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Coinbase, the global cryptocurrency platform, plans to introduce stablecoins pegged to the Thai baht and Philippine peso as part of its focus on Southeast Asia, according to a report by Nikkei Asia. Pollak emphasized that stablecoins aim to modernize legacy financial systems rather than replace national currencies.
Rubie Wallet enables attendees to convert regulated US dollar-pegged stablecoins into THBX, a Thai Baht stablecoin. Utilising the Base blockchain allows for low-cost transactions. The post SCB 10X Introduces ‘Rubie Wallet’ for Stablecoin Payments at Devcon 2024 appeared first on Fintech Singapore.
StraitsX, a digital asset payments infrastructure provider in Southeast Asia, has partnered with Ant International and superapp Grab to launch a new blockchain-based cross-border payment system. The new system uses Purpose Bound Money (PBM), which specifies the conditions for using stablecoins, and the Avalanche blockchain.
KAST, a fintech platform focused on stablecoins, has raised US$10 million in a seed funding round led by HSG (HongShan Capital Group) and Peak XV Partners. The round also saw participation from angel investors and partners of DST Global and Goodwater Capital. Stablecoins are the clear solution, but the user experience wasnt great.
Mesta , a fintech platform reshaping global payment networks with hybrid fiat and stablecoin payment rails, unveiled its cross-border payment platform. It combines real-time fiat payment rails with blockchain-powered stablecoin rails, addressing inefficiencies in global payments and trade.
Anchorage Digital has entered into a definitive agreement to acquire Mountain Protocol, the Bermuda-based issuer of the USDM stablecoin. The move comes as Anchorage Digital looks to expand its stablecoin offering amid growing institutional demand and evolving U.S. The companys USDM stablecoin is fully backed by U.S.
Singapore-based stablecoin infrastructure provider StraitsX has unveiled a refreshed brand identity as it expands its role in enabling compliant, real-time payment settlements. Its stablecoins, XSGD and XUSD, are among the first to be recognised under MAS forthcoming Single-Currency Stablecoin framework.
The new Apple Pay integration leverages Mesh’s proprietary SmartFunding technology, which allows users to pay with the crypto of their choice, such as BTC, ETH, or SOL, while merchants settle in the stablecoin of their choice, such as USDC, USDT, PYUSD, and others.
PayPal USD (PYUSD), PayPal ‘s USD stablecoin, will now be available on the Solana blockchain. The news was announced at Consensus 2024 , the long-running cryptocurrency, blockchain and web3 event. “Continued adoption from industry participants like PayPal helps realise the next generation of fintech innovation.”
Stablecoins have been rising in conversation within the financial ecosystem of Singapore. As the name implies, stablecoins are digital assets designed to maintain a stable value relative to a reference asset, such as the US Dollar or gold.
The growing adoption of stablecoins across Asia marks a significant shift in the regions financial landscape. dollar-pegged stablecoins like USDT and USDC primarily dominate the cryptocurrency topography. Operating on Ethereum and other blockchain networks, XSGD boasts a market cap exceeding $18 million. Traditionally, U.S.
Most of these centre on how firms handle digital assets, particularly stablecoins, as well as the operational and legal adjustment needed to navigate the changing landscape. Stablecoins, as a subset of digital assets, have been a focal point of both the Bill and the FCAs regulatory discussions.
As the first tokenized RWA integrated into the MTN, Ondo’s Short-Term US Government Treasuries Fund (OUSG) will allow participating businesses to earn daily yield via tokenized assets with 24/7 subscriptions and redemptions, without the need for stablecoins onramps or settlement windows.
PayPal’s stablecoin, PayPal USD (PYUSD), was officially added to the Solana Blockchain last week. This shift comes after the California-based company launched on Ethereum blockchain last summer. Now, PayPal stablecoin users can send PYUSD on Ethereum or Solana when transferring out to external wallets.
Rain , a global card issuing platform built for stablecoins, is helping usher in a new era of onchain finance through its work with Visa. Rain announced it has joined Visa’s pilot program for stablecoin settlement. Rain is programmatically leveraging stablecoins enabling network settlement 7 days a week, 365 days a year.
Furthermore, the report takes a forward-looking approach, incorporating forecasts for 2025 and exploring pivotal themes such as artificial intelligence in payments, the evolution of tokenisation and decentralised finance (DeFi), and the adoption of emerging technologies like blockchain, generative AI, and machine learning.
Circle has launched the Circle Payments Network (CPN) to modernize the $190 trillion cross-border payments market with blockchain-based, near-instant settlement. CPN enables financial institutions to securely exchange payment instructions and settle transactions using USDC on public blockchains. “We are just getting started.
Stablecoin payments provider MANSA has secured $10 million in funding. Stablecoin-based payments solutions company MANSA has raised $10 million to help payment companies alleviate global liquidity challenges. Photo by Magda Ehlers The post MANSA Raises $10 Million for Blockchain-Based Payments appeared first on Finovate.
As more firms look to enter the blockchain and decentralised space, easy integrations and the ability to develop applications are an absolute must. Axelar network’s integration with the XRPL aims to help bolster the XRPL DeFi ecosystem by providing essential liquidity for stablecoins and large-cap assets.
The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Bitcoin and other offerings have not yet evolved into real alternatives to sovereign monetary activities, but stablecoins present challenges. In a paper that debuted Tuesday (Nov.
Participants tackled five central themes: underleveraged innovation, the operationalisation of AI, regulatory challenges, the evolution of embedded finance, and strategic risk planning for 2025 and beyond. Among these, the integration of blockchain and stablecoins in cross-border payments and treasury management emerged as a central theme.
The ninth edition of the Singapore Fintech Festival (SFF) wrapped up on 8th November, concluding a dynamic week-long of celebration of fintech that brought together tens of thousands of participants from around the world. On asset tokenisation, Chia highlighted the introduction of a stablecoin regulatory framework.
