监管沙箱 · 127

UK Treasury Report Sees Ripple as a Demonstration Model for Tokenization, Promoting Buybacks and Bonds On-Chain

Comparatively, according to CoinDesk, the wholesale digital market report supported by the UK Treasury listed Ripple as one of the core participants, and plans to transfer repurchase agreements (repos), British treasury bonds (gilts), and funds from the regulatory sandbox to the real market within the next 12 months, which is expected to increase the UK economy's annual output by around £33 billion and £14 billion in tax revenue over 10 years. The report proposes a hybrid architecture that superimposes a network of licensing institutions on top of the public chain, and uses the BlackRock tokenized monetary fund BUIDL on Ethereum as an example. At the same time, it also points out that the ultimate settlement risks brought about by the restructuring of the public chain have yet to be addressed. The report also mentioned Ripple's acquisition of Hidden Road (renamed Ripple Prime) and Santander UK's use of the Ripple blockchain for cross-border payments, believing that traditional financial and crypto institutions are converging.

40d ago

Latin America's Remittance Gold Rush: Mismatches and Misjudgments Behind the 100 Billion Market

Author: Vaidik Mandloi Compiled by: Chopper, Foresight News Original title: The Trap of the Latin American 100 Billion Remittance Market: The industry collectively stepped into the pit. The real dividend wasn't in Mexico. Some time ago, I saw an ordinary person named Robert on the social networking platform Reddit. He is 49 years old. He works for a construction company in Houston, USA, and every two weeks he sends $300 to his parents living in Puebla, Mexico, to cover everyday groceries and rent expenses. Every other Friday, he goes to Western Union to send money, fill out forms, pay cash, and send the money over. He has been repeating this process for nine years, and he doesn't even know what a stablecoin is. In 2025, the remittance market in Latin America reached $174 billion. After six months of field research in five countries, Bybit came to a key conclusion: the vast majority of fintech companies entering this market have chosen the wrong direction, target users, and products. I thoroughly sorted out the data from various remittance channels and the results of first-line research. The truth about the industry and the general perception of the market were quite different. Choosing the wrong track: Using Latin America as a single market for fintech companies entering the Latin American market, the first fatal mistake is to view Latin America as a unified whole. In the business roadshow PPT, it can be written like this: directly put the potential market size of 174 billion US dollars and circle the entire Latin American region. However, at a realistic level, Latin America is actually three completely fragmented remittance markets with very different operating logics. Mexico is the most mature market and the first stop in Latin America. The annual remittance volume is 62 billion US dollars. It is the largest single capital flow channel in the Western Hemisphere. Mexico has SPEI, the world's top instant bank transfer system; there are 3.7 million expatriates living in the US, most of whom have settled for decades; the regulatory environment is clear, the data infrastructure is perfect, and the industry cooperation ecosystem is mature. Naturally, all fintech and crypto startups are piling up in Mexico first. But this most popular track is shrinking for the first time in 11 years. The market blames US policies, but the downward trend was already evident as early as November 2023, 20 months ahead of any regulatory overhaul. Old expatriates like Robert who have been sending money for ten years are getting old; their children grew up in Houston, and their emotional connection with their Mexican hometown is getting weaker and weaker; the number of new immigrants from Mexico has dropped drastically; instead, 3.5 million people from other Latin American countries have poured into the US. All mature expatriate groups go through this cycle: Italian, Irish, and Greek immigrants are all in the same phase, and Mexico is now in the same phase. In Central America, on the other hand, the remittance market is growing rapidly: Honduras rose 25.3% year over year, Guatemala 18.7%, and El Salvador 17.9%. The drivers behind the growth are intriguing. Migrants from these countries are worried about being deported, and the amount of a single remittance is 27% higher than last year. Women take the initiative to work overtime to increase their income, and men work part-time to transfer funds domestically as much as possible while being able to send remittances. Remittances are already deeply tied to the local economy: remittances from Honduras account for 30% of GDP, El Salvador 27%, and Guatemala 21%. The local consumer economy is based entirely on the continuous inflow of remittances. Everything from commodity prices and the labor market to residents' consumption habits is unaffected. It's like the Gulf countries rely on oil revenues. Once remittances fluctuate 20% a year, all downstream economic links will change accordingly. Compared to Mexico, the infrastructure here is very scarce. There is no instant transfer system against SPEI, digital payment channels are scarce, and 45% of remitters still use cash transfers. Even in Mexico, which is highly digitized, 99% of remittances have been transferred online, and 51% of payees can only withdraw offline. Remittance terminals have long been digitized, but families far away from home still have to go to offline outlets to withdraw cash. South America, on the other hand, has a completely different logic, represented by Argentina, Colombia, and Venezuela. The core claim is no longer simply remittance across borders, but rather the acquisition of US dollar assets, which will be broken down in detail later. In addition to Mexico, the total size of the Latin American remittance market is approximately $112 billion. There is an annual remittance volume of US$2.6 billion from Venezuela to Colombia alone. This channel has relied on peer-to-peer stablecoin swaps on WhatsApp for years. After the complete collapse of the local banking system, people spontaneously set up channels for the circulation of private funds. Over the past five years, fintech companies have poured into Mexico, which has already peaked at its peak of 62 billion...

