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.

 

 

SBI Group, one of Japan's largest financial companies, has partnered with the Solana Foundation to launch Japan's first on-chain financial markets.

 

According to a press release from SBI Group, the partnership aims to establish Japan as Asia's leading hub for on-chain finance by leveraging the Solana Foundation's Layer 1 blockchain technology and Japan's vast financial market.

 

Image credit: x.com

 

As part of the collaboration, SBI R3 Japan Co., Ltd. will tentatively change its trade name to SBI Solana Group Co., Ltd. Together with its shareholders, SBI Holdings and Sumitomo Mitsui Financial Group, Inc., SBI Group will pursue a new growth strategy that includes developing cross-border settlement infrastructure and supporting the issuance and distribution of stablecoins and tokenized real-world assets (RWAs).

 

SBI Group's partnership with the Solana Foundation comes shortly after the launch of JPYSC, Japan's first yen stablecoin backed by a trust bank. Issued by SBI subsidiary Shinsei Trust, JPYSC was launched to create a regulated, efficient yen based on a chain payment and liquidity infrastructure that bridges traditional finance (TradFi) and on-chain finance.

 

Unlike earlier funds-transfer or prepaid yen stablecoins, JPYSC has no transaction limit, making it suitable for use as a tradable asset by large institutions and corporations. It also offers significantly lower transaction costs than traditional payment methods.

 

JPYSC Lending Coming Soon

 

With the successful launch of the JPYSC stablecoin, SBI Group has announced the JPYSC Lending Service, a fixed-term lending product that allows users to lend their JPYSC holdings to SBI VC Trade, its cryptocurrency exchange subsidiary, and earn yield in return. Applications for the lending program will open on July 16, with the service scheduled to begin on July 23.

 

 

Hyundai Card, the credit card and financial services subsidiary of Hyundai Motor Group, has completed its first cross-border, stablecoin-based remittance pilot between its overseas subsidiaries.

 

The pilot, designed in two stages, involved Hyundai Card testing cross-border payments between its subsidiaries in the United States and Mexico using stablecoins. Specifically, Hyundai Motor America converted $20,000 into Tether (USDT), which was then sent to Hyundai Mexico, where the stablecoin was converted back into U.S. dollars.

 

According to Hyundai Card, the pilot was significant because it used stablecoin technology for an actual intercompany settlement at the multinational level. The entire process, from payment to settlement verification, took an average of 7 minutes, compared with conventional bank transfers, which often take 3 to 4 hours.

 

Hyundai Card was not the only company involved in the pilot. Stablecoin issuer Tether, blockchain platform Avalanche, and blockchain payments infrastructure provider Axiym were also identified by the card issuer as partners in the project.

 

Together, the companies developed an operational framework to identify and manage potential issues that could arise during live cross-border transactions. Meanwhile, Hyundai Card worked with Hyundai Motor to review the accounting, tax, legal, and internal control requirements for the stablecoin-based settlement infrastructure.

 

Following the success of the first pilot, Hyundai Card plans to conduct the second stage with its European subsidiaries later this month. In the second pilot, the company will test the practicality of stablecoin-based payments in local currencies and evaluate potential cost savings from lower foreign exchange expenses.

 

Although Hyundai is the first major South Korean company to conduct a stablecoin pilot of this kind, the move comes as large industrial companies, including automakers, are increasingly adopting and integrating blockchain technology into their operations.

 

In April, Mitsubishi, one of Japan's largest industrial companies, adopted JPMorgan's Kinexys blockchain network for its cash management system. According to Kazuyoshi Kawakami, Mitsubishi's treasurer, the move is intended to strengthen the company's liquidity management framework and ensure cash flows efficiently across its global subsidiaries.

 

Image credit: pymnts.com

 

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.

 

 

The Bank of New York Mellon (BNY) has partnered with Circle Internet Group, the issuer of USD Coin (USDC), to expand the institutional capabilities of Circle’s USDC stablecoin.

 

Image credit: X.com

 

The partnership, announced in a BNY press release, will support the full lifecycle of Circle’s USDC institutional capabilities. Through the partnership, BNY institutional clients will be able to hold their USDC stablecoins in BNY digital asset custody wallets, while also minting U.S. dollars into USDC and redeeming or converting USDC into U.S. dollars.

 

“As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems,” said Carolyn Weinberg, Chief Product & Innovation Officer at BNY. “With the addition of our enhanced stablecoin enablement capabilities, we’re expanding the ways clients can move value with the operational scale, trust, and resiliency they expect from BNY.”