Dapper Labs will be partnering with peer-to-peer firm Circle to help add payment methods for digital collectibles using credit and debit card payments to settle in the stablecoin USD Coin (USDC), according to a blog post from Circle. Up to now, paying for digital collectibles on blockchain relied on cryptocurrency payments.
The participants also examined the role of collaboration in overcoming shared challenges, all while adapting to changing consumer expectations. Participants Emerging trends in merchant payments: The next 12 months The roundtable began with an exploration of emerging payment trends set to shape the industry.
The survey had a strong representation from senior roles, with 58% of participants holding C-level, VP, or director positions, indicating that the insights gathered are from those with significant decision-making power. Among the respondents, 54% were from the United Kingdom, followed by 7% from the United States and 3% from Germany.
This session drew participants from diverse industries, including retail, travel, telecommunications and hospitality, each grappling with unique yet interconnected fraud challenges. The topic concluded with participants agreeing that fraud is no longer limited to traditional theft or hacking. This is a loophole that needs to be closed.
The Central Bank of the United Arab Emirates (CBUAE) has approved new regulations for stablecoins, enabling it to integrate Dirham-backed digital currencies into its financial ecosystem. A new system has now been issued in the UAE which will license and oversee stablecoins, following approval by the board of directors at the CBUAE.
The Financial Crime 360 State of the Industry Survey 2024, which involved 150 participants from 32 countries, provides critical insights into the payments industry. Digital wallets, open banking, and blockchain are increasingly becoming mainstream, leading to an evolving ecosystem where speed, security, and user experience are paramount.
These platforms leverage blockchain technology to create open, accessible, and secure financial systems that operate without the need for intermediaries like banks. For example, in Sub-Saharan Africa, platforms like Acala Network and Terra are providing stablecoin solutions that offer much-needed stability amidst volatile local currencies.
The alliance, a Libra competitor, provides an avenue for developers to create decentralized apps based on Celo blockchain technology as well as U.S. stablecoin. All of the steps — ranging from the loans’ organization to monthly payments from those who are borrowing money — are run on the blockchain of Figure, as cited in the report.
Huawei has created a technology based on the blockchain to help the Beijing government more effectively monitor and supervise citizen information, CoinDesk reported. Moreover, the cloud services arm of Huawei has fueled the project with blockchain innovations like distributed ledgers.
The round was led by QED Investors, with participation from North Island Ventures, Wischoff Ventures, Lattice, and Stellar. Cedar Money leverages stablecoins instead of SWIFT to offer faster, more reliable, and cost-effective international money transfers, particularly in regions where traditional systems are inefficient or inaccessible.
This year’s blockchain craze has pushed a huge amount of new money into cryptocurrencies, private blockchain projects, and companies holding initial coin offerings (ICOs). Research Briefing: Blockchain in Review. Andreessen Horowitz has participated in two rounds to Earn totaling $116M. Track Blockchain Startups.
These companies span every segment of the market, from long-established remittances players and banks to neobanks, business-to-business (B2B) platforms, stablecoin providers and regional specialists, and are powering global trade. DBS Bank is also a participating bank in PayNow, Singapores consumer real-time payments service.
Along with this announcement, Juno is launching MXNB token on Arbitrum, a stablecoin pegged to the value of the Mexican peso, which is fully fiat-backed on a one-to-one basis against reserves.
The Central Bank of Argentina (BCRA) is trying out blockchain in a new clearing system, and the technology could eventually be used by other large banks, according to CoinDesk. The solution, by blockchain developer IOV Labs, is intended to speed up fiat payments, putting in end-to-end technology to make everything flow better.
“Platforms like Participate allow banks to extend credit more confidently by reducing concentration risk, enhancing liquidity, and boosting efficiency. “Blockchain-based technologies, especially in payments and remittances, will enhance transparency and reduce costs for cross-border transactions.
CBDC for cross-border payments, programmable money, and DeFi Kazakhstan’s Digital Tenge project is pursuing several ambitious goals: intensifying cross-border trade, implementing innovative social and anti-corruption initiatives, and integrating digital assets issued by decentralised finance (DeFi) participants and those issued by the government.
The fundraise was led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Firstly, blockchain is being integrated into the traditional financial system – with stablecoins, CBDCs included, and tokenised RWAs [Real World Assets]. million seed funding round. fund, Daedalus and angel investors.
In parallel, Singapore remains an active participants in Project Nexus , an initiative spearheaded by the Bank for International Settlements (BIS) to enhance global payments network connectivity. 2024 also saw stablecoin adoption pick up pace, following regulatory updates in late 2023. of all fintech companies operating in the country.
PEXX, a fintech startup focused on cryptocurrency and blockchain technology, has officially launched with US$4.5 The round was led by TNB Aura, with participation from Antler and EMO Capital. This investment will support the development of PEXX ’s stablecoin-to-fiat payment platform, which aims to improve global currency transfers.
TRON DAO , the community-governed DAO dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps), has announced a strategic collaboration with MoonPay , the global leader in crypto payments. million transactions are completed each day across the TRON blockchain.
.” The Bank of Canada , TMX Group and Canada’s payment system teamed up for a test to settle and clear mock stocks using the blockchain, Bloomberg reported. The system, intended to be linked with market infrastructure already in place, enabled participants to settle mock securities with mock central bank cash. ”
Participating in the round were HongShan, Hivemind Capital, Aptos Labs, Hash Global, SNZ Capital, Solana Foundation, Anagram, and Upward Capital. ” Founded in 2020, RD Technologies offers two primary solutions via its subsidiaries: the RD Wallet and the HKDR stablecoin (HKDR). RD Technologies secures $7.8
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