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.

ChainCatcher news, the Hong Kong Financial Services and the Treasury Bureau stated that following the implementation of the licensing system for virtual asset service providers in June last year, the Treasury Bureau and the Monetary Authority consulted the public at the end of last year regarding the proposed regulatory regime for Hong Kong stablecoin issuers, and will soon publish a consultation summary to prepare a bill for the Legislative Council's review.The Treasury Bureau pointed out that it hopes to establish a regulatory system for fiat-backed stablecoin issuers that is appropriate and in line with international regulatory recommendations, which can provide sufficient protection for fiat-backed stablecoin users and address the potential risks that fiat-backed stablecoins pose to monetary and financial stability, allowing Hong Kong's virtual asset ecosystem to develop sustainably and responsibly.Given the important role of fiat-backed stablecoins in the Web3 and virtual asset ecosystem, and the increasingly close connection between the traditional financial system and the virtual asset market, the government needs to establish a regulatory framework for fiat-backed stablecoin issuers. The main requirements include: reserve management and stabilization mechanisms, including requiring issuers to ensure that fiat-backed stablecoins are fully backed by high-quality and highly liquid reserve assets; redemption requirements; as well as governance, knowledge, and experience regulatory requirements.At the same time, to protect fiat-backed stablecoin users, it is recommended that only the following entities can sell fiat-backed stablecoins in Hong Kong or actively promote related services to the public in Hong Kong: licensed fiat-backed stablecoin issuers; recognized institutions (i.e., banks); licensed corporations; and licensed virtual asset trading platforms. For existing stablecoin issuers, the proposed regulatory system will also have corresponding transitional arrangements.

ChainCatcher news, Circle co-founder and CEO Jeremy Allaire posted on the X platform that Circle has announced its US dollar stablecoin USDC and euro stablecoin EURC have complied with the newly enacted EU stablecoin regulation MiCA, and will officially issue to European customers starting July 1. This marks Circle as the first global stablecoin issuer to comply with MiCA regulations.Circle stated that this move will promote the mainstream application of blockchain technology in payments, finance, and commerce, and bring safe and reliable electronic currency to the European market. Circle has chosen France as its European headquarters and is closely collaborating with regulators in France, the EU, and the US to ensure the interoperability and compliance of its stablecoins globally.Previous news, Circle CEO revealed a major announcement is coming soon.

ChainCatcher news, according to official sources, the yield-bearing stablecoin issuer Mountain Protocol has become a financial management partner of the Arbitrum STEP program. After the related proposal receives broader community approval, USDM will become one of the reserve assets of the DAO treasury.According to RootData, the yield-bearing stablecoin issuer Mountain Protocol announced the completion of an $8 million Series A funding round, led by Multicoin Capital, with participation from Castle Island Ventures, Coinbase Ventures, and other investors.

ChainCatcher news, yield-bearing stablecoin issuer Mountain Protocol announced the completion of an $8 million Series A funding round, led by Multicoin Capital, with participation from Castle Island Ventures, Coinbase Ventures, and other investors. Mountain Protocol is the issuer of USDM, a yield stablecoin "fully backed by U.S. Treasury securities."According to the Web3 asset data platform RootData, Mountain Protocol allows approved users to purchase and exchange USDM at a fixed value of $1. It enables users to collect digital asset wallet addresses and wire transfer details to fund their accounts.