remittance

According to News.bitcoin, data released by the Central Bank of El Salvador shows that in the first half of 2026, only 35.4 million dollars in external remittances were channeled into the country through digital currency. This figure accounts for only 0.7% of the total remittances to the country in 2026 (over 5 billion dollars). Nevertheless, the amount of cryptocurrency remittances is still significantly higher than the level in the first half of 2025, when the cryptocurrency remittance amount was 25.4 million dollars, an increase of 39.1%.

Cryptocurrency trading and liquidity service provider Cumberland announced on platform X that its Singapore subsidiary Cumberland SG Pte. Ltd. has obtained the MPI license issued by the Monetary Authority of Singapore (MAS), allowing it to provide Digital Payment Token (DPT) services and cross-border money transfer services.

Cryptocurrency trading and liquidity service provider Cumberland announced on platform X that its Singapore subsidiary Cumberland SG Pte. Ltd. has obtained the MPI license issued by the Monetary Authority of Singapore (MAS), allowing it to conduct Digital Payment Token (DPT) services and cross-border money transfer services.

Hyundai Card announced on the 9th that it has completed a proof of concept (PoC) for cross-border remittances based on stablecoins with Hyundai Motor America (HMA) and Hyundai Motor Mexico (HMM). In the first PoC, the U.S. entity converted $20,000 into USDT and then remitted it to the Mexican entity, which converted it back to dollars. The entire process, including international remittance and verification, averaged only 7 minutes, significantly shorter than the 3 to 4 hours typically required for traditional bank cross-border remittances. Tether and Avalanche participated in this verification.The second phase of the PoC will be launched at the end of this month, targeting Hyundai Motor's European entity, to conduct actual remittances in local currency instead of dollars, verifying the cost-saving effects of currency exchange. Circle and Visa will participate as partners. Hyundai Card emphasized that this verification has comprehensively considered regulatory requirements such as accounting, taxation, legal, and internal controls, going beyond mere technical testing to reach the level of actual business deployment. In the future, there are plans to expand the application of stablecoins to inter-entity settlements and fund transfers within Hyundai Motor Group's global network.

According to SBS Biz, in the past three years, overseas remittances through cryptocurrency exchanges in South Korea have increased by 380%, while remittances through traditional banks have only grown by 20%. Last year, the total amount of foreign currency remittances from South Korea's five major banks was 159 trillion won (approximