cross-border

According to Jinshi News, ECB Governing Council member Nagel stated that euro-denominated stablecoins could facilitate cheap international transfers, complementing the European Central Bank's efforts to promote the digital euro.He pointed out that Europe must become more independent in its payment systems and emphasized the importance of creating a digital euro. Nagel mentioned that euro-denominated stablecoins could be used by individuals and businesses for low-cost cross-border payments, indicating that the ECB's attitude towards this area is becoming more open.

As the rotating chair of the BRICS nations, the Reserve Bank of India has officially proposed to promote the establishment of a "BRICS Digital Currency Interconnection" system, aiming to utilize blockchain technology to create a cross-border settlement network that can bypass the US dollar and directly connect the payment systems of BRICS countries.This plan is not about issuing a brand new "BRICS currency," but is closer to a practical interconnected platform/settlement bridge, potentially based on a permissioned blockchain (consortium chain) architecture, with central banks of various countries jointly acting as verification nodes to maintain a distributed ledger, enhancing the efficiency and transparency of cross-border settlements while ensuring sovereign control.

According to Cointelegraph, India is exploring the cross-border use of the digital rupee (e-rupee) to reduce payment costs, enhance trade settlement efficiency, and expand the global role of the rupee.The report states that as a sovereign digital currency issued by the Reserve Bank of India, the e-rupee enables direct and final settlement without relying on multiple intermediaries in international payments. Currently, India has proposed linking the e-rupee with the central bank digital currencies (CBDCs) of other countries, particularly those in the BRICS, to streamline cross-border trade, remittances, and tourism settlements.

The Hong Kong Legislative Council's Financial Affairs Committee announced that a briefing will be held on January 30, with the Hong Kong Financial Services and the Treasury Bureau presenting policy measures. Secretary for Financial Services and the Treasury, Christopher Hui, and Deputy Secretary, Chan Ho-lam, will attend.Relevant documents state: In order to promote the sustainable and healthy development of the digital asset industry in Hong Kong and further consolidate Hong Kong's position as an international financial center, legislative proposals will be submitted to the Legislative Council this year to implement revisions related to the crypto asset reporting framework and common reporting standards established by the Organisation for Economic Co-operation and Development. The goal is to automatically exchange tax information related to crypto asset transactions with other tax jurisdictions starting in 2028, in order to combat cross-border tax evasion and enhance international tax transparency. Public opinions are currently being collected on the legislative proposals.

The stablecoin issuer Circle announced funding to the United Nations to support its deployment of digital financial infrastructure globally, aimed at enhancing the efficiency of humanitarian aid fund distribution. This news was announced during the World Economic Forum in Davos, Switzerland.The Circle Foundation stated that this is its first international funding, which will be used to support the United Nations Digital Solutions Center for Finance (DHoTS) in advancing related work to streamline cross-border fund transfer processes within the UN system. This funding project continues the collaboration between Circle and the United Nations High Commissioner for Refugees (UNHCR) and DHoTS in 2022, when both parties provided aid to displaced persons in Ukraine through the USDC stablecoin.United Nations Development Programme Administrator Alexander De Croo stated that in the context of tight budgets, stablecoin payments help "make every dollar go further." Circle pointed out that approximately $38 billion in humanitarian funding still relies on traditional financial systems each year, and digital financial infrastructure is expected to significantly enhance the efficiency of fund utilization.United Nations High Commissioner for Refugees High Commissioner Barham Salih also stated that the project aims to enhance the dignity and choice of forcibly displaced populations through technological means while maximizing the actual impact of donated funds.

The Reserve Bank of India (RBI) is pushing for a plan to connect central bank digital currencies (CBDCs) among BRICS countries, aimed at simplifying cross-border trade and tourism while reducing the dominance of the US dollar.Sources say that the Reserve Bank of India has urged the proposal to establish a CBDC interlinking system to be included in the agenda of the BRICS summit that India will host in 2026. This will be the first formal attempt by BRICS members to establish CBDC links, which include Brazil, Russia, India, South Africa, as well as new member countries such as the UAE, Iran, and Indonesia.

According to Jinshi reports, sources revealed that the Reserve Bank of India proposed that BRICS member countries interconnect their digital currencies for cross-border payments. The Reserve Bank of India has requested the government to include this proposal in the agenda for the 2026 BRICS summit.

