Binance, the world’s largest cryptocurrency exchange, has signed three memorandums of understanding with key entities and institutions in Kazakhstan.

 

In a blog post announcing the agreements, Binance said the MoUs focus on key sectors of Kazakhstan’s economy and were signed with the Ministry of Artificial Intelligence and Digital Development, the National Bank of Kazakhstan, and the Astana International Financial Centre (AIFC).

 

Under the memorandum signed with Kazakhstan’s Ministry of Artificial Intelligence and Digital Development, Binance will cooperate on digital assets, digital and computing infrastructure, and innovative payment solutions, while exploring the possibility of issuing a stablecoin backed by the Kazakhstani tenge.

 

The second memorandum, signed with the National Bank of Kazakhstan, focuses on building payment and digital financial infrastructure, with Binance and the National Bank potentially exploring opportunities to position Kazakhstan as a regional payments and fintech hub.

 

To ensure the initiative is practically implemented and moves beyond a paper plan, Binance and the National Bank of Kazakhstan have already created a roadmap outlining the different phases for building payment infrastructure, obtaining licenses, and launching new payment products.

 

The third memorandum, signed between Binance and the Astana International Financial Centre (AIFC), is aimed at strengthening cooperation under the Investment Tax Residency Programme and expanding the potential use of digital assets as part of Kazakhstan’s modern investment infrastructure.

 

According to Renat Bekturov, Governor of the Astana International Financial Centre, the expansion will enable investors to better access new opportunities within the AIFC ecosystem and contribute to the further development of Kazakhstan’s digital asset market.

 

Two Thai businessmen, Nutthawat Rukthammachalern and Natthawat Kasamvilas, have filed a lawsuit against stablecoin issuer Tether over the alleged seizure of $42.4 million worth of USDT.

 

The lawsuit, which was filed by the plaintiffs this week in the U.S. District Court for the Southern District of New York, challenges the seizure of the crypto funds by the stablecoin issuer, alleging that it was carried out without proper legal backing.

 

According to the suit filed with the court, the plaintiffs claim that the seizure involved funds held across 10 Ethereum addresses that were blacklisted by Tether. They allege that the blacklist was created solely based on an informal request from a U.S. Homeland Security Investigations (HSI) agent and without a warrant, court order, or other formal legal process.

 

 

Defending how the funds were obtained, the plaintiffs claimed that the frozen USDT assets were acquired through secondary market business transactions that had no direct relationship with Tether whatsoever.

 

Post-seizure Recovery Efforts

 

After discovering that Tether had frozen the funds October last year, one of the plaintiffs, Natthawat Kasamvilas, emailed the stablecoin issuer to inquire why he could no longer control the funds and asked to regain full custody of them.

 

However, Kasamvilas claimed that Tether replied by asking him to contact a special agent with Homeland Security Investigations (HSI), whose email address the company provided, while failing to provide a legal basis for the freeze.

 

Although earlier this year, in February, a U.S. Magistrate Judge in the Eastern District of North Carolina ordered the seizure of $61 million worth of USDT that was reportedly linked to a pig butchering and money laundering scam, the plaintiffs claim that the seizure of their funds occurred months before the judge issued the order. They also allege that Tether continued to earn yield from the frozen assets.

 

A consortium of 21 banks and financial institutions has formed a joint venture to potentially launch a stablecoin in the first half of 2027.

 

The consortium, which was first announced in October 2025 and initially comprised just 10 banks, has grown to include 21 major banks across multiple jurisdictions, including North America, Europe, Africa, East Asia and the Middle East.

 

Some of the financial institutions that make up the consortium include Bank of America, Citi, Goldman Sachs, Wells Fargo, Capital One, PNC, Fidelity Investments, WisdomTree, Deutsche Bank, BBVA, MUFG Bank and Standard Bank, among others.

 

With its member institutions now fully established, the consortium plans to launch a yet to be named company in the second half of this year, subject to fulfilling various regulatory requirements.

 

Once established, the company will launch a stablecoin backed by the U.S. dollar for cross border payments and settlements across wholesale, retail and institutional markets in early 2027. Euro pegged stablecoins will follow, paving the way for the launch of stablecoins denominated in other G7 currencies.

 

The formation of this 21 institution consortium comes at a time when other financial institutions are coming together to support the launch of their own stablecoins.

 

Notable among these consortia is Qivalis, a consortium made up of 37 banks targeting the launch of a euro pegged stablecoin before the end of the year.

