13 Jun, 2025

Shopify Merchants in 34 Countries to Accept USDC Through Stripe Partnership

Shopify merchants in 34 countries will soon be able to accept USDC, a dollar-pegged stablecoin, thanks to an expanded partnership between Stripe and Shopify. The feature, built on the Base blockchain developed by Coinbase, will allow customers to pay with USDC using their preferred crypto wallets, while giving merchants a simple and flexible way to receive funds — either as local currency or in USDC.Seamless Integration for Global Crypto PaymentsStripe’s integration of stablecoin payments into Shopify’s checkout and payout systems eliminates the need for merchants to manage complex crypto infrastructure. Payments made in USDC on Base are processed just like traditional payments: by default, Stripe will convert the stablecoins to local currency and deposit them into the merchant’s bank account. Merchants who prefer to hold crypto can instead opt to receive USDC directly to an external wallet.This new capability is part of Stripe Connect, the company’s suite of tools for managing multi-party payments. Connect powers platforms like DoorDash, Instacart, Salesforce, and now enables Shopify to offer crypto payments at scale. U.S.-based Connect platforms will also be able to activate stablecoin payments for their own users.Unlocking Access to Global Markets Without Added CostsWith this launch, Shopify merchants will be able to accept payments from customers anywhere in the world without incurring foreign transaction or exchange fees. This supports the growing trend of borderless commerce, where businesses can reach international buyers as easily as local ones.“By embracing stablecoins, merchants aren’t just adopting a new payment method,” Shopify noted in its announcement. “They’re tapping into global markets, opening the door to new customers, and joining the future of accessible, international commerce.”The move is backed by strong market momentum. In the past two years, global stablecoin settlement volume grew from under $2 billion to over $6.3 billion monthly, totaling more than $94 billion. Stripe and Shopify aim to harness that growth by simplifying access for everyday merchants.A Step Toward Mainstream Crypto AdoptionThis rollout marks a milestone in bringing crypto payments into mainstream ecommerce. According to Coinbase, Shopify chose Base for its low-cost, high-speed onchain transactions. “This partnership represents a significant step toward Base’s mission to bring a billion people onchain,” the company stated.Stripe’s head of crypto, Neetika Bansal, echoed this view: “Now those businesses can reach more markets at lower costs — all without having to change how they already run their business.”Early access to this feature has already begun, with broader availability planned for later this year.

11 Jun, 2025

GENIUS Stablecoin Bill Passes Key Vote, Advances in US Senate

Weeks after a stablecoin bill stalled over Trump-linked concerns, the Senate advanced the GENIUS Act.In a 68-30 vote, the US Senate chose to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, more than a month after it was introduced.Speaking from the Senate floor on Wednesday, Majority Leader John Thune urged members of Congress to support the bill, echoing many of US President Donald Trump’s talking points on digital assets, including that the legislation would help make the US the “crypto capital of the world.”A majority of senators, including several Democrats, voted to invoke cloture for the bill, setting it up for debate and a full floor vote before potentially sending it to the House of Representatives for further consideration.“We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” said Thune.Thune said there was “more work to be done” for Congress in regard to digital assets, referring to a separate market structure bill being considered in the House. On Tuesday, two House committees voted to advance the bill, called the CLARITY Act, potentially setting it up for a full floor vote soon.Massachusetts Senator Elizabeth Warren spoke from the Senate floor, saying there were “core problems” with the GENIUS Act that the chamber had failed to address by not voting on certain bipartisan amendments. She also reiterated concerns from many Democrats about Trump’s ties to his family-backed crypto platform World Liberty Financial, and rewarding holders of his memecoin with dinner and access to the president.“Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires, and from large corporations,” said Warren. “By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.”“The GENIUS Act is riddled with loopholes and contains weak safeguards for consumers, national security, and financial stability.”Able to pass the Senate and House, and end up on Trump’s desk?Though many Democrats voted to invoke cloture, at the time of publication, some were continuing to request that Republicans consider amending the GENIUS Act. It’s unclear whether the bill will have enough support to pass the chamber, where Republicans hold a slim majority.After the first cloture vote failure in May, Trump’s “AI and crypto czar,” David Sacks, said the White House expected the GENIUS Act to pass in the Senate with bipartisan support. The companion bill to regulate stablecoins in the House, the STABLE Act, was still under consideration by the Financial Services Committee as of May.