96d agoLuxurytracy

US-China stablecoin duel: Circle soared 10 times, triggering giants to grab the beach

Author: 1912212.eth, Foresight News Original title: The First Year of Global Stablecoins: A New Battleground between China and the US, no one expected it. At a time when the crypto industry was crying out at a pessimistic time where market innovation actually was, we ushered in what Paradigm founder Matt Huang called the “stablecoin supercycle.” Since its launch on June 5, Circle, the first stablecoin stock, has soared from $31 to above $298.99, and recorded a nearly 10-fold increase in less than half a month. Its exaggerated wealth effect once attracted insiders to rush into coin stocks to mine for gold. Circle shares are popular in the US stock market, once again opening the crypto community's attention to the stablecoin market. Stablecoins were created in 2014 to solve the problem of extreme price fluctuations in traditional cryptocurrencies. USDT, first launched by Tether, is one of the most representative stablecoins on the market. Its value is pegged 1:1 to the US dollar, supporting currency stability through US dollar asset reserves. The core concept of stablecoins is to use asset collateral to maintain the stability of currency values, so that they not only have the convenience and decentralized characteristics of digital currencies, but also avoid transaction risks caused by price fluctuations. In recent years, the adoption and application of stablecoins has grown exponentially, especially in the fields of cross-border payments, DeFi, RWA, etc., and the DeFi sector has become a basic asset for borrowing, pledging, and yield farming. According to DeFilLama data, as of June 25, 2025, the global stablecoin market has surpassed about US$252.9 billion, of which USDT accounts for more than 62% of the market share, followed by USDC, which together accounts for more than 85% of the market share. Stablecoins have an on-chain transaction volume of around $20.2 trillion, close to 40% of global payments giant Visa's transaction volume, showing their importance in digital payments and cross-border settlements. The stablecoin boom has even spilled over to the Chinese and American giants. Since this year, many global tech and financial giants have accelerated their deployment in the stablecoin sector, setting off a wave of fierce competition. On the US side, PayPal announced that its dollar-anchored stablecoin PYUSD has been connected to the Stellar network, focusing on cross-border remittance and SME financing; Walmart and Amazon are also actively exploring issuing their own dollar-backed stablecoins with the aim of reducing payment costs and creating a closed-loop consumer ecosystem; and Shopify is cooperating with Coinbase and Stripe to support merchants to accept USDC payments based on the base chain, covering consumers in 34 countries. The Asian market is also bustling. Ant International, a subsidiary of Ant Group, and Ant Math have both applied for a Hong Kong stablecoin license, positioning Hong Kong as the global headquarters to promote the construction of a compliant digital trading scenario. JD Coin Chain Technology expects to obtain a license in the fourth quarter of 2025. It plans to issue stablecoins anchored to the Hong Kong dollar and other currencies, focusing on cross-border payments, investment transactions, and retail payment scenarios. The stablecoin trend is trending, and the Chinese and US giants all chose to enter the stablecoin circuit at this moment. What is the root cause of this? Was it a whim to catch up with the trend, or was it a well-thought-out strategic layout? Fast and low friction characteristics. Traditional financial systems with natural payment instruments face many challenges in the digital economy era. In particular, they are inefficient in cross-border payments, fund clearing, and real-time settlement, making it difficult to meet the needs of rapid globalization and digital development. Traditional banking systems rely on multiple layers of intermediaries and cumbersome processes, resulting in cross-border transfers that usually take several days and are expensive, seriously limiting the liquidity and efficiency of use of funds. Furthermore, in the process of digital transformation, traditional financial institutions need to redesign business processes and products and services, and many users suffer from bank cards being limited or even frozen due to policy factors. In contrast, stablecoins supported by blockchain technology have become more efficient and flexible “digital cash” in the digital age due to their value anchored in fiat currency and price stability. Stablecoins can transfer funds in seconds without intermediaries, greatly reducing transaction costs and time costs, and improving capital utilization. Imagine now that you need to transfer millions of dollars to a friend far away in the US. The other party only needs to provide you with a string of code numbers. Within a few minutes, your money will be transferred to the other party's account, and the processing fee is less than 1 dollar. There are no limits, no freezes, no huge processing fees, no financial certification requirements, and no waiting time for days. This characteristic has an absolute advantage in fields such as cross-border payments. Formed from it...

