ChainCatcher news, several Philippine banks, including UnionBank, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan, plan to launch a peso stablecoin named PHPX later this year, initially operating on the Hedera Distributed Ledger Technology (DLT) network.This project is initiated by the Singapore startup Just Finance, and the banks will play a significant governance role. Cross-border payments, especially remittances, are one of the key use cases for this project.

ChainCatcher news, according to Nick van Eck, CEO and co-founder of stablecoin issuer Agora, in an interview with Coindesk, payment methods based on blockchain are expected to surge in the next decade. He said, "We will see most cross-border payments shift to stablecoins instead of using Swift like the current banking system. You will also see a lot of foreign exchange trading settle on-chain. We are excited to play a significant role in these two growing markets."Nick van Eck also stated that the main obstacle to widespread adoption of stablecoins is regulation. Businesses are eager to use stablecoins because they are cost-effective and fast, but they need clear legal and compliance frameworks, such as knowing who the licensed providers are. Stablecoins have gained attention in the crypto-native space, but there is still untapped potential in traditional markets like cross-border payments and B2B transactions. He stated, "I think this is just the beginning of a twenty-year journey towards mass adoption."

ChainCatcher news, according to Xinmin Evening News, under the guidance of the Shanghai headquarters of the People's Bank of China, the Shanghai branch of Bank of China completed a corporate dividend transfer to Singapore using digital renminbi remittance, successfully landing the first cross-border digital renminbi capital account business between China and Singapore.The Shanghai branch of Bank of China actively supports the digital renminbi pilot work: in cooperation with the Shanghai Gold Exchange, it completed a cross-border settlement of 100 million yuan in digital renminbi for precious metal transactions, marking the first cross-border digital renminbi payment in the financial factor market; using digital renminbi to pay Baowu Group for imported iron ore, achieving a breakthrough in cross-border digital renminbi payments in the bulk commodity sector; during the 7th China International Import Expo, in collaboration with Shanghai Public Transport Card Co., Ltd., it held a product launch event for the "Smart Travel Card" within the expo venue, continuously expanding the application of digital renminbi in multiple scenarios.

ChainCatcher news, according to the announcement from the State Administration of Foreign Exchange, the "Measures for the Administration of Bank Foreign Exchange Risk Transaction Reporting (Trial)" have been issued and will take effect immediately. The "Measures" are a supporting document to the "Measures for the Administration of Bank Foreign Exchange Business (Trial)", aimed at strengthening banks' foreign exchange risk management, and early identification, early warning, and early handling of high-risk transactions such as suspected false trade, underground banks, and illegal cross-border financial activities involving virtual currencies.The main contents include: clarifying the responsibility for bank foreign exchange risk transaction reporting, requiring the establishment of a monitoring system and submission of reports; specifying the scope of information reporting, including activities suspected of illegal cross-border capital flows; clarifying the report content, such as basic information and proposed measures; and strengthening internal management measures, including internal control systems and data confidentiality management, etc.

ChainCatcher news, according to CrowdFund Insider, Latin America's leading cryptocurrency exchange Bitso has announced the launch of the stablecoin RLUSD issued by Ripple. This stablecoin is pegged to the US dollar at a 1:1 ratio and is fully backed by equivalent US dollars and cash equivalents, primarily aimed at cross-border payment scenarios.Bitso CEO Daniel Vogel stated that the company's long-term partnership with Ripple has facilitated multiple innovative application scenarios, including cross-border payments. RLUSD will be offered through the RLUSD/MXN trading pair on the Bitso Alpha platform, allowing users to deposit and withdraw in the form of Ethereum ERC-20 tokens.

ChainCatcher news, the cross-border payment service provider Juicyway, based on stablecoins, announced the completion of a $3 million Pre-Seed funding round, with participation from P1 Ventures, Ventures Platform Fund, and Future Africa.Juicyway primarily utilizes stablecoins and cryptocurrencies to simplify cross-border settlements by bypassing traditional intermediaries and reducing transaction delays. The new funds are intended to support its provision of accessible quasi-banking and crypto wallet services, enabling seamless deposit and withdrawal services with stablecoins acting as a bridge, facilitating instant settlements and reducing reliance on highly volatile currencies.

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, according to techinasia, OCBC Bank and Ant International announced a strategic partnership aimed at leveraging tokenized deposits and utilizing advanced encryption technology and artificial intelligence to streamline cross-border fund settlements.It is reported that this collaboration will prioritize real-time payments between Singapore and Malaysia around the clock through Ant International's Whale platform, which uses blockchain technology, advanced encryption technology, and artificial intelligence to enhance the speed, efficiency, and transparency of cross-border transactions.

ChainCatcher news, according to Cryptonews, Thai authorities have cracked a cross-border cryptocurrency fraud case, which allegedly defrauded a local woman of over $620,000.According to local reports, the network spans Thailand, Cambodia, and Myanmar, operating a highly organized scam involving fake online investment opportunities, identity theft, and cross-border money laundering. Investigations reveal that the suspects used a fake investment chat group to lure victims, subsequently moving to private messaging applications to exert more control. In this case, the victim Mallika contacted the scammers through a public Facebook group and was ultimately persuaded to invest in a fake high-return cryptocurrency and stock portfolio, transferring a total of 21 million Thai Baht (approximately $621,000).The Thai Immigration Bureau has obtained arrest warrants and apprehended several suspects, and the case is still under further investigation.

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) announced a collaboration with the central banks of Brazil and Thailand to conduct cross-border tokenized transactions, including atomic settlement (DvP) for digital asset trading and wholesale CBDC (PvP).In addition, the Hong Kong Monetary Authority plans to provide a subsidy of up to HKD 2.5 million for digital bond issuance to promote Hong Kong as a tokenized venue.

ChainCatcher news, according to Jin10, the South Korean Ministry of Finance has stated that South Korea plans to regulate cross-border transactions of cryptocurrencies and other virtual assets starting in the second half of 2025, introducing registration and reporting requirements.The Ministry of Finance stated that under the new regulations, businesses handling cross-border transactions of virtual assets will be required to register with the authorities in advance and report transaction details to the Bank of Korea on a monthly basis. According to data from South Korea Customs, since 2020, South Korea has seen foreign exchange-related crimes worth 110 trillion won (7.97 billion USD), of which 81.3% involved virtual assets.

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, according to the Korea Economic Daily, the South Korean Ministry of Economy and Finance has announced that it is considering measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins.The department explained that stablecoins are primarily used for transactions within the cryptocurrency ecosystem and emphasized their potential to expand as a means of cross-border payments and transactions into the real economy.A government official stated that the regulatory work for stablecoins will first focus on building a stablecoin issuance system pegged to the Korean won. This system will initially establish a legal framework for stablecoins pegged to the Korean won and, based on this, will gradually expand to include stablecoins pegged to foreign currencies.

ChainCatcher news, according to Cryptonews, the Moscow police in Russia have shut down a "cross-border" cryptocurrency exchange that pretended to be a travel agency, suspected of helping clients transfer funds abroad.The police stated that the exchange processed approximately $2.2 million in cryptocurrency transactions for Russian clients and charged a 1% commission. During the raid, the Ministry of Internal Affairs seized a large amount of cash, receipts, and equipment.The police have charged one "mastermind," and the case is still under investigation, with authorities searching for other accomplices.

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."