Circle Internet Group, the global financial technology company and issuer of the USDC stablecoin, has secured a limited purpose trust charter from the New York Department of Financial Services (NYDFS).

 

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With this approval, Circle Internet Trust Company LLC, Circle's trust subsidiary, can now operate as a regulated New York trust company, providing fiduciary, custody, and asset management services.

 

However, because the charter is limited in purpose, Circle will not be able to accept traditional customer deposits or make loans like a full service commercial bank.

 

"Earning a New York trust charter has been a longstanding objective for Circle given the regulatory clarity that comes with it," said Jeremy Allaire, Circle's co-founder and CEO.

 

"NYDFS is an international standard setter for digital asset regulation, and New York is Circle's global headquarters. This charter reflects more than a decade of regulatory commitment and positions USDC within a strong, respected framework as digital dollars become central to the global financial system."

 

Circle's New York trust charter comes shortly after it received approval for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC) last month. The OCC charter allows Circle to establish and operate a national trust bank focused on fiduciary digital asset custody services under federal oversight.

 

Commenting on the national trust bank charter, Allaire said the move was pivotal to bringing blockchain technology and digital assets into the core of the U.S. financial system.

 

"Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle's infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence," he said.

 

 

The U.S. Internal Revenue Service (IRS) has warned of a fraud campaign in which scammers are impersonating the agency and sending fake IRS letters to cryptocurrency holders in an attempt to steal personal credentials and digital assets.

 

According to the IRS, the fake letters direct unsuspecting recipients to a fraudulent website that closely mimics the official IRS.gov website. Once there, victims are instructed to enrol in a "Digital Asset Compliance Portal" before an urgent deadline.

 

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As part of the enrollment process, the website may ask users for personal information, including cryptocurrency wallet details, exchange account credentials, and other sensitive data that could be used to steal their digital assets.

 

"Criminals continue to exploit public trust in government agencies by creating convincing fake websites and official-looking correspondence," said IRS Criminal Investigation (IRS-CI) Chief Jarod Koopman. "Before responding to unexpected requests for personal information, stop, verify the source, and report potential fraud schemes to law enforcement."

 

Regarding the identities of those behind the campaign, the IRS said in a press release that Coinbase and its cyber intelligence partner, Dark Tower, traced the campaign's infrastructure to a domain registered through a Hong Kong registrar, while the fraudulent website was hosted in Romania.

 

The IRS also outlined several measures to help cryptocurrency holders stay safe, including exercising caution when responding to unsolicited letters, emails, text messages, and phone calls from individuals whose identities cannot be verified.

 

The IRS remains one of the most frequently impersonated U.S. government agencies by scammers. According to the Treasury Inspector General for Tax Administration, victims reported losses exceeding $114 million from IRS impersonation scams between 2013 and mid-2020.

 

 

Uphold, the multi asset digital trading platform, has launched a new equities service that allows its U.S. customers to access more than 4,000 U.S. stocks and ETFs directly through the Uphold platform.

 

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The launch, which builds on Uphold's vision of becoming a comprehensive all in one multi asset financial platform, gives users access to both traditional investments and digital assets within a single platform, allowing them to manage both asset classes in one place.

 

"People want one app for all of their investing, including crypto," said Nancy Beaton, President of Uphold U.S. "Equities on Uphold is designed to make that real. Uphold customers can now sell Bitcoin to buy Berkshire Hathaway shares in a single step on the app, without clunky currency conversions or the need to transfer funds between stablecoins and cash balances."

 

Compared with other platforms that may require users to convert between fiat currencies and cryptocurrencies or move funds across multiple platforms, Uphold provides a frictionless experience that allows users to trade seamlessly between supported crypto assets, U.S. stocks, and ETFs within a single platform.

 

According to the Uphold team, users can access all of these services without paying any Uphold commissions. They can also purchase fractional shares for as little as $5.

