issuer

According to official news, Hyperliquid's native stablecoin USDH issuer Native Markets will launch the tokenized margin pmUSDH.After users deposit USDH into their portfolio margin accounts, the protocol will convert that position into the ERC-20 format pmUSDH token. This tokenization also allows users to earn interest income paid by borrowers, and it can be used in DeFi protocols including Felix, Hyperlend, Pendle, and Rysk.

Former British Prime Minister Boris Johnson posted on the X platform expressing his long-standing suspicion that Bitcoin is a "massive Ponzi scheme," and stated that recent cases of investment losses he has heard about have made him more concerned that this judgment may be correct.In response, Michael Saylor, founder and CEO of Bitcoin treasury company Strategy, disagreed with this viewpoint. He pointed out that Ponzi schemes typically require a centralized operator to promise returns and pay early investors with the funds from later investors, whereas Bitcoin has no issuer or promoter, and there are no guaranteed returns; it is merely an open decentralized currency network driven by code and market demand.

According to market news, the first batch of stablecoin issuer licenses in Hong Kong is expected to be announced this month. Sources say that Standard Chartered Bank, HSBC, and licensed virtual asset trading platform OSL are among the first batch, with the announcement possibly coming as soon as next week, but the list remains subject to change.Previously, there were about 5 candidate institutions, which may ultimately be reduced to 3. The regulatory authorities may prioritize banking institutions to ensure stability and market confidence. It is worth noting that there are no Chinese institutions mentioned in the rumors; YuanCoin Technology, LianLian Digital, and others may not have made it to the first batch. The Hong Kong Monetary Authority has stated that it does not comment on market rumors.

The global anti-money laundering organization Financial Action Task Force (FATF) pointed out in its latest report that stablecoin peer-to-peer (P2P) transfers have become a key source of money laundering risk in the crypto ecosystem, especially when users trade directly through unmanaged wallets, making it more difficult to track and regulate related activities due to the lack of regulated intermediaries.FATF stated that stablecoins have now become the most commonly used virtual assets in illegal crypto transactions. According to Chainalysis data, approximately 84% of the $154 billion in illegal crypto transactions in 2025 involved stablecoins. The report recommends that jurisdictions require stablecoin issuers to have the technical capability to freeze, destroy, or blacklist assets involving suspicious addresses when necessary, and to embed compliance features such as allow-lists and deny-lists in smart contracts.FATF noted that compared to the highly volatile Bitcoin and Ethereum, stablecoins like Tether (USDT) and USD Coin (USDC) are increasingly being used by criminal networks for fund transfers and money laundering activities due to their price stability, high liquidity, and ease of cross-border transfer. Additionally, the report mentioned that North Korean hacker groups and entities linked to Iran are using stablecoins to launder proceeds from cybercrime and are converting funds into fiat currency through over-the-counter traders or peer-to-peer platforms.FATF calls for strengthened regulation of stablecoin issuers and encourages the broader adoption of blockchain analysis tools and anti-money laundering measures such as the "travel rule" within the crypto industry.

According to CoinDesk, the Financial Action Task Force (FATF) has released a report warning that stablecoins have become the most widely used virtual assets in illegal transactions, calling for increased regulation of issuers.The report cites data from Chainalysis, indicating that by 2025, stablecoins will account for 84% of the volume of illegal virtual asset transactions, involving an amount of $154 billion. A report from TRM Labs shows that by 2025, illegal entities will receive $141 billion in stablecoins, reaching a five-year high, with sanction-related activities accounting for 86% of illegal crypto fund flows. Actors such as Iran and North Korea are using stablecoins like USDT for financing weapons of mass destruction and cross-border sanctioned payments.The FATF warns that peer-to-peer transfers conducted through non-custodial wallets represent a key vulnerability, as these transactions can bypass anti-money laundering controls. The FATF urges countries to impose anti-money laundering obligations on stablecoin issuers and consider requiring them to have wallet freezing capabilities and to restrict certain functionalities of smart contracts. The current market capitalization of stablecoins has exceeded $300 billion.

A U.S. federal judge has dismissed the remaining state law claims against Uniswap Labs and its founder Hayden Adams, bringing an end to this protracted class action lawsuit.The lawsuit sought to hold the developer of this decentralized trading platform accountable for fraudulent tokens traded on its protocol. U.S. District Judge Katherine Polk Failla of the Southern District of New York issued a ruling that definitively dismissed the plaintiffs' second amended complaint, ruling that the plaintiffs could not hold the company liable for the misconduct of unidentified third-party token issuers. Uniswap's General Counsel Brian Nistler stated that this ruling sets an important precedent for the DeFi industry, reaffirming that developers are not responsible for illegal activities conducted by third parties using open-source code.

