30 Apr, 2025

SEC Ends Investigation Into Paypal’s PYUSD Stablecoin Without Enforcement

The U.S. Securities and Exchange Commission has dropped its investigation into stablecoin PayPal USD (PYUSD), the payment giant said in its latest disclosure.In a Form 10-Q filed on Tuesday, PayPal said that the SEC informed the company in February that the agency was closing the inquiry surrounding a 2023 subpoena related to PYUSD "without enforcement action."In November 2023, PayPal received a subpoena from the SEC requesting information about its PYUSD stablecoin. "The subpoena requests the production of documents," the company said at the time. Such subpoenas typically serve as a way for the SEC to gather information and do not necessarily result in legal action or enforcement.The latest disclosure comes on the heels of a partnership announcement between PayPal and Coinbase. The pair announced last week that they have partnered to eliminate trading fees for PYUSD, allowing users to buy, sell, and trade PYUSD on Coinbase without incurring platform fees, and to redeem PYUSD at a 1:1 ratio for USD directly on the exchange.PayPal launched the PYUSD in August 2023 through a third-party issuer. However, the stablecoin's market presence continues to be dwarfed by rivals Tether's USDT and Circle's USDC. PYUSD has a market capitalization of $879.9 million, compared to USDT’s $148.4 billion and USDC’s $62 billion.To boost adoption, PayPal expanded PYUSD to Solana in May 2024 and later partnered with crypto custodian Anchorage Digital to help develop a stablecoin reward program. It has also partnered with MoonPay to expand payment options for purchasing PYUSD.

28 Apr, 2025

East Asia Pacific Growth Slows in 2025, World Bank Says

East Asia and Pacific has led in economic growth, but to sustain momentum and create jobs, countries must address global uncertainties. Key challenges include shifting global integration, climate change, and demographic trends.According to the World Bank Group’s latest 2025 Regional Economic Update, it is expected to slow to 4.0 percent in 2025, affected by global conditions and domestic policies.China’s growth will decelerate to 4.0 percent due to trade restrictions, policy uncertainty, global slowdown, and property sector weakness. Growth projections vary across the region: Mongolia 6.3 percent and Vietnam 5.8 percent lead, followed by the Philippines 5.3 percent, Indonesia 4.7 percent, Cambodia 4.0 percent, Malaysia  3.9 percent, and Laos 3.5 percent, while Thailand lags at 1.6 percent. Meanwhile, the growth in the Pacific Island countries is projected at 2.5 percent.Despite these challenges, the World Bank projects that approximately 24 million people in the region will escape poverty between 2024 and 2025, based on the upper-middle-income poverty line.“While navigating global uncertainty, countries across the region have the opportunity to strengthen their economic prospects by embracing and investing in new technologies, opening up business opportunities through bolder reforms, and deepening international cooperation,” said Manuela V. Ferro, Vice President of the World Bank for East Asia and Pacific.WB economists point to three key strategies that could help countries in the region navigate both immediate uncertainties and long-term challenges:First, accelerating adoption of new technologies could boost productivity and create more jobs, following successful models in Malaysia and Thailand.Second, implementing reforms to enhance competition, particularly in services sectors, could unlock new economic opportunities as demonstrated by Vietnam’s approach. Third, deeper international cooperation could strengthen economic resilience in the face of global challenges.“Combining new technologies with bold reform and innovative cooperation could help countries in the region cope with current environment and longer-term challenges,” noted Aaditya Mattoo, World Bank East Asia and Pacific Chief Economist. “That is the recipe for higher productivity and better jobs.”

