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Stablecoins

Zak Folkman highlights growing interest in World Liberty Financial's stablecoin

Zak Folkman highlights growing interest in World Liberty Financial’s stablecoin

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World Liberty Financial Inc., a decentralized finance platform linked to the Trump family, is attracting significant interest from public companies exploring using its token as a treasury asset, according to co-founder Zak Folkman.

Speaking at the Permissionless crypto conference in New York on Wednesday, June 25, Folkman also announced the launch of the new World Liberty Financial App.

Folkman anticipates USD1 becoming the biggest stablecoin by market cap

Crypto treasury firms have become popular since the success of Strategy, the company Michael Saylor leads. The firm has over $60 billion worth of Bitcoin on its balance sheet and a market capitalization surging to over $100 billion.

Folkman noted that several companies admire Michael Saylor and his accomplishments. This is particularly true of his strategy and his promotion of companies keeping their crypto reserves.

Goodfood Market Corp., Semler Scientific Inc., and Trump Media & Technology Group Corp. are some companies that have revealed plans or started their own efforts to hold cryptocurrency. 

Meanwhile, companies are changing the Strategy Playbook by using alternative tokens instead of Bitcoin when implementing their plans. 

For instance, Upexi raised $100 million to purchase the Solana token last week to keep in its treasury, while Sharplink Inc. holds $425 million worth of the second-largest cryptocurrency, Ether.

Folkman also weighed on the future potential of World Liberty’s USD1 stablecoin, valued at approximately $2.1 billion. Notably, the largest stablecoin is USDT, from Tether, which has about $156.8 billion in circulation.

Based on Folkman’s speculations, they have tackled the challenges that a company will encounter, and now it is just a matter of time before USD1 becomes the biggest stablecoin by market cap.

He further anticipated that everyone would come to this conclusion when they witness several developments in the upcoming months.

With the Genesis Act, one of the main US stablecoin laws, set to pass into law, digital dollar-pegged assets have become even more attractive to investors.

Fintech firms adopt the growing trend of launching stablecoins 

Apart from public companies showing interest in stablecoins, fintech firms have adopted this trend and aim to follow World Liberty Financial’s lead in launching stablecoins.

Fiserv announced that it plans to release a stablecoin, amid increasing interest in the token from US companies as the cryptos move toward the mainstream.

The announcement followed the US Senate passing a milestone stablecoin bill that analysts said could represent a turning point in the crypto oversight debate and a breakthrough for a sector stuck in regulatory limbo for years.

The fintech company said its stablecoin, FIUSD, will be embedded into its existing banking and payments platform by the end of the year. The company added that FIUSD will use stablecoin infrastructure delivered from Paxos and Circle Internet.

Shares of Circle, the issuer of the second-largest stablecoin by market value, were up 15%, and Fiserv and PayPal were up 2.3% and 1.7% respectively.

Stablecoins are tied to currencies such as the US dollar and are meant to maintain a consistent value from reserves held. Once a niche corner of crypto, they have become popular for their ability to protect from price swings.

Fintech companies and traditional banks use stablecoins more frequently to make cross-border payments easier, speed up transactions, and expand access to digital finance. 

Analysts at TD Cowen mentioned that they view the launch as a sign of Fiserv’s skill in quickly innovating and utilizing its central role between banks and merchants to connect old and new payment systems.

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BitGo’s assets under custody jumped to $100B in H1 2025

BitGo’s assets under custody jumped to $100B in H1 2025

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The value of digital assets under BitGo Inc.’s custody has surged. BitGo’s vice president for its Asia-Pacific business, Abel Seow, said it had seen its assets under custody (AUC) rise from $60B to $100B in the first six months of the year.

It represents a 66% increase, demonstrating the growing appetite among institutional and retail players to participate in the crypto-economy. Seow said that the rise was driven by “peak retail interest” in crypto, increasing asset adoption, and greater regulatory clarity in major jurisdictions.

Crypto confidence is growing among investors, as is evident in the demand for secure and regulated custody services.

One big driver of the increase in BitGo’s assets is “staking,” which involves crypto holders locking up their tokens to help validate blockchain transactions and, in exchange, earn passive income.

Today, assets in BitGo Staking represent 50% of BitGo’s total holdings, where yield-based strategies are a core investment theme for modern digital asset holders.

BitGo expands into global markets

BitGo, which was established in 2013, initially offered secure wallets but has since developed into a one-stop shop crypto bank. In addition to custody, BitGo provides clients with the capabilities to trade, borrow, and lend digital assets. It has clients that include institutional investors and firms born on the blockchain.