09 Jun, 2025

Kaia Pledges Won-Pegged Stablecoin as South Korean Payment Stocks Rally

Kakao-backed blockchain Kaia joins South Korea’s stablecoin race as the tech giant’s payments app surges 30% on the stock market.Layer-1 blockchain Kaia has pledged to launch a South Korean won-based stablecoin following the Wednesday inauguration of President Lee Jae-myung, a left-leaning politician whose campaign included a series of crypto-friendly promises.Launching a won-based stablecoin is one of the crypto goals laid out during Lee’s campaign that set him apart from other crypto-friendly candidates.The issuance of stablecoins faces legal hurdles, as South Korea’s constitution grants exclusive authority over currency issuance to the central bank, the Bank of Korea.Still, Lee’s Democratic Party is leaning toward private-sector innovation. Lawmaker Min Byoung-dug, who leads the party’s Digital Asset Committee, has signaled support for private-issued stablecoins and is preparing to propose the Digital Asset Basic Act, a comprehensive legislative framework for the crypto industry.Kaia’s interest in stablecoins carries weight, given its backing by Kakao, the tech conglomerate behind many of South Korea’s essential digital services, including messaging, navigation and finance.Stablecoin beneficiaries’ stocks pumpBoth traditional and crypto investors in South Korea have responded enthusiastically to the new administration. According to a survey by the Korea Chamber of Commerce and Industry cited by multiple local outlets, almost 60% of respondents said they plan to expand their crypto holdings under Lee’s tenure.That optimism spilled into the stock market on Monday, as payment firms Kakao Pay and rival Danal both closed the day up 29.9%.Due to its digital wallet infrastructure and QR code payment system, Kakao Pay is widely seen as a potential beneficiary of a domestic stablecoin. The firm is the fintech arm of Kakao, whose Web3 subsidiary developed the Klaytn blockchain, now merged with Japanese messenger LINE-backed Finschia to form Kaia.The rally also reflects increasing confidence that stablecoin regulation will advance quickly. Kim Yong-beom, a former vice finance minister and until recently head of research at blockchain venture capitalist Hashed, has been appointed as President Lee’s chief policy officer.Lawmaker Min’s forthcoming Digital Asset Basic Act is expected to contain provisions for legalizing and overseeing won-pegged stablecoins, signaling that legislative support is coalescing behind the plan.Lee’s presidency and stablecoins cleared for takeoffThe main cloud of uncertainty hanging over Lee’s presidency has been his multiple ongoing criminal trials, which began before his election. The most politically sensitive case — a remand trial for alleged election law violations during his 2022 campaign — was initially scheduled to resume on June 18.South Korea’s Constitution grants presidents immunity from criminal prosecution except in cases of insurrection or treason, but it was unclear whether this would apply to trials already in progress before inauguration.On Monday, the Seoul High Court ruled that Article 84 of the Constitution does apply, indefinitely postponing the trial. The decision effectively clears the political runway for Lee’s administration to pursue its crypto agenda. Four other trials remain pending, with delays or suspensions now likely to depend on each court’s interpretation.