418d agoburnking#Coin stock topics #stablecoins

Amazon Coin and Walmart Coin? Ten thousand words analyze the stablecoin usage scenarios of giant US retailers

Introduction With the development of digital payment technology, the world's leading retailers have begun to set their sights on stablecoins (digital currencies linked to the value of fiat currencies). Recently, it was reported that US retail giant Walmart (Walmart) and e-commerce giant Amazon (Amazon) are exploring the feasibility of issuing their own US dollar stablecoins in the US market, hoping to simplify payment processes, reduce costs, and achieve breakthroughs in the field of fintech through this initiative. This article will thoroughly analyze the motivations and business logic of Walmart and Amazon's intention to issue stablecoins, imagine the application scenarios of their stablecoins in their own ecosystems, evaluate possible cost savings and efficiency improvements, compare lessons learned from other relevant cases (such as Meta's Diem, PayPal USD, Circle USDC, and Stripe's stablecoin integration), and explore regulatory challenges and coping strategies. Finally, we'll also evaluate the potential impact of this move on the global stablecoin market, traditional banking and payment systems, and the decentralized finance (DeFi) /Web3 ecosystem. 1. The motivation and business logic of retail giants to issue stablecoins is to reduce payment fees. Challenging traditional payment systems is the primary driving force for Walmart and Amazon to consider issuing stablecoins. According to reports, these large retailers pay billions of dollars in processing fees to traditional payment networks every year, of which credit card exchange fees (credit card fees) alone account for a significant share. By making consumers pay with stablecoins instead, retailers hope to get rid of the high processing fees of card organizations such as Visa and Mastercard. Stablecoin payments do not require a traditional credit card settlement process and can drastically reduce payment transaction costs. According to the Wall Street Journal, this move is expected to save Walmart, Amazon, etc. up to several billion dollars every year. At the same time, stablecoins can also provide faster settlement and reduce transaction time. Traditional card payments often require T+1 or a few days to clear, while blockchain-based stablecoin payments can complete fund transfers in almost real time. This is particularly appealing to merchants with large overseas supply chains, as cross-border payment settlement can be faster and more efficient. Controlling ecosystem capital flows is also an important business logic. By issuing their own stablecoins, Walmart and Amazon are equivalent to establishing their own payment networks, leaving customer funds to operate within their own systems. Consumers can exchange US dollars for digital currency issued by the company in advance for shopping, while merchants can directly accept this stablecoin. On the one hand, this model reduces reliance on bank intermediaries and third party payments and separates user transactions from the traditional banking system; on the other hand, companies can obtain interest income and data value from deposited funds. For example, the balance that users do not spend immediately after purchasing stablecoins will form a pool of funds, and companies can earn interest by investing their reserves in low-risk assets such as treasury bonds (similar to the operation of money market funds). In the current interest rate environment, this portion of earnings is quite impressive and has become a new source of profit for the company. More importantly, having your own payment currency can increase user stickiness: consumers will tend to recycle the stablecoin within the ecosystem in order to enjoy benefits or convenience, thereby reducing losses. As analysts pointed out, money naturally has platform attributes, and it is easier for platforms with a large user base to issue currency to form a network effect. Amazon has over 200 million active buyers and an extensive Prime membership base, and Walmart serves millions of customers every week. This “sticky” user base gives them the motivation to quickly expand private digital currencies. Furthermore, issuing stablecoins is also in line with the two companies' consistent strategy of entering financial services. Walmart has tried to get involved in banking and payment fields (such as prepaid cards, remittance services, etc.) for many years, hoping to use its store network and customer flow advantages to provide financial products. As early as 2019, Walmart applied for a stablecoin patent, hoping to launch a US dollar digital currency for low-income people without bank accounts, using blockchain to bypass traditional payment intermediaries. The patent even mentions the possibility of paying interest to stablecoins held by users, allowing users to use Walmart coins as a savings tool. This indicates that Walmart wants to use stablecoins to further monetize financial inclusion and user resources. Similarly, Amazon is continuously expanding its fintech footprint, including its Amazon Pay digital wallet, credit card business, and merchant loan programs. Issuing its own stablecoin will be a strategic extension of its strategy to improve the financial ecosystem, help integrate functions such as payment, financial management, and lending, and provide integrated financial services to consumers and third-party merchants. In short, the core business logic of Walmart and Amazon planning stablecoins is to reshape the payment process through technical means,...