25 Apr, 2025

Bitcoin Eyes $98K While Recession Warnings Loom Over Crypto Markets

As of April 23, Bitcoin (BTC) has clawed its way back to year-to-date breakeven—a sharp contrast to the S&P 500, which remains nearly 10% underwater. This divergence caught the attention of Bloomberg Intelligence’s Mike McGlone, who described Bitcoin’s resilience as an “accomplishment,” especially amid widespread losses across traditional financial markets.But that strength may be short-lived.McGlone cautions that if the U.S. economy enters a recession, Bitcoin’s momentum could unravel quickly. Referencing the cataclysmic market collapses of 1929, Japan’s 1989 real estate bubble, and the 2000 dot-com crash, he warns that cryptocurrencies may suffer a similar fate—due in part to over-speculation and an oversupply of digital tokens. In such a scenario, he estimates a potential 30% plunge in traditional equities, with crypto markets likely to mirror that downturn.While macro concerns mount, Crypto Capo, a well-known crypto analyst with over 122,000 Telegram followers, presents a contrasting perspective—at least in the short term.In a recent post, Capo forecasted that Bitcoin could surge to $98,000 before entering a sharp correction. As long as BTC holds above $88,000, with a stronger base at $90,000, he believes the flagship cryptocurrency remains in an uptrend.“Shorting here makes no sense at all,” Capo writes. “I'll be looking at the $94,000–$95,000 zone for potential shorts, but for now, the smart move is staying net long.”Capo’s crypto market analysis also includes Ethereum (ETH) and Solana (SOL). He expects ETH to rally 30% before correcting, and SOL to gain 33%. In a broader outlook, select altcoins could see gains ranging from 30% to 100%, depending on the coin.Current Crypto Prices    ● Bitcoin (BTC) – $93,376 (+0.2%)    ● Ethereum (ETH) – $1,759 (−1.8%)    ● Solana (SOL) – $150 (flat)As investors weigh the risk of recession against technical price targets, the crypto market stands at a pivotal juncture. The clash between bearish macroeconomic signals and bullish technical indicators sets the stage for heightened volatility. For now, all eyes remain on Bitcoin’s $98K threshold—a potential turning point that could either validate this rally or trigger the next major correction in digital assets.

23 Apr, 2025

Luang Prabang Surges Past Tourism Goals with Over 1.1 Million Visitors, Fueling Economic Growth

Luang Prabang experienced a tourism boom in the first quarter of the year, generating USD 584,665,369 million in revenue, marking a 162 percent increase in tourist numbers compared to the same period last year.Between January and March, the province welcomed 1,167,581 visitors, including 459,091 domestic travelers and 708,490 international tourists. This represents a significant increase of 722,679 visitors year-over-year, according to Soudaphone Khomthavong, Director of the Luang Prabang Provincial Information, Culture and Tourism Department.In 2024, Luang Prabang saw a total of over 2.3 million tourists, far exceeding its original target of 900,000. This influx played a key role in driving the province’s GDP to LAK 3,989 billion (approximately USD 183 million), with an average income of USD 1,897 per person.The province continues to focus on development in key areas such as education, infrastructure, and tourism. As part of its ongoing efforts to strengthen the province, a meeting was held on 21 April at the Luang Prabang Military Command to address the shortage of teachers and improve educational outcomes. The session focused on identifying key challenges in human resource development and exploring practical solutions to support workforce growth across multiple sectors.In February, Luang Prabang was officially declared a “poverty-free” and “comprehensively strong” city, reflecting significant strides in regional development.

21 Apr, 2025

Circle Debuts Stablecoin-Based Network to Reduce Costs, Delays in Global Payments

