Coins.ph Stablecoin Exits Trial Phase, Set to Expand
Coins.ph’s peso-pegged stablecoin PHPC has successfully completed its trial phase and is now ready to scale across its platform, reinforcing the company’s leadership in crypto-based financial services. The stablecoin expansion aims to enhance remittance efficiency, providing local users with faster and cheaper peso transfers. This step underlines Coins.ph's commitment to leveraging blockchain for everyday financial solutions.(Tech in Asia)
South Korea Moves to Legalize Corporate Stablecoin Issuance
South Korea's newly elected president, Lee Jae-myung, is advancing a pro-crypto agenda with a proposed bill that would allow companies to issue stablecoins. The Digital Asset Basic Act would require firms to hold at least 500 million won (approximately $366,749) in equity capital to issue such tokens. This legislation marks a significant shift in South Korea’s regulatory landscape, signaling growing government support for the digital asset industry. If passed, the bill could make South Korea a major hub for stablecoin innovation and adoption. (Decrypt)
Circle’s Public Debut Sparks Momentum for Crypto IPOs
Circle's June 5 IPO under the ticker CRCL marked a historic moment for crypto-native companies, soaring 235% on its debut and reaching a $21.6 billion valuation. The strong investor response reflects growing demand for traditional market exposure to crypto infrastructure, especially firms with stable revenue streams like Circle’s USDC business. However, some analysts question whether Circle’s fundamentals justify its lofty valuation, raising concerns about sustainability. Despite the skepticism, Circle’s success is fueling optimism for other crypto firms to pursue public listings. (The Block)
Tether Acquires 32% Stake in Canada's Elemental Altus
Tether, the issuer of USDT, has purchased a 32 percent stake in Canada's public gold royalty firm Elemental Altus, signaling its continued expansion into traditional financial infrastructure. This investment aligns with Tether’s aim to integrate stablecoin-backed services in the Canadian market. The move is expected to strengthen Tether’s credibility and regulatory positioning via partnership with a licensed financial institution.(Cointelegraph)
DIMO Brings Decentralized Vehicle Data Network to Japan
U.S.-based startup DIMO is expanding into Japan through a joint venture with Web3 firm Hakuhodo KEY3, aiming to help automakers monetize vehicle data using decentralized infrastructure. The initiative targets Japan’s rapidly growing connected vehicle market, projected to reach $1 trillion by 2030, and seeks to dismantle data silos through a blockchain-powered platform. With over 180,000 vehicles already connected globally, DIMO’s mobile app lets drivers share anonymized data for token rewards, while automakers gain access to valuable real-time insights. This move positions DIMO to support innovation in a country known for its automotive leadership and growing interest in decentralized technologies. (Decrypt)
PayPal Expands PYUSD Stablecoin to Stellar Blockchain
PayPal announced plans to launch its stablecoin, PYUSD, on the Stellar blockchain, pending regulatory approval from New York authorities. Originally introduced in 2023 and already available on Ethereum and Solana, PYUSD aims to offer fast, low-cost cross-border payments by leveraging blockchain technology. PayPal's move positions the token on Stellar, a network known for efficient international transactions, signaling broader ambitions for stablecoin utility. As competition intensifies in the stablecoin market, PayPal continues to expand PYUSD's reach while emphasizing real-world use cases like global value transfer. (Decrypt)
Ant International Eyes Stablecoin Launch in Asia’s Crypto Hubs
Ant International, the overseas arm of Jack Ma's Ant Group, plans to launch stablecoins in Hong Kong and Singapore, applying for licenses as soon as Hong Kong’s Stablecoins Ordinance takes effect in August. Backed by its $1 trillion payments infrastructure and blockchain-based Whale platform, the company aims to boost cross-border payment and treasury services using tokenized assets. The move aligns with broader institutional adoption of stablecoins and leverages Ant’s strong banking partnerships with firms like Deutsche Bank and JPMorgan. This strategic expansion could pave the way for a spinoff IPO, as Ant seeks growth beyond its regulated lending operations in China. (Blockhead)
JP Morgan Now Accepts Bitcoin ETFs as Loan Collateral
JP Morgan will begin offering loans backed by Bitcoin ETF holdings, marking a major shift in traditional banking's approach to crypto assets. The move reflects growing institutional acceptance of Bitcoin as "pristine collateral" and will integrate crypto into wealth management assessments globally. Despite CEO Jamie Dimon's skepticism, the bank is adapting to client demand and regulatory clarity by expanding beyond BlackRock’s ETF to include more crypto-linked financial products. (Blockhead)
