issuers

Grayscale Research stated that inflation in the United States is accelerating, and the Federal Reserve's room for interest rate cuts is limited. The market currently expects that interest rates will not be cut until September 2027.Grayscale believes that this macro environment has three major impacts on the crypto market: pressure on trades that counteract fiat currency depreciation, accelerated development of tokenized fixed income sectors, and stablecoin issuers will earn more from their reserves.

The Hong Kong Monetary Authority has issued a notice urging the public to remain vigilant and pay attention to the press releases issued by Anchor Point Financial Technology Limited and HSBC Hong Kong, which involve tokens claiming to be related to licensed stablecoin issuers.Tokens using "HKDAP" or "HSBC" as codes have appeared in the market, but these tokens are not issued by licensed stablecoin issuers and have no relation to the issuers. So far, both licensed stablecoin issuers have stated that they have not issued any regulated stablecoins in the market. The public should be alert to any fraudulent activities or scams claiming to be related to the licensees or the stablecoins they issue. If in doubt, the public should refer to the official announcements of the two licensees. The public should also purchase or use stablecoins through regulated channels.

According to the Hong Kong Wen Wei Po, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that the choice of which currency to issue for stablecoins primarily depends on the applicant's own decision. The issuance of a Hong Kong dollar stablecoin is the first step, and in the future, other currencies including the renminbi can be issued, which is permitted under Hong Kong's system, but the applicant also needs to obtain approval from mainland regulatory authorities.Regarding when the second batch of stablecoin issuer licenses will be issued, Chen Weimin indicated that there is currently no relevant timetable, but they have been in communication with applicants interested in applying for the license. It is reported that HSBC's stablecoin will be integrated into the PayMe and HSBC HK App applications and will support real-time transfers between individuals, as well as person-to-merchant (P2M) services.

The President of the Hong Kong Monetary Authority, Eddie Yue, stated that the first batch of stablecoin issuers has been granted licenses today. Based on the business plans of the licensees, they intend to commence operations in the coming months once the relevant preparations are completed.Eddie Yue expressed hope that the issuers will carry out their business as planned, actively explore development opportunities while managing risks, promote the application of compliant stablecoins, and address pain points in financial and economic activities. At the same time, the public should remain vigilant against any fraudulent activities or scams claiming to be related to the licensees or the stablecoins they issue. When purchasing or using stablecoins, regulated channels should be used, and if there are any doubts, they should refer to the records of the Monetary Authority to verify the identity of the licensees or contact the licensees for further inquiries.

According to CoinDesk, the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury and the Office of Foreign Assets Control (OFAC) will jointly issue proposed rules requiring stablecoin issuers to establish a comprehensive anti-money laundering and sanctions compliance system. Specific measures include freezing, intercepting, and rejecting suspicious transactions, as well as complying with the relevant provisions of the Bank Secrecy Act.The rules emphasize an outcome-oriented approach, believing that financial institutions understand their own risks best. Issuers that establish a sound compliance system are typically exempt from enforcement actions. This move aims to implement the GENIUS Act passed last year, which is expected to take full effect in 2027.

According to CoinDesk, the U.S. Treasury is set to release proposed rules requiring stablecoin issuers to establish standards to combat money laundering and sanctions violations.According to a summary of the proposal obtained by CoinDesk, the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) will jointly formulate rules that clarify how issuers can comply with the GENIUS Act passed last year, including establishing controls to block, freeze, and reject suspicious transactions. FinCEN will require issuers' anti-money laundering programs to be able to pause flagged transactions and focus more resources on high-risk customers and activities.When U.S. authorities pursue specific targets, regulated issuers must screen their records for activities related to flagged individuals or entities. OFAC requires issuers to operate risk-based sanctions compliance safeguards in both primary and secondary markets, identifying and rejecting transactions that may violate U.S. sanctions regulations. The proposal emphasizes respect for the industry, believing that financial institutions are best aware of their own money laundering and terrorist financing risks, and companies that maintain appropriate anti-money laundering measures typically do not face enforcement actions.U.S. Treasury Secretary Scott Bessent stated that these measures will protect the U.S. financial system from national security threats while not hindering the development of U.S. businesses in the stablecoin ecosystem. The proposal will enter a public comment period and may be revised before finalization.

The U.S. Department of the Treasury has officially launched the implementation of the stablecoin innovation "GENIUS Act," releasing a proposed rulemaking notice, which is the first implementing regulation of the act, totaling 87 pages, with a public comment period of 60 days.According to the "GENIUS Act," issuers of payment stablecoins with a total issuance not exceeding $10 billion may choose to accept state-level regulatory frameworks, provided that the state's regulatory framework is "substantially similar" to the federal regulatory framework. The U.S. Department of the Treasury will establish broad principles for determining "substantial similarity" through this notice.

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.

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.

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.

According to The Wall Street Journal, the Coinbase token sale platform will allow a select group of investors to gain early access to new cryptocurrencies before they are available for trading on its main exchange, but the platform aims to limit asset concentration among large buyers. Token issuers and their affiliates will be prohibited from selling their held tokens for a period of six months.A spokesperson for Coinbase stated that the crypto project Monad, which operates its own blockchain network, will be the first company to issue tokens through the platform, with the issuance scheduled for later in November. The exchange plans to subsequently list all tokens launched on the new platform for trading on its main exchange, with approximately one issuance planned each month.

ChainCatcher news, according to crypto journalist Eleanor Terrett, Federal Reserve Governor Chris Waller announced at the Federal Reserve Bank's Payment Innovation Conference that the central bank proposed the introduction of a new type of restricted master account (referred to as the "streamlined master account"), allowing all legally compliant entities to directly access the Federal Reserve payment system without relying on partner banks.This streamlined master account does not provide all the services of a full master account, such as the ability to borrow from the Federal Reserve, but every legally compliant entity can apply, and the eligibility legal rules will not change. This initiative will enable the Federal Reserve to greenlight innovative banks, fintech companies, stablecoin issuers, and other payment companies. Eleanor Terrett stated that this move is significant for companies like Custodia Bank and Kraken, which have been trying for years to obtain a Federal Reserve master account, with Custodia even suing the Federal Reserve. Additionally, companies like Ripple and Anchorage, which applied this year, may also accelerate their eligibility for access as a result.

ChainCatcher news, Coinbase announced the launch of a new listing support program "The Blue Carpet," which is a brand new combination of products and services that provides digital asset issuers with more transparent, convenient, and valuable support.The program integrates previously fragmented services, including dedicated listing team guidance, asset page customization, discount services, and Coinbase One subscriptions, and the listing is completely free, with no application or promotion fees required.

ChainCatcher news, according to Jinshi reports, Federal Reserve's Musalem stated that the Office of the Comptroller of the Currency is expected to regulate non-bank stablecoin issuers.

ChainCatcher news, encrypted journalist Eleanor Terrett posted on the X platform that the U.S. SEC has requested LTC, XRP, SOL, ADA, and DOGE ETF issuers to withdraw their 19 b-4 applications, as the general listing standards have been approved, which replace the 19 b-4 applications. The withdrawal of applications may begin as early as this week.