Circle, the company behind the USDC stablecoin, has unveiled an infrastructure platform aimed at modernizing cross-border payments by allowing banks and financial institutions to move money instantly, 24/7, using fully reserved digital dollars (USDC) and euros (EURC).The Circle Payments Network (CPN) will allow banks and financial providers to send money instantly, 24/7, using stablecoins like USDC and EURC. It is designed to support invoice payments, remittances, treasury services, payroll, and contractor payouts.More than 20 design partners are already participating, including dLocal, WorldRemit, BVNK, Yellow Card, and Coins.ph, signaling a focus on institutions operating in emerging markets and high-volume remittance corridors."We are not just building stablecoins. We are building a modern infrastructure for global payments," Circle said in a post on X.The initiative takes aim at the aging infrastructure of global finance. International banking settlements are notoriously slow, expensive, and hindered by legacy systems.Though it’s hardly the first fintech to try and revolutionize cross-border payments or replace SWIFT—and none have yet succeeded—Circle claims banks and payment providers will be able to move money “at internet speed” through programmable and secure transfers that are always available. USD stablecoins now boast a combined market cap north of $231 billion, according to CoinGecko, with over $37 billion traded in the past 24 hours. Tether’s USDT continues to dominate at $144 billion, while Circle’s USDC accounts for around $60 billion of the market.The launch represents a strategic expansion of Circle’s role from a stablecoin issuer to a provider of the infrastructure that moves those assets at scale. With CPN, Circle is trying to position itself as a foundational layer in the global financial stack. The company says “leading banks” are helping shape the network, referring to the advisors listed on its website, which include Deutsche Bank and Standard Chartered.At the same time, Circle is looking to deepen its foothold in the traditional finance world. As reported by The Wall Street Journal on Monday, Circle is among a group of crypto firms—including BitGo, custodian of the Trump family’s stablecoin USD1—planning to seek U.S. bank charters or licenses as the former president positions the country as a potential “bitcoin superpower.”

18 Apr, 2025

Asia Welcomes First XRP Tracker Fund through HashKey and Ripple Partnership

HashKey Capital has launched Asia’s first XRP Tracker Fund, unlocking institutional crypto investment opportunities for the third-largest digital asset by market capitalization. Backed by Ripple as the fund’s lead investor, the initiative aims to provide regulated exposure to XRP for financial institutions, family offices, and high-net-worth investors across the region.This fund reflects a growing push by Hong Kong-based HashKey Capital to expand its suite of digital asset products, and signals a strengthened alliance between two major players in blockchain finance.“XRP stands out as one of the most innovative digital assets, used by global enterprises to transact, tokenize, and preserve value,” said Vivien Wong, Partner at HashKey Capital’s Liquid Funds. “With the first XRP Tracker Fund in Asia, we provide direct access to XRP, catering to the increasing demand for sophisticated crypto investment vehicles.”The HashKey XRP Tracker Fund joins the firm’s expanding lineup, which includes the Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF, both listed on the Hong Kong Stock Exchange. This marks the third tracker fund under HashKey Capital’s management, reinforcing its reputation as a top-tier digital asset investment platform in Asia.Ripple Anchors the FundRipple’s role as anchor investor underscores its intention to expand in Asia through regulated crypto channels. According to Fiona Murray, Ripple’s Managing Director for Asia-Pacific, the fund reinforces the region’s leadership in blockchain adoption.“HashKey Capital’s position and the region’s digital finance momentum make Asia a center of gravity for crypto innovation,” she said. “We are excited to collaborate further on investment solutions, cross-border payments, and enterprise blockchain products.”Market Timing and ETF MomentumThe timing of the launch aligns with escalating anticipation for XRP ETFs in the United States, particularly under President Trump’s second term. Analysts at Standard Chartered estimate a potential $8 billion in inflows for a spot XRP ETF within its first year, with multiple firms currently awaiting SEC approval. A key decision from the Securities and Exchange Commission on Grayscale’s filing is expected by May 22.Bridging Traditional Finance with Blockchain AssetsThrough the XRP Tracker Fund, HashKey and Ripple are effectively bridging institutional capital with blockchain-native opportunities. The product delivers secure, transparent, and accessible crypto exposure, enhancing Asia’s position as a leading center for regulated digital asset investments.