 

There is also the Open Standard consortium, made up of 140 companies supporting the launch of Open USD, a recently launched stablecoin that allows its members to share in the earnings generated from its reserves.

 

Dunamu, the parent company of the South Korean cryptocurrency exchange Upbit, has entered into a strategic partnership with global payments company Visa to develop next generation stablecoin based payments and AI driven financial services.

 

The partnership, which was signed at Visa’s Global Market Support Center in San Francisco, USA, this Thursday in the presence of key figures from both companies, including Dunamu CEO Oh Kyung seok and Visa Global President Oliver Jenkyn, will leverage the existing infrastructure of both companies to create new stablecoin based payment and global remittance services.

 

According to Dunamu, the partnership will aim to ensure the secure and reliable use of digital assets and next generation payment technologies based on stability, transparency, interoperability, and regulatory compliance.

 

“The spread of AI, stablecoins, and tokenization is a key trend that will transform how finance and commerce operate,” said Oh Kyung seok, CEO of Dunamu. “Through collaboration with Visa, which has led global payments, we will connect digital assets with traditional finance and create a new global financial experience that users can truly experience.”

 

As part of the two companies’ initial exploration of stablecoins, the Open USD (OUSD) stablecoin will be further explored, including the potential expansion of its use cases across areas such as global remittances, payments, and settlements.

 

Over time, the partnership could expand to include the utilization and integration of AI for payments and other stablecoin based payment and settlement services, Dunamu said. It could also explore the use of AI in agentic commerce and the handling of certain user tasks, such as purchases and payments. 

 

JPMorgan Chase, the largest bank in the United States, has signaled its interest in the possibility of launching its own stablecoin, the Wall Street Journal (WSJ) reported.

 

Although the bank has made no official announcement and has no active plans to launch a stablecoin at present, a JPMorgan spokesperson reportedly told the WSJ that the bank recently held a preliminary discussion about the possibility of creating its own stablecoin.

 

“While we have no plans to issue a stablecoin, depending on customer demand and the evolution of the regulatory landscape, we would of course evaluate all options in the future.”

 

If JPMorgan ever decides to move ahead with a stablecoin launch, the stablecoin will be very different from JPM Coin, a digital deposit token the bank launched on its permissioned Kinexys blockchain in 2019 to modernize institutional payments and settlements.

 

Growing Stablecoin Interest Among U.S. Banks

 

Like JPMorgan, several other U.S. banks and financial institutions have also been considering launching their own stablecoins.

 

Bank of America, Wells Fargo, and Santander have formed a global stablecoin venture comprising more than a dozen financial institutions.

 

Through this venture, the financial institutions plan to launch a dollar backed stablecoin, with possible expansion to stablecoins pegged to the euro and other G7 currencies over time.

 

Stablecoins have seen growing adoption among large financial institutions in recent times. 

 

According to a recent Fireblocks survey covering about 295 executives from banks and financial institutions, about 49% of these institutions actively use stablecoins for payments, while 23% are reportedly in the pilot phase and 18% plan to integrate stablecoins soon.

 

Global fintech company Revolut has rolled out its MiCA-compliant, euro-denominated stablecoin EURR across Denmark, Poland and Portugal.

 

Announcing the rollout in a Wednesday post on X, Revolut said the launch aims to make stablecoins more accessible to its customers, giving them more options beyond the dominant dollar-backed stablecoins.

 

With the launch of EURR, Revolut customers across the three European countries will now be able to move more value on-chain, with the company hinting at a potential expansion into other European markets later this year.

 

"EURR connects 80 million Revolut customers directly to on-chain finance," Emil Urmanshin, Head of Crypto at Revolut, said.

 

"By combining our global scale and licensed banking infrastructure with instant euro-denominated access to the crypto ecosystem, we are unlocking real-world stablecoin utility that no traditional bank or crypto-native company can match."

 

The EURR stablecoin will be issued by Bridge Building S.A., the stablecoin infrastructure company acquired by Stripe for $1.1 billion in October of last year. For a start, EURR will only be available on Ethereum and Polygon, with support for more blockchains expected over time.

 

Institutional Interest in Euro-Pegged Stablecoins Grows

 

Despite accounting for only about 0.2% of the total stablecoin market, euro-pegged stablecoins have received growing interest from financial institutions looking to create more options for users beyond dollar-backed stablecoins.

 

Prior to the launch of EURR, EURXT, a stablecoin also pegged to the euro, was launched by Crédit Agricole, one of Europe’s largest banks, in July of this year.

