ChainCatcher news, according to Bloomberg, stablecoin issuer Circle Internet Financial Ltd. announced that the company has conducted layoffs as part of a regular operational review.A Circle spokesperson stated that the number of layoffs accounts for less than 6% of Circle's total workforce. The company will continue to invest in AI-driven regional growth, efficiency, and productivity. Circle will regularly review our investments and expenditures, which includes investing in teams and operational infrastructure that need development, while slightly reducing spending in other business areas and some positions. In June, Circle stated that the company had 882 employees.

ChainCatcher news, Circle announced that its regulated subsidiary has become the first stablecoin issuer committed to complying with the Value Referenced Crypto Assets (VRCAs) requirements of the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).This helps Circle's USD-pegged stablecoin USDC to be offered on registered crypto asset trading platforms in Canada. Registered crypto asset trading platforms operating in Canada and complying with VRCA requirements can continue to offer USDC after the CSA's deadline of December 31, 2024, for delisting non-compliant stablecoins.

ChainCatcher news, stablecoin issuer Schuman Financial has completed a $7.36 million seed round financing, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund, and Bankless Ventures.In addition, Schuman Financial has launched the euro stablecoin EURØP, compliant with MiCA standards.Schuman Financial has become the first European company to obtain a stablecoin issuer license in France, and the company is building an ecosystem around EURØP, which includes SEPA integration, banking channels, and custodial partnerships with tier-one global banks such as Société Générale.

ChainCatcher news, recently several large international virtual asset trading platforms have withdrawn their license applications in Hong Kong. Gu Ronghui, co-founder of CertiK and a member of the Web 3.0 Development Task Force, stated that the Hong Kong government should first regulate the existing stakeholders in the large virtual currency industry and encourage them to move towards compliance, which would have a more meaningful impact on the industry.Regarding the intention of Circle, the world's second-largest stablecoin issuer, to develop in Hong Kong, CertiK can assist in verifying the reserves of the stablecoin issuer Circle in other locations.

ChainCatcher news, according to Bloomberg, Tether Holdings Ltd. is attempting to persuade Turkey to use digital assets to completely reform the country's boron market, marking the latest sign of the cryptocurrency industry's efforts to leverage the commodities sector for further growth. Sources revealed that the stablecoin issuer Tether proposed to government officials the creation of digital tokens representing borate minerals using blockchain technology. Tether also suggested the idea of establishing a digital asset exchange in Istanbul. A Turkish government official stated that the boron proposal is currently not feasible, while an official from Turkey's Ministry of Energy indicated that negotiations with Tether are still in the early stages.It is reported that boron products are primarily used in the manufacture of ceramics, detergents, fertilizers, and glass. Turkey's monopoly supplier, the state-owned Eti Maden General Directorate, estimates that the country's boron reserves account for over 70% of the world's total reserves.

ChainCatcher news, according to Bloomberg, Tether Holdings Ltd. is attempting to persuade Turkey to use digital assets to completely reform the country's boron market, marking the latest sign of the cryptocurrency industry's efforts to leverage the commodities sector for further growth.Informed sources revealed that the stablecoin issuer Tether has proposed to government officials the creation of digital tokens representing borate minerals using blockchain technology. Tether has also suggested the idea of establishing a digital asset trading platform in Istanbul.A Turkish government official stated that the boron proposal is currently not feasible, while an official from Turkey's Ministry of Energy indicated that negotiations with Tether are still in the early stages. It is reported that boron products are primarily used in the manufacture of ceramics, detergents, fertilizers, and glass. Turkey's monopoly supplier, the state-owned Eti Maden General Directorate, estimates that the country's boron reserves account for over 70% of the world's total reserves.

ChainCatcher news, according to CoinDesk Japan, stablecoin issuer JPYC will collaborate with South Korean IT company ITCEN on stablecoin research. The two parties have jointly signed a memorandum of understanding (MOU) and stated that they will not only study yen stablecoins but also explore the possibilities of stablecoins based on other currencies, such as the Korean won.

ChainCatcher news, according to a new report from CCData, the stablecoin industry will have to endure significant losses in interest income following the Federal Reserve's latest interest rate cut. The top five centralized stablecoin issuers collectively hold nearly $125 billion in U.S. Treasury securities, accounting for nearly 80.2% of their reserve funds. For every 50 basis points the Federal Reserve cuts rates, it will result in an annual loss of $625 million in interest income for dollar stablecoin issuers.Data shows that Tether holds nearly $93.2 billion in U.S. Treasury securities and repurchase agreements, which contributes significantly to its net profit of $5.2 billion in the first half of 2024. The second-largest stablecoin, USDC, holds $28.7 billion in U.S. Treasury securities through its Circle Reserve Fund, while FDUSD, PYUSD, and TUSD hold $1.83 billion, $634 million, and $502 million in U.S. Treasury securities, respectively.