As the application of stablecoins in cross-border payments accelerates, a global remittance market worth approximately $900 billion is facing reconstruction. Industry insiders point out that stablecoins, leveraging blockchain technology, can significantly reduce the costs and time of cross-border transfers, potentially impacting traditional remittance systems represented by Western Union.According to data from the World Bank, the average fee for cross-border remittances is still above 6%, which is particularly burdensome for low-income groups sending money to developing countries. Experts believe that stablecoins can facilitate peer-to-peer transfers through digital wallets, with costs and friction significantly lower than traditional channels.On the regulatory front, U.S. President Trump signed the GENIUS Act in July, establishing a federal regulatory framework for stablecoins and promoting their entry into mainstream finance. Subsequently, traditional payment and remittance institutions, including Western Union and PayPal, have begun to develop products related to stablecoins.Analysts point out that traditional remittance institutions have advantages in large-scale adoption due to their global customer networks and mature compliance systems; however, their existing business models may hinder transformation. In contrast, crypto-native companies and large trading platforms are more flexible in technology and product iteration, but still face challenges in brand trust and regulatory implementation.The market generally believes that competition for stablecoins in the remittance sector will evolve into a three-way game among traditional financial institutions, crypto-native companies, and fintech platforms. As regulatory details gradually improve, the penetration rate of stablecoins in the global remittance market is expected to continue to rise this year.

According to Reuters, sources say that Pakistan has signed an agreement with a subsidiary of World Liberty Financial to explore the use of World Liberty's stablecoin for cross-border payments.World Liberty Financial is a major crypto financial business under the Trump family, launched in September 2024. This collaboration is one of the first publicly announced partnerships between World Liberty and a sovereign nation.

The Vice President of the Beijing Academy of Social Sciences and Executive Director of the China Finance Society, Fan Wenzhong, wrote an article in the Hong Kong Wen Wei Po titled "Steadily Promoting the Coordinated Innovation of Digital Renminbi and Hong Kong Stablecoins," in which he pointed out: Currently, the cross-border use of digital renminbi mainly relies on the internal regulations and pilot policies of the People's Bank of China, lacking clear legal authorization. It is suggested to add provisions in the revision of the "People's Bank of China Law" to clarify the cross-border payment functions of digital renminbi and the legality of its interconnection with compliant overseas digital currency systems, while striving to clarify the "special regulatory requirements and preferential policies for stablecoin issuing institutions that exchange with the mainland central bank's digital currency" in the implementation rules of Hong Kong's "Stablecoin Ordinance," forming a synergistic institutional force.

The official WeChat account of the Industrial and Commercial Bank of China announced that it has successfully launched a pilot program for the cross-border digital payment platform using digital renminbi. Among them, the ICBC Singapore branch is actively implementing the innovative pilot project for overseas recharge of digital renminbi personal wallets as part of the 2025 China-Singapore Bilateral Cooperation Joint Committee (JCBC). The ICBC Vientiane branch and the ICBC Shandong branch successfully processed the first cross-border remittance under international trade using digital renminbi between China and Laos.

According to the Hong Kong Wen Wei Po, Fan Wenzhong, Vice President of the Chinese Academy of Social Sciences in Beijing and Executive Director of the China Finance Society, wrote an article titled "Steadily Promoting the Coordinated Innovation of Digital Renminbi and Hong Kong Stablecoins," in which he pointed out: Central Bank Digital Currencies (CBDCs), represented by the digital renminbi (e-CNY), and new payment tools represented by compliant stablecoins from Hong Kong are reshaping the new paradigm of cross-border payments through different paths.Through the coordination of digital renminbi and Hong Kong stablecoins, the cross-border coverage of digital renminbi can be rapidly expanded, enhancing the stickiness of the renminbi in real trade and promoting the internationalization of the renminbi; strengthening Hong Kong's status as an international financial center and creating the world's first "CBDC + compliant stablecoin" integration hub. The cross-border payment solution for the dual currency does not pursue complete unification of the underlying ledgers of digital renminbi and stablecoins, but instead achieves secure exchange and circulation of both at the value level by establishing regulated and standardized interaction interfaces.

