ChainCatcher news, according to DL News, the interest of central banks in using central bank digital currencies to enhance cross-border payments is waning. According to the OMFIF 2024 Payments Future Survey, instant payment systems are becoming the preferred solution. Currently, only 13% of respondents believe that CBDC networks are the most promising approach, a significant drop from 31% last year.

ChainCatcher news, according to CoinDesk, payment giant Mastercard (MA) has integrated its blockchain-based tokenized asset transfer system Multi-Token Network (MTN) with JPMorgan's recently renamed digital asset business Kinexys (formerly known as Onyx). This collaboration aims to enhance B2B cross-border payments, "providing greater transparency and faster settlement speeds while reducing time zone friction."Tokenized foreign exchange is an attractive subset of the real-world asset trend based on blockchain, which has been firmly embraced by traditional finance as it offers an almost real-time, always-online way to avoid cross-border gaps and pain points. The two companies stated in a joint announcement that by integrating Mastercard MTN with Kinexys digital payment connectivity, MTN and Kinexys' mutual clients will be able to settle B2B transactions through a single API.

ChainCatcher news, Thailand's established bank Siam Commercial Bank (SCB) announced a partnership with fintech company Lightnet to provide customers with stablecoin cross-border payment and remittance services. The service allows customers to conduct cross-border transactions 24 hours a day, 7 days a week, significantly reducing transaction costs.It is reported that the service has passed the regulatory sandbox testing by the Bank of Thailand.

ChainCatcher news, brokerage firm Bernstein stated in a research report on Thursday that the importance of stablecoins to the global financial system is growing, and they have become the 18th largest holder of U.S. Treasury securities.The report noted that after a decline in supply in 2023, the issuance of stablecoins has now returned to a historical high of $170 billion, with on-chain monthly payment volumes doubling over the past 12 months, reaching $1.4 trillion in July.The report pointed out that these cryptocurrencies are increasingly being integrated with payment and fintech companies such as PayPal (PYPL), MercadoLibre (MELI), and Grab (GRAB). Stablecoins are also being used more frequently for cross-border payments. Bernstein stated, "Dollar stablecoins on the crypto rails are now the cheapest cross-border payment rails."

According to ChainCatcher news, the Bank for International Settlements has partnered with some of the world's largest banks and credit card companies to launch a blockchain-based project aimed at fundamentally reforming global cross-border payments. JPMorgan Chase, Deutsche Bank, UBS Group, as well as Visa Inc. and Mastercard have all joined the Agora project, which started in May. The complete list of private sector participants includes 41 companies that will collaborate with seven central banks from regions such as the United States, the Eurozone, Japan, and the United Kingdom.The Bank for International Settlements is exploring the creation of an international platform through Agora (which means market in Greek), where tokenized assets can be bought and sold using central bank-supported digital currencies issued by central banks that issue the world's most important reserve currencies. On this unified ledger, investors can conduct cross-border transactions using central bank money that is virtually risk-free. Currently, the only relatively safe currency is cash, which does not exist in digital form.

ChainCatcher news, according to CoinDesk, the Bank for International Settlements (BIS) stated that over 40 financial companies will explore the application of tokenization in wholesale cross-border payments through the BIS's Project Agorá.These financial companies were selected by the BIS after a public call for participants in May. The project has now entered the design phase.The BIS stated on its website that the project is based on its unified ledger concept, "which will study how to seamlessly integrate tokenized commercial bank deposits with tokenized wholesale central bank currency into a programmable core financial platform."

ChainCatcher news, according to Bitcoin Magazine, Miami-based Bitcoin Lightning Network payment startup TMRW has announced the completion of a $1.3 million Pre-Seed funding round, led by Maple VC, with participation from angel investors including Brad Mills.TMRW primarily leverages the speed and low cost of the Lightning Network and is building an open payment standard called Universal Money Addresses based on the Lightning Network. It aims to facilitate cross-border peer-to-peer payments through Lightspark and ZeroHash. The new funding is intended to expand into the U.S. market, and TMRW has reportedly opened its iOS beta version to U.S. users.

ChainCatcher news, according to chainwire, the stablecoin cross-border payment company PEXX has announced the acquisition of the Singapore blockchain media Chain Debrief.It is reported that PEXX is an innovative fintech startup focused on stablecoin cross-border payments. Following a successful financing round of $4.5 million led by TNB Aura and ANTLER, the company is pleased to announce the acquisition of the Singapore blockchain media platform Chain Debrief, with the acquisition amount undisclosed. This strategic move aligns with PEXX's commitment to expanding its footprint and fostering deeper engagement within the global blockchain community.Through this acquisition, PEXX plans to directly integrate Chain Debrief's extensive content library (including articles, tutorials, and expert analyses) into the PEXX user experience, thereby enriching its platform. This will enable users to easily access the latest information on blockchain technology, cryptocurrencies, and regulatory developments to help make informed decisions.In addition, the acquisition of Chain Debrief is an important channel for PEXX to enhance its community, particularly in Southeast Asia. By continuing Chain Debrief's mission of crypto education, PEXX will provide users with the resources needed to navigate the rapidly evolving cryptocurrency landscape. This move also supports PEXX's broader vision of encouraging cryptocurrency investment and adoption throughout the region.

ChainCatcher news, according to RIA Novosti, the Russian Duma has passed a law in the second and third readings that allows for cross-border settlements and exchange transactions of digital currencies within the framework of an experimental legal regime (EPR) starting from September 1, 2024.In addition, the Russian Duma has also passed a law in the second and third readings that will legalize cryptocurrency mining in Russia starting from November. The law stipulates the procedures and conditions for conducting such activities. Legal entities and individual entrepreneurs registered in the Russian Federation's Ministry of Digital Development will be entitled to engage in cryptocurrency mining.

ChainCatcher news, Airstar Bank Limited announced a collaboration with JINGDONG Coinlink, a subsidiary of JD Group, on the Hong Kong Monetary Authority's stablecoin issuer "sandbox." As one of the participants in the "sandbox," JINGDONG Coinlink plans to utilize the "sandbox" environment for innovation, testing, and improvement, dedicated to developing blockchain-based cross-border payment solutions using the latest technology to help businesses address challenges and enhance payment experiences in cross-border transactions.Relevant information indicates that the stablecoin issuer "sandbox" was launched by the Monetary Authority on March 12, 2024. Through the "sandbox," the Monetary Authority can communicate regulatory expectations and provide guidance to institutions planning to issue fiat stablecoins in Hong Kong, while participants can test the feasibility of their expected business models and directly communicate with the Monetary Authority to understand how to comply with future regulatory requirements.It is reported that Airstar Bank (full name: Airstar Bank Limited) was granted a banking license by the Hong Kong Monetary Authority in 2019. On June 7, 2024, Futu Holdings (FUTU.US) announced that it had completed an investment of HKD 440 million in Gravitation Fintech HK Limited, the parent company of the licensed virtual bank Airstar Bank in Hong Kong. After this change, Xiaomi Group holds 50.30% and Futu holds 44.11%.

ChainCatcher news, Animoca Brands announced that it has partnered with Standard Chartered Bank (Hong Kong) and Hong Kong Telecom to participate in the stablecoin issuer sandbox launched by the Hong Kong Monetary Authority in March this year.Animoca Brands stated: Hong Kong Telecom will explore how the innovation of stablecoins can support local and cross-border payments through the sandbox, bringing greater benefits to consumers and merchants; Standard Chartered Bank (Hong Kong) will actively participate in the stablecoin issuer sandbox to discuss how to support the thriving development of Hong Kong's digital asset ecosystem in the most effective way, and to gain insights into the opportunities and risks brought by the evolution of the stablecoin market for this ecosystem; while Animoca Brands is committed to promoting the widespread application of digital assets and applying blockchain-related technological solutions to physical assets and the traditional economy.

ChainCatcher news, according to a report by the "News" on July 3, citing the Central Bank of Russia, the Russian government is considering officially legalizing stablecoins for international transactions to simplify cross-border payments for Russian companies.According to the report, the Central Bank of the Russian Federation (CBR) is actively discussing proposals to allow the use of these crypto assets, which are pegged to stable currencies or assets like the dollar or gold, making them less volatile than other cryptocurrencies.CBR Deputy Chairman Alexey Guznov confirmed this initiative and emphasized that the main focus is on regulating the entire transaction chain, from transferring these assets to Russia to accumulating and utilizing them for cross-border payments. Guznov stated that this could be established as a permanent regulation rather than a temporary experiment. While stablecoins share similarities with digital financial assets (DFA) and cryptocurrencies, fine-tuning the regulatory framework is crucial due to their unique characteristics and widespread adoption.According to the report, stablecoins are seen as a promising tool for international settlements, especially for transactions with BRICS countries (including Brazil, Russia, India, China, and South Africa).

ChainCatcher message, to improve traditional cross-border payments, the Bank for International Settlements announced the launch of the project Rialto. This project aims to enhance instant cross-border payments by combining modular foreign exchange components with central bank wholesale digital currency (CBDC) settlement. The initiative is launched by the Bank for International Settlements Innovation Hub and the Singapore Centre in collaboration with several central banks, aiming to address the current challenges of high costs, slow speeds, and complexity in foreign exchange services.

ChainCatcher news, according to LedgerInsights, the Bank for International Settlements (BIS) Innovation Hub has launched Project Agorá, in collaboration with seven central banks, to transform cross-border payments through tokenization technology. The project utilizes wholesale central bank digital currencies (wCBDC) and tokenized deposits to execute payments on a unified ledger, simplifying compliance processes.It is reported that tokenization can achieve atomic settlement, meaning payments are simultaneously reflected in the balances of all banks, and it simplifies Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. The BIS is also experimenting with shared protocols in Project Mandala, providing "compliance proof," and suggesting the use of Artificial Intelligence (AI) to establish AML monitoring models. The BIS emphasizes that the next generation of correspondent banking should be inclusive, accessible, and capable of capturing network effects.

ChainCatcher news, Singapore-based digital payment provider FOMO Pay has reached a strategic partnership with UAE digital bank Zand Bank, aiming to facilitate seamless cross-border payments between Asia and the Middle East and North Africa (MENA) region. Through this collaboration, both parties are committed to further providing fast, secure, and cost-effective digital payment and digital banking solutions to optimize the cost-effectiveness and time efficiency of B2B cross-border transactions.FOMO Pay is a payment institution authorized by the Monetary Authority of Singapore, with its cross-border remittance services covering over 70 countries. Recently, it obtained a license in Hong Kong and will launch payment and remittance services there, further promoting cross-regional economic connections in the Greater Bay Area. Zand Bank is a fully licensed digital bank by the Central Bank of the UAE, focusing on digital innovation.

ChainCatcher news, according to Cointelegraph, one of Russia's first cross-border payment platforms, Exved, has officially announced its launch, which will facilitate the use of cryptocurrency for international settlements by local legal entities. The announcement stated that the Exved platform specifically allows people to use Tether (USDT) stablecoin for cross-border transactions with offshore rubles and dollars.It is reported that the platform aims to help Russian legal entities make cross-border payments at the lowest market rates without intermediaries. The launch of Exved is supported by various entities, including InDeFi Bank, which launched a decentralized crypto ruble project last year. The CEO of InDeFi stated that the internal mechanisms of Exved have passed testing and approval by the Central Bank and the Federal Financial Monitoring Service of Russia.

ChainCatcher news, according to Caixin, cross-border payment infrastructure provider Thunes announced a joint launch with China Construction Bank of a cross-border payment and receipt solution based on digital RMB as the application carrier for customers. This solution includes scenarios for receiving digital RMB payments for cross-border e-commerce exports and remitting digital RMB for personal study abroad.

ChainCatcher news, according to Fortune magazine, cross-border payment giant MoneyGram announced on Tuesday that it will launch a non-custodial wallet to help users transfer funds between fiat currencies and the US dollar stablecoin USDC. MoneyGram continues to utilize the Stellar blockchain to support its wallet.MoneyGram CEO Alex Holmes stated that the company has undergone a digital transformation over the past five years to "eliminate the misconception" that it will be replaced by cashless products. He said, "We are redefining what it truly means to transfer funds between fiat currencies."Unlike many non-custodial wallets, MoneyGram's new product will have full KYC requirements and will only be compatible with other MoneyGram wallets. While this limits its functionality within the broader crypto ecosystem, it also protects MoneyGram from regulatory scrutiny.