Stablecoin

Bank of England set for new innovation mandate covering stablecoins

The UK government is establishing a new mandate for the Bank of England to foster innovation in digital payments, particularly stablecoins. This initiative will introduce a secondary objective for the central bank, focusing on emerging digital money and payment systems. The Bank of England’s primary objective of financial stability will remain paramount. This development is part of broader UK efforts to integrate stablecoins through regulatory changes and international collaboration. The Bank of England set for this new mandate is expected to undergo parliamentary debate in September. The central bank will report annually to Parliament on its progress in payments innovation. Concerns exist regarding the impact of current stablecoin reserve requirements on commercial viability. The UK has also been involved in experimental stablecoin initiatives and joint statements with the US on cross-border stablecoin use. The Bank of England has adjusted previous stablecoin holding limits, implementing a temporary issuance cap for systemic stablecoins.

BankChain Alliance to launch nationwide blockchain network by 2027

Thirty-nine US state banking associations have formed the BankChain Alliance to build a nationwide, industry-owned blockchain network for banks, targeting a 2027 launch.

US Treasury Advances Stablecoin Regulation Under GENIUS Act

The US Treasury has initiated a public comment period for proposed rules related to the GENIUS Act, aiming to regulate payment stablecoins. The act is set to take effect in January 2027, despite some agencies missing regulatory finalization deadlines. This move seeks to provide regulatory clarity, requiring licenses for stablecoin issuers once implemented.

XRP Holders Can Now Borrow Ripple’s RLUSD on Ethereum Using FXRP as Collateral

XRP holders can now borrow Ripple's RLUSD stablecoin on Ethereum by using Flare's FXRP as collateral, marking the first institutional approval of an XRP-based asset in an Ethereum lending vault.

Visa Expands Stablecoin Payout Capabilities with Zerohash Integration

Visa expands stablecoin payment services via Zerohash, enabling prefunding and payouts for eligible Visa Direct clients.

Ethereum Layer 2 TVL Declines to Two-Year Low

Total value locked in Ethereum Layer 2 networks has decreased to approximately $5 billion, a level last observed in 2023, reversing much of the growth from 2024.

Samsung Wallet to Integrate Stablecoin Support

Samsung Wallet will integrate stablecoin support, including USDC, building on previous crypto initiatives and coinciding with the launch of the Galaxy Card.

Kraken Parent Company Payward Acquires Magic Labs Embedded Wallet Business

Payward, Kraken's parent company, has acquired Magic Labs' embedded wallet business, which will rebrand to Newton Labs and focus on its Newton Protocol for onchain finance.

MegaETH Discontinues Mega Mafia Accelerator Program

MegaETH has concluded its Mega Mafia accelerator program after two years, citing that the program's initial assumptions were no longer valid. Many successful projects incubated by the program opted to build on other platforms, providing limited direct benefit to MegaETH. The platform will now prioritize first-party applications and OMEGA projects unique to its ecosystem.

MetaMask Introduces Yield-Bearing Money Account on Monad Blockchain

MetaMask has introduced Money Account, a new feature that integrates stablecoin yield, payments, and trading directly into its self-custody wallet. This initiative offers users a variable APY of up to 4% through DeFi lending protocols and allows direct spending via the MetaMask Card. The launch signifies a strategic move to transform digital wallets into comprehensive financial applications, expanding MetaMask's functionalities beyond traditional crypto holding and trading.

Circle Wins Federal Trust Bank Approval, Bringing USDC Into the U.S. Banking System

Circle just moved a core piece of its stablecoin business inside the U.S. banking system.