Over the past year, the company has been growing quickly internationally. BitGo Korea was released in September 2024 with Hana Financial Group and SK Telecom, two of South Korea’s largest financial and telecommunications companies.

Seow said the joint venture is “progressing well” and has begun offering its services to high-net-worth clients and regional institutional participants.

Also, in early 2025, BitGo officially seeded its Dubai operations, entering the region’s growing digital asset ecosystem. Crypto stronghold Dubai has established itself as a burgeoning hub in its own right on the backs of business-friendly regulation and investor appetite.

BitGo’s growing reach reflects a larger trend in the industry; crypto firms no longer want to concentrate only on the US and Europe in traditional markets. Instead, they seek to go global to service local demand, particularly in areas where regulation is favorable and smartphone penetration rates are high.

BitGo plans IPO as crypto market heats up

Riding the wave, BitGo is getting ready for a potential public listing as soon as the second half of 2025, reports Bloomberg. The move would make the company part of an emerging wave of crypto-native firms seeking to tap into public markets, with renewed investor confidence and a more friendly regulatory environment pushing these firms into the spotlight.

BitGo’s IPO strategy is part of a wider trend related to a change in the US approach under President Donald Trump’s administration, which has been particularly friendly to crypto since returning to office.

BitGo was last valued in 2023 at $1.75 billion in connection with a $100 million capital raise. Returning to the underwriters, Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures, and Valor Equity Partners are all backers of the digital asset custody powerhouse, which means that it doesn’t exactly take a crystal ball to guess which four banks might be involved in the IPO.

During his tenure, there have been appointments of crypto-friendly regulators, an attempt to slide through stablecoin legislation, and even Trump’s projects into the digital asset arena.

There has been so much change in political tone compared to past governments, which makes it easier and more predictable for crypto companies planning to grow and compete for institutional money.

In its most recent round of financing, in 2023, Bitgo was said to have a value of $1.75 billion, according to reports, in connection with raising $100 million in capital. And back to the underwriters, Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures, and Valor Equity Partners are all backers of the digital asset custody powerhouse.

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Will deposit tokens like JPMD make stablecoins obsolete for institutional use?

Will deposit tokens like JPMD make stablecoins obsolete for institutional use?

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JPMorgan Chase has created a new digital currency called JPMorgan Deposit Token (JPMD) that lives on the blockchain and is only available to trusted institutions like large corporations, asset managers, and pension funds.

JPMD will cater to institutions that want the legal protections, interest payments, and bank integration that regular stablecoins don’t fully offer to move money quickly, safely, and around the clock. 

JPMD combines traditional banking features with blockchain speed and access on a public blockchain (Base, built on Ethereum) to attract big institutions who fear stablecoins like USDC or USDT will raise concerns about regulation, stability, and trust.

But will deposit tokens like JPMD completely replace stablecoins for institutional use, or will they simply serve different purposes and grow side by side?

How are deposit tokens different from stablecoins?

Deposit tokens fit into commercial banks’ existing financial and legal framework because they come with added benefits, like deposit insurance, interest payments, and accounting clarity for managing large volumes of funds.

On the other hand, stablecoins don’t enjoy the same trust or integration with banks because the US Congress is still debating the rules around using and backing them.

In addition, the openness and availability of stablecoins for trading, remittances, lending, DeFi protocols, and as a fast way to store and move value across borders have helped them grow into a $260 billion market.

Constrastly, deposit coins set large transactions, enable tokenized securities, handle business-to-business payments, and manage digital cash in a way that ties back to a real-world bank account to serve the complex needs of institutions.

So, while stablecoins operate outside the bounds of traditional finance and serve a wide global audience, deposit tokens help the banks move money faster and more efficiently within the trusted, regulated walls of the banking system.

Why does JPMorgan believe JPMD is better for institutions?

JPMD combines the convenience of blockchain with the confidence and structure of commercial banking for institutional users who need digital money that moves fast but also complies with strict legal, financial, and operational standards.

JPMorgan hosts JPMD on the Base blockchain (a public Layer 2 network built by Coinbase on top of Ethereum) to protect it from misuse or unwanted exposure and allow only verified institutional clients to interact with the system.

This way, the bank creates access to faster settlements and lower fees while controlling who uses the token through permissioned access. The Base blockchain bridges JPMD to future blockchain use cases with its connection to Ethereum’s broader ecosystem.

Businesses can also use JPMD in treasury operations, accounting systems, and financial reports without the extra friction that comes with third-party stablecoins. This is because the token allows them to treat it like cash they already hold in their JPMorgan accounts.