06 Jun, 2025

What You Need To Know About Incoming Stablecoin Legislation

The adoption by the U.S. Congress of stablecoin legislation is likely to become a reality in the coming weeks following action by the Trump administration to establish U.S. leadership in digital assets as a priority. The U.S. House of Representatives and the U.S. Senate continue to advance federal stablecoin legislation in two similar bills: the STABLE Act (or the Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025, in the House) and the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, in the Senate). These bills, which emerged on the basis of bipartisan support for federal regulation of the issuance of stablecoins, would serve to establish a novel federal regulatory framework for this particular form of digital asset. Although the two bills aim to achieve similar objectives, they differ in certain key details.This Advisory (1) summarizes what the bills would do if adopted as proposed; (2) highlights differences between the two bills; (3) discusses important outstanding legislative and policy considerations; (4) places the bills in perspective by explaining the political dynamics that gave rise to this legislative initiative and continue to shape the path to enactment; and (5) discusses the opportunities that a federal stablecoin law might provide for banking and other financial institutions.This Advisory is part of a series by Arnold & Porter covering the evolution of the digital asset landscape in the U.S. It is the second in a pair of Advisories covering stablecoins. The first Advisory provided an Introduction to Stablecoins, explaining use cases, current approaches and structures, and associated risks.How are stablecoins currently regulated?With no comprehensive federal regulatory framework, issuers and intermediaries of stablecoins are not currently subject to uniform regulatory requirements. Instead, they are regulated under state laws and regulations — principally state money transmitter laws that vary by jurisdiction and generally apply to various forms of payment services providers. Some states, including New York, California, and Arkansas, regulate one or more aspects of stablecoin issuance and custody under state-level digital asset regulatory frameworks. Meanwhile, the status of payment stablecoins under federal securities laws has been a moving target over the past few years and the federal bank regulators have only recently begun to liberalize their standards for approving activities involving stablecoins and other digital assets.What do the STABLE and GENIUS Acts cover?Broadly, the STABLE and GENIUS Acts create a regime for the issuance and regulation of payment stablecoins. They would allow payment stablecoins to be issued by subsidiaries of insured depository institutions, other entities approved by the Office of the Comptroller of the Currency (OCC), and entities authorized to issue stablecoins under qualifying state regimes (“permitted payment stablecoin issuers”). The acts would set forth standards for reserving practices, supervision and enforcement, Bank Secrecy Act (BSA)/Anti-money Laundering (AML), and insolvency, while striking a balance between federal and state authorities over stablecoins. By bringing regulatory clarity to the asset class, the legislation is expected to stimulate the growth of the industry.How do the two bills define payment stablecoin?The Senate’s GENIUS Act defines a payment stablecoin as follows:The term payment stablecoin means(A) A digital asset —(i) That is or is designed to be used as a means of payment or settlement; and (ii) the issuer of which —(I) Is obligated to convert, redeem, or repurchase for a fixed amount of monetary value(II) Represents it will maintain or creates the reasonable expectation that it will maintain a stable value relative to the value of a fixed amount of monetary value(B) That is not —(i) A national currency(ii) A security issued by an investment company registered under section 8(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-8(a))The definition of payment stablecoin in the House’s STABLE Act is similar to the Senate’s definition but differs in certain respects. The House’s bill clarifies that a payment stablecoin must be denominated in a national currency; does not include a “deposit” as defined in the Federal Deposit Insurance Act or an “account” as defined in the Federal Credit Union Act; and could not be a security issued by a person that would be an investment company under the Investment Company Act of 1940 but for paragraphs (1) and (7) of section 3(c) of that Act. Finally, the House bill would further limit instances where stablecoins could operate as securities issued by investment companies.Both bills clarify that tokenized deposits are not covered by the legislation, leaving space for banks to continue issuing that kind of digital asset without being subject to the regulatory requirements of these acts (most notably, the STABLE Act’s prohibition on paying interest to individuals holding stablecoins, discussed in further detail below).What are the reserve requirements for stablecoins?The bills have similar, but not identical, requirements for stablecoin reserves. Under both bills, a “permitted payment stablecoin issuer” would be required to maintain reserves backing all outstanding payment stablecoins on at least a one-to-one basis. Under both bills, such reserves must be held in safe assets, such as U.S. currency; bank deposits; deposits held at a Federal Reserve bank; Treasury securities with a maturity of 93 days or less; certain repurchase agreements backed by Treasuries; or money market funds that are invested in safe assets such as Treasuries or repos on Treasuries.Also under both bills, stablecoin issuers would be required to publish monthly reports on their websites disclosing the total number of outstanding payment stablecoins issued by the issuer, and the amount and composition of the reserves underlying the issued stablecoins. In addition, in the subsequent month, these reports would be required to be examined by an independent public accounting firm, and the issuer’s CEO and CFO would be required to attest to their accuracy in submissions to their relevant federal or state regulator.Notably, both bills are silent on whether stablecoin issuers would be permitted to access Federal Reserve master accounts. This silence is likely to leave these judgments to the discretion of the Federal Reserve, a subject that has been a matter of some controversy over the past several years.Who may issue a stablecoin?Stablecoin issuance would be restricted to (1) subsidiaries of insured depository institutions approved under applicable federal or state regulatory regimes to issue stablecoins, (2) nonbank entities approved by the OCC, or (3) issuers approved by a state regulatory agency (more details below). Permitted payment stablecoin issuers would have their businesses restricted solely to the issuance, redemption, management, and safekeeping of stablecoins, along with other functions that directly support the work of issuing and redeeming stablecoins or are otherwise permitted by the primary federal payment stablecoin regulator. The ability of nonbanks to issue stablecoins is notable; payment stablecoins bear a lot of similarities to banking products, and there is a historically strong barrier in U.S. law between banking and commerce.What federal agencies would regulate payment stablecoin issuers?In general, stablecoin issuers that are subsidiaries of depository institutions would be regulated by the respective federal prudential regulators of the parent depository institution. Accordingly, for national banks, the primary federal regulator would be the OCC; for insured state-chartered banks that are members of the Federal Reserve system, the primary federal regulator would be the Federal Reserve; and for insured state-chartered banks that are not members of the Federal Reserve system, the primary federal regulator would be the Federal Deposit Insurance Corporation (FDIC). Subsidiaries of credit unions would be regulated by the National Credit Union Administration (NCUA).In addition, nonbank entities would be able to apply to the OCC for permission to issue stablecoins as a “federal qualified nonbank payment stablecoin issuer” and, for these entities, the OCC would be the primary federal regulator.Federal stablecoin regulators would be required to promulgate a regulatory regime governing stablecoin issuance, including capital, liquidity risk, interest rate, operational risk, and other risk management standards tailored to the business of issuing stablecoins. Under the STABLE Act, these standards would apply to all permitted payment stablecoin issuers, and the federal authorities are required to consult with state authorities in developing the standards; under the GENIUS Act, the federal standards apply to federally permissioned issuers, while state standards apply to state-permissioned issuers.Toward a unified regulatory future for stablecoinsAs Congress edges closer to passing historic federal stablecoin legislation, the STABLE and GENIUS Acts represent a significant step toward establishing a unified regulatory regime for payment stablecoins in the U.S. While key differences remain between the two bills, both aim to balance innovation and oversight by clarifying the roles of federal and state regulators, setting reserve and transparency requirements, and defining who can issue stablecoins. If enacted, this legislation could catalyze the growth of the digital asset ecosystem by enhancing legal certainty, bolstering consumer confidence, and providing traditional financial institutions with a clearer path to engage with stablecoin technologies.

