessly into everyday financial activities. SOLOWIN HOLDINGS' AX Coin signs an MOU with BENEFIT to explore stablecoin integration in Bahrain. SOLOWIN HOLDINGS, through its subsidiary AX Coin Bahrain, has entered into a non-binding Memorandum of Understanding with The Benefit Company, Bahrain's national electronic financial transactions hub. The agreement aims to explore how stablecoin technology can be integrated into Bahrain's payments ecosystem. This collaboration seeks to assess the potential of stablecoins to enhance the efficiency and security of financial transactions within the Kingdom. As stablecoin technology continues to evolve, this partnership could pave the way for broader adoption and regulatory acceptance in the region, potentially positioning Bahrain as a leader in digital financial innovation. U.S. crypto groups mobilize for Senate vote on the Clarity for Payment Stablecoins Act. Over 100 crypto organizations, including major players like Coinbase, Ripple, and Circle, are urging the U.S. Senate to expedite the Clarity for Payment Stablecoins Act. The legislation aims to provide a clear regulatory framework for stablecoins, which is seen as crucial for maintaining U.S. competitiveness in the digital finance sector. These groups warn that delays in passing the Act could weaken the country's position in the global crypto market. The push for legislative clarity reflects the growing importance of stablecoins in the financial ecosystem and the need for regulatory certainty to foster innovation and investment.

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Circle partners with Nium to connect USDC settlement to global payout rails, revolutionizing cross-border payments. Circle, the issuer of the USDC stablecoin, has announced a strategic partnership with Nium, a leader in real-time cross-border payments infrastructure. This collaboration integrates Nium into the Circle Payments Network, enabling financial institutions to access Nium's extensive payout rails across more than 190 countries and 100 currencies. The integration aims to streamline the settlement process for stablecoins, allowing businesses to bypass the costly and time-consuming prefunding requirements that have traditionally hampered international transactions. By leveraging USDC's stablecoin liquidity, Circle and Nium are effectively transforming the landscape of cross-border payments, turning what was once a complex and fragmented process into a seamless and efficient operation. This partnership not only enhances the utility of USDC in global markets but also positions Circle as a key player in the international payments ecosystem. As stablecoins continue to gain traction, this development underscores the potential for digital currencies to facilitate faster, cheaper, and more transparent financial transactions worldwide. Looking ahead, the success of this integration could set a precedent for further collaborations between stablecoin issuers and payment infrastructure providers, driving broader adoption and innovation in the digital finance space. For financial institutions and businesses, this means greater access to global markets and the ability to conduct transactions with unprecedented speed and efficiency. As the partnership unfolds, stakeholders will be watching closely to see how this integration impacts the broader financial landscape and what new opportunities it may unlock for the future of digital payments.

## Short Segments

LI.FI expands its execution infrastructure, targeting fintechs and neobanks with new capabilities for stablecoin payments and tokenized assets. Hong Kong advances its regulatory framework for virtual asset advisory and management services, aiming for a 2026 legislative target. In a significant move, Tether partners with Georgia to launch the GELT stablecoin, marking a new phase in national currency tokenization. Finally, the UK sanctions HTX, a major crypto exchange, for allegedly supporting Russia, expanding its cryptoasset-focused sanctions. LI.FI expands execution infrastructure for stablecoin payments and real-world assets. LI.FI has announced a strategic expansion of its execution infrastructure, aiming to streamline stablecoin payments and facilitate transactions involving tokenized real-world assets. This initiative primarily targets fintech companies, neobanks, digital wallets, and regulated financial institutions that require efficient cross-chain transaction capabilities. The newly introduced architecture, known as LI.FI Intents, serves as a production intent-based execution framework, enabling predictable outputs and configurable compliance controls without gas friction. By enhancing cross-chain execution, LI.FI aims to provide a seamless payments product experience, which could significantly benefit financial firms looking to integrate decentralized finance workflows. This development underscores the growing demand for robust infrastructure that can support the evolving needs of digital finance ecosystems. Hong Kong advances virtual asset advisory and management rulemaking. Hong Kong is moving forward with plans to license crypto advisers and managers under new anti-money laundering rules, targeting a 2026 legislative implementation. The Financial Services and the Treasury Bureau, along with the Securities and Futures Commission, have published consultation conclusions on the legislative proposal. The proposed licensing regimes received broad market support, reflecting a strong consensus on the need for regulatory clarity in the virtual asset space. These measures aim to align Hong Kong's regulatory framework with international standards, ensuring that virtual asset service providers operate under the same business principles as traditional financial institutions. This regulatory push highlights Hong Kong's commitment to fostering a secure and compliant environment for digital asset management. Tether and Georgia launch GELT stablecoin initiative. Tether, in collaboration with the Government of Georgia, has announced the launch of GELT, a stablecoin representing the Georgian Lari. This initiative marks one of the first efforts to place a national currency directly onto digital asset rails under a purpose-built stablecoin regulatory framework. The GELT stablecoin aims to facilitate seamless digital transactions and enhance financial inclusion within Georgia. As governments and central banks globally begin to confront the structural shift in how money moves, this partnership underscores Georgia's ambition to establish itself as a crypto hub aligned with U.S. regulations. The launch of GELT could pave the way for other nations to explore similar digital currency initiatives, potentially transforming the landscape of national currency management. UK sanctions HTX over support of Russia in broad sweep over crypto exchanges. The United Kingdom has sanctioned HTX, a major crypto exchange, accusing it of supporting the Russian government. This move is part of the UK's most expansive cryptoasset-focused sanctions package to date, targeting entities accused of enabling sanctions evasion through cryptocurrency channels. The sanctions apply Regulation 17A of the Russia (Sanctions) (EU Exit) Regulations 2019 to cryptoasset exchanges, expanding compliance obligations on UK virtual asset service providers. This action reflects the UK's intensified efforts to clamp down on illicit finance networks exploited by Russia to circumvent sanctions. For digital asset firms, this development signals a heightened regulatory environment, necessitating stricter compliance measures to avoid potential sanctions.

## Feature Story

Project Acacia's final report maps Australia's path to tokenized wholesale finance. The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre have released the Project Acacia final report, concluding a multi-year research effort into digital money's potential to enhance wholesale asset markets. This initiative, conducted alongside the Council of Financial Regulators, explored 20 use cases, including fixed income, managed funds, and carbon credits, with 12 running as live pilots. The findings highlight tokenization's potential to boost efficiency and resilience in Australia's wholesale markets, but also point to coordination gaps and legal ambiguities. In response, the RBA is launching a multi-stream program, including a regulatory sandbox and a tokenized government bond initiative. Hedera's HashSphere played a crucial role in enabling regulated private settlement environments during the project. This initiative not only underscores the transformative potential of tokenization but also signals a broader shift towards integrating digital asset infrastructure into traditional financial systems. As Australia navigates these changes, the focus will be on addressing regulatory challenges and fostering collaboration among stakeholders to fully realize the benefits of tokenized finance. Looking ahead, the success of these initiatives could serve as a model for other countries exploring similar digital finance transformations.