Accountants, CFOs, and risk officers can easily trust, track, and report JPMD tokens because they are tied directly into the bank’s own infrastructure. This differs from stablecoins that sit outside the banking system and may raise questions about compliance or reserve backing.

JPMorgan also said JPMD will likely pay interest while still providing instant settlement and on-chain liquidity. This will make it more appealing as a long-term financial tool for institutions with large cash balances and wanting their funds to generate yield. The token may also become insured like bank deposits to reduce risk and offer a level of protection that stablecoins currently can’t match in high-value transactions.

Moreover, JPMD makes it easier for institutions to incorporate blockchain-based transactions without overhauling their internal workflows or facing delays due to incompatible systems. The token integrates seamlessly with enterprise treasury platforms, payment processing tools, and settlement engines. It also supports financial reporting systems to manage cash flow, settle trades, facilitate cross-border payments, and ensure regulatory compliance.

Businesses can also settle payments across jurisdictions instantly with JPMD to reduce delays, high costs, and limited operating hours in cross-border business-to-business (B2B) payments and tokenized asset settlements.

What could stop deposit tokens from taking over?

Deposit tokens have less potential as a universal digital cash solution because JPMD is only available to pre-approved institutional clients connected to the bank. While anyone with a crypto wallet can access and use stablecoins, the permissioned nature of deposit tokens prevents smaller businesses, startups, or individuals from accessing the token, despite it running on a public blockchain.

Banks using or issuing these tokens may face strict capital requirements and other compliance burdens. This is because current Basel guidelines classify digital tokens operating on public, permissionless blockchains as high-risk assets.

These institutions may be constrained by rules that make large-scale deployment expensive, risky, or not worth the effort, unless the Basel Committee updates its guidance or makes exceptions for well-structured deposit tokens.

Moreover, JPMD may end up being siloed within a limited ecosystem because many institutions and platforms may prefer Ethereum mainnet, Polygon, Avalanche, or private blockchains for their digital asset strategies over its Layer 2 network built on Ethereum (Base). 

In contrast, Stablecoins like USDC and USDT are highly attractive to developers, fintech companies, crypto exchanges, and users in emerging markets who want to move value across platforms without worrying about permissioned access or network compatibility. These stablecoins operate on multiple blockchains, including Ethereum, Solana, and Tron. They have a wide global reach,  widespread wallet support, and integration with decentralized applications.

Similarly, smaller firms, fintechs, and international businesses may not have the technical infrastructure, legal clarity, or compliance capabilities that large institutions require to work with a permissioned token tied to a US bank. Firms operating in multiple regions or jurisdictions may not want to maintain a relationship with a specific bank to undergo a complex onboarding process. 

It may be difficult for deposit tokens to reach the scale and utility that stablecoins have already achieved when their growth is limited to a small circle of elite users. JPMD and similar tokens remain too tightly linked to individual banking ecosystems.

Stablecoins and deposit tokens will likely grow side by side

The infrastructure around digital tokens and stablecoins will decide which models succeed and at what scale as banks, governments, and global companies continue to experiment with tokenized assets, digital payments, and programmable money.

Both stablecoins and deposit tokens could grow together, serving different types of users and use cases if public blockchains become widely accepted as safe, reliable environments for moving real-world value. 

It’s unlikely that either stablecoins or deposit tokens will completely replace the other, so the more realistic outcome is coexistence. Deposit tokens will likely dominate in highly regulated, high-value environments where trust, control, and integration with existing systems are essential. On the other hand, stablecoins will continue to lead in areas where openness, speed, and accessibility matter most, such as retail payments, global remittances, and decentralized applications.

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Polymarket’s 89% odds on the fate of the GENIUS Act sparks controversy in the crypto space

Polymarket’s 89% odds on the fate of the GENIUS Act sparks controversy in the crypto space

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Crypto users are betting on the likelihood that US stablecoin legislation will advance, spurred by a key Senate vote.

On Thursday, June 19, Polymarket, an American crypto-based prediction platform, gave the GENIUS Act an 89% chance of passing both the US Senate and House. The platform also predicted the president would sign it into law before 2026.

This came just a few days after a key vote in the Senate and a recent public push from President Donald Trump to get the bill to his desk quickly.

Notably, the Polymarket bet appeared to have gone live around 18 hours after the Senate passed the bill in a 68-30 vote.

Polymarket’s 89% odds on the fate of the GENIUS Act sparks controversy in the crypto space 

Following the Polymarket odds, it is not yet clear if the bill would have strong enough support to pass the House in its current form, or whether lawmakers would append amendments to ease concerns about Trump’s ties to the crypto space, including World Liberty Financial’s stablecoin, USD1.