04 Jun, 2025

JPMorgan to Offer Crypto ETF Financing, Considers Letting Clients Use Crypto as Loan Collateral

JPMorgan & Chase plans to expand some of its crypto offerings for trading and wealth-management clients as the United States regulatory environment warms to digital assets, Bloomberg reported, citing anonymous sources. The bank intends to let its clients use cryptocurrency assets as loan collateral for certain cryptocurrency exchange-traded funds (ETFs), including BlackRock's iShares Bitcoin Trust (IBIT). Previously, clients could only do so on a case-by-case basis. JPMorgan will also include a wealth-management client's crypto holdings when assessing their total net worth and liquid assets when determining the amount a client can borrow against their assets, according to the report. The expanded offerings for trading and wealth-management clients join other crypto-focused services JPMorgan plans to roll out this year. Just last month, crypto critic and JPMorgan CEO Jamie Dimon said the firm will allow its customers to buy bitcoin, although the bank won't custody the asset.Beyond client offerings, the firm is helping other businesses broaden their reach in the crypto industry. In May, the stablecoin issuer Circle tapped JPMorgan to assist with its long-awaited initial public offering.BlackRock's IBIT is the largest spot bitcoin ETF with $69 billion in assets under management. Initially approved in January 2024 alongside 10 other funds, The Block's Data Dashboard indicates that IBIT now holds approximately 78% of the total spot bitcoin ETF market share.