 

Although Uphold's fractional U.S. stocks and ETFs are currently available only during standard U.S. market hours, typically from 9:30 a.m. to 4:00 p.m. ET, Monday through Friday, the company plans to expand trading availability to around the clock during the Monday through Friday trading week.

 

The launch of Uphold's U.S. equities service coincided with the launch of tokenized U.S. stocks and perpetual markets by Arcus, a decentralized exchange built by the dYdX team, on the Robinhood Chain.

 

The offering includes more than 95 leading U.S. stocks, including Nvidia, Apple, Tesla, Microsoft, Meta, and Amazon, which will be available for trading around the clock on the Robinhood Chain. Although the perpetual market remains in beta, it includes products from more than 35 markets spanning U.S. equities, commodities, cryptocurrencies, and indices.

 

 

Telegram CEO and co-founder Pavel Durov has announced plans to launch what he described as the largest ever rollout of a non-custodial crypto wallet this summer.

 

According to Durov, the non-custodial Gram Wallet will provide Telegram's more than 1 billion users with access to instant zero-fee crypto transactions. Because the wallet is non-custodial, users will retain full control of their private keys.

 

Built on The Open Network (TON) blockchain, Gram Wallet, formerly known as TON Wallet, was developed primarily by The Open Platform (TOP) in close collaboration with the Telegram team. The wallet was designed to make interacting with crypto seamless and easy.

 

Despite its initial legal challenge with the U.S. Securities and Exchange Commission (SEC) in 2018, the TON project continued to evolve. In 2023, TON Wallet was integrated with Telegram Mini Apps, contributing to significant growth and adoption in 2024. During that period, the wallet grew from a niche product to more than 100 million activated wallets.

 

In June this year, Toncoin (TON), the native cryptocurrency of the TON ecosystem, was rebranded to GRAM. According to Durov, the rebrand was intended to return the project to its original roots. He noted that Gram was the original name of TON's currency in its first white paper. "We're returning to our roots and starting a new chapter," Durov said in the announcement.

 

With the launch of the non-custodial wallet, users will no longer need to access existing wallets through bots or a separate section of the Telegram app. Instead, the wallet will be integrated directly into Telegram, making it easily accessible and enabling users to send and receive crypto at no cost.

 

 

Former New York Governor Andrew M. Cuomo has been appointed to the Board of Directors of cryptocurrency exchange OKX.

 

The appointment, announced in a recent OKX blog post, comes three years after Cuomo joined the exchange in 2023 as a member of its advisory team, where he advised the company on its regulatory and institutional strategy in the United States.

 

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"Governor Cuomo has been a thoughtful voice for OKX for years, and his move to the board formalizes a relationship that has already shaped how we approach the U.S. market," said Star Xu, Founder and CEO of OKX.

 

"As we build OKX into the infrastructure layer for both traditional and digital finance, we need people who understand how governments, institutions, and markets actually think. That's exactly what he brings."

 

Cuomo's appointment to the OKX Board comes as the exchange accelerates its expansion efforts. Last month, it signed a joint venture with Intercontinental Exchange, the parent company of the New York Stock Exchange, to build next-generation infrastructure for digital assets.

 

The infrastructure is intended to bridge the gap between traditional finance and the crypto market, giving more than 120 million registered OKX users access to ICE futures and tokenized NYSE-listed equities. Following the partnership, ICE reportedly invested $200 million in OKX, valuing the exchange at $25 billion.

 

Despite the regulatory challenges it has faced in the United States, including being barred from operating after violating anti-money laundering laws and being ordered to pay $504 million in penalties and forfeitures, OKX has continued to deepen its presence in the country following its relaunch a few months after the ban.

 

Since its relaunch, OKX has maintained compliance with U.S. laws by strengthening its anti-money laundering and know your customer systems while strategically appointing key executives, including former Barclays executive Roshan Robert as CEO of OKX U.S. and Andrew Cuomo as a board member and Co-Chair of the OKX ICE joint venture.

 

 

Bank of America has announced the appointment of senior executives Kevin Milson and Sonali Theisen in its latest move to drive AI adoption and implementation across its global markets group.

