ChainCatcher news, according to Hexun, the Hong Kong Special Administrative Region government published a notice in the Gazette on June 6, announcing that the "Stablecoin Regulation" will officially take effect on August 1, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins.Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue recently wrote that considering stablecoins are a relatively emerging product, the risks involved in issuance activities, user protection, as well as market capacity and long-term development, the licensing will have a relatively high threshold, and initially only a "small number of licenses" will be issued.Eddie Yue emphasized that entering the stablecoin issuer sandbox program launched by the HKMA in 2024 is not a prerequisite for future applications for stablecoin issuer licenses; on the other hand, even if an institution has entered the "sandbox," it does not guarantee that it will necessarily obtain a license. The HKMA will prudently consider all license applications according to consistent and strict standards.Eddie Yue clearly stated that applicants need to propose specific and feasible business plans and practical application scenarios, focusing on their reserve management capabilities, compliance systems, and technical security. The first batch of stablecoins will focus on cross-border trade and Web3.0 applications.

ChainCatcher news, Hong Kong Legislative Council member Wu Jiezhuang tweeted that the passage of the "Stablecoin Regulation" marks further improvement in Hong Kong's cryptocurrency asset regulation. The regulation is based on international standards, establishing a high-threshold licensing system, emphasizing application scenarios and business sustainability. The Monetary Authority positions stablecoins as payment tools and communicates regulatory expectations with the market through a "sandbox mechanism." He pointed out that the key in the future lies in the effective integration of stablecoins with the traditional financial system and suggested that Hong Kong could learn from the EU's MiCA experience to enhance cross-border coordination.

According to ChainCatcher news, the Hong Kong government press release states that the Financial Secretary of Hong Kong, Paul Chan, said today at an event: "As of the end of March this year, the number of registered funds in Hong Kong reached 976, with a net inflow of over 44 billion USD recorded year-on-year, an increase of 285%. Family offices are expected to increase from 2,700 to 3,000 soon, and Hong Kong will become the world's leading cross-border asset management center within two to three years.In terms of financial innovation, there has been a strong market interest in digital assets recently, particularly the issuance of stablecoins, which has sparked heated discussions. The legislative work on stablecoins has made Hong Kong one of the first jurisdictions in the world to establish a regulatory framework for stablecoins. We embrace the development of digital assets and have accelerated the improvement of the relevant legal regulatory framework in recent years, such as the licensing system for virtual asset trading platforms, having issued 10 licenses and currently reviewing another eight applications."

ChainCatcher news, according to the official announcement, the People's Bank of China and the Hong Kong Monetary Authority jointly held the launch ceremony for the interconnection of the Mainland and Hong Kong Fast Payment System. The Cross-Border Payment Link will be launched on June 22, 2025. The introduction of the Cross-Border Payment Link is beneficial for improving the efficiency and service level of cross-border payments between the two regions, facilitating economic and trade activities and personnel exchanges, and consolidating and enhancing Hong Kong's status as an international financial center.

ChainCatcher news, the UAE-based stablecoin cross-border payment infrastructure SaturnX announced the completion of a $3 million seed round financing, led by White Star Capital, with a number of strategic investment institutions participating. The new funds are intended to support its use of stablecoin liquidity and smart forex routing to build a regulatory-compliant payment network, as well as to expand the cross-border payment market in Southeast Asia and Africa.

ChainCatcher news, according to official sources, the cross-border settlement infrastructure project XFX has officially launched and completed a $9.1 million seed round financing. This round of financing was led by Haun Ventures and Castle Island Ventures, with participation from Oak HC/FT, MAYA Capital, Coinbase Ventures, Paxos, Bitso, and other institutions.XFX focuses on building institutional-grade cross-border settlement infrastructure, aiming to promote the future development of global capital flows. The specific technical details and application scenarios of the project have not yet been disclosed, but its support from several well-known blockchain investment institutions indicates the market's continued interest in cross-border payment solutions.

ChainCatcher news, according to a report by Jinshi citing 21 Finance, the Financial Secretary of the Hong Kong SAR Government, Paul Chan, recently wrote that since the beginning of this year, global capital flows have confirmed that international investors' confidence in Hong Kong's financial market is further strengthening, and Hong Kong's asset and wealth management business has also seen steady growth. As of the end of March this year, the number of registered funds in Hong Kong reached 976, with a year-on-year net inflow of over 44 billion USD, an increase of 285%. It is expected that within two to three years, Hong Kong will become the world's largest cross-border asset management center; the number of people entering the financial industry is also on the rise, with a double-digit increase in individuals and institutions applying for licenses under the Securities and Futures Ordinance compared to the same period last year.

