issuer

According to the Hong Kong Wen Wei Po, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that the choice of which currency to issue for stablecoins primarily depends on the applicant's own decision. The issuance of a Hong Kong dollar stablecoin is the first step, and in the future, other currencies including the renminbi can be issued, which is permitted under Hong Kong's system, but the applicant also needs to obtain approval from mainland regulatory authorities.Regarding when the second batch of stablecoin issuer licenses will be issued, Chen Weimin indicated that there is currently no relevant timetable, but they have been in communication with applicants interested in applying for the license. It is reported that HSBC's stablecoin will be integrated into the PayMe and HSBC HK App applications and will support real-time transfers between individuals, as well as person-to-merchant (P2M) services.

The President of the Hong Kong Monetary Authority, Eddie Yue, stated that the first batch of stablecoin issuers has been granted licenses today. Based on the business plans of the licensees, they intend to commence operations in the coming months once the relevant preparations are completed.Eddie Yue expressed hope that the issuers will carry out their business as planned, actively explore development opportunities while managing risks, promote the application of compliant stablecoins, and address pain points in financial and economic activities. At the same time, the public should remain vigilant against any fraudulent activities or scams claiming to be related to the licensees or the stablecoins they issue. When purchasing or using stablecoins, regulated channels should be used, and if there are any doubts, they should refer to the records of the Monetary Authority to verify the identity of the licensees or contact the licensees for further inquiries.

According to CoinDesk, the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury and the Office of Foreign Assets Control (OFAC) will jointly issue proposed rules requiring stablecoin issuers to establish a comprehensive anti-money laundering and sanctions compliance system. Specific measures include freezing, intercepting, and rejecting suspicious transactions, as well as complying with the relevant provisions of the Bank Secrecy Act.The rules emphasize an outcome-oriented approach, believing that financial institutions understand their own risks best. Issuers that establish a sound compliance system are typically exempt from enforcement actions. This move aims to implement the GENIUS Act passed last year, which is expected to take full effect in 2027.

According to CoinDesk, the U.S. Treasury is set to release proposed rules requiring stablecoin issuers to establish standards to combat money laundering and sanctions violations.According to a summary of the proposal obtained by CoinDesk, the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) will jointly formulate rules that clarify how issuers can comply with the GENIUS Act passed last year, including establishing controls to block, freeze, and reject suspicious transactions. FinCEN will require issuers' anti-money laundering programs to be able to pause flagged transactions and focus more resources on high-risk customers and activities.When U.S. authorities pursue specific targets, regulated issuers must screen their records for activities related to flagged individuals or entities. OFAC requires issuers to operate risk-based sanctions compliance safeguards in both primary and secondary markets, identifying and rejecting transactions that may violate U.S. sanctions regulations. The proposal emphasizes respect for the industry, believing that financial institutions are best aware of their own money laundering and terrorist financing risks, and companies that maintain appropriate anti-money laundering measures typically do not face enforcement actions.U.S. Treasury Secretary Scott Bessent stated that these measures will protect the U.S. financial system from national security threats while not hindering the development of U.S. businesses in the stablecoin ecosystem. The proposal will enter a public comment period and may be revised before finalization.

The U.S. Department of the Treasury has officially launched the implementation of the stablecoin innovation "GENIUS Act," releasing a proposed rulemaking notice, which is the first implementing regulation of the act, totaling 87 pages, with a public comment period of 60 days.According to the "GENIUS Act," issuers of payment stablecoins with a total issuance not exceeding $10 billion may choose to accept state-level regulatory frameworks, provided that the state's regulatory framework is "substantially similar" to the federal regulatory framework. The U.S. Department of the Treasury will establish broad principles for determining "substantial similarity" through this notice.

According to official news, Hyperliquid's native stablecoin USDH issuer Native Markets will launch the tokenized margin pmUSDH.After users deposit USDH into their portfolio margin accounts, the protocol will convert that position into the ERC-20 format pmUSDH token. This tokenization also allows users to earn interest income paid by borrowers, and it can be used in DeFi protocols including Felix, Hyperlend, Pendle, and Rysk.

Former British Prime Minister Boris Johnson posted on the X platform expressing his long-standing suspicion that Bitcoin is a "massive Ponzi scheme," and stated that recent cases of investment losses he has heard about have made him more concerned that this judgment may be correct.In response, Michael Saylor, founder and CEO of Bitcoin treasury company Strategy, disagreed with this viewpoint. He pointed out that Ponzi schemes typically require a centralized operator to promise returns and pay early investors with the funds from later investors, whereas Bitcoin has no issuer or promoter, and there are no guaranteed returns; it is merely an open decentralized currency network driven by code and market demand.