The Japanese yen stablecoin issuer JPYC has signed a strategic cooperation memorandum of understanding with Sony Bank and its Web3 subsidiary BlockBloom. The two parties plan to provide real-time bank account transfer functionality on the "JPYC EX" platform, allowing users to purchase JPYC directly from their Sony Bank accounts without manual remittance.In addition, both parties will explore collaborations with entertainment IPs such as music and gaming, applying JPYC to digital content purchases and fan rewards.

According to market news, the Japanese yen stablecoin issuer JPYC has completed the first phase of its Series B financing, raising approximately 1.78 billion yen (about 12 million USD), led by Japanese IT solutions provider Asteria. Most of the funding comes from domestic Japanese companies and investment institutions, with BitFlyer Holdings also participating.JPYC was launched in October 2025 under Japan's regulatory framework for fund transfer businesses and is currently the only onshore yen stablecoin. It has partnered with Densan Systems, which provides payment infrastructure for about 65,000 convenience stores in Japan, to explore domestic payments, cross-border remittances, and travel payment applications in convenience store scenarios, and is involved in Circle's stablecoin foreign exchange quoting system StableFX for cross-border settlements.

According to CoinDesk, Agant CEO Andrew MacKenzie stated that the direction of the UK's crypto regulatory framework is correct, but the pace of advancement is insufficient to support the country's ambition to become a global digital asset hub.MacKenzie believes that the UK government has repeatedly committed to positioning London as a global center for crypto and digital asset activities. However, comprehensive legislation covering stablecoins and broader crypto activities is not expected to receive parliamentary approval until later this year, with formal implementation possibly waiting until 2027.Agant plans to issue a stablecoin called GBPA, which is fully backed 1:1 by the British pound. The company has currently registered with the Financial Conduct Authority (FCA) in the UK, indicating its intention to target institutional investors rather than the retail cryptocurrency market. Agant has positioned GBPA as the infrastructure for institutional payments, settlements, and tokenized assets.

Stablecoin issuer Agant has obtained registration for crypto asset activities from the UK's Financial Conduct Authority (FCA) in preparation for its upcoming pound-pegged stablecoin, GBPA.This registration is granted under the UK's anti-money laundering regulations, allowing Agant to issue the GBPA stablecoin, which will be fully backed by pounds at a 1:1 ratio, primarily targeting institutional users.Agant's CEO Andrew MacKenzie stated that a well-designed pound stablecoin provides a solid foundation for innovation in payments, settlements, and tokenized assets in the UK. The company is working closely with regulators, financial institutions, and global partners to build its platform. GBPA will enter the pound stablecoin market, which already includes products like Tokenised GBP (TGBP), the latter having a market capitalization of approximately $4.9 million.

Ondo Finance announced on its official website that Ondo Global Markets has confidentially submitted a registration statement to the U.S. Securities and Exchange Commission (SEC). Once this document becomes effective, it will provide global investors with issuer-level information disclosure that meets SEC standards.Currently, Ondo Global Markets has become the world's largest tokenized stock platform, with a total value locked (TVL) exceeding $2.5 billion and a cumulative trading volume of over $9 billion. Ondo Finance aims to support all major tokenization models, including direct ownership, beneficial ownership, and native tokenized securities, by integrating SEC-registered transfer agents, broker-dealers, investment advisors, and alternative trading systems (ATS). The platform currently offers over 200 tokenized U.S. stocks and ETFs to non-U.S. investors.

According to South Korean media reports, the ruling Democratic Party of Korea has finalized the name of its bill aimed at regulating the virtual asset market as the "Basic Law on Digital Assets," and plans to submit it before the New Year holiday.They also agreed to set the minimum legal capital requirement for stablecoin issuers at 5 billion won (approximately 3.5 million USD). However, sensitive issues such as the scope of the central bank's authority and major shareholder ownership restrictions will be finalized after further coordination with the policy committee.

F/m Investments, an ETF issuer managing approximately $18 billion, has applied for regulatory approval from the U.S. Securities and Exchange Commission (SEC) to tokenize its ETF shares and record them on a permissioned blockchain ledger. The product the company intends to tokenize is its U.S. Treasury 3-Month Bill ETF (TBIL, NASDAQ: TBIL).F/m Investments stated that this is the first time an institution has explicitly applied to the SEC for an exemption regarding the "tokenization of registered investment company ETF shares." The company claims that if approved, the existing TBIL ETF shares will be represented on the permissioned ledger with the same CUSIP code, and will maintain consistency in rights, fees, voting rights, and economic terms with the existing ETF shares, remaining subject to the Investment Company Act of 1940.The company also emphasized that the relevant arrangements will continue to retain board oversight, daily information disclosure, and third-party custody and audit mechanisms. F/m Investments CEO Alexander Morris stated that the trend of tokenizing traditional financial instruments is inevitable.