16 Apr, 2025

Asian Development Bank Predicts 3.9% Economic Growth for Laos in 2025

The Asian Development Bank (ADB) officially launched the Asian Development Outlook April 2025 at the ADB’s Lao Resident Mission (LRM) office in Vientiane.According to the report, logistics and tourism services will continue to be the main drivers of growth in Laos. The country’s economic forecast of 3.9 percent growth in 2025 and 4.0 percent in 2026 can be compared to the broader developing Asia and Pacific projection of 4.9 percent growth in 2025 (down from 5.0 percent last year) and 4.7 percent in 2026.“It is most crucial to strengthen the macroeconomic fundamentals that anchor the economy and ensure long-term resilience, given the current global uncertainties. The focus on improved fiscal management, human resource development, and renewable energy will help enhance the country’s capacity to withstand external shocks, ensure sustainable economic growth, and improve social inclusivity,“ said ADB Country Director for Laos Shanny Campbell.Tighter monetary policy is helping to stabilize the exchange rate and reduce inflation. In late 2024, the central bank’s actions helped steady the Lao kip, which fell by 5.4 percent against the US dollar but rose by 1.2 percent against the Thai baht. Inflation averaged 23.3 percent, mainly due to high prices for food, alcohol, restaurants, and hotels. Inflation is expected to ease to 13.5 percent in 2025 and 10.4 percent in 2026. However, debt in foreign currencies will continue to put pressure on the exchange rate and keep inflation high. Additionally, higher electricity prices starting in March this year are likely to raise costs in the near future.While Laos is dealing with a high inflation rate, this is significantly higher than the regional inflation projection of 2.3 percent in 2025 and 2.2 percent in 2026 as global food and energy prices continue to decline.Renewable energy and mining investments are projected to help the industry grow over the next two years. Export values for electricity, minerals, and agricultural products are forecast to increase, and import levels will likely recover with the stabilized kip. However, agriculture faces climate change challenges and growth is projected to remain moderate. Labor shortages and lower prices of agricultural commodities will dampen investments.Tight Fiscal Policy Amid High DebtFiscal policy will remain tight due to the debt burden. The 2025 budget targets a 1.0 percent GDP deficit, with revenue rising by 36 percent to 68.1 trillion kip and expenditure by 19.1 percent to 71.8 trillion kip. Tax reforms and improved tax administration will drive revenue growth. However, high public debt will continue to challenge fiscal sustainability and constrain government spending.The principal external risk to Laos’growth outlook arises from elevated tariff rate increases by the United States, which are expected to have a direct impact on the Lao economy, as well as a pronounced effect on neighboring economies that serve as its key trading partners.The full impact remains subject to significant uncertainty, and the extent and transmission of these effects are not readily quantifiable, as it will depend on the duration of the tariffs and the negotiation capacity of affected countries.The report also notes that solid domestic demand and strong global appetite for semiconductors driven by the AI boom are supporting regional growth, though Laos’ growth appears more dependent on logistics, tourism, renewable energy, and mining investments.A Call for Resilience, Reform“Economies in developing Asia and the Pacific are supported by strong fundamentals, which are underpinning their resilience in this challenging global environment,” said ADB Chief Economist Albert Park. “Rising tariffs, uncertainties about U.S. policy, and the possibility of escalating geopolitical tensions are significant challenges to the outlook. Asian economies should retain their commitment to open trade and investment, which have supported the region’s growth and resilience.”Tightened monetary and fiscal policies have had trade-offs on health and education, impacting human capital and overall productivity. As debt servicing requirements increased, critical expenditures on health and education have decreased significantly. The report emphasizes the need for comprehensive public financial management reforms to tackle challenges in education and health.ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Founded in 1966, ADB is owned by 69 members—49 from the region.

