From "Single-Digit Licenses" to "50 Permits," Hong Kong's Model and the Western Pathways in Stablecoin Regulation
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From "Single-Digit Licenses" to "50 Permits," Hong Kong's Model and the Western Pathways in Stablecoin Regulation
The global regulatory landscape for stablecoins enters an accelerated phase of博弈.
Navigating Web3 tides with focused insightsBy: Cobo
This week, global stablecoin regulation continued to advance. The EU's MiCA law officially took effect, with over 50 institutions already approved for compliance licenses; Hong Kong plans to issue only a single-digit number of initial licenses, emphasizing high barriers and cautious piloting; in the U.S., legislative progress on the GENIUS Act has drawn significant attention, as stablecoins are gradually being integrated into the federal financial system.
Rising regulatory thresholds are accelerating centralization among issuers, turning stablecoins into core assets held by a select few institutions with banking qualifications and clearing networks. This trend is also driving infrastructure toward service-oriented layering. Providers like Agora and Cobo are packaging capabilities such as clearing, custody, risk control, and on/off-ramping into standardized interfaces, offering enterprises callable, composable stablecoin issuance and circulation tools—building a new generation of cross-border financial execution layers.
On the capital front, infrastructure interest is rebounding. Circle became the most favored U.S. stock among South Korean investors in June, while global crypto fundraising surged back to $2.8 billion. Financial services projects attracted the most funding, positioning stablecoins once again as a key value anchor in the market.
The global evolution of stablecoins is shifting from a race for licenses to competition at the execution and connectivity layer.
Market Overview & Growth Highlights
Total stablecoin market cap reached $257.012B, up $2.107B week-on-week. In terms of market share, USDT maintains dominance at 62.25%; USDC ranks second with a market cap of $62.554B, accounting for 24.34%.
Distribution Across Blockchain Networks
Top 3 networks by stablecoin market cap:
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Ethereum: $127.002B
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Tron: $81.395B
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Solana: $11.149B
Fastest-growing networks this week (TOP 3):
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Noble: +45.57% (USDC占比 68.18%)
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Movement: +28.75% (USDT占比 25.52%)
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Hedera: +20.07% (USDC占比 99.84%)
Data source: DefiLlama
🎯 From "Single Digits" to "Accessing 30 Countries": A Comparative View of Global Stablecoin Regulatory Advantages
Stablecoins are rapidly evolving into critical infrastructure for global digital finance, prompting accelerated regulatory rollouts worldwide. In this process, "compliance status" has shifted from passive adherence to strategic asset—granting institutions market access, trust endorsement, and institutional benefits.
Europe leads the way. Following MiCA’s implementation, the “passport mechanism”—license once, operate across the region—has begun taking shape. According to Patrick Hansen, Circle’s EU Policy Director, 14 stablecoin issuers and 39 crypto asset service providers have been approved, including native crypto firms like Coinbase, Kraken, and OKX, as well as traditional financial institutions such as BBVA and Clearstream, and fintechs like N26 and eToro. Uniform compliance standards and strong enforcement are shaping a European crypto market characterized by regulatory consistency and cross-border operability.
Hong Kong has chosen a more cautious path. The HKMA expects to implement stablecoin regulations starting August, issuing only a single-digit number of initial licenses. Requirements include full backing by high-quality assets and strict risk isolation, prohibiting active management of reserves. While enhancing systemic stability, these rules pressure issuer profitability. With revenue primarily dependent on reserve interest and fees, annual returns may reach just 1–3% under normal rate conditions—insufficient to cover fixed costs like technology, compliance, and security. However, Hong Kong positions stablecoins as the “clearing layer” for on-chain finance, encouraging integration into broader ecosystems like payments, asset management, and credit. This “profit-for-compliance” model aims to build long-term market space through institutional safety. Regulatory sandboxes also allow room for innovation within compliant frameworks. The HKMA’s “Project Ensemble” exemplifies this approach, exploring real-world asset (RWA) applications such as tokenized bonds, funds, carbon credits, and supply chain finance.