According to a report by 21 Finance, under the guidance of the People's Bank of China, MyBank has completed its first digital RMB scan payment at a merchant in Laos by connecting to the cross-border digital payment platform of the Digital RMB International Operation Center.This marks the latest progress in the bilateral cross-border digital payment cooperation project between the central banks of China and Laos. The opening of this pathway signifies that the digital RMB has achieved "internal use for external purposes" for the first time, providing a new payment method for Chinese residents spending abroad, and is another reflection of the deepening cooperation in digital currencies between the central banks of China and Laos.

According to the Beijing Legal Network WeChat public account, the Beijing High People's Court has released 5 typical cases of punishing telecom network fraud in accordance with the law, including a cross-border telecom network fraud case that utilized virtual currency for investment. The defendant committed fraud in Chaoyang District, Beijing, by using overseas chat software to invite others to purchase virtual currency and invest in designated platforms, and transferred the fraud proceeds through virtual currency.It was found that the gang defrauded a total amount of over 900,000 US dollars (equivalent to over 5 million RMB). The court accurately determined the amount of fraud based on objective evidence such as the salary performance table of the involved company, sentencing Liu to twelve years in prison for fraud and imposing a fine.

Stablecoin giant Tether has disclosed its investment in the real-time cross-border QR code payment platform SQRIL, though the specific investment amount has not been revealed. SQRIL currently targets markets in Asia, Africa, and Latin America, and can integrate with the APIs of traditional banks (such as Barclays or Bank of America) and digital banks like Venmo, Revolut, or Cash App. The new funding will support its exploration of better stablecoins and QR code cross-border payment methods.

According to official news, Gate highlighted the platform's collaboration with world-class IPs in its 2025 year-end review video. As the official sponsor of the F1 Red Bull Racing team, the Gate brand logo will prominently appear on the race cars, team uniforms, and key positions such as the helmet of four-time champion Max Verstappen starting from the 2025 season. During the Grand Prix, Gate will interact with guests like driver Yuki Tsunoda, creating a season-long KOL hospitality and VIP experience around the year's events. Additionally, Gate and the F1 Red Bull Racing team have launched the IN THE MOMENT co-branded digital collectibles series, attracting global user participation and further amplifying the brand narrative of "riding with champions."In another top-tier sports collaboration, Gate, as the official sleeve sponsor of Inter Milan, has invited goalkeeper Yann Sommer to become a Gate Friend, continuously strengthening its connection with the global sports community. Through multi-dimensional brand collaborations and content co-creation, Gate is expanding its global influence and platform credibility, establishing the practical application of its All in Web3 strategy, and enhancing its brand expression on the global mainstream stage.

According to Jinshi Data, Lu Lei, the deputy governor of the People's Bank of China, stated that the future digital renminbi will be a modern digital payment and circulation method issued and circulated within the financial system, supported by technology provided by the central bank and regulated accordingly. It will have the characteristics of commercial bank liabilities, be account-based, and compatible with distributed ledger technology. It will possess functions such as a measure of currency value, value storage, and cross-border payment.Looking ahead, the business and technical model choices for the digital renminbi will adhere to the fundamental starting point of meeting the needs of the real economy. It will adopt a principle of inclusiveness and prudent selection regarding the development direction of account-based and value-based digital currencies, promoting the digital renminbi to meet the needs of different scenarios and various operating entities.

Bank of China completes the first cross-border QR code consumption payment business between China and Laos. Under the guidance of relevant departments from the People's Bank of China and the Bank of Laos, Bank of China is among the first to participate in the cross-border pilot project for digital payment and central bank digital currency cooperation between the two countries.At the same time, the Bank of China Vientiane Branch has become one of the first to access the People's Bank of China's cross-border digital payment platform for digital renminbi. By providing real-time exchange rate quotes and efficient clearing services, Bank of China has completed the production verification of QR code payments for merchants within Laos. This service will significantly lower the threshold for cross-border settlement between China and Laos. Chinese tourists can make payments in local currency in Laos without the need to exchange foreign currency; they simply need to open the digital renminbi app and scan the merchant's QR code to complete the payment at the real-time exchange rate. Local merchants in Laos do not need to modify their existing payment equipment, as they can continue to use their current methods to ensure compliant and automatic fund settlement.