14 Apr, 2025

Argentina Announces End of Currency Controls and Introduces Exchange Rate Band

The Argentine government announced a sweeping overhaul of its foreign exchange regime, set to take effect on Monday, including the end of currency controls and the introduction of a managed float within a fixed exchange rate band. The move marks the beginning of what authorities are calling “Phase 3” of their economic program.Economy Minister Luis Caputo said in a press conference at the Casa Rosada that the official exchange rate will now float between 1,000 and 1,400 pesos per US dollar, with monthly adjustments of 1% to both the floor and ceiling. The Central Bank (BCRA) will intervene only if the rate hits either extreme of the band.“This marks the start of the Central Bank’s recapitalization phase,” Caputo said. “It allows us to support the pesos in circulation and move towards full monetary stability.”The reforms follow a new $20 billion agreement with the International Monetary Fund, of which $15 billion will be freely available to the government in 2025, Caputo confirmed.End of capital controlsFor the first time in six years, individuals will be allowed to purchase US dollars freely at the official rate, as the government abolishes the long-standing “cepo cambiario” that had capped monthly purchases at $200. The Central Bank also removed tax penalties and restrictions linked to previous pandemic-era subsidies and public employment.”The restrictions outlined in Communication A 7340 and the so-called ‘cross restrictions’ will no longer apply to individuals,” the Central Bank said in a statement.Elimination of the “dólar blend”The government will also scrap the “dólar blend” system, which had allowed exporters to sell 20% of their foreign currency earnings on the parallel market at a more favorable rate. All export revenue will now be settled through the official market, though timelines for currency liquidation remain unchanged.Officials said the move would simplify Argentina’s currency framework and enhance liquidity in both spot and futures markets for foreign exchange and commodities.Market Reactions and OutlookWhile the official dollar rate closed at 1,078 pesos on Friday, the BCRA will now act as a buyer if the rate falls to 1,000 or below and as a seller if it hits or exceeds 1,400. These interventions aim to accumulate reserves or absorb excess liquidity, depending on demand for pesos.The government hopes the changes will restore confidence in Argentina’s monetary system and pave the way for macroeconomic stability. Analysts, however, remain cautious about the country’s ability to sustain the new framework amid political and inflationary pressures.Argentina’s currency reforms come amid broader efforts to stabilize the economy following years of crisis, chronic inflation, and capital flight.

11 Apr, 2025

Hong Kong SFC Approves Staking for Licensed Platforms and ETFs

Hong Kong has taken another decisive step toward cementing its role as a global digital asset stronghold. On Friday, April 11, 2025, the Securities and Futures Commission (SFC) announced it has approved staking services for licensed virtual asset trading platforms (VATPs) and exchange-traded funds (ETFs)—a strategic move aimed at deepening the city’s crypto infrastructure.In a statement issued earlier this week, the SFC released new regulatory guidelines permitting staking, a process central to the proof-of-stake (PoS) blockchain consensus model. Staking not only secures blockchain networks but also allows investors to earn yield on their digital assets, further integrating traditional investment mechanisms with decentralized technologies.Prior authorization is now a mandatory step for VATPs and ETFs planning to launch staking services. This vetting ensures that client protection and risk disclosure remain central tenets of any offering. Safeguards around staked assets, operational integrity, and transparency were key themes in the SFC’s guidelines—designed to mitigate mismanagement and build investor trust.The announcement ties into Hong Kong’s February crypto roadmap, which outlined regulatory greenlights for margin trading, new token listings, and staking. The roadmap reflects a broader intent to keep pace with international crypto capitals, especially as the United States embraces digital assets under President Donald Trump’s administration.SFC CEO Julia Leung emphasized that expansion in digital finance must go hand in hand with regulatory discipline. “Growth must occur within an architecture of trust,” she noted, referencing the need to secure client assets while encouraging innovation. The new measures not only acknowledge the rising demand for passive crypto income but also bring legitimacy to services often left in regulatory gray zones.Hong Kong’s strategic pivot toward becoming a regulated crypto hub may also help attract both retail and institutional investors, particularly those wary of uncertain global regulations. As Asia-Pacific competition intensifies, the city’s move to authorize staking may serve as a magnet for blockchain startups, digital asset managers, and traditional finance firms looking to tap into new revenue streams.The stage is set for Hong Kong to evolve beyond its traditional financial identity. With staking now officially sanctioned, the city reinforces its ambition to be more than a follower in the blockchain era—it wants to lead.