Regarding RMB-backed stablecoins, think tanks like the National Institute of Financial Development propose a “dual-track coordinated” model: Hong Kong serves as the offshore RMB stablecoin (CNHC) issuance hub, either through cross-border institutional collaboration or authorization of mainland banks’ Hong Kong entities; meanwhile, Shanghai’s free trade zone pilots domestic offshore RMB stablecoins (CNYC). Together, they form an “onshore + offshore” RMB stablecoin system, boosting international usability and competitiveness of RMB assets in use cases like on-chain finance, cross-border settlement, and RWAs. On the regulatory side, this path advocates top-down design led by central financial regulators, coordination with Hong Kong authorities, and controlled experimentation via sandbox mechanisms and electronic fencing technologies.
The U.S. lacks a unified federal licensing framework, but the GENIUS Act’s legislative momentum is pushing stablecoins into the national payment and clearing system. Industry leaders like Circle and Ripple are actively applying for federal trust bank charters to gain direct access to the Federal Reserve’s clearing network—aiming to secure pivotal settlement roles within the “digital dollar” architecture. This shift is transforming “stablecoin compliance” into a component of future U.S. digital financial infrastructure.
Global stablecoin regulation is rapidly diverging: the EU emphasizes market integration, Hong Kong prioritizes risk control, and the U.S. bets on global settlement leadership. As regulation becomes a key industry driver, stablecoin issuers must align their strategies with regional regulatory paths and internal capabilities to identify truly sustainable business models.
🎯 A New Paradigm in Digital Finance: Ecosystem Reshaping Under License Barriers and the Rise of Infrastructure Platforms
Leveraging technological advantages, stablecoins are evolving from simple digital tokens into foundational elements of next-generation financial infrastructure.
However, tightening regulations like the U.S. GENIUS Act are raising stablecoin issuance to bank-level compliance standards—requiring robust reserves, strong regulatory licenses, and integration with core clearing systems. These high walls deter most companies, yet push major players like Circle and Ripple to pursue federal trust bank charters in hopes of controlling future “digital dollar” infrastructure. This trend confirms that direct stablecoin issuance is now a game reserved for large institutions with substantial capital and licensing credentials.
Agora’s stablecoin operating system seeks to structurally decompose this high-barrier process. Through white-label solutions, Agora offers modular services covering compliance frameworks, custody, reserve management, on-chain AML, fiat gateways, and exchange connectivity—enabling enterprises to quickly launch branded stablecoins based on existing compliant pathways, allowing them to focus on product and business development.
This abstraction of capabilities reflects a shift in stablecoin services—from “license-holding intermediaries” to “foundational capability platforms.” Early models like Paxos relied on their own licenses to provide third-party issuance services, whereas Agora focuses on standardizing and networking core functions, opening stablecoin infrastructure to a wider range of institutions. This lowers entry barriers and enables stablecoins to function as “in-platform currencies” or “vertical-specific clearing layers.”
Cobo’s stablecoin solution similarly embodies the transformation of financial functions into embedded infrastructure: core components such as clearing, custody, risk control, and on/off-ramping are packaged into standardized modules accessible via APIs, enabling businesses to flexibly combine and invoke them as needed. In this architecture, trust shifts from institutions to interfaces—much like cloud computing replaced local servers. On-chain wallets, MPC, and centralized custody ensure fund compliance and security; multi-bank channels and payment networks enable efficient cross-border flows; risk control and on-chain monitoring introduce regulator-acceptable behavioral norms. This interface-driven structure is reshaping stablecoin market logic—issuers no longer need end-to-end capabilities, but instead build services atop trusted execution layers, making stablecoins truly composable, governable, and globally adaptable financial primitives.
🎯 WeChat Pay MCP and the Future of “Machine Money”
On July 3, Tencent’s Yuanqi platform announced integration with WeChat Pay MCP, opening capabilities such as order placement, tipping, and order management. From now on, AI Agents can “receive payments,” evolving from mere information providers to economically active executors. With simple API calls or predefined workflows, developers can enable agents to generate, deliver, and monetize services directly within user conversations—creating complete commercial loops. This marks the automation phase of AI business models, unlocking new commercial opportunities for developers.
This advancement resonates with global experiments in AI commercialization. Previously, Anthropic allowed its Claude 3 LLM to autonomously operate a vending machine. Although it ultimately incurred losses, the AI demonstrated solid performance in restocking, price negotiation, and risk control. Post-mortem analysis revealed the failure stemmed not from algorithmic flaws, but from systemic gaps—unclear goal alignment (e.g., “being helpful” outweighed “profit maximization”), lack of pricing strategy, and missing order management and CRM support. The experiment showed that AI Agents possess technical competence; the critical gap lies in external structures and enabling infrastructure.
