HSBC has officially named its forthcoming Hong Kong stablecoin HSBC RedCoin. It is one of the most significant moves by a traditional bank into the digital asset space in Asia. The name reflects the bank’s Hong Kong heritage. The launch strategy is deliberately phased. It starts with person-to-person and person-to-merchant
The U.S. state of Illinois has released draft rules for its new 0.2% digital asset tax, giving crypto exchanges and other service providers more detail on how the levy could work when it takes effect next year. The Illinois Department of Revenue (IDOR) posted the draft rules on September 28
South Korea’s Financial Services Commission (FSC) is reviewing whether to introduce a formal market-making framework for digital assets after a sharp price distortion involving yen-pegged stablecoin JPYC on Upbit raised concerns over liquidity and investor protection. FSC Director of Digital Finance Policy Yoo Young-jun said on September 28 that the
The Federal Reserve is now on the next step towards issuing stablecoin rules in the U.S. under the GENIUS Act. The Board has issued two proposals on September 24 regarding the issuers and bank subsidiaries. In the first proposal, the reserves, capital, risk management, and safeguards are being looked into.
The Binance rewards campaign for Ripple’s RLUSD stablecoin has kicked off. The rewards campaign will see the exchange giving away $800,000 worth of XRP over four weeks. The rewards are for those users who qualify by holding their RLUSD through certain Binance accounts. Users can get rewards through their Spot,
Britain’s largest banks have completed what UK Finance describes as the “world’s first interbank transactions using tokenised deposits,” allowing blockchain-based representations of commercial bank money to move between separate banks. The transactions are part of the Great British Tokenised Deposit (GBTD) project, an industry initiative led by UK Finance to
The US government is weighing a coordinated push to promote dollar-denominated stablecoins overseas, not as a crypto initiative, but as a strategic move to reinforce the dollar’s status as the world’s reserve currency and drive demand for US Treasuries. The effort could involve the Treasury Department, the State Department, and
Coinbase CEO Brian Armstrong has pushed back against an upcoming Wall Street Journal story that he says is preparing to blame Coinbase and him personally for the failure of the CLARITY Act to advance in the U.S. Senate. “Here we go again!” Armstrong wrote in a recent X post. He
Worldcoin (WLD) price climbed on September 18 as the token gained attention following the launch of World Money, a stablecoin-powered new financial app from the World ecosystem. WLD was trading around $0.4274, up over 15% over 24 hours, as per CoinGecko data. The token reached an intraday high over $0.434,
The Senate Democrats have already drafted a response proposal in light of the new version of the CLARITY Act. The negotiation process seems incomplete prior to a critical vote in the Senate. The Republican crypto bill has been finalized by the Republicans on Sunday. It was announced to be their