 

Kevin Milson was named Head of Platforms and AI Transformation, where he will help lead the broader implementation of artificial intelligence across the bank's global markets platforms.

 

Sonali Theisen was appointed Head of Global Digital Assets Platform. In this new role, she will oversee the design and development of the bank's digital asset initiatives while retaining her current position as Head of Global FICC E Trading and Markets Strategic Investments.

 

FICC, short for Fixed Income, Currencies, and Commodities, is the division that handles sales, trading, market making, research, and risk management across several core asset classes for institutional clients.

 

According to a memo seen by Reuters, Amy Avery and her Analytics, Modeling and Insights team will also join the bank's Global Platforms group, where she will oversee data-driven insights across the company.

 

The move by Bank of America comes as several other financial institutions, particularly banks and asset managers, make strategic appointments in an effort to adopt and integrate blockchain technology into their infrastructure.

 

In January this year, Morgan Stanley appointed Amy Oldenburg to lead its digital asset strategy following the firm's filing for spot Bitcoin and Solana ETFs.

 

Royal Bank of Canada, JPMorgan, and Standard Chartered have also made strategic appointments, naming executives to lead and expand their digital asset strategies. Meanwhile, Vanguard, one of the world's largest asset managers, has announced that it is seeking its first Head of Digital Assets.

 

 

SBI Holdings, one of Japan's largest financial conglomerates, has completed the acquisition of a majority stake in Singapore-based crypto platform Coinhako, following approval from the Monetary Authority of Singapore (MAS).

 

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According to an SBI press statement, the acquisition of Coinhako represents a significant step in advancing its global digital asset strategy. Through the acquisition, SBI Holdings aims to leverage Coinhako's customer base, expertise, and regional network alongside its own financial services, technology, and global network.

 

"Our group aims to create a global corridor for digital assets by connecting exchanges around the world, enabling investors worldwide to make optimal investments without being hindered by national borders or currency barriers," said Yoshitaka Kitao, Chairman and President of SBI Holdings, Inc.

 

"Singapore, where regulations related to digital assets are ahead of the curve, is a crucial region in this regard, and we are very pleased that Coinhako, with its solid customer base and business know-how, has joined the SBI Group."

 

SBI Holdings' acquisition of a majority stake in Coinhako comes shortly after the company partnered with the Solana Foundation to launch Japan's first on-chain financial market, which it said is intended to seamlessly connect Japan with Southeast Asia.

 

About Coinhako 

Launched in 2014, Coinhako is a Singapore-based cryptocurrency exchange often described as one of the longest-standing in the Asia-Pacific region. Its founders, Yusho Liu and Gerry Eng, built it with a simple goal: to make it easy for Asians, especially Singaporeans, to buy Bitcoin and other cryptocurrencies with local fiat currencies.

 

Since its launch, Coinhako has grown into one of the largest cryptocurrency exchanges in Singapore, serving nearly 400,000 users and processing more than $10 billion in crypto transactions over the past two years. Its assets under custody are reported to total around $1 billion to $1.1 billion, while its workforce has grown from a small team to several dozen employees.

 

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The United States Department of the Treasury and the United Kingdom's HM Treasury have jointly released a framework outlining recommendations to strengthen economic cooperation between the two countries.

 

Although the report is not solely about cryptocurrencies, the framework focuses on the broader digitalization of the financial sector, including stablecoins, tokenized financial assets, and digital market infrastructure.

 

According to a press release from the U.S. Department of the Treasury, the recommendations, which build on the longstanding relationship between the U.S. and U.K. financial markets, aim to reduce unnecessary friction hindering economic ties between the two countries while identifying opportunities to enhance cross-border capital raising, strengthen supervisory cooperation, and provide greater clarity for tokenized financial activity.

 

Regarding the goal of the Transatlantic Taskforce, U.S. Treasury Secretary Scott Bessent said, "The Transatlantic Taskforce for Markets of the Future reflects the strength and depth of U.S. and UK markets and our shared commitment to fostering economic growth and advancing global standards that reward innovation and competition."