Payment systems represent the next bottleneck for AI’s commercial breakthrough. Traditional payment rails are designed for humans—high fees, slow settlements, inflexible authorizations—structurally mismatched with Agents’ needs for 24/7 operation, micropayments, and full automation. Stablecoins, as “machine-native money,” naturally fit Agent economics: ultra-low costs enable fine-grained dynamic pricing; on-chain records and wallet addresses can integrate with CRM systems for user profiling and automated incentives; instant settlement synchronizes payments with order status, enabling fully automated, human-free fulfillment.
Yet, empowering AI Agents with revenue collection also means automating risk amplification. Inducement scams, sale of fake content, or even “AI scamming AI” could form closed loops without human intervention. Platforms must simultaneously strengthen permission controls and risk frameworks, strictly managing developer access, payment triggers, and anomaly detection. The economic identity of AI Agents has been activated—security and governance of payment infrastructure will determine whether this new paradigm unfolds healthily.
Market Adoption
🌱 Circle and OKX Form Strategic USDC Partnership to Expand Global Liquidity and Reach
Key Takeaways
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Circle has partnered with leading global exchange OKX to offer 1:1 USD-USDC two-way conversion for OKX’s 60 million users;
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The two parties will simplify deposit and withdrawal routes through shared banking partners, making it easier for customers to use USDC for trading and payments;
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As part of the collaboration, Circle and OKX will jointly run educational and community initiatives to help users understand the benefits of USDC and other digital currencies.
Why It Matters
This partnership further expands USDC’s global accessibility and liquidity, demonstrating Circle’s active efforts to extend its influence as the world’s largest stablecoin issuer. By deeply integrating with exchanges possessing massive user bases, Circle strengthens its business model and enhances USDC’s practicality in international payments and trading.
🌱 Ant International Plans to Integrate Circle Stablecoins into Its Blockchain Platform
Key Takeaways
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According to insiders, Ant Group’s Ant International plans to integrate Circle’s USDC stablecoin into its blockchain platform after U.S. stablecoin regulations are finalized;
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Ant Group processed over $1 trillion in global transactions last year, one-third handled by its blockchain system—highlighting its scale in digital payments;
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Ant International is applying for stablecoin licenses in Hong Kong, Singapore, and Luxembourg, signaling aggressive global expansion in stablecoins, with cooperation with publicly listed Circle being a key step.
Why It Matters:
Cross-border collaboration between a Chinese tech giant and a leading U.S. stablecoin issuer reflects mainstream recognition of stablecoins in global payments. It also shows Ant Group expanding internationally through compliant channels—a potential new model for Chinese companies entering global digital finance competition.
🌱 Meow Teams Up with Bridge to Build USDC Payment Ecosystem, Delivering Cash-Level Convenience
Key Takeaways
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U.S. fintech Meow, by integrating Bridge’s Orchestration API, becomes the first company enabling businesses to send and receive USDC directly within commercial banking platforms;
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The solution addresses multiple pain points: streamlines time-consuming exchange onboarding, bridges the gap between USDC and traditional accounting systems, provides enterprise-grade fund control, and reduces transaction costs;
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Post-implementation results were striking: Meow’s transaction volume grew by billions, customer accounts tripled, profitability was achieved in 2024, and clients reduced accounting processing time from hours to minutes.
Why It Matters
This case demonstrates a breakthrough in stablecoin adoption for real-world commerce. By seamlessly integrating USDC with traditional banking, Meow lowered the barrier for enterprises to adopt crypto payments. The Meow-Bridge collaboration sets a template for how fintechs can leverage stablecoin technology for competitive advantage, proving stablecoins' viability as everyday commercial payment tools.
🌱 Australian Fintech Unicorn Airwallex Builds Stablecoin Platform Team
Key Takeaways
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Australian cross-border payment unicorn Airwallex (Airwallex) has posted job listings indicating it is forming a stablecoin platform team;
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The company plans to build infrastructure allowing customers and internal systems to buy, hold, send, and settle tokens globally;
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The platform aims to enable near-instant global payments and seamless fiat-stablecoin conversion using on-chain liquidity, delivering more efficient cross-border financial services.