According to market news, the first batch of stablecoin issuer licenses in Hong Kong is expected to be announced this month. Sources say that Standard Chartered Bank, HSBC, and licensed virtual asset trading platform OSL are among the first batch, with the announcement possibly coming as soon as next week, but the list remains subject to change.Previously, there were about 5 candidate institutions, which may ultimately be reduced to 3. The regulatory authorities may prioritize banking institutions to ensure stability and market confidence. It is worth noting that there are no Chinese institutions mentioned in the rumors; YuanCoin Technology, LianLian Digital, and others may not have made it to the first batch. The Hong Kong Monetary Authority has stated that it does not comment on market rumors.

The global anti-money laundering organization Financial Action Task Force (FATF) pointed out in its latest report that stablecoin peer-to-peer (P2P) transfers have become a key source of money laundering risk in the crypto ecosystem, especially when users trade directly through unmanaged wallets, making it more difficult to track and regulate related activities due to the lack of regulated intermediaries.FATF stated that stablecoins have now become the most commonly used virtual assets in illegal crypto transactions. According to Chainalysis data, approximately 84% of the $154 billion in illegal crypto transactions in 2025 involved stablecoins. The report recommends that jurisdictions require stablecoin issuers to have the technical capability to freeze, destroy, or blacklist assets involving suspicious addresses when necessary, and to embed compliance features such as allow-lists and deny-lists in smart contracts.FATF noted that compared to the highly volatile Bitcoin and Ethereum, stablecoins like Tether (USDT) and USD Coin (USDC) are increasingly being used by criminal networks for fund transfers and money laundering activities due to their price stability, high liquidity, and ease of cross-border transfer. Additionally, the report mentioned that North Korean hacker groups and entities linked to Iran are using stablecoins to launder proceeds from cybercrime and are converting funds into fiat currency through over-the-counter traders or peer-to-peer platforms.FATF calls for strengthened regulation of stablecoin issuers and encourages the broader adoption of blockchain analysis tools and anti-money laundering measures such as the "travel rule" within the crypto industry.

According to CoinDesk, the Financial Action Task Force (FATF) has released a report warning that stablecoins have become the most widely used virtual assets in illegal transactions, calling for increased regulation of issuers.The report cites data from Chainalysis, indicating that by 2025, stablecoins will account for 84% of the volume of illegal virtual asset transactions, involving an amount of $154 billion. A report from TRM Labs shows that by 2025, illegal entities will receive $141 billion in stablecoins, reaching a five-year high, with sanction-related activities accounting for 86% of illegal crypto fund flows. Actors such as Iran and North Korea are using stablecoins like USDT for financing weapons of mass destruction and cross-border sanctioned payments.The FATF warns that peer-to-peer transfers conducted through non-custodial wallets represent a key vulnerability, as these transactions can bypass anti-money laundering controls. The FATF urges countries to impose anti-money laundering obligations on stablecoin issuers and consider requiring them to have wallet freezing capabilities and to restrict certain functionalities of smart contracts. The current market capitalization of stablecoins has exceeded $300 billion.

A U.S. federal judge has dismissed the remaining state law claims against Uniswap Labs and its founder Hayden Adams, bringing an end to this protracted class action lawsuit.The lawsuit sought to hold the developer of this decentralized trading platform accountable for fraudulent tokens traded on its protocol. U.S. District Judge Katherine Polk Failla of the Southern District of New York issued a ruling that definitively dismissed the plaintiffs' second amended complaint, ruling that the plaintiffs could not hold the company liable for the misconduct of unidentified third-party token issuers. Uniswap's General Counsel Brian Nistler stated that this ruling sets an important precedent for the DeFi industry, reaffirming that developers are not responsible for illegal activities conducted by third parties using open-source code.

The Japanese yen stablecoin issuer JPYC has signed a strategic cooperation memorandum of understanding with Sony Bank and its Web3 subsidiary BlockBloom. The two parties plan to provide real-time bank account transfer functionality on the "JPYC EX" platform, allowing users to purchase JPYC directly from their Sony Bank accounts without manual remittance.In addition, both parties will explore collaborations with entertainment IPs such as music and gaming, applying JPYC to digital content purchases and fan rewards.