 

Following the Taskforce's recommendations, the United States and the United Kingdom released a joint statement on stablecoins. The statement reaffirmed both countries' shared commitment to well-regulated stablecoins as a tool for financial innovation.

 

The two countries also emphasized the need for stablecoins to be fully backed on a one-to-one basis by high-quality liquid assets, with strong safeguards for reserves, consumer protection, timely redemption, and financial stability.

 

The Transatlantic Taskforce's release of the policy report comes shortly after the U.K. government published its first tokenized finance roadmap. The report, developed alongside task forces from 54 major financial institutions, including BlackRock, JPMorgan, and Goldman Sachs, focuses on scaling tokenization through initiatives such as the issuance of tokenized government bonds, tokenized repo and collateral markets, and stablecoin-enabled settlement.

 

The report projects that tokenizing wholesale financial markets could add up to £33 billion in annual GDP and £14 billion in tax revenue by 2035.

 

About the U.S.-UK Transatlantic Taskforce

 

The U.S. UK Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the U.S. Department of the Treasury, led by U.S. Treasury Secretary Scott Bessent and UK Chancellor of the Exchequer Rachel Reeves, in September 2025.

 

The task force was established to strengthen bilateral cooperation between the two countries, enabling them to explore collaboration in capital markets and digital assets, including stablecoins and tokenization.

 

In addition to HM Treasury and the U.S. Department of the Treasury, the task force works with regulators from both countries, including the Financial Conduct Authority, the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.

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Sony Bank, one of Japan's largest online banks, has received conditional approval from the U.S. Office of the Comptroller of the Currency, or OCC, to establish a national trust bank.

 

According to a press release from Sony Bank, the establishment of the trust bank, named Connectia Trust, is intended to prepare for the commercialization of businesses related to the issuance and management of U.S. dollar-denominated stablecoins in the United States.

 

"The establishment of this trust subsidiary is intended to contribute to the development of a medium to long-term business foundation for the Sony Financial Group's digital asset businesses," Sony Bank said in a press statement.

 

Although Connectia is being established this month, with Sony Bank committing an initial capital investment of $40 million (equivalent to JPY 6.4 billion), the trust bank will not begin full operations or stablecoin issuance until 2027. That is contingent on receiving final approval from the OCC after meeting all regulatory requirements.

 

Sony Bank's approval comes at a time when several other financial institutions, including crypto companies, have sought to establish national trust banks. In December last year, stablecoin issuer Circle received conditional approval to establish a national trust bank before securing final approval this week. Other companies that have received similar conditional approval include Ripple, Paxos, Fidelity, and BitGo.

 

By seeking an OCC national trust charter, companies can gain greater regulatory clarity and credibility to issue and manage U.S. dollar-backed stablecoins, provide custody services, and operate under a single national regulatory framework that preempts many state licensing requirements. An OCC charter can also help companies build trust among institutional clients, enabling them to expand their services to a broader range of customers.

 

 

Swift has launched a blockchain-based ledger that enables banks to execute cross-border payments 24 hours a day, seven days a week, using tokenized deposits while maintaining final settlement on existing infrastructure.

 

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According to Swift, 17 banks from six continents are set to pilot transactions on its blockchain-based ledger. Among the banks participating in the pilot program are Wells Fargo, First Abu Dhabi Bank, Standard Chartered, Bank of New York Mellon, Citibank, HSBC, DBS, and Lloyds Bank, among others.

 

Swift says the shared ledger will provide participating banks with a secure orchestration layer that allows them to issue tokenized deposits on their respective ledgers, enabling customers' funds to move quickly, including on weekends. Participating banks are also expected to benefit from improved client experience and enhanced global liquidity, without compromising their existing compliance, risk, and operational standards.

 

"With our new ledger capability, we're extending the trust and stability of established finance into the frontiers of digital money. It allows tokenized value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires," said Thierry Chilosi, Chief Business Officer at Swift.