 

Efforts are underway by other institutions to launch euro-denominated stablecoins, notable among them is the Qivalis consortium, made up of about 37 banks, which is targeting the launch of a euro-pegged stablecoin in the second half of this year.

 

The Office of the Comptroller of the Currency (OCC) has granted President Trump-backed World Liberty Financial preliminary conditional approval to establish World Liberty Trust Company, N.A., a national trust bank that would oversee its USD1 stablecoin operations.

 

Since the charter is conditional, World Liberty Trust Company will serve as a limited purpose national trust bank, handling the fiduciary and trust aspects of the USD1 stablecoin, including the issuance and redemption of the stablecoin, management of the reserves backing USD1, and custody services for institutional clients using USD1.

 

Regarding the regulatory milestone, Zach Witkoff, CEO and co-founder of World Liberty Financial, wrote in an X post, “Rigorous oversight, institutional controls and clear accountability are how stablecoins become trusted financial infrastructure.”

 

“Our ambition is clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.”

 

As part of the conditions stated by the OCC in its approval letter, World Liberty Trust Company must restrict its activities strictly to those relating to trust activities. If it intends to deviate from these activities, the bank must provide the OCC with 60 days’ prior notice.

 

Before any executive is appointed, World Liberty Trust Company must submit information about the executives to the OCC and receive a non-objection letter from the regulator.

 

The trust bank will initially be governed by a five member team: Zach Witkoff, who will serve as board chair; Scott Alper, President and Chief Investment Officer of Witkoff Group; Robert Witkoff, former Co-Chief Investment Officer of The Chubb Corporation; Jeffrey Weiner, former Chairman and CEO of Marcum LLP, one of the largest accounting firms in the U.S.; and Erin Baskett, a member of the FINRA Board of Governors and founder of brokerage firm Sine Qua Non Capital.

 

 

Japan-based firm JPYC Inc., the issuer of the Japanese yen-backed stablecoin JPYC, has raised a total of 6 billion yen (about $38 million) in an extended Series B funding round.

 

 

The Series B round, which began in February this year and raised $38 million over time, involved venture partners and investors including Asteria, Metaplanet, Yokohama Capital, bitFlyer Holdings, and Hokkaido Bank, among others.

 

For the extended round, AZ-COM Maruwa Holdings Co., Ltd. became the newest investor in JPYC Inc., with some publications reporting that it led the round after investing an additional 1 billion yen (about $6 million), securing a 2.9% ownership stake in the company.

 

“The synergy between our ‘JPYC’ currency and the robust logistics network of the AZ-COM Group will form the core foundation of this ‘on-chain finance that integrates commercial, logistics, and financial flows,’” Noritaka Okabe said in a JPYC press release.

 

Regarding the funds raised, JPYC Inc. said in a recent press release that it aims to expand its presence across both the financial and Web3 ecosystems, accelerating the adoption of the JPYC stablecoin. The company also said, as stated in a previous press release, that the funds will be used to support the development of JPYC’s infrastructure, investments, and partnerships.

About JPYC 

 

JPYC is Japan's first yen-backed stablecoin that maintains a 1:1 peg with the Japanese yen.

 

Under Japan’s Payment Services Act, JPYC is classified as an electronic payment instrument rather than a cryptocurrency, giving it full redeemability and stronger consumer protection under the strict regulatory oversight of Japan’s Financial Services Agency (FSA).

 

Since its launch in October last year, JPYC has surpassed 10 billion Yen in onchain circulation volume. The stablecoin is also currently supported by several blockchains, including Ethereum, Avalanche, Polygon, and Kaia. Additionally, transactions using the stablecoin are free of charge.

 

 

Mastercard has completed its acquisition of stablecoin payment infrastructure company BVNK.

 

According to Mastercard, the acquisition marks a step toward advancing the company's strategy of enabling seamless value exchange between people and businesses through interoperability between fiat and digital currencies.

 

"In a multi-money world where fiat, stablecoins, tokenised deposits, and other forms of value coexist, the next payments paradigm will be defined by how effectively each rail, network, or form of money connects and works together," said Jorn Lambert, chief product officer at Mastercard.

 

"By combining Mastercard's global network with BVNK's on-chain infrastructure and stablecoin native technology, we can deliver a more efficient, trusted, and seamless payment experience."