Additionally, several senators voted against a similar change before the final passage of the GENIUS Act, which sent the bill to the House. 

Depending on the bill’s final version, one possible outcome is that it could open the floodgates for US companies to issue their own stablecoins to settle payments.

For instance, Tech giants like Apple and Google were said to be considering their own tokens. Concerning this, two United States senators sent questions to Meta about whether the company had similar plans once the bill potentially becomes law.

On the other hand, Trump has indicated he would sign the GENIUS Act “with no add-ons” if the House were to pass it swiftly. 

In addition, Republicans hold a narrow majority in the chamber and might soon have to vote on a bill to create a framework for a crypto market structure. The CLARITY Act, a proposal the committee passed last week, would clarify US financial regulators’ responsibility over digital assets.

Meanwhile, the Polymarket odds do not necessarily predict whether United States legislators will pass the bill or President Trump will give it his signature to become a law. Instead, the prediction market displays how much crypto enthusiasts are willing to bet on one or more specific outcomes.

French Hill expresses hope in the CLARITY Act to make the US a global leader in digital assets 

The US House Committee on Financial Services approved a crypto market structure bill, the Digital Asset Market Clarity (CLARITY) Act. This assured crypto enthusiasts that it will soon head to the full House for a vote.

House Financial Services Committee lawmakers voted 32 to 19 to send the CLARITY Act for a full floor vote. This came after the House Agriculture Committee advanced the bill in a 47 to 6 vote.

Congressman French Hill, who sponsored the bill, right after the vote was successful, stated that this is the second bill that Bryan Steil has skillfully led, acknowledging first with stablecoins and then with a market structure bill.

Steil, the chairman of the House Committee on Financial Services Crypto Subcommittee, acknowledged that it was a big step forward and was pleased to see that Hill’s act had made it through the House committees. 

Hill mentioned that this is a chance for America to take charge of the future of Web3 on the internet, especially in financial services that use tokenized payments.

If the CLARITY Act and GENIUS Act are approved, they could bring a major change to cryptocurrency rules in the US, making the crypto world stronger. 

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Paypal plans to introduce payment financing (PayFi) for small businesses

Paypal plans to introduce payment financing (PayFi) for small businesses

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Paypal CEO Alex Chriss announced today that PayPal plans to bring PYUSD, PayPal’s Stablecoin, into the Stellar network to provide fast and affordable cross-border payments and reach a large group of developers. According to the company press briefing, they are awaiting approval from the NYDFS.

Paypal plans to upgrade its Stablecoin for real-world payments, commerce, and micro-financing by leveraging the Stellar network speed, low transactional costs, and ease of integration. Stellar has been designed for speed, low-cost payments, and real-world utility. Chris believes the blockchain technology firm will unlock an additional option to the already existing expansion in Ethereum and Solana.

Paypal plans to introduce payment financing (PayFi) for small businesses

Paypal users will benefit from Stellar’s network infrastructure, which spans 170 countries and has multiple on and off ramps, digital wallets, and integration with local fiat currencies and banking systems. According to the company’s press release, this is ideal for PayPal’s goal of reaching a broader group of developers and opening more opportunities. The target audience is the emerging markets where traditional financial systems can be slow, expensive, or inaccessible. 

The partnership will also introduce the Payment Financing model (PayFi), enabling small and medium-sized businesses (SMBs) that face delayed receivables or prefunding requirements to access real-time working capital in loans directly in PYUSD to their Stellar wallets. Companies can use these funds to settle suppliers, manage inventory, and cover other expenses with the added advantage of instant settlement and transparency. Liquidity providers have been allowed to participate in the financing options and earn returns from real-world activities in addition to speculative trading. 

May Zabaneh, Vice President of PayPal’s Blockchain, Cryptocurrency, and Digital Currency Group, said stablecoins have long been viewed as crypto killer apps because they combine the power of blockchain with the stability of fiat currencies. He believes that working with Stellar will advance the use of this technology and provide benefits for all users in the key area of cross-border payments.

NYDFS delay risks giving PYUSD a bad head start

Danelle Dixon, CEO of Stellar Development Foundation, reiterated that Stellar is the network for fast, low-cost, and trusted global payments at scale. He added that bringing PYUSD to over 170 countries would transform stablecoins into practical financial tools that millions of everyday users and merchants can use. He affirmed that the partnership aims to bring stable digital currency to small businesses and individuals in emerging markets all over the globe. 