02 Jun, 2025

Ripple’s Stablecoin, RLUSD, Gets Stamp of Approval in Dubai

Ripple’s RLUSD stablecoin will support the Dubai Land Department’s blockchain initiative to tokenize real estate title deeds on the XRP Ledger.The Dubai Financial Services Authority (DFSA), the financial regulator in charge of the Dubai International Financial Centre (DIFC), has approved Ripple’s RLUSD stablecoin. Following the approval, DIFC companies can now use the RLUSD stablecoin for various virtual asset services. These may include payments, treasury management and services.The DIFC is a free economic zone and financial district that serves companies throughout the Middle East, Africa and South Asia. The financial zone had nearly 7,000 registered businesses by the end of 2024.Under the DIFC’s crypto framework, only tokens recognized by the DFSA may be used across the district’s regulated ecosystem.Ripple Sees “Huge Interest” From UAE BusinessesRipple said businesses in the UAE are growing increasingly interested in crypto solutions. “The UAE’s digital economy is vibrant and incredibly dynamic,” said Reece Merrick, Ripple’s managing director for the Middle East and Africa.“We’re seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions,” Merrick added.Ripple said it is working with several local partners, including digital bank Zand and fintech platform Mamo, which are expected to be early adopters of the company’s regulated payment services.In addition, Ripple said RLUSD will support the Dubai Land Department’s real estate tokenization initiative. The company said the project will record title deeds on the XRP Ledger.On March 19, the Dubai Land Department (DLD) announced that it had started the pilot phase of its real-estate tokenization project. The project aims to be a registration entity implementing blockchain-based tokenization on property title deeds.Crypto Complements Traditional Finance SolutionsWhen asked how stablecoins would compete with traditional financial systems, a Ripple spokesperson told Cointelegraph that the company sees blockchain and crypto as complementary to fiat systems.However, the spokesperson added that traditional rails are not built for the real-time, global economy. The spokesperson said that this is where stablecoins play a role.“Enterprise-grade, regulated stablecoins like RLUSD offer businesses a faster, cheaper, and more transparent alternative to traditional rails,” the spokesperson told Cointelegraph. “This is particularly true in markets where fiat liquidity is limited.”Ripple emphasized that for adoption to scale, usability must match innovation. “Our customers don’t want to become crypto experts, they just want solutions that work,” the spokesperson added.Ripple Expands Global OperationsThe RLUSD stablecoin approval follows Ripple’s recent DFSA licensing. On March 13, the company said it had received a full license to operate in the DIFC. RLUSD is among the few stablecoins globally approved under the DFSA’s crypto token regime and the New York Department of Financial Services (NYDFS) Trust Company Charter. On Dec. 10, the NYDFS approved the stablecoin. “RLUSD is issued under a NYDFS Trust Company Charter, which means this is our primary regulator,” the Ripple spokesperson told Cointelegraph, saying that the DFSA’s approval is a different form of regulatory oversight. “It enables RLUSD to be integrated into virtual assets services by DFSA-licensed firms in the DIFC,” the spokesperson added.Apart from the RLUSD stablecoin, the DFSA has recognized Circle-issued stablecoins USDC and EURC (EURC) and approved their use in the DIFC free economic zone.

