Hong Kong Opens Stablecoin Licensing as Banks and Brokers Lead the Charge
Hong Kong’s Stablecoin Ordinance took effect on August 1, with the HKMA unveiling strict licensing guidelines around reserves, custody, and governance. Major banks like BOCHK and Standard Chartered are expected to apply early, leveraging their institutional edge, while over 40 securities brokers—led by firms like Guotai Junan and Eastmoney—have already upgraded licenses to enter the crypto space. With applications due by September 30 and non-compliant issuers facing shutdown by November, competition is intense. The HKMA will prioritize applicants with real-world use cases like asset tokenization and cross-border payments. Meanwhile, regulators caution against hype and warn investors to scrutinize stablecoin backing and project viability, as CNH-backed innovations begin to emerge. (Be in Crypto)
Tether Reports $4.9B Q2 Profit as Stablecoin Industry Surges
Tether posted a $4.9 billion profit in Q2 2025, marking a 277% year-over-year increase as stablecoins gain broader acceptance amid clearer U.S. regulation. The company now holds $127 billion in U.S. Treasurys, surpassing South Korea as the 18th-largest holder, with USDt maintaining a 61.7% market share. Tether’s total H1 2025 profit reached $5.7 billion, up 9.6% from the same period in 2024. Competitors like Circle, PayPal, and Trump's World Liberty Financial are also expanding in the stablecoin space following the passage of the GENIUS Act. (Cointelegraph)
PayPal Launches 'Pay with Crypto' to Boost Global Commerce and Slash Fees
PayPal has introduced 'Pay with Crypto,' a new service allowing US merchants to accept over 100 cryptocurrencies—including BTC, ETH, XRP, and USDT—with instant conversion to fiat or stablecoins. The service promises to cut cross-border transaction fees by up to 90% and supports integration with top wallets like Coinbase, MetaMask, and Binance. Merchants will benefit from a low 0.99% transaction fee until July 2026 and can earn 4% rewards by holding PayPal USD (PYUSD). With access to over 650 million crypto users globally, PayPal aims to unlock a $3 trillion digital payment market. (Crypto Briefing)
Bank of Korea Launches Virtual Asset Division as KRW Stablecoin Momentum Builds
The Bank of Korea (BOK) has established a dedicated virtual asset division to monitor the crypto market and drive internal discussions on won-based stablecoins, signaling a stronger institutional focus on digital assets. The division, under the financial payment systems bureau, coincides with the renaming of the bank’s Digital Currency Research Team to the more action-oriented “Digital Currency Team.” This shift comes amid growing national interest in Korean stablecoins, spurred by political support from President Lee Jae Myung and private sector efforts from banks and payment firms. While the BOK has paused its CBDC project, it acknowledges the rising relevance of KRW-backed stablecoins, though it cautions against letting non-banks dominate issuance. (The Block)
Visa Expands Stablecoin Reach with Support for PYUSD, EURC, and USDG on Stellar and Avalanche
Visa has expanded its stablecoin capabilities by adding support for PayPal USD (PYUSD), Euro Coin (EURC), and Global Dollar (USDG) on the Stellar and Avalanche blockchains. This move enables users to send and receive stablecoins or convert them to fiat through Visa's growing network. The expansion also signals increasing institutional adoption, as traditional finance giants like JPMorgan and Bank of America explore stablecoin applications. With competition from Mastercard intensifying, Visa's latest integration positions it at the forefront of blockchain-based payment innovation. (Watcher Guru)
CryptoPunks Trading Volume Hits $24.6M After GameSquare’s $5M Punk Purchase
CryptoPunks NFTs saw a massive resurgence last week, with trading volume soaring to over $24.6 million—their highest since March 2024 and a 416% jump from the previous week. The floor price rose from 40 ETH to 47.5 ETH, while average sale prices climbed from $140,000 to $182,000. The spike in interest was largely driven by GameSquare’s $5.15 million equity-financed acquisition of Punk #5577, a rare “Ape Punk.” As the first corporate NFT purchase backed by preferred shares, the move positioned CryptoPunks as potential yield-bearing assets for treasuries and institutional buyers, triggering renewed confidence and bidding across the collection. (The Block)
