Coins.ph Pushes Blockchain Remittances for Faster, Cheaper Cross-Border Payments
Coins.ph is doubling down on blockchain-based remittances to address the inefficiencies of traditional overseas money transfers, which remain slow and costly for millions of Filipinos. With the Philippines being the fourth largest remittance-receiving country globally, CEO Wei Zhou emphasized the need for innovation that reduces fees and wait times. The company aims to harness blockchain to improve speed, transparency, and affordability, while maintaining compliance with BSP regulations. With over 18 million users and an existing remittance infrastructure, Coins.ph is poised to transform the landscape of cross-border payments in the country. (Fintech News Philippines)
U.S. Senate Advances GENIUS Act, Paving Way for Stablecoin Regulation
The U.S. Senate has voted to advance the GENIUS Act, which would establish the country’s first regulatory framework for stablecoins. The legislation outlines rules for how digital dollar tokens should be issued and backed, aiming to reduce risks to the broader financial system while encouraging innovation. The bill includes provisions for both federal and state-level oversight, with issuers required to maintain reserves and meet transparency standards. It marks a significant step toward mainstream adoption and legal clarity for crypto markets, especially as lawmakers race to finalize the framework before Congress goes into recess in August. President Trump has publicly supported crypto regulation and could sign the bill into law if passed by both chambers. (CNN)
Bitcoin Jumps to All-Time High Above $109K Amid Favorable Macro Winds
Bitcoin soared to a new all-time high of above $109,857, surpassing its previous January peak, amid a mix of bullish macroeconomic catalysts. Investors are turning to Bitcoin as a hedge against inflation, spurred by cooling U.S. CPI data, a temporary U.S.-China trade truce, and a downgrade in U.S. sovereign credit. Analysts also point to massive inflows into Bitcoin ETFs, now over $40B, and reduced exchange sell pressure. On-chain data shows increased USDT liquidity and a steady rise in institutional holdings, which now account for 15% of all circulating BTC. The rally marks a shift in sentiment, with Bitcoin reclaiming its narrative as a reliable digital store of value. (CNBC)
Hong Kong Passes Stablecoin Bill, Paves Way for Regulated Crypto Issuance
Hong Kong has officially passed a new law that creates a licensing regime for fiat-backed stablecoin issuers. Under the regulation, companies must be incorporated in Hong Kong, ensure 1:1 asset backing, and maintain clear operational and auditing procedures. Overseen by the Hong Kong Monetary Authority (HKMA), the bill is seen as a major step toward legitimizing and standardizing stablecoin operations. This move aligns with the city’s ambition to position itself as a regulated, forward-thinking crypto hub, in contrast to more uncertain frameworks in other global jurisdictions. (Reuters)
Strategy Buys 7,390 BTC for $765M in Major Treasury Expansion
Crypto investment firm Strategy has acquired 7,390 BTC worth approximately $765 million, bringing its total holdings to over 562,000 BTC. This purchase cements Strategy’s status as one of the largest institutional Bitcoin holders globally. The firm’s continued accumulation reflects growing confidence in Bitcoin as a long-term treasury reserve asset, particularly in light of macroeconomic uncertainty and rising institutional demand. The move also contributes to Bitcoin's recent upward momentum, signaling robust market support from corporate treasuries. (Tech in Asia)