According to market news, the Japanese yen stablecoin issuer JPYC has completed the first phase of its Series B financing, raising approximately 1.78 billion yen (about 12 million USD), led by Japanese IT solutions provider Asteria. Most of the funding comes from domestic Japanese companies and investment institutions, with BitFlyer Holdings also participating.JPYC was launched in October 2025 under Japan's regulatory framework for fund transfer businesses and is currently the only onshore yen stablecoin. It has partnered with Densan Systems, which provides payment infrastructure for about 65,000 convenience stores in Japan, to explore domestic payments, cross-border remittances, and travel payment applications in convenience store scenarios, and is involved in Circle's stablecoin foreign exchange quoting system StableFX for cross-border settlements.

According to CoinDesk, Agant CEO Andrew MacKenzie stated that the direction of the UK's crypto regulatory framework is correct, but the pace of advancement is insufficient to support the country's ambition to become a global digital asset hub.MacKenzie believes that the UK government has repeatedly committed to positioning London as a global center for crypto and digital asset activities. However, comprehensive legislation covering stablecoins and broader crypto activities is not expected to receive parliamentary approval until later this year, with formal implementation possibly waiting until 2027.Agant plans to issue a stablecoin called GBPA, which is fully backed 1:1 by the British pound. The company has currently registered with the Financial Conduct Authority (FCA) in the UK, indicating its intention to target institutional investors rather than the retail cryptocurrency market. Agant has positioned GBPA as the infrastructure for institutional payments, settlements, and tokenized assets.

Stablecoin issuer Agant has obtained registration for crypto asset activities from the UK's Financial Conduct Authority (FCA) in preparation for its upcoming pound-pegged stablecoin, GBPA.This registration is granted under the UK's anti-money laundering regulations, allowing Agant to issue the GBPA stablecoin, which will be fully backed by pounds at a 1:1 ratio, primarily targeting institutional users.Agant's CEO Andrew MacKenzie stated that a well-designed pound stablecoin provides a solid foundation for innovation in payments, settlements, and tokenized assets in the UK. The company is working closely with regulators, financial institutions, and global partners to build its platform. GBPA will enter the pound stablecoin market, which already includes products like Tokenised GBP (TGBP), the latter having a market capitalization of approximately $4.9 million.

Ondo Finance announced on its official website that Ondo Global Markets has confidentially submitted a registration statement to the U.S. Securities and Exchange Commission (SEC). Once this document becomes effective, it will provide global investors with issuer-level information disclosure that meets SEC standards.Currently, Ondo Global Markets has become the world's largest tokenized stock platform, with a total value locked (TVL) exceeding $2.5 billion and a cumulative trading volume of over $9 billion. Ondo Finance aims to support all major tokenization models, including direct ownership, beneficial ownership, and native tokenized securities, by integrating SEC-registered transfer agents, broker-dealers, investment advisors, and alternative trading systems (ATS). The platform currently offers over 200 tokenized U.S. stocks and ETFs to non-U.S. investors.

According to South Korean media reports, the ruling Democratic Party of Korea has finalized the name of its bill aimed at regulating the virtual asset market as the "Basic Law on Digital Assets," and plans to submit it before the New Year holiday.They also agreed to set the minimum legal capital requirement for stablecoin issuers at 5 billion won (approximately 3.5 million USD). However, sensitive issues such as the scope of the central bank's authority and major shareholder ownership restrictions will be finalized after further coordination with the policy committee.

F/m Investments, an ETF issuer managing approximately $18 billion, has applied for regulatory approval from the U.S. Securities and Exchange Commission (SEC) to tokenize its ETF shares and record them on a permissioned blockchain ledger. The product the company intends to tokenize is its U.S. Treasury 3-Month Bill ETF (TBIL, NASDAQ: TBIL).F/m Investments stated that this is the first time an institution has explicitly applied to the SEC for an exemption regarding the "tokenization of registered investment company ETF shares." The company claims that if approved, the existing TBIL ETF shares will be represented on the permissioned ledger with the same CUSIP code, and will maintain consistency in rights, fees, voting rights, and economic terms with the existing ETF shares, remaining subject to the Investment Company Act of 1940.The company also emphasized that the relevant arrangements will continue to retain board oversight, daily information disclosure, and third-party custody and audit mechanisms. F/m Investments CEO Alexander Morris stated that the trend of tokenizing traditional financial instruments is inevitable.