Paypal has recently partnered with Gebuana Lhuillier (Philippines) and Yellow Card (Africa) to bypass banking systems, which have access to  3,500 and 25,000 touchpoints, respectively. Analysts believe these partnerships could push PayPal into a remittance choice by cutting fees up to 80% compared to competitors like Western Union and MoneyGram. PYUSD, however, faces challenges such as a crypto reputation for Scams, hacks, and market crashes, which may deter investor confidence. 

The NYDFS approval may delay the process, citing money laundering and consumer protection concerns. Stellar’s decentralized nature lacks the centralized control that banks and regulators prefer. Also, PYUSD holders on the exchange may face price volatility if redemption partners fail to buy back their tokens. 

PYUSD faces competition from Circle’s USDC, backed by Goldman Sachs, which already dominates stablecoin markets with $50 billion in circulation. Analysts say that with the pending approval from NYDFS, PYUSD may face a hard head start in competing with giants like USDC and USDT, which already have a competitive edge in the market. 

Jim Cramer, host of Mad Money on CNBC, said this is a high-risk, high-reward bet. If the NYFDS approves and SMEs flock to PayFi, PayPal stock could soar, but if it stumbles on regulation or adoption, it would render PYUSD a costly disaster.

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Senate prepares key vote on Trump-backed stablecoin bill

Senate prepares key vote on Trump-backed stablecoin bill

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Senate Majority Leader John Thune has scheduled a key procedural vote for Wednesday on stablecoin legislation backed by both the crypto industry and President Donald Trump.

The vote, which needs backing from 60 senators, paves the way for the bipartisan legislation to be passed quickly in the coming days. 

This came after revisions last month that attracted the support of crypto-friendly Democratic senators like Angela Alsobrooks and Mark Warner.

John Thune focuses on adding competition in credit card processing with the bill

The stablecoin bill is crucial as it would create rules for dollar-pegged tokens used to make payments. It is worth noting that the stablecoins must be backed by reserves kept in short-term investments, such as those overseen by federal debt or state regulators. 

As the Senate gets ready to vote on a stablecoin bill with support from Trump, debates have been sparked concerning the bill.

Progressive Democrats have voiced concerns that the bill lacks safeguards to prevent stablecoins from endangering the financial system or being exploited by criminals. They also argue it overlooks the issue of Donald Trump profiting from his own cryptocurrency ventures.

However, Thune’s move to cut off debate on the bill virtually aims that the legislation will contain language pressed by retailers and their allies in the Senate to force competition into Visa Inc. and Mastercard Inc. in credit card processing.

To support this claim, the proposal, backed by Republican Senator Roger Marshall and Democratic Senator Dick Durbin, would require major banks to let merchants choose from multiple credit card networks. 

This includes alternatives to Visa and Mastercard. The aim is to boost competition and reduce transaction fees for merchants.

On the other hand, Senate Banking Chairman Tim Scott has indicated that his committee might look at the credit card rules as separate legislation instead of including them in the stablecoin bill. 

This did not stop Marshall from focusing on achieving his goal. On Monday, June 9, Marshall mentioned that he was planning his next move and wanted to schedule a vote on the legislation sometime soon. 

A Senate aide said late Monday that talks are continuing on the bill and that senators could still offer floor amendments.

The stablecoin bill faces criticism as worries grow among individuals 

A stablecoin linked to the Trump family has seen its market value soar past $2 billion since its announcement in March, but it has also faced criticism. 

However, Democratic Senator Mark Warner of Virginia, a key Banking Committee moderate, said he would back the measure. He also mentioned that worries about the Trump family’s business activities should not prevent progress on broader stablecoin legislation. 

Warner described the legislation as “not perfect but far better than what we currently have.” 

On the other hand, the progressive faction of the party, led by Elizabeth Warren, the highest-ranking Democrat on the Senate Banking Committee, strongly opposed it. During an early vote, Warren and Senator Gillibrand had a heated exchange on the Senate floor. 

Warren shared a new analysis from her staff criticizing the bill for not including any bans on Trump and his family benefiting from cryptocurrencies regulated by his administration. The analysis also pointed out loopholes that could let criminals and terrorists misuse stablecoins for transactions outside traditional banks. 

Warren cautioned that passing this bill means they can expect more anonymous buyers—big companies and foreign governments—to use the president’s stablecoin as a secret bank account free from government oversight and as a way to pay off the president personally. She added that for criminals, it was a two-for-one deal.

Bankers also worry that stablecoins might take away bank deposits and make it harder for small businesses and farmers to get loans. These groups often depend on banks for credit. So far, bankers have tried — mostly without success — to prevent big companies, like tech firms or retailers, from creating their own tokens. 

