Tag: Stablecoin

Bo Hines To Become CEO Of Tether’s Latest Dollar-Backed Stablecoin

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Tether announced a new dollar-backed stablecoin and said former White House crypto adviser Bo Hines will become CEO of Tether USAT. The new stablecoin will be consistent with the reserve requirements and compliance standards of the recently passed GENIUS stablecoin bill, and will use Tether’s Hadron real-world asset tokenization platform, according to a Friday announcement. Stablecoins recently crossed the $270 billion milestone, according to RWA.XYZ. Tether CEO Paolo Ardoino said: “Tether is already one of the largest holders of US Treasuries because we believe deeply in the enduring power of the…

Chinese Giants Exit Hong Kong Stablecoin License Race

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Chinese internet giants, state-owned enterprises and financial institutions operating in Hong Kong may face restrictions on stablecoin and crypto activities. According to a Thursday report by local news outlet Caixin, mainland Chinese firms operating in Hong Kong may be forced to withdraw from cryptocurrency-related activities. The Hong Kong branches of several state-owned enterprises and Chinese banks are also expected not to participate in the race to obtain a Hong Kong stablecoin license. The news follows reports that HSBC and the Industrial and Commercial Bank of China (ICBC), the world’s largest…

Japan Launches First Stablecoin Credit Card, Is Best Wallet Next?

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Japan is preparing to launch its first stablecoin credit card. Starting in October 2025, ‘Nudge Card’ will be accepted at over 150M VISA merchants worldwide, while Nudge Corporation will accept the Japanese yen-backed stablecoin $JPYC for repayments. Meanwhile, over in South Korea, e-commerce giant, Coupang, is partnering with Tempo to build blockchain rails for stablecoin adoption These developments in the Asian market reflect the broader global race to adopt crypto and blockchain payment systems. Best Wallet is gearing up with its upcoming Best Card, aiming to make everyday crypto transactions…

Toss Takes on Australia, Plans Korean Won Stablecoin Launch

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South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this year, its first overseas expansion, while also preparing to issue a Korean won-based stablecoin once regulations allow. According to a Tuesday Reuters report, Toss CEO Lee Seung-gun said that the firm plans to launch its superapp in Australia this year and expand to other markets too. “We proved in Korea that a startup can compete head-on with entrenched players,” he told the outlet. “A similar model can work globally, especially in countries where users juggle multiple…

Sky Joins Bidding War for Planned Hyperliquid Stablecoin

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Crypto protocol Sky has become the fifth crypto project to launch a bid to help the decentralized perps exchange Hyperliquid launch and issue a stablecoin. Sky co-founder Rune Christensen on Monday posted his project’s proposal to back Hyperliquid’s USDH stablecoin, offering up Sky’s resources and promising a customizable token with a yield rivaling US treasury bills. “By using Sky to power USDH, the Hyperliquid community will gain unbeatable advantages that no other stablecoin project can offer,” Christensen said in his pitch.  Sky, formerly known as Maker, created and backs USDS…

Ethereum Stablecoin Supply Hits Record $165B With Daily $1B

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Ethereum added around $5 billion in new stablecoins over the past week, pushing the total supply of stablecoins on the network to an all-time high.  The stablecoin supply on Ethereum has more than doubled since January 2024 and has reached an all-time high of $165 billion, Token Terminal reported on Sunday.  Figures vary slightly depending on the data provider, as RWA.xyz reports a total of $158.5 billion in Ethereum-based stablecoins, which is also an all-time high, giving the network a commanding market share of 57%.  Ethereum has been the network…

Paxos Proposes Stablecoin for Hyperliquid with HYPE Buyback

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Stablecoin infrastructure firm Paxos has submitted a proposal to launch USDH, a Hyperliquid-first stablecoin that would be fully compliant with the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) and Markets in Crypto-Assets (MiCA) regulatory standards. According to the announcement, published on Saturday, 95% of interest earned from USDH reserves would be used to buy back Hyperliquid’s native token HYPE, redistributing it to users, validators and partner protocols. “We propose the launch of USDH, a Hyperliquid-first, fully compliant stablecoin purpose built to drive adoption, align incentives, and…

Hyperliquid Unveils USDH Stablecoin Plans, HYPE Jumps 3% Intraday

Key Notes Hyperliquid’s USDH stablecoin proposal awaits on-chain validator voting approval, following the platform’s standard governance process. HYPE token surged 3.4% to $47 following the announcement, demonstrating strong market confidence in the project’s direction. Dual-token stablecoin architectures offer enhanced transparency by separating peg maintenance from yield generation mechanisms. Prominent decentralized exchange Hyperliquid has unveiled plans to launch USDH, its proposed native dollar-pegged stablecoin, driving 3% intraday gains for HYPE. The exchange confirmed via its official Discord channel that USDH’s proposal is now subject to validator vote before moving forward, similar…

USDT Stablecoin Issuer Tether Diverts Crypto Profits to Gold

Key Notes Tether’s pivot to gold comes amid strong market performance, with gold gaining 37% year-to-date in 2025 compared to Bitcoin’s 22%. Company CTO Paolo Ardoino’s view of gold as a “natural Bitcoin” and a complementary asset. Tether already holds $8.7 billion in gold bars and has acquired a $105 million minority stake in Toronto-listed Elemental Altus. USDT USDT $1.00 24h volatility: 0.0% Market cap: $168.34 B Vol. 24h: $78.21 B stablecoin issuer Tether is currently exploring fresh investments in gold mining companies, with plans to divert its massive crypto…

Stablecoin Momentum Rises as Payments Networks Make Debuts

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The race to build global stablecoin payment rails is accelerating as traditional finance and crypto infrastructure companies bet on global money flow. On Wednesday, blockchain infrastructure provider Fireblocks announced a global stablecoin payment network focused on compliance and connectivity, while Stripe CEO Patrick Collison unveiled Tempo, a new layer-1 blockchain designed for stablecoin transactions. Fireblocks’ new stablecoin network is focused on interoperability for “programmable, compliant, real-time money movement,” said Ran Goldi, Fireblocks’ senior vice president of Payments and Network. According to Fireblocks, companies exploring stablecoin payments face a patchwork of…