Why It Matters
As a payment giant valued at over $3 billion, Airwallex’s move into stablecoins signals a major convergence between traditional finance and blockchain. This could provide faster settlement options for its global network and more convenient stablecoin services for institutional users, potentially accelerating stablecoin adoption in cross-border payments across Asia-Pacific.
🌱 Visa Partners with Bridge to Launch Stablecoin Payment Cards in Latin America
Key Takeaways
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Visa announced a partnership with stablecoin provider Bridge, launching stablecoin payment cards in Argentina, Colombia, Mexico, and other Latin American countries;
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The service offers buyers and sellers greater flexibility in stablecoin transactions and allows fintechs and enterprises to offer stablecoin card services via a single API;
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Latin America, as the first large-scale rollout region, highlights the practical value of stablecoins in high-inflation, volatile-currency environments. Visa continues expanding its crypto payment network.
Why It Matters
Traditional payment leader Visa further extends its footprint in stablecoins, strategically targeting inflation-prone Latin American markets. This shows stablecoins transitioning from speculative tools to practical payment instruments and gaining strategic validation from mainstream financial institutions.
Macro Trends
🔮 U.S. National Debt Surpasses All-Time High, Exceeding February Record
Key Takeaways
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U.S. national debt hits a new record, surpassing the peak set in February, as the government issues large volumes of bonds under high interest rates to cover spending gaps and refinance maturing debt;
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Interest expenses now take up a growing share of the budget, worsening fiscal strain and affecting market liquidity, long-term interest trends, and investor confidence;
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To address the debt crisis, the government may explore unconventional financing, such as guiding compliant stablecoin issuers to increase Treasury holdings—creating a form of “implicit quantitative easing” to indirectly support demand for U.S. debt.
Why It Matters
Rising national debt threatens long-term dollar stability and may reshape stablecoin regulation. Authorities have incentives to channel stablecoin reserves into Treasuries, expanding absorption capacity—this would profoundly impact reserve strategies and compliance requirements for major stablecoins like USDC.
🔮 Mizuho Downgrades Circle Stock: USDC Mid-Term Growth Overestimated
Key Takeaways
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Mizuho Securities downgraded Circle stock (CRCL) to “Underperform” with an $85 target price—far below current levels—arguing the market is overly optimistic;
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Analysts cite three risks: an upcoming rate-cut cycle, stagnant USDC circulation (flat around $62B since April), and structurally high distribution costs (profit margin projected to drop from 61% in 2023 to 39% by early 2025);
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Mizuho believes Circle’s forecast of $4.5B revenue by 2027 could be 25–30% too high unless USDC adoption surges or rates remain elevated—scenarios deemed unlikely.
Why It Matters
Despite Circle’s successful NYSE IPO at $31 and popularity among retail investors, institutional skepticism about valuation is rising. With regulatory progress like the GENIUS Act potentially bringing more competitors, and partners like Coinbase attracting more USDC holders via yield offerings (Coinbase’s USDC share rose from 8% to 22% in over a year), Circle may face increasing profit pressure and challenges to its dollar stablecoin market share.
🔮 South Korea Sees Stablecoin Registration Boom, Local Firms Rush Into Digital Payments
Key Takeaways
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Despite lacking clear stablecoin regulations, South Korea is experiencing a surge in stablecoin trademark filings—one every other day by banks or firms;
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Whenever a listed company files for a stablecoin trademark, its stock typically jumps 15–30% within a day—now a market norm;
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Major Korean financial firms rushing in include Toss Bank, Shinhan Financial Group, KakaoPay, KB Kookmin Bank, KakaoBank, K Bank, Shinhan Card, Mirae Asset, and others.
Why It Matters
Korean investor enthusiasm for stablecoins is soaring—Circle stock became the most popular foreign stock among Korean investors in June, with $410M net inflows. This nationwide frenzy signals South Korea emerging as a key battleground in Asian stablecoin competition. Investors are actively hunting for the “next Circle,” potentially giving rise to globally impactful homegrown stablecoin projects.