435d agoWendy#Amazons #digital currency #Walmart #custodial #stablecoins #Stablecoin regulation topics #USD

Stablecoin Research Report: A Deep Race for Markets, Technology, and Sovereignty

Author 丨 Prein Source 丨 ForesightNews The strategic position of stablecoins as a core component connecting traditional finance and the crypto asset ecosystem is constantly rising. From the earliest centralized escrow models (USDT, USDC) to stablecoins (such as Ethena's USDE) issued by the protocol itself and driven by on-chain synthesis and algorithm mechanisms, the market structure has fundamentally changed. At the same time, demand for stablecoins in DeFi, RWA, LSD, and even L2 networks is rapidly expanding, further driving the formation of a new pattern of coexistence, competition, and collaboration among multiple models. This is no longer a simple market segmentation issue, but a deep competition about the “future shape of digital currency” and “on-chain settlement standards.” This report focuses on the main trends and structural characteristics of the current stablecoin market, and systematically sorts out the operating mechanisms, market performance, on-chain activity, and policy environment of mainstream projects to help effectively understand the evolutionary trends and future competitive pattern of stablecoins. 1. Stablecoin Market Trends 1.1 Total global stablecoin market value and growth trend As of May 26, 2025, the total market value of global stablecoins has climbed to about US$246.382 billion (approximately RMB 2.46 trillion), an increase of about 4927.64% over US$5 billion in 2019, showing an explosive growth trend. This trend not only highlights the rapid expansion of stablecoins in the cryptocurrency ecosystem, but also highlights their increasingly irreplaceable position in the fields of payments, transactions, and decentralized finance (DeFi). In 2025, the stablecoin market continued to grow rapidly, rising 78.02% from the market capitalization of $138.4 billion in 2023, and currently accounting for 7.04% of the total market value of cryptocurrencies, further consolidating its central position in the market. The following table shows the annual data and growth of stablecoin market capitalization from 2019 to 2025: Trend Insight: 2019-2022: The stablecoin market capitalization surged from $5 billion to $167.9 billion, an increase of 32 times, mainly driven by the explosion of the DeFi ecosystem, increased demand for cross-border payments, and safe-haven demand in the market. 2023: Market capitalization falls 17.57%, mainly due to the TerraUSD (UST) crash and the tightening of global crypto regulations. 2024-2025: Market capitalization rebounded strongly, growing 78.02%, reflecting increased institutional participation and continued expansion of DeFi applications. 1.2 Recent growth drivers macro-financial environment: In the context of increasing global inflationary pressure and financial market turmoil, investors' demand for “on-chain cash” has risen markedly. The US Treasury Department has defined stablecoins as “on-chain cash,” providing policy logic support for them to absorb traditional capital. At the same time, stablecoins are also seen as safe havens when crypto assets fluctuate sharply. Technological progress and cost advantages: Some efficient public chains represented by Tron have drastically reduced transaction costs, and USDT transfers on the Tron chain have almost zero processing fees, attracting a large number of trading users. High-throughput blockchains such as Solana are also boosting the expansion of stablecoin usage scenarios due to their high speed and low fees. Increased institutional adoption: In 2024, BlackRock (BlackRock) will issue a BUIDL tokenized fund based on USDC settlement for on-chain exploration of assets such as bonds and real estate, highlighting the importance of stablecoins in institutional-level settlements. According to OKG Research estimates, in an optimistic situation where the global compliance framework is gradually rolled out and widely adopted by institutions and individuals, the global stablecoin market supply will reach 3 trillion US dollars by 2030, the monthly on-chain transaction volume will reach 9 trillion US dollars, and the total annual transaction volume may exceed 100 trillion US dollars. This means that stablecoins will not only compete with traditional electronic payment systems, but will also occupy a structural foundation in global clearing networks. As far as market capitalization is concerned, stablecoins will become the “fourth type of basic currency asset” after treasury bonds, cash, and bank deposits, and become an important medium for digital payments and asset circulation. Driven by DeFi demand: Citibank notes that stablecoins are the “main entry point” for DeFi, and their low volatility makes them the first choice for value storage and trading. According to the Chainalysis report, stablecoins account for more than two-thirds of on-chain transactions and are widely used in scenarios such as lending, DEX liquidity provision, and mining. 2024 TV of leading DeFi protocols such as Uniswap, Aave...