 

According to BNY, USDC will be the first stablecoin integrated into its Digital Asset Custody platform, with the bank stating that plans are underway to support additional stablecoins. Circle’s USDC is now the third cryptocurrency supported by BNY’s digital asset custody platform, following Bitcoin and Ether.

 

About BNY 

Headquartered in New York, BNY is a leading global financial services and asset servicing company that specializes in investment services, securities servicing, wealth management, and issuer services for institutional clients, including governments, banks, and corporations.

 

Beyond being one of the world’s largest traditional finance companies, managing assets worth more than $59 trillion, BNY has been actively adopting and integrating blockchain technology into its financial infrastructure, helping bridge the gap between traditional finance and blockchain-based financial systems.

 

In 2022, BNY launched its Digital Asset Custody platform, which provides regulated custody services for digital assets. The platform later enabled BNY to become Circle's primary custodian for its USDC reserves. To further strengthen its role in the digital asset ecosystem, BNY has partnered with major blockchain companies, including Circle, Fireblocks, and Canton Network.

 

 

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).

 

 

Trace Finance, a U.S.-based infrastructure company for cross-border banking and payments, has raised $32 million in a Series A round led by CoinFund. Other investors involved include Coinbase Ventures, Haun Ventures, Valor Capital, Jump Capital, Paxos, and HOF Capital.

 

According to the team, the funds will be used to support Trace’s expansion by scaling its transaction capacity and extending its stablecoin infrastructure beyond its current limits. With this funding, the team also aims to advance its vision of connecting the U.S. with Latin America.

 

Launched in 2021, Trace Finance was created to address settlement challenges such as poor service, high fees, and operational friction that hindered cross-border settlements and international remittances in Latin America. So far, the Trace team has remained focused on its mission, processing more than $10 billion in cross-border volume while serving as a leading provider for four of the largest global payment companies in Latin America.

 

“The international payments market has transformed profoundly in recent years. Beyond technological advances, flows are becoming increasingly complex, requiring operators to have deep regulatory knowledge and to operate through local regulated structures,” said Bernardo Brites, co-founder and CEO of Trace Finance.

 

“This round allows us to deepen the payments, compliance, and settlement infrastructure used by the largest technology companies, exchanges, international banks, and payment companies to connect digital settlement with trusted local financial systems.”

 

The team also plans to strengthen its product capabilities in foreign exchange, banking connectivity, compliance, and international settlement, while expanding its regulated footprint across the United States, Brazil, Latin America, and the Asia Pacific region.

 

Stablecoin Companies See Continued Investor Interest

Just as Trace Finance has, several crypto startups, especially stablecoin-focused companies, have attracted millions of dollars in investment. Range, a Switzerland-based company building stablecoin treasury and compliance tools for wallets, banks, and exchanges, recently raised $8.3 million in a Series A round.

 

Last month, OpenTrade, a company building institutional-grade "yield as a service" infrastructure for stablecoins, raised $17 million in a seed round led by a16z crypto. Checker, a company building a platform that allows financial institutions to access stablecoin liquidity, cross-border payments, treasury management, and credit, raised $8 million. To date, Checker has processed over $8 billion.

 

 

Ripple, the leading blockchain technology company that provides blockchain-based solutions to banks and financial institutions, has just invested in Flutterwave, Africa’s biggest fintech unicorn.

 

The investment, which was part of Flutterwave’s Series E funding round, aligns with the unicorn’s long-term value proposition to build Africa’s leading unified payments infrastructure that connects the continent seamlessly to the global economy.

 

 

According to Flutterwave, the partnership is built on three core pillars: embedding Ripple’s RLUSD into Flutterwave’s payment rails to scale large volume payments and remittances; leveraging Ripple’s XRP Ledger for faster transaction clearing; and deploying a unified API that seamlessly bridges Flutterwave’s domestic network with Ripple’s global payment network.

 

"This investment marks a pivotal moment in our journey, enabling us to significantly scale our infrastructure and expand our stablecoin-enabled payments roadmap,” said Olugbenga "GB" Agboola, Flutterwave’s Founder and CEO.

 

“By unlocking faster settlement and lower cost cross-border payments, we are building a payment superhighway that connects African commerce directly to the global economy. This partnership is a catalyst for Nigerian and African sovereignty in the digital financial age, ensuring our markets are primary participants in the global digital asset revolution.”

 

Through partnering with Ripple, Flutterwave takes a significant step towards achieving its “stablecoin first” payment infrastructure that eliminates traditional bottlenecks. By integrating Ripple’s RLUSD stablecoin into its payment infrastructure, Flutterwave aims to deliver immense speed, liquidity, and cost efficiency to Africa’s cross-border payment network, transforming how Africa interacts with global markets.