 

Mastercard's acquisition of BVNK comes five months after it announced that it had reached a definitive agreement to acquire BVNK for $1.8 billion. The agreement was reached after Coinbase, the principal contender that had also been pursuing an acquisition of BVNK, mutually ended acquisition talks.

 

About BVNK

Founded in 2021, BVNK is a London-based crypto infrastructure company that bridges the gap between traditional finance and blockchain finance.

 

Through its stablecoin payment infrastructure, BVNK makes stablecoins compliant and practical for real-world use. The company also provides the infrastructure that enables businesses, fintechs, and payment service providers to receive, convert, and settle payments across fiat and digital currencies.

 

Prior to its acquisition, BVNK had raised more than $90 million across two seed funding rounds. By the end of 2025, the company had reached an annualised payment volume of nearly $30 billion, onboarded 226 new enterprise clients during the year, and supported payments in more than 230 countries.

 

 

Stablecoin issuer Tether has invested $20 million in Latin American fintech company Ualá. The funding is part of Ualá's recently completed Series F round, led by Allianz X, which raised $197 million and valued the company at $3.2 billion.

 

According to a press release, the funds will be used to accelerate Ualá's growth and expand its financial ecosystem across Latin America. Ualá currently serves more than 11 million customers and plans to expand into additional Latin American countries beyond Argentina, Mexico, and Colombia, where it already operates under full banking licenses.

 

Explaining the rationale behind the investment, Tether CEO Paolo Ardoino said, "Ualá has built one of the most ambitious and widely used digital financial platforms in Latin America."

 

"Its growth reflects the enormous demand across the region for financial services that are more accessible, efficient, and designed around the needs of consumers. We are pleased to support the Ualá team as they continue investing in technology and expanding their reach."

 

Tether's investment in Ualá comes shortly after it led Neura Robotics' Series C funding round, which reportedly raised $1.4 billion, making it the largest funding round Tether has participated in so far this year.

About Ualá

 

Headquartered in Buenos Aires, Argentina, Ualá offers a mobile-friendly financial ecosystem designed to promote financial inclusion across Latin America. Its user-friendly app allows customers to make debit and credit card payments, send peer-to-peer transfers, access loans and credit, invest, and perform a range of other financial services.

 

Since its launch, Ualá has raised more than $1.1 billion across several funding rounds. It has also grown to serve about 11 million users, with more than 20% of Argentina's adult population, or about 7 million people, using the platform.

 

Image credit: open access government 

 

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.

 

The Bank of Thailand (BOT) has announced that it will audit high-volume stablecoin transactions as it moves to curb the use of digital assets in illicit finance.

 

According to Witai Rattanaporn, Governor of the Bank of Thailand, the move is aimed at addressing the country’s structural problems, while the apex bank also seeks to reduce the grey economy's role in contributing to these issues.

 

The grey economy, which refers to economic activities outside the fully legal and regulated system, is not always completely illegal. However, its lack of government oversight makes it a potential avenue for facilitating illicit activities, which the BOT aims to prevent. Rattanaporn said he does not want financial institutions to continue serving as channels that enable the grey economy.

 

Rattanaporn stated that the Bank of Thailand had begun implementing measures to control cash withdrawals since April. For cash withdrawals of 5 million baht or more, banks must verify the necessity of the customer’s request, including why the customer chose cash withdrawals over bank transfers or cheques. Withdrawals will be permitted if the funds are deemed to be for legitimate purposes.

 

Since the introduction of the new rule, cash withdrawals have declined by approximately 35%, Rattanaporn said. In the coming quarter, Rattanaporn noted that customers depositing 5 million baht or more may be required to explain the source of the funds.

 

Regarding the use of digital assets to evade scrutiny, Rattanaporn said the Bank of Thailand is currently working with the country’s Securities and Exchange Commission (SEC) to use data analytics to monitor stablecoin transactions and investigate unusually high transaction volumes.

 

Cryptocurrency Use in Thailand 

Although cryptocurrency trading in Thailand is generally permitted on licensed exchanges, the country maintains strict rules on the use of digital assets. For example, cryptocurrencies and stablecoins cannot be used as valid payment instruments. Digital asset firms are also prohibited from facilitating payments in cryptocurrencies.

 

Thailand remains one of the leading crypto markets in Southeast Asia. According to a report citing data from the Securities and Exchange Commission (SEC), more than 7 million digital asset accounts are currently registered, representing approximately 12% to 18% of the country’s population. The report also noted that the Bank of Thailand is expected to introduce a baht-backed stablecoin before the end of this year.