445d agoSevenUpDAO#DAI #DeFi #LSD #RWA #USDC #USDT #decentralizing #stablecoins

U.S. SEC Crypto Working Group Discusses Tokenization of Securities with Nasdaq and DeFi Startups

Comparing news, the US Securities and Exchange Commission (SEC) Cryptographic Task Force met with NASDAQ, Plume Network, and Etherialize last week to focus on the tokenization regulatory framework for public chain securities. All three parties proposed the establishment of a “regulatory sandbox” pilot project: Nasdaq proposed the creation of a new “ATS-Digital” trading venue to support the co-listing of digital asset contracts and commodity tokens; Plume Network (based on Arbitrum) advocates adapting decentralized finance provisions to the securities law; and Etherialize called for revisions to transfer agency rules to recognize the legality of blockchain as a shareholder registration system. Industry representatives called for clear asset classification, adoption of modular rules, and phased testing, but did not question SEC investor protection principles. The working group will evaluate sandbox models, dedicated trading venues, and rule update solutions. Earlier, SEC Commissioner Mark Uyeda had expressed support for the regulatory sandbox mechanism.

452d ago#Etherealize #Plume Network #SEC #tokenize #custodial

Thailand's Siam Commercial Bank will cooperate with Lightnet to launch a stablecoin cross-border payment service

According to Twitter, Thailand's Siam Commercial Bank (SCB) recently stated that it will cooperate with the fintech company Lightnet to begin providing customers with a stablecoin cross-border payment and remittance service. The service will allow customers to send or accept cross-border transactions 24 hours a day, 7 days a week, while reducing transaction costs. The bank's new stablecoin service was tested through the Bank of Thailand's regulatory sandbox.

674d agoLuxurytracy#Lightnet #Siam Commercial Bank #stablecoins

Nigeria's compliant naira stablecoin CNGn to launch on February 27th

Comparative news, according to Cointelegraph, the Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot CNGn stablecoin in its regulatory sandbox, and the CNGn stablecoin will be launched on February 27, 2024. ASC, made up of several banks and fintech operators in Nigeria, said the CNGN stablecoin complies with the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. ASC said it is working with regulators to ensure compliance, consumer protection measures and transparency. According to reports, the CNGN stablecoin is a supplementary product of the Bank of Nigeria's digital currency Enaira, rather than a replacement. ASc will be responsible for overseeing CNGN.

960d agoyijunzhong007@outlook.com#CnGN #Central Bank of Nigeria #stablecoins

Italian investment bank Mediobanca launches investment fund unit based on security tokens

In comparison, Italian investment bank Mediobanca announced the launch of an investment fund unit based on securities tokens. The fund issuance was carried out within the regulatory sandbox of the Italian Ministry of Economy and Finance, and was handled in accordance with the “Mediobanca Global Multimanager 35” UCITS fund's issuance and redemption unit process. All related transactions were recorded on the blockchain. In this project, Mediobanca collaborated with Cetif Advisory, a consulting branch of an Italian university, and distributed using the Lionity platform under Cetif Advisory. According to reports, the relevant securities token was issued to a specific customer group in May of this year. Earlier this month, the token was expanded to CheBanca's wealth management brand CheBanca! Some customers are also provided with a wallet to store these tokens.

1137d agoBTC2025NB#Mediobanca

Sources: Thailand is currently piloting a digital currency

Comparative news, according to local sources, the Bank of Thailand has begun cooperation with three local payment service providers to launch Thailand's retail central bank digital currency digital baht. Currently being tested in a regulatory sandbox, the project is expected to continue until August of this year, and plans to recruit as many as 10,000 participants. Although the Bank of Thailand has yet to officially commit to launch this digital currency, it has been studying potential uses to improve payment efficiency and promote digital development.

1166d agokatielin#Central bank digital currency #Bank of Thailand #THB