30 May, 2025

Why Emerging Markets Are the Next Frontier for Digital Payments: The Stablecoin Revolution

Across emerging markets in Latin America, Asia, and Africa, digital payment ecosystems are evolving at a rapid pace. Mobile-first consumers, high remittance volumes and growing demand for stable stores of value are converging to create fertile ground for financial innovation.One of the most promising developments in this space is the rise of stablecoins like USD Coin (USDC), a regulated, dollar-backed digital currency issued by Circle.With stablecoins like USDC now integrated into global payment infrastructures, cross-border payments are becoming faster, more accessible, and better suited to the needs of underserved markets. As regulatory frameworks mature and digital payment rails expand, stablecoins are emerging as a critical building block for the future of finance in emerging economies.Why Emerging Markets Are Ripe for Stablecoin InnovationEmerging markets share key characteristics that make them especially well-suited for stablecoin-driven transformation. Across Latin America, Asia, and Africa, many countries have large underbanked populations, volatile local currencies, and high costs associated with cross-border payments.At the same time, these same markets are rapidly embracing mobile-first financial solutions, often leapfrogging traditional banking infrastructure in favour of faster, more flexible digital platforms.This is where stablecoins offer a unique advantage. Unlike traditional cryptocurrencies, stablecoins are pegged 1:1 to fiat currencies, combining the speed and efficiency of blockchain technology with the stability and familiarity of traditional finance infrastructure.One of the most compelling benefits is the ability for individuals and businesses in non-USD economies to effectively hold a digital USD account. In many cases, this acts as a de facto savings account, protecting value against local currency depreciation. But the potential goes further: as stablecoin adoption accelerates, these wallets will increasingly enable direct cross-border payments. That means users could soon send and receive international payments from the same wallet, eliminating the need for double conversions and reducing the friction of sending outbound funds in a different currency.The result? Lower remittance fees, more efficient business payments, and a reliable digital alternative for storing and spending money, especially in economies where inflation and currency fluctuations are a daily concern.Regional Dynamics: One Challenge, Many SolutionsWhile the underlying drivers of stablecoin adoption are consistent across emerging markets, the specific conditions and opportunities vary by region.In Latin America, economic instability, inflation, and currency devaluation have accelerated the demand for dollar-based alternatives. Both consumers and businesses are turning to stablecoins not only for cross-border payments but also for local transactions and savings. Fintechs and mobile wallets in the region are increasingly integrating stablecoins like USDC to offer users a stable store of value and access to faster, lower-cost international transfers.In Southeast Asia, remittances make up a significant portion of the economy, with millions of migrant workers sending money home each month. These transfers are often routed through slow, expensive and opaque channels. Stablecoins can dramatically reduce both the cost and processing time of these transactions. With the region’s advanced mobile wallet ecosystems and real-time payment systems, stablecoins can integrate smoothly, enhancing, rather than replacing, the existing infrastructure.In Africa, limited access to traditional financial services has created one of the most mobile-first economies in the world. Mobile money platforms are widespread, providing an ideal foundation for stablecoin adoption. Here, stablecoins can enable small businesses, freelancers and everyday consumers to transact internationally, all through their mobile phones.Together, these regional dynamics highlight a shared conclusion: while user needs vary, the utility of stablecoins — particularly those that are regulated, trusted, and easy to integrate — extends across borders and use cases.Beyond Remittances: Expanding the Use CaseWhile cross-border remittances remain a core application, the use cases for stablecoins in emerging markets are quickly broadening.For businesses, stablecoins streamline payments, improve cash flow management, and reduce operational complexity.For governments and regulators, stablecoins offer a real-world sandbox to test and build future-ready digital infrastructure with immediate practical value.The gig economy also stands to benefit significantly. With freelancers, influencers, and remote workers making up a growing share of the global workforce, access to fast and low-cost international payments is now a necessity.Perhaps most importantly, stablecoins can serve as a gateway to broader financial inclusion. Once users gain access to a stable, digital dollar or euro, they are better positioned to tap into a wider range of financial services — from savings and lending to insurance and investment — laying the foundation for more inclusive, digitally native economies.Challenges Ahead: Regulation and TrustDespite strong momentum, stablecoin adoption is not without its challenges. Regulatory frameworks for digital assets remain uneven across emerging markets. Some governments are leaning into innovation, while others take a more cautious or restrictive approach. Consumer education and trust-building are also critical, particularly in markets with low digital literacy or a history of financial scams.Still, the trajectory is encouraging. Stablecoins like USDC — fully reserved, transparent and issued by a regulated financial entity — offer the level of compliance and accountability that aligns with the expectations of policymakers and financial institutions.Conclusion: Stablecoins as Infrastructure, Not DisruptionStablecoins are no longer a fringe experiment, they’re fast becoming part of the core infrastructure of modern finance, especially in regions where legacy systems fall short.Across Latin America, Asia, and Africa, the convergence of mobile-first technologies, evolving regulatory clarity, and the urgent need for reliable cross-border payments is accelerating demand for flexible, trusted digital currency solutions.The opportunity is clear for banks, fintech, MNOs, and mobile wallets in these markets. Stablecoins provide a path to expand services, reduce transaction costs, and reach new customer segments with faster, more inclusive financial solutions. The shift from stablecoin theory to stablecoin reality is already well underway.

