ChainCatcher news, according to informed sources, former SoftBank Group executive Akshay Naheta, known for overseeing some of its largest deals, is currently in preliminary talks to sell a minority stake in the stablecoin payment startup he co-founded.Distributed Technologies Research Ltd. (DTR), which uses blockchain to process cross-border payments with stablecoins, will use the funds to expand into new markets, including the United States, the sources said, speaking on condition of anonymity as the negotiations are private.They noted that it is unclear what the size and valuation of the initial public offering will be, as the company is in talks with multiple strategic investors and venture capital firms.

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, 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, the latest report from blockchain analysis company Chainalysis points out that Russia is building financial infrastructure to use cryptocurrency for international trade and evade Western sanctions. The report emphasizes that a bill recently passed by the Russian parliament legalizes cryptocurrency mining and allows the use of cryptocurrency for international payments. These bills were signed into law by President Putin on August 8, and a pilot program for crypto payments will begin this September. The Central Bank of Russia (CBR) will oversee the pilot for cross-border cryptocurrency transactions and is testing the digital ruble, which is expected to launch in 2025.Valerie Kennedy, head of investigations at Chainalysis, stated that the CBR is leading the way in integrating cryptocurrency into the Russian financial system for cross-border payments. The report notes that centralized cryptocurrency exchanges within Russia, such as Garantex, may be used to process cross-border payments.Chainalysis also stated that Russia is exploring other methods to bypass Western sanctions, including blockchain initiatives with BRICS countries and a potential collaboration with Iran to launch a gold-backed stablecoin.

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, 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, according to a report by Caihua News, Hong Kong's Financial Secretary, Paul Chan, introduced the expenditure budget and work priorities for the 2024 to 2025 fiscal year, stating that the multi-central bank digital currency cross-border network (mBridge) is expected to launch its first phase of services this year, initially using multiple central bank digital currencies for cross-border transactions for enterprises.In addition, the "Digital Renminbi" will also expand its pilot scope in Hong Kong to further enhance the efficiency of cross-border payments and user experience. In terms of virtual assets, a series of initiatives are being promoted to strengthen regulation to facilitate the robust and responsible development of Hong Kong's virtual asset market.Specifically, the Monetary Authority launched a stablecoin sandbox in March this year, allowing institutions intending to issue stablecoins to conduct testing within a controlled environment. It has also conducted public consultations on the regulation of fiat stablecoin issuers and virtual asset over-the-counter trading services, and is considering the opinions and suggestions received. Depending on the progress of preparatory work, a bill will be submitted to the Legislative Council as soon as possible.

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 the Shanghai Securities Journal, the President of the Hong Kong Monetary Authority, Eddie Yue, stated that the multilateral central bank digital currency bridge project (mBridge), in collaboration with the Bank for International Settlements and several central banks including the People's Bank of China, is progressing. The latest pilot tests indicate that this central bank digital currency wholesale platform can accelerate cross-border payments with lower costs and higher transparency. We look forward to more central banks joining this open platform.Eddie Yue mentioned that a "minimum viable product" may be launched soon, aiming to pave the way for the gradual commercialization of mBridge. It is hoped that this new innovative platform can help address the long-standing pain points of cross-border payments and improve the efficiency of the global value chain.

ChainCatcher news, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that three central banks, including the Hong Kong Monetary Authority and the Central Bank of Kazakhstan, are conducting beta testing for their CBDC interoperability project, aimed at enabling CBDCs for cross-border payments. The first phase of the CBDC sandbox experiment involves 18 global financial institutions.SWIFT stated that the second phase of the CBDC sandbox experiment is currently underway, with 30 financial institutions testing the solution, including the Reserve Bank of Australia, Deutsche Bundesbank, the Monetary Authority of Singapore, and the Bank of Thailand.

ChainCatcher news, enterprise application software vendor SAP has launched a preview of the SAP Digital Currency Center, testing cross-border payments settled in USDC for its customers. Customers will receive USDC for testing (on the test network) to pay sample invoices. It is expected that payments using digital currency will be closely integrated into the financial processes of the underlying SAP ERP systems (SAP Business One, Business ByDesign, or S/4HANA Cloud), making it a fully automated process with self-reconciliation capabilities. (source link)

ChainCatcher news, according to a report by The Paper, on January 9, the Shenzhen Municipal Bureau of Local Financial Supervision and Administration released the "Opinions on Accelerating the Construction of Shenzhen International Wealth Management Center" on its official website, aiming to strengthen cooperation in wealth management between Shenzhen and Hong Kong and expand the opening of the wealth management market.It is reported that the "Opinions" clearly state that Shenzhen supports the development of cross-border and offshore wealth management businesses, relying on the Financial Technology Research Institute of the People's Bank of China to deeply promote the pilot work of digital renminbi, and to jointly carry out the pilot of digital renminbi cross-border payments with Hong Kong, working together to create a demonstration zone for cross-border applications of digital renminbi. (source link)

ChainCatcher news, Dave Ripley, who is set to replace Jesse Powell as the new CEO of Kraken, shared the top 5 cryptocurrency trends for 2023, including: NFTs as foundational technology for ticketing systems and gaming, cross-border payments like the Bitcoin Lightning Network, decentralized storage like Filecoin, decentralized social media, and self-custody of cryptocurrencies. (Businessinsider)