The acting chairman of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, stated in testimony submitted to the House Financial Services Committee that the FDIC expects to launch its first set of regulatory proposals for stablecoin issuers to implement the "Generating Environments Needed for Innovation in US Stablecoins Act" (GENIUS Act). The initial rules will clarify the process for stablecoin issuers to apply for federal regulation, followed by the release of prudential requirements for FDIC-regulated payment stablecoin issuers early next year, including capital standards, liquidity requirements, and reserve asset quality supervision.The FDIC, along with the Treasury Department and other agencies, is advancing relevant regulatory responsibilities under the GENIUS Act. The rules will undergo a public comment phase and will only take effect after review. Hill also mentioned that the FDIC is developing further guidance on the regulatory status of "tokenized deposits" based on recommendations from the President's Working Group on Digital Assets. It is reported that this hearing will also hear testimonies from other financial regulatory agencies, including the Federal Reserve. Federal Reserve Vice Chair Michelle Bowman also stated that the Fed is developing a regulatory framework for stablecoin issuers regarding capital, liquidity, and risk diversification as required by the GENIUS Act.

Polygon's global head of payments and RWA, Aishwary Gupta, believes that global stablecoins are entering a "super cycle," with the number of stablecoin issuers potentially exceeding 100,000 in the next five years.Gupta pointed out that Japan is participating in government bond and policy stimulus pilots through stablecoins like JPYC, proving that stablecoins can become tools of national economic sovereignty rather than undermining central bank power. He stated that stablecoins, like fiat currencies, are influenced by monetary policy and will essentially enhance the global demand for a country's currency, similar to how stablecoins drive the usage of the dollar.Gupta also warned that stablecoin yields are attracting low-interest deposits (CASA) from the banking system to on-chain, weakening banks' ability to create credit and maintain low-cost capital. To respond to this competition, he expects banks to issue "deposit tokens" on a large scale to keep funds on their balance sheets while allowing customers to use their assets on-chain.He believes that as the number of stablecoins rapidly expands, future payment systems will rely on a unified settlement layer, allowing users to pay with any token while merchants receive payments in another token, with the underlying conversion happening seamlessly in the background.

The founder of TRON, Justin Sun, responded on the X platform to the ruling of the Dubai Digital Economy Court, expressing gratitude for the court's issuance of a freezing order to protect the rights of TUSD holders for the first time globally. He wrote in a tweet: "Justice may be delayed, but it will never be absent."The freezing order involves $456 million in funds related to Justin Sun's rescue of TrueUSD issuer Techteryx. The Dubai Digital Economy Court noted in its ruling that there are "serious issues that need to be examined" regarding Techteryx and determined that the funds in question should be held in trust to prevent improper transfer or concealment of assets. The funds have been controversial due to issues with TrueUSD's reserve shortfall, involving the Dubai trade financing company Aria Commodities DMCC.The incident dates back to between 2021 and 2022, when part of TrueUSD's reserve funds flowed into Aria through the Hong Kong trustee First Digital Trust (FDT). Techteryx alleged that these transfers violated custodial terms, converting the original cash reserves into long-term loans and private transactions. Justin Sun held a press conference in Hong Kong in April 2025, accusing financial institutions including First Digital Trust Limited (FDT) and Legacy Trust Company Limited (Legacy Trust), as well as a private company in Dubai, of illegally misappropriating $456 million in fiat reserves for TUSD.

The Dubai court has frozen $456 million in funds related to Sun Yuchen's rescue of the TrueUSD issuer Techteryx, as its reserves were allegedly transferred in violation to the Dubai company Aria Commodities. The court found "signs of trust breach."

According to Cointelegraph, Japan's first officially licensed yen stablecoin issuer, JPYC, stated that as the stablecoin market expands, issuers may become significant buyers in the Japanese government bonds (JGBs) market.JPYC plans to invest 80% of its issuance revenue in government bonds and deposit 20% in banks. This model is expected to fill the market gap left by the Bank of Japan's slowdown in bond purchases. JPYC began issuing its yen stablecoin on October 27, with an issuance volume of approximately $930,000, aiming to reach $66 billion within three years.The company's CEO, Noritaka Okabe, stated that the demand for government bonds from stablecoin reserves will be influenced by the balance of supply and demand for stablecoins, a trend that will emerge globally. Meanwhile, Japan's Financial Services Agency (FSA) has approved a "Payment Innovation Project" composed of major financial institutions such as Mizuho Bank and Mitsubishi UFJ Bank, which will start issuing payment stablecoins this month, further promoting the application of stablecoins in Japan's traditional financial sector.