Regulation & Compliance
🏛️ Circle Fails to Freeze Stolen Funds—Hacker Converts 1.3M USDT0 to USDC in 23 Seconds
Key Takeaways
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An attacker successfully converted 1.3 million USDT0 into USDC just 23 seconds before the project team froze the stolen funds;
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The USDT0 team acted swiftly to freeze the assets, but due to blockchain confirmation delays, failed to stop the transfer;
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One hour after the incident, Circle, the USDC issuer, had not responded or taken freezing action—sparking community concerns over its security response protocols.
Why It Matters
Circle’s handling of the stolen funds will become a key case study in stablecoin security coordination. Its response speed affects not only recovery chances but also tests inter-issuer coordination efficiency and market trust.
🏛️ Tether Holds $8 Billion in Gold Reserves in Secret Swiss Vaults
Key Takeaways
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Tether, the world’s largest stablecoin issuer, owns a vault in Switzerland holding approximately 80 tons of gold worth ~$8 billion—nearly 5% of its reserves;
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Tether CEO Paolo Ardoino calls it “the safest vault in the world,” though location remains undisclosed for security reasons. The stash rivals UBS’s reported precious metals holdings;
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Tether also issues XAUT, a gold-backed token (1 oz per token), with ~7.7 tons minted (~$819M), redeemable for physical gold in Switzerland.
Why It Matters
Tether’s massive gold holdings reflect a trend among stablecoin issuers toward diversified asset backing and a challenge to traditional finance. However, EU stablecoin rules and proposed U.S. regulations permit only cash and cash-like assets (e.g., short-term Treasuries) as backing—potentially forcing Tether to sell gold if seeking market authorization.
🏛️ Circle and Crypto Exchange ByBit Reach USDC Revenue-Sharing Agreement
Key Takeaways
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Insiders reveal Circle has secretly established a revenue-sharing deal with ByBit, the world’s second-largest crypto exchange, sharing earnings from USDC reserves;
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Circle previously disclosed a 50% revenue split with Coinbase and similar arrangements with Binance in its IPO filings;
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One insider noted, “Virtually any exchange holding large amounts of USDC likely has an agreement with Circle,” suggesting this has become Circle’s standard playbook for expanding USDC market share.
Why It Matters
This reveals how stablecoin issuers incentivize exchanges to promote their tokens via revenue sharing. While effective for ecosystem growth, it may draw regulatory scrutiny over transparency of reserve income distribution and the true nature of stablecoin business models.
🏛️ Hong Kong Stablecoin Rules Take Effect in August, A-Share Market Eyes Opportunities
Key Takeaways
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Hong Kong’s Stablecoin Ordinance takes effect August 1, becoming the world’s first comprehensive regulatory framework for fiat-backed stablecoins. The HKMA will release implementation guidelines this month, with initial licenses expected in single digits;
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Multiple Shanghai and Shenzhen-listed firms have recently been frequently asked by investors about stablecoin strategies—driven by policy anticipation, efficiency gains, and strategic positioning;
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Hong Kong’s tokenized green bond settlement has shortened from T+5 to T+1, proving blockchain can reduce transaction friction. Hong Kong aims to link digital assets with the real economy.
Why It Matters
Hong Kong’s regulatory framework sets a benchmark for Asia’s digital asset market, providing a clear compliance path and potentially advancing RMB stablecoin development. It will attract more financial and tech firms into the space and may inform mainland China’s future policies.
🏛️ EU MiCA Regulation 6-Month Report: 14 Stablecoin Issuers Approved, 39 CASPs Licensed
Key Takeaways
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According to Circle’s EU Policy Director Patrick Hansen, six months after MiCA implementation, 14 authorized e-money token (EMT) issuers are spread across 7 EU countries—France, Malta, and the Netherlands each have 3. Of the 20 issued stablecoins, 12 are pegged to EUR, 7 to USD, 1 to CZK;
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39 crypto asset service providers (CASPs) have obtained MiCA licenses across 9 EU/EEA countries, led by Germany (12) and the Netherlands (11). Institutions include traditional players (BBVA, Clearstream), fintechs (N26, Trade Republic), and native crypto firms (Coinbase, Kraken);
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No asset-referenced token (ART) issuers have been approved, indicating weak demand. Around 30 whitepapers have been submitted under MiCA Chapter II for assets like BTC and ETH. Six countries—including the Netherlands—have ended transition periods, with AFM leading in license approvals.