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Bolivia embraces USDT as shoppers ditch cash

Bolivia embraces USDT as shoppers ditch cash

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Tether’s CEO Paolo Ardoino has praised Bolivia’s rapid rise in USDT (Tether) usage, stating that the country is increasingly turning to digital dollars for regular trade.

In a tweet, Ardoino shared images of shops in the country showing prices in USDT, suggesting that these could open the gates for stablecoins in the retail market.

Photos from these stores show items such as Cadbury Dairy Milk and Oreo products printed with the USDT price, not the more traditional Bolivian Boliviano.

Ardoino emphasized that the stablecoin is now a part of people’s daily lives in the state. He noted that when digital currency is used for commerce, the relevance to the digital age is modernizing transactions, and the contextual relevance is mastering economic instability.

Ardoino’s images also include popular products, including sunglasses and Milka chocolate, tagged with prices in USDT.

Bolivia embraces USDT as shoppers ditch cash

According to the Central Bank of Bolivia, some goods are now exclusively sold with prices set in USDT. That illustrates Bolivians’ increasing trust in digital money and the greater cryptocurrency market, including the Ethereum price.

Price tags are now confusingly appearing in USDT, as the Boliviano increasingly becomes a thing of the past in regular point-of-sale transactions. This is happening as the country is also facing a myriad of economic struggles, and digital currencies have become a more stable source of value than the Nation’s fiat currency.

Using Tether’s stablecoin allows customers to pay via digital wallets instead of cash, marking a new era where technology increasingly shapes payment methods.

For experts, this is a major milestone. Hence, they think that the country could inspire other states to do the same. Digital payments might attract more organizations to start using them. This is especially true as platforms like Coinbase slash account freezes by 82%, signaling broader accessibility.

However, this shift also highlights the requirement for coherent government policies to manage the digital currency industry. Meanwhile, many Bolivians are already accustomed to buying everyday goods in USDT.

The Central Bank’s proposal to allow residents to exchange Bolivianos for Tether’s stablecoin could further simplify transactions and reduce exchange rate uncertainties.

Bolivia reverses crypto ban as stablecoin adoption surges

Mid last year, Bolivia’s central bank, Banco Central de Bolivia, lifted its ban on Bitcoin and crypto payments, allowing financial institutions to transact with digital assets. The ban has been in place since 2014.

In September 2024, the country reported a 100% rise in virtual asset trading, with roughly $15.6 million worth of assets traded every month between July and September. The $48.6 million traded was largely made up of stablecoins. Stablecoins are often used in developing countries whose local currency has experienced a high degree of devaluation or where there’s a shortage of foreign currency.

Stablecoin use gained further momentum in Bolivia in October 2024 when local bank Banco Bisa introduced a stablecoin custody service. That service, which the country’s financial regulator supported, allows the nation’s residents to buy, sell, and trade Tether’s USDT, a US dollar-pegged stablecoin.

Reports from September 2016 show that the state had much to gain from adopting cryptocurrencies. At that time, much of that country’s citizens were unbanked, with just 11% of residents using a debit card to make payments and only 5% using credit cards. However, the country continued upholding its ban until 2024, calling crypto a pyramid scheme in May 2017 and arresting crypto advocates.

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Tech giants explore stablecoin integration

Tech giants explore stablecoin integration

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Tech behemoths Apple, Google, Airbnb, and X (formerly Twitter), among others, are reportedly exploring the integration of stablecoins into their platforms, according to multiple industry sources familiar with the matter. 

Stablecoins are cryptocurrencies pegged to stable assets, such as the US dollar. They provide the advantages of blockchain but without the volatility that has plagued more traditional crypto tokens like Bitcoin.

These discussions are occurring as demand increases for faster, cheaper cross-border payments. The positives are also obvious for tech companies like Airbnb, which are globally reachable. Accepting stablecoins could also avert steep fees charged by credit card networks such as Visa and Mastercard.

An Airbnb spokesperson said that the company is “always looking at all aspects of payments” for improving user experience, but it is also looking into digital assets.

According to previous reports, X has reportedly expressed an interest in adding stablecoin payments to its upcoming payments product, X Money.

According to sources, Elon Musk’s team has been in touch with crypto companies, and the company is in talks with Stripe about integration. The aim is to realize Musk’s ideal of an “everything app” that blends social media, payments, and commerce.

Apple is also keen on stablecoin functionality through its Apple Pay infrastructure. Sources hint the tech firm has been in talks with Circle, the minters of the hugely popular USDC stablecoin, since early this year.

Google was interested, too, it was reported. Rich Widmann, who leads Web3 strategy at Google Cloud, has called stablecoins “one of the biggest upgrades to payments since the SWIFT network.”

Stripe bets on stablecoins with bold acquisition

Stripe, one of the world’s largest payment processors, has made a bold bet. It recently purchased Bridge, a stablecoin infrastructure startup with funding from vendor capital firm Haun Ventures. Bridge has been working on tools to enable businesses to implement stablecoin payments quickly and securely.

Stripe’s purchase of Bridge was interpreted as a sign that stablecoins have turned the corner in Silicon Valley. The deal also gave Stripe a technical advantage — Bridge’s infrastructure will be used to assist Stripe in making it possible for accounts and payments to be made in a stablecoin, which is important for global freelancers and marketplaces.

Visa has followed suit by rolling out pilots for issuing stablecoin-linked cards with Bridge in April 2025.

The sources say Airbnb is discussing with one of its existing payment partners the incorporation of one of the popular stablecoins to facilitate easy payment processes. Worldpay recently disclosed that it would facilitate stablecoin payouts by partnering with BNVK, a crypto infrastructure provider.

Trump administration eases crypto regulations

In the United States, legislators are considering two bills to regulate stablecoins. The most high-profile, known as the GENIUS Act, details consumer protections, reserve requirements, and oversight mechanisms for issuers of digital dollars.

Big Tech was hesitant about crypto in part because of scrutiny under the Biden administration. But the political winds are shifting.

The second term of Donald Trump has injected vitality into the realm of blockchain. His administration has pursued a more hands-off approach, pushing agencies to roll back rules and embrace crypto innovation. This policy change has reawakened some dormant dreams.

Two years after regulatory opposition forced Meta to mothball its Diem stablecoin project, the parent company reconsidered its views on crypto payments.

Uber’s chief executive, Dara Khosrowshahi, said recently that the ride-hailing company is examining the use of stablecoins for its global transfers. Uber’s interest is further evidence of a broader trend circulating throughout tech circles, not just a niche idea.

For now, the tone is most cautious among most firms, including Google and Airbnb. They are not promising instant launches. However, their research, alliances, and internal experiments indicate that they are gaining confidence in the future for stablecoins.

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Will Fidelity’s stablecoin transform the crypto market?

Will Fidelity’s stablecoin transform the crypto market?

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Fidelity Investments, one of the world’s most respected financial institutions, has made significant strides in digital assets in recent years.

The firm offers institutional clients Bitcoin and Ethereum custody and trading services through Fidelity Digital Assets. It has also explored blockchain applications in settlement and tokenized securities—efforts that underline its long-term commitment to bridging traditional and digital finance.

While there is no official confirmation, a representative of Fidelity recently said that the firm’s digital asset arm was experimenting with a stablecoin. However, it did not have immediate plans to launch one.

The arrival of Fidelity into stablecoins will likely bring more trust, attention, and skills to the stablecoin ecosystem. However, it could also invite tougher scrutiny from regulators and raise concerns about fairness or the likelihood that a handful of large players could dominate the market.

Some people believe Fidelity’s new stablecoin will help provide safer, more reliable digital payment options. However, critics say it could create problems with oversight, limit competition, and concentrate too much power in the hands of a few large firms.

How does Fidelity’s stablecoin help innovation?

Reports indicate that Fidelity has a pilot program for a stablecoin backed by the US dollar to make faster, cheaper, and more efficient payments and settlements than traditional methods. The company wants to build a bridge between old and new finance, and its investment shows that trusted, well-established financial institutions see stablecoins as a serious and credible part of the future financial system.

Some crypto experts suggest Fidelity’s move will push banks, payment providers, and fintech companies to adopt blockchain technology faster and improve their services due to the growing competition.

Blockchain experts also pointed out the success of Fidelity’s early pilot programs, saying the trials show promising results that could fuel optimism among other big players and make digital financial systems more accessible for everyone.

What risks come with Fidelity’s stablecoin?

Some critics say unclear rules for digital currencies make it hard for investors, companies, and regulators to know what’s fair or how to keep the market safe.

Others, though, fear that large firms like Fidelity will crowd out small start-ups and prevent these new and innovative businesses from getting a fair shot at competition and that the end result will be less fresh ideas and new competition.

Some people fear that if just a handful of big companies dominate most stablecoins, it could risk the entire financial system if any one of them encounters trouble. They also worry about whether these companies will be truthful when they claim to manage their reserves responsibly and to keep users safe.

Fidelity’s stablecoin initiative is part of a larger trend where many traditional banks and fintech companies actively develop their own stablecoins or explore blockchain technology to improve payment systems and financial services.