According to ChainCatcher news, as monitored by ZachXBT, as of today, all four stablecoin issuers (Paxful, Tether, Techteryx, Circle) have blacklisted the following two addresses, which are held by the Lazarus Group with 4.96 million dollars. An additional 1.65 million dollars have been frozen across various exchanges, bringing the total amount frozen in this investigation to 6.98 million dollars.

ChainCatcher news, stablecoin issuer IDA has raised $6 million in a seed round led by CMCC Global, with participation from its Titan Fund and Hashed. This funding will enable IDA to advance the development and launch of its first fiat-referenced stablecoin HKDA, which aims to be regulated in Hong Kong. Other participants in this round of financing include Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ, and Yolo Investments, as well as notable angel investors such as Solana co-founder Raj Gokal.

ChainCatcher news, according to CoinDesk, the Swiss Financial Market Supervisory Authority (FINMA) stated in guidance released on Friday that stablecoin issuers operating in Switzerland pose risks to the banks they partner with.This is because these issuers accept deposits from the public and should be considered banks, but they avoid the requirement for a banking license by entering into agreements with registered lenders to repay customers in the event of default.FINMA stated in the guidance: "This poses risks to stablecoin holders and the banks providing default guarantees. If a stablecoin issuer engages in misconduct, the banks providing default guarantees may suffer reputational damage due to their contractual relationship with the issuer and may face legal risks."

ChainCatcher message, the Hong Kong Monetary Authority stated on platform X that due to its initiatives such as the stablecoin issuer sandbox to promote the development of digital assets, individuals should be wary of scammers. Explore digital assets safely, understand their nature and risks, carefully assess personal risk tolerance, and make informed decisions.

ChainCatcher news, according to Hong Kong Wen Wei Po, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, stated at the Legislative Council's Web3 and Virtual Assets Development Subcommittee meeting that, in addition to the current regulatory system for virtual asset trading platforms, establishing a licensing system for fiat-backed stablecoin issuers will strengthen Hong Kong's virtual asset regulatory framework to align with international standards. The system will have a transition period, allowing issuers with meaningful and substantial issuance activities to continue operating during the "grace period" of 6 months after the system comes into effect, but they must submit their license applications within the first 3 months; otherwise, they must orderly cease operations by the end of the 4th month.

ChainCatcher news, Hong Kong Monetary Authority Vice President Chen Weimin pointed out in an article for "Hui Si" that the main application scenarios proposed by the first batch of institutions participating in the "sandbox" include payment, supply chain management, and capital market use cases. The participating institutions in the "sandbox" also proposed other use cases, including Web3, gaming, and virtual asset trading. Entering the "sandbox" is not a prerequisite for future license applications; if the participating institutions in the "sandbox" intend to obtain a license, they must submit a formal application separately after the regulatory framework is implemented.

ChainCatcher news, according to The Block, Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and Hong Kong Telecommunications Limited (HKT) announced their participation in the Hong Kong Monetary Authority (HKMA) stablecoin issuer sandbox program. This collaboration will leverage Zodia Custody's digital asset custody capabilities to explore the role of stablecoins in the financial and payment markets, supporting Hong Kong's goal to become a global digital asset hub.Previous news, the HKMA announced the list of participants in the stablecoin issuer sandbox.

ChainCatcher news, the Hong Kong Monetary Authority announced the list of stablecoin issuer sandbox participants on July 18. The following institutions will participate in the sandbox, effective today: JD Coin Chain Technology (Hong Kong) Limited, Yuan Coin Innovation Technology Limited, Standard Chartered Bank (Hong Kong) Limited, Anni Group Limited, and Hong Kong Telecommunications (HKT) Limited. These institutions were able to demonstrate a genuine willingness and reasonable plans to develop stablecoin issuance business in Hong Kong during the evaluation process, and the proposed operations under the sandbox will be conducted within a limited scope and with manageable risks.

ChainCatcher news, according to the Hong Kong Economic Journal, the Hong Kong Financial Services and the Treasury Bureau stated that the SAR government needs to establish a regulatory framework for fiat-backed stablecoin issuers, regulating in a risk-based and pragmatic manner. The three main requirements include reserve management and stabilization mechanisms (for example, requiring issuers to ensure that fiat-backed stablecoins are fully backed by high-quality and highly liquid reserve assets), redemption requirements, and governance, knowledge, and experience regulatory requirements.The Hong Kong Financial Services and the Treasury Bureau also suggested that only licensed fiat-backed stablecoin issuers, banks, licensed corporations, and licensed virtual asset trading platforms may sell fiat-backed stablecoins in Hong Kong or actively promote related services to the public in Hong Kong.For existing stablecoin issuers, the proposed regulatory framework will also have corresponding transitional arrangements. Additionally, the Bureau expects that a regulatory framework for fiat-backed stablecoin issuers that is appropriate and in line with international regulatory recommendations can provide sufficient protection for users, addressing potential risks to monetary and financial stability, allowing the virtual asset ecosystem in Hong Kong to develop sustainably and responsibly.