 

"The strong support from banks shows the practical value of this approach, one that will help scale benefits globally while creating a foundation for future innovation in areas like programmable money and agentic commerce."

 

Swift said it took nine months to build the blockchain-based ledger, with the team incorporating feedback from financial institutions throughout the development process. According to the company, 75% of payments on the shared ledger will reach beneficiary banks within 10 minutes, and often within seconds. Swift said it also plans for the network to help meet the G20 target for faster international payments.

 

About Swift 

Swift, short for Society for Worldwide Interbank Financial Telecommunication, is a global entity that enables banks and other institutions to exchange standardized, secure instructions for cross-border payments, securities, trade, and treasury transactions.

 

Since its inception, Swift has connected more than 11,500 institutions in over 200 countries. Before its most recent blockchain-based ledger pilot, Swift had conducted multiple interoperability pilots, testing tokenized assets, stablecoins, CBDCs, and the integration of traditional financial rails with blockchains.

 

 

Tether, the world’s largest stablecoin issuer, has announced plans to shut down its Alloy platform, along with the platform’s main product, Alloy Tether (aUSDT).

 

According to Tether, the decision was based on a review of user activity levels, market demand, and the company’s broader priorities, with the team planning to focus its resources on areas where it sees stronger user demand, deeper liquidity, and longer-term market opportunity.

 

The wind-down will take place in phases, with Tether disabling both aUSDT minting and the opening of new positions on the Alloy platform. Users will, however, be able to continue redeeming their aUSDT and withdrawing their Tether Gold (XAUT) collateral from the Alloy platform for the next three months, until September 17, 2026.

 

This is not the first time Tether has shut down one of its products. In 2024, the stablecoin issuer discontinued its euro-pegged stablecoin, Euro Tether (EURT), citing low demand. In February of this year, it discontinued issuing its yuan-pegged stablecoin, Chinese Yuan Tether (CNHT), due to low demand and usage.

 

About Alloy 

Alloy by Tether is an open platform launched by Tether that allows users to create Tethered assets, a category of digital assets designed to track the price of referenced assets such as the United States dollar, using over-collateralized assets like Tether Gold (XAUT).

 

 

Keyrock, a leading crypto investment company and digital asset liquidity provider, has secured a Markets in Crypto Assets Regulation (MiCA) license, advancing its efforts to expand its presence across the European Union (EU).

 

 

The company announced the authorization in a Monday blog post, stating that it was granted through its French subsidiary, Keyrock FR SAS. According to Reza Ghadiri Zare, Keyrock’s general counsel, the MiCA license provides regulatory certainty as the firm scales its operations across EU member states, thereby strengthening investor confidence.

 

“Achieving a MiCA license not only demonstrates our uncompromising market integrity, but also signals our intent for the future,” commented Kevin de Patoul, CEO of Keyrock. “We’ll continue to drive progress in digital assets, but never at the expense of security or transparency. As we grow, we’ll provide clients with the stability and confidence required in a regulated market.”

 

With MiCA licensing secured and regulatory hurdles cleared, Keyrock aims to enhance its cross-border operations across the EU. Coupled with its liquidity and risk management infrastructure, the company plans to further scale its digital asset initiatives.

 

With a valuation of $1.1 billion, Keyrock operates a liquidity infrastructure that spans more than 85 centralized and decentralized exchanges and over 1,400 markets.

 

About Keyrock 

Founded in 2017, Keyrock is a leading global digital asset market maker that aims to make crypto markets more accessible and scalable. Leveraging its high-frequency trading technologies, risk management capabilities, and deep liquidity, Keyrock offers a range of services, including market making, OTC trading, and digital asset and wealth management.

 

As one of the earliest crypto market makers, Keyrock has achieved several significant milestones, including raising more than $170 million and achieving unicorn valuation. The company has also secured the necessary licenses, reducing regulatory uncertainty as it expands across the EU. Keyrock serves institutional clients, including hedge funds, asset managers, and traditional finance companies entering the digital asset market.