Those advantages have attracted the attention of political leaders and regulators who agree there is an opportunity for the industry to expand and offer benefits to more people but have also sought to create clear rules to remove the risks associated with these tokens and to shield consumers from potential harm.

Some crypto projects are concerned that large finance companies like Fidelity will use their vast amounts of resources to take over a large part of the crypto space and discourage new innovations from startups, which beats the whole purpose of cryptocurrency.

As a result, there is a growing push and pull between industry experts who want regulators to create soft laws that will help the crypto industry grow by making it fair for small companies to compete with large firms and those who want strict rules that will protect everyone from the dominance of large financial institutions.

What does Fidelity’s stablecoin mean for the future?

People and financial firms that have doubts about cryptocurrencies will get a positive perspective about investing in digital currency when they see Fidelity’s stablecoin initiative succeed.

Big banks and fintech companies will also be motivated to develop their own stablecoins or develop new blockchain solutions to help make digital finance accessible to a wider audience.

We still can’t ignore the risks involved because it is possible that large firms like Fidelity might try to dominate the crypto market once they see the company succeed. This means they will have more influence on whether they are worthy of joining the crypto space, which would make it difficult for smaller firms to compete.

The current laws around cryptocurrency also don’t fully address the problems big companies bring when they introduce their own coins. This is because these firms must follow heavy compliance requirements and need tight supervision that smaller companies will struggle to keep up with.

The success or failure of Fidelity’s stablecoin will likely shape the future of both traditional finance and the crypto world, influencing how open, fair, and innovative this industry can become.

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The U.S. Department of Justice has filed a civil forfeiture complaint against $7.74 million in crypto

The U.S. Department of Justice has filed a civil forfeiture complaint against $7.74 million in crypto

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The U.S. Department of Justice (DOJ) issued a statement Thursday announcing forfeiture action against $7.74 million in cryptocurrency. The funds are allegedly tied to North Korean IT workers fraudulently infiltrating U.S. companies.

The civil forfeiture complaint, filed on June 5, says the state was able to “freeze and seize” over $7.74 million in cryptocurrency, originally tied to North Korean Foreign Trade Bank representative Sim Hyon Sop. Now D.C. is moving to take ownership of the funds via the suit.

Fake IT workers allegedly sending crypto to North Korea

“For years, North Korea has exploited global remote IT contracting and cryptocurrency ecosystems to evade U.S. sanctions and bankroll its weapons programs,” Sue J. Bai, head of the DOJ’s National Security Division, is quoted as saying in the government press release.

According to the DOJ, an FBI investigation is said to have revealed a “massive campaign” involving remote IT workers infiltrating U.S. businesses with fraudulent identities, or identities stolen from American citizens. “These tactics hid the North Koreans’ true location and identities, causing unwitting employers to hire them and pay them a salary, often in stablecoins, such as USDC and USDT,” the release notes.

To obfuscate the money and send funds back to North Korea, workers allegedly used the following tactics:

  • Fake accounts
  • Micro-transactions
  • Chain-hopping/Token-swapping
  • Hiding value in NFTs (non-fungible tokens)
  • Using U.S.-based accounts to “legitimize” activity
  • Crypto mixing

US government use of crypto, fiat also criticized

U.S. Attorney Jeanine Ferris Pirro said of the forfeiture action: “Crime may pay in other countries but that’s not how it works here,” noting that “We will halt your progress, strike back, and take hold of any proceeds you obtained illegally.”

Some might take issue with Pirro about that. And with Sue J. Bai about the bankrolling of weapons programs. In recent years, hundreds of millions of dollars in cryptocurrency have been funneled to “socially acceptable” U.S.-backed military initiatives in Ukraine, including for “lethal equipment.”

DOJ aims to confiscate $7.7M in crypto allegedly tied to fraudulent North Korean IT workers
Elliptic data on Ukraine government’s cryptocurrency expenditures from 2022. Source: Elliptic.

Billions in fiat currency have been sent to the Israeli military, as Gazans are killed and ousted from their homes, while the U.S. president backing this bankroll has a controversial, influence-cashgrab memecoin released while in office. Anyway one slices it, it is a messy situation, where “licit” uses of crypto seem to depend more on the power and geopolitical standing of the user, than they do ethics. None of this justifying any ostensible North Korean terror.

Regardless, the DOJ release summarizes: “Today’s forfeiture action follows the Department’s announcement of two federal indictments charging Sim for allegedly conspiring (1) with North Korean IT workers to generate revenue through illegal employment at companies in the United States and abroad; and (2) with over-the-counter cryptocurrency traders to use stolen funds to buy goods for North Korea.”

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