28 May, 2025

TON Foundation Hires Former Crypto-Focused Visa Exec to Oversee Its Global Payments Strategy

The TON Foundation, an organization overseeing the development of The Open Network, hired former Visa executive Nikola Plecas as its vice president of payments. Plecas is stepping into a new role at the TON Foundation to spearhead its global payments strategy. This involves managing partnerships for applications based on TON and Telegram and the foundation's compliance strategy."As payments become a more central part of TON’s ecosystem, it made sense to have dedicated leadership focused on this area," Plecas told The Block in an email. "The goal is to help accelerate the development of payment capabilities across TON, so creating this role was really about aligning resources with that growing priority.”"In the first few months, the focus is on shaping a clear payments vision for TON’s ecosystem," Plecas said. "That means identifying where we can have the most impact — both in terms of user experience and infrastructure. One concrete goal is to streamline our on- and off-ramp flows, with the aim of making noticeable improvements in how easily users can move between fiat and crypto within the ecosystem."Plecas previously served several crypto-focused executive positions at the major payments firm Visa, including as the crypto business lead in Europe and as a senior director managing new product commercialization for Visa Crypto, according to LinkedIn.Plecas will now work closely with TON Foundation CEO Max Crown, who joined the organization in April after co-founding, and serving as CFO and COO, of the crypto payments platform MoonPay. "Payments are central to TON’s mission of delivering decentralized services to mainstream users,” Crown said in a statement. "With deep industry expertise and a clear vision for scaling payment infrastructure, Nikola brings the experience and leadership we need to accelerate TON’s global growth.” TON is a Layer 1 blockchain that was built to be used within the messaging platform Telegram. The network's token, Toncoin, maintains a $7.5 billion market capitalization.

26 May, 2025

Bitget Launches ‘Stable’ Asset That Generates Yield From Low-Risk RWAs

Cryptocurrency exchange Bitget said Tuesday the company is launching a "yield-bearing stable asset certificate" which generates returns from tokenized real-world assets.The new digital asset, called BGUSD, offers a minimum annualized yield of 4%, Bitget said in a statement. BGUSD's yield come from a low-risk "basket of tier 1 tokenized real-world assets, including high-grade money market funds and tokenized US Treasury products," the company also said. The company is working with multiple tokenization service providers, including Superstate, according to the statement."With BGUSD, we are delivering a solution that bridges the best of both worlds: the transparency and innovation of crypto with the stability and yield opportunities traditionally found in real-world assets," said Bitget CEO Gracy Chen.Bitget's move to create a digital asset product which provides a reliable return through the tokenization of safer, traditional financial instruments comes amid a growing trend of creating products linked to TradFi for crypto users. The real-world asset (RWA) market has grown significantly since last year, swelling to nearly $23 billion, according to recent data from RWA.xyz.Private credit and U.S. Treasurys are the two leading real-world assets to be tokenized, also according to RWA.xyz. Other notable names in the RWA sector include Securitize and Plume Network."This structure positions BGUSD as a secure, yield-generating alternative within the platform, minimizing exposure to crypto market volatility while maintaining full liquidity through redemption options," Bitget said. "BGUSD is redeemable for USDC at a 1:1 ratio and can be subscribed using USDC or USDT," the company added.