Why It Matters
After six months, MiCA shows strong momentum, with firms rushing to obtain licenses for access to all 30 EEA markets. The framework is building a compliant European crypto ecosystem, serving as a reference for other regions. MiCA’s progress also reflects institutionalization in crypto finance, with traditional and native firms competing under the same rules.
🏛️ Dubai Approves First Tokenized Money Market Fund QCD, Launched by Qatar National Bank and DMZ Finance
Key Takeaways
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Dubai Financial Services Authority approved QCD, a money market fund backed by Qatar National Bank and DMZ Finance—the region’s first licensed tokenized money market fund;
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The fund aims to bring traditional assets on-chain for institutional use cases, reinforcing the Middle East’s role as a digital asset financial hub;
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A joint report forecasts the global tokenized real-world asset (RWA) market could reach $18.9T by 2033, with Dubai and Doha emerging as early leaders.
Why It Matters
This marks a breakthrough in real-world asset tokenization (RWA). The Middle East is proactively building digital financial infrastructure, merging traditional finance with blockchain to offer new investment channels for global institutional investors.
🏛️ Orbiter Finance Partners with Nasdaq-Listed Firm to Build Compliant Cross-Chain Stablecoin Solution
Key Takeaways
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Orbiter Finance and Nasdaq-listed Nano Labs formed a strategic partnership to co-develop NBNB.io, a compliant cross-chain stablecoin solution;
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The solution will support low-cost cross-chain transfers of USD, HKD, and offshore RMB, scheduled to launch in Q4 2025;
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The collaboration aims to boost compliant stablecoin adoption in the BNB Chain ecosystem, especially in DeFi and other blockchain use cases.
Why It Matters
A listed firm partnering with a specialized cross-chain protocol marks a step toward mainstream financial integration. The inclusion of HKD and offshore RMB stablecoins will offer Asian users more digital asset choices and bring new growth to the BNB Chain ecosystem.
🏛️ National Financial Lab Proposes “Integrated Domestic-Offshore” Model for RMB Stablecoins
Key Takeaways
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Yang Tao, Deputy Director of the National Institute of Financial Development, suggests an integrated domestic-offshore strategy for RMB stablecoins, advancing innovation simultaneously in Shanghai’s FTZ and Hong Kong;
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Two models proposed for CNYC (onshore offshore RMB stablecoin): establish dedicated issuers in Shanghai FTZ via multi-party consortiums, or enable digital RMB operators to directly mint stablecoins;
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The paper argues Web3-based stablecoins transcend traditional onshore/offshore boundaries and recommends adopting BIS’s “unified ledger” concept to foster synergies between digital RMB and stablecoins.
Why It Matters
This proposal signals official Chinese think tanks are systematically considering RMB stablecoin strategy, emphasizing ecosystem-building through institutional innovation and regulatory guidance—offering important direction for China’s digital finance and digital RMB internationalization.
New Releases
🌱 Post-GENIUS Act Market Stratification: Checker Positions as Liquidity Provider
Key Takeaways
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Following regulatory clarity from the GENIUS Act, the market has polarized: traditional financial giants use capital strength to seize issuance rights, while fintechs struggle with liquidity access;
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Checker precisely targets this gap as a liquidity provider, helping financial and fintech firms overcome three hurdles: shallow regional liquidity, high tech/compliance costs, and inefficient market expansion;
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The platform has partnered with forward-looking teams like Blox_globe and GrupoBraza to build a distribution network spanning Lagos, São Paulo, Paris, and Nairobi.
Why It Matters
Regulatory clarity creates new business opportunities—giants handle compliant issuance, specialists manage efficient distribution. By solving liquidity, Checker fills the crucial gap between stablecoin issuance and global adoption.
🌱 Solayer Launches Emerald Sub-Cards, Advancing Stablecoin Card Management
Key Takeaways
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Solayer launched Emerald Sub-Cards, allowing users to manage multiple cards under one master account, each with custom labels, independent spending limits, and expense tracking;
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The service supports flexible allocation—for groceries, family use, friends, or savings goals—enhancing stablecoin payment adaptability;
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All Emerald Card holders can now apply via app.solayer.org/card, marking stablecoin payments converging with traditional card functionality.
Why It Matters
Solayer’s move shows stablecoin payment tools rapidly improving UX. By introducing sub-card features common in traditional banking, it lowers the barrier for average users. Such innovations promote daily spending use and offer crypto-friendly solutions for household budgeting.