 

About Flutterwave 

Flutterwave is one of Africa’s leading fintech companies. Launched in 2016, Flutterwave was created to solve fragmented payment systems that limited Africa’s connection to the global economy. Through a single API and platform, Flutterwave enables businesses to accept payments, make payouts, and process cross-border transactions across Africa and internationally.

 

Since its inception, Flutterwave has raised over $ 500 million through multiple funding rounds and is currently valued at $ 3.2 billion, making it Africa’s most highly valued fintech company. Its services are available in more than 35 African countries, and its payment infrastructure supports over 150 currencies.

 

 

Stablecoin issuer Tether has announced its role as the lead investor in Neura Robotics’ recent Series C funding round. The funding round, which raised an estimated $1.4 billion, included Qualcomm, Amazon, and NVIDIA among other investors.

 

 

By investing in Neura Robotics, Tether is extending its influence beyond the digital asset industry, enabling it to deploy some of its core technologies into the humanoid robotics ecosystem. The partnership also enables the integration of Tether’s Wallet Development Kit and Tether’s self-custody wallets into the Neura Robotics system.

 

Through this integration, Tether provides a foundation that enables Neura Robotics to develop robotic systems that earn micropayments for tasks, transact with other robotic systems, and autonomously facilitate transactions and receive payments between machines without human intervention.

 

As part of its partnership, Neura Robotics will collaborate on testing, improving, and deploying Tether’s QuantumVerse Automatic Computer, known as QVAC, into its Neuraverse ecosystem. QVAC is Tether’s open-source, decentralized artificial intelligence platform that enables users to run and fine-tune large language models directly on their devices without relying on cloud servers.

 

“As robotics moves beyond scripted automation and into true autonomy, the infrastructure behind it must evolve as well,” said Paolo Ardoino, chief executive officer of Tether.

 

“Autonomous machines need the ability to process information locally, make decisions, and transact without relying on centralized intermediaries. QVAC brings that edge-first intelligence to the platform while WDK handles the secure financial layer. Together, they enable machines to execute tasks, account for outcomes, and operate independently. NEURA Robotics shares that vision, and this investment reflects our confidence in what autonomous robotics can become.”

 

About Neura Robotics 

NEURA Robotics is a German-based high technology company that positions itself as a pioneer in cognitive robotics and Physical Artificial Intelligence. It develops artificially intelligent machines that can perceive (see, hear, feel), learn, adapt, and collaborate safely with humans.

 

So far, the company has developed some cognitive humanoid robots, including MAiRA, MiPA, and 4NE1. It has also developed Neuraverse, an open ecosystem and platform that enables robots to share skills, continuously learn, and expand their capabilities.

 

 

Japan’s top three largest banks, Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation, and Mizuho Bank, Ltd, have announced plans to jointly launch a yen-backed stablecoin by March 2027.

 

In a recent press release, the three megabanks said plans were already in place for the trio to conduct actual commercial transactions using the stablecoin. This is not a test or pilot program but a real financial infrastructure enabling stablecoin-based payments.

 

As a major step toward this goal, the three megabanks signed a Memorandum of Understanding (MoU) to establish a voluntary joint council responsible for developing the stablecoin operational framework, including issuance infrastructure, systems, schemes, governance, and future collaboration with other institutions.

 

Together with the Financial Services Agency (FSA), Japan’s primary financial regulatory authority, the three banks conducted a FinTech Proof of Concept pilot program around November 2025. The goal of the pilot was to assess whether multiple banks could jointly issue the stablecoin while ensuring compliance with all regulatory, legal, and compliance standards.

 

The Mitsubishi UFJ Financial Group’s partnership with the two other megabanks comes shortly after Mitsubishi Corporation, an entity within the broader Mitsubishi Group, adopted JPMorgan’s Kinexys blockchain network for cash management for its global subsidiaries.

 

Just like Japan’s megabanks' collaboration to launch a stablecoin, other banks have made similar moves, notable among which is Qivalis, a consortium comprising 37 European banks that are collaborating to launch a stablecoin for the euro.

 

Stablecoins continue to grow rapidly, with many traditional financial institutions entering the sector. According to a recent report, stablecoin transaction volume exceeded 28 trillion dollars in the first quarter of this year, approaching the 33 trillion dollar annual transaction volume recorded in 2025. US dollar pegged stablecoins still make up a large share of the global stablecoin supply, representing about 97 percent of the total global stablecoin supply.