ChainCatcher news, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, recently wrote that since the beginning of this year, global capital flows have confirmed that international investors' confidence in Hong Kong's financial market is further strengthening, and Hong Kong's asset and wealth management business is also seeing steady growth.As of the end of March this year, the number of registered funds in Hong Kong reached 976, with a year-on-year net inflow of over 44 billion USD, an increase of 285%. It is expected that within the next two to three years, Hong Kong will become the world's largest cross-border asset management center; the number of people entering the financial industry is also on the rise, with a double-digit increase in the number of individuals and institutions applying for licenses under the Securities and Futures Ordinance compared to the same period last year. (21st Century Business Herald)

ChainCatcher news, according to Jiemian News, Dongxin Pinghe, a listed company on the Shenzhen Stock Exchange, stated that based on the latest policy direction, global regulatory requirements for stablecoin issuers have become clearer, mainly including compliance licenses, asset reserve transparency, risk management, and consumer protection. Dongxin Pinghe will collaborate with the China Telecom Research Institute and Shanghai Shutu Research Institute to further advance technological layout and actively explore application scenarios for stablecoins in payment, cross-border settlement, and digital assets.

ChainCatcher news, according to CoinDesk, the stablecoin cross-border payment service provider Conduit announced on Thursday that it has partnered with Brazil's Braza Group to enable real-time foreign exchange between the Brazilian real and major foreign currencies through stablecoins.This service allows users to exchange Brazilian reais for US dollars or euros, with settlements completed in a matter of minutes, significantly better than the traditional foreign exchange systems that typically require up to three days for settlement.

ChainCatcher news, cross-border e-commerce company DDC Enterprise announced the addition of 38 bitcoins to its corporate treasury, bringing its total holdings to 138 BTC. Since May of this year, its bitcoin investment has achieved a 22% return. The company stated that it will continue to implement a strict bitcoin accumulation strategy to further strengthen its strategic goal of becoming a top global corporate treasury.

ChainCatcher news, according to CoinDesk, PayPal has announced that it has introduced its stablecoin PYUSD to Stellar for cross-border remittances and payment financing. PYUSD has already been operating on Ethereum and Solana, and this collaboration will enable small and medium-sized enterprises facing accounts receivable delays or pre-financing requirements to access a new source of real-time working capital.

ChainCatcher news, Airwallex co-founder and CEO Jack Zhang questioned the practical use of stablecoins in a post on the X platform.He stated: Investors constantly ask me questions about stablecoins and how they reduce foreign exchange costs; if you transfer money from USD to EUR, and the recipient still needs to receive EUR in their bank, I don't see any way stablecoins can reduce costs— the conversion cost from stablecoins to the receiving currency is far higher than the foreign exchange interbank market. Cryptocurrency technology is an underappreciated field, and we have not seen any use cases for cryptocurrency technology in the past 15 years.

ChainCatcher news, according to Business Wire, cross-border e-commerce company DDC Enterprise Limited announced the purchase of an additional 79 bitcoins (BTC) as part of its ongoing Bitcoin reserve accumulation strategy, bringing DDC's total Bitcoin holdings to 100.CEO Norma Chu stated that the scarcity and decentralized nature of Bitcoin align closely with the company's resilient financial strategy.

ChainCatcher news, according to Bitcoin.com, Interchain Labs co-CEO Maghnus Mareneck revealed that the Colombian government will test an undisclosed central bank digital currency (CBDC) on the Cosmos network.Mareneck stated that they are working with a banking alliance and the Colombian government on a pilot project. Although details were not disclosed, it was made clear that the currency focuses on cross-border payment scenarios, will be based on the Cosmos network, and will utilize IBC Eureka technology to operate. This CBDC will use private and permissioned validator nodes, and the government can later introduce more nodes, such as banks, to expand the network.

ChainCatcher news, according to Fortune, stablecoin cross-border trading startup OpenFX announced the completion of a $23 million financing round, led by Accel. The company was founded by Prabhakar Reddy, with the goal of replacing SWIFT and creating a cross-border trading network based on stablecoins.OpenFX currently supports 7 currencies, including the US dollar, euro, and Mexican peso, and plans to expand to 10 currencies this summer, including those in Southeast Asia.

ChainCatcher news, according to Cointelegraph, Guatemala's largest commercial bank, Banco Industrial, announced the integration of blockchain infrastructure service provider SukuPay into its mobile banking app Zigi. Users can instantly receive remittances from the United States for a fixed fee of $0.99, without the need to hold a crypto wallet or an international bank account (IBAN). SukuPay stated that this collaboration marks the first adoption of a native crypto protocol by a large retail bank in Latin America.Banco Industrial was established in 1968 and has over 1,600 service points in Guatemala, with assets reaching 1.5 billion quetzals (approximately $20 million) in 2023. Its operations extend to regions such as Honduras, Panama, and El Salvador. The bank holds a significant position in the local remittance market, while cross-border remittances are a key pillar of the Latin American economy—total remittances to Latin America and the Caribbean are expected to reach $161 billion in 2024, but traditional channel fees range from 6% to 10%.SukuPay CEO Yonathan Lapchik pointed out that Guatemala receives $21 billion in remittances annually, and blockchain technology can reduce settlement times from days to instant while alleviating cost pressures. He stated, "The key to achieving large-scale adoption of blockchain is to make the technology invisible to users," emphasizing that stablecoins are a core tool for optimizing cross-border payment efficiency.According to Chainalysis's 2024 report, Latin America is the second-fastest region in the world for cryptocurrency adoption, but Guatemala lags behind neighboring countries like Argentina and Brazil. Currently, over 90% of crypto transactions in the region involve stablecoins, which are better suited for everyday payment scenarios due to their peg to fiat currencies.