Capital Moves
💰 Revolut Targets $6.5B Valuation in $1B Funding Round, Secretly Building Own Stablecoin
Key Takeaways
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UK fintech Revolut is negotiating a $1B funding round at a $6.5B valuation—up 44% from last year—with Greenoaks likely leading;
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Reports suggest Revolut is secretly developing its own stablecoin, leveraging 50M active users, banking licenses in 30+ countries, and its Revolut X crypto exchange to build a powerful distribution network;
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Unlike traditional stablecoin issuers, Revolut won’t pay high distribution fees—its in-house distribution could become a core profit driver, enabling higher margins.
Why It Matters
Revolut’s high valuation as a super-app, combined with its stablecoin ambitions, could reshape industry competition. With full-stack financial licenses and massive user reach, its entry may challenge existing issuers and set new benchmarks for compliance and innovation.
💰 Stablecoin White-Label Provider Agora Raises $50M in Series A
Key Takeaways
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Crypto startup Agora announced a $50M Series A led by prominent crypto fund Paradigm, following a $12M seed round last year;
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Agora’s unique model offers white-label stablecoin services, allowing enterprises to issue branded stablecoins atop its AUSD base, sharing interoperability and liquidity;
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Unlike mainstream stablecoins, Agora shares reserve yield with partners and collaborates with State Street and VanEck on reserve management. AUSD currently has a market cap of ~$130M.
Why It Matters
As non-crypto giants like Meta and Apple eye stablecoins, Agora’s focus on rapid branded stablecoin deployment may open a new niche. Its “public-good-like” revenue-sharing model and cross-border capabilities could see wider adoption in non-U.S. regions with volatile local currencies.
💰 Tether Invests in Blockchain Forensics Firm Crystal Intelligence to Combat Crypto Crime
Key Takeaways
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Tether, the world’s largest stablecoin issuer, made a strategic investment in blockchain analytics firm Crystal Intelligence to gain real-time risk monitoring, fraud detection, and regulatory intelligence tools to combat USDT-related crime;
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Crypto crime has surged—FBI reported $9.3B in digital asset fraud losses last year. Stablecoins, due to wide circulation, are preferred tools for criminals;
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The two have already collaborated to launch Scam Alert, a public database tagging scam-related wallet addresses, enhancing transparency and anti-fraud measures.
Why It Matters
Amid tightening regulatory scrutiny, Tether’s proactive investment in compliance tech demonstrates its commitment to fighting illicit activities—protecting users and preparing for global regulatory reviews.
💰 VC Funding Rebounds to $2.8B in June, Financial Services Lead Investment Surge
Key Takeaways
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After May’s slump ($594M), crypto venture funding surged to ~$2.8B in June—close to March’s $2.9B peak;
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June’s largest rounds: Kalshi ($185M Series C), Digital Asset ($135M), Zama ($57M). UAE bought $100M of World Liberty Financial tokens; a16z bought $70M of EigenLayer tokens;
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While AI saw the most deals (21 deals, $116M), financial services (Prime Services) raised $1.15B across 5 deals—the largest category. Infrastructure also performed strongly with $881M raised.
Why It Matters
June’s data signals renewed vitality in crypto VC. Notably, later-stage funding (Series B+) increased, showing investor preference for more mature projects. Despite AI hype, financial services remain the primary capital destination—reflecting sustained market confidence in crypto financial infrastructure post-Circle IPO.
💰 Monad Foundation Acquires Portal to Strengthen Stablecoin Payment Infrastructure
Key Takeaways
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Monad Foundation acquired stablecoin infrastructure provider Portal; Raj Parekh, former founding member of Visa’s crypto products team, joins as Head of Payments and Stablecoins;
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Monad blockchain has shown breakthrough performance in testnet—processing 2B transactions in 5 months, peaking at 10,000 TPS, designed specifically for stablecoin payments at scale;
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Portal processes millions in stablecoin settlements daily, with plug-and-play toolkits enabling Web2 companies to easily integrate crypto payments. It will remain independently operated post-acquisition.
Why It Matters?
This acquisition combines high-performance blockchain with proven stablecoin infrastructure, aiming to overcome technical bottlenecks for mass adoption. By offering low-cost transactions and developer-friendly tools, it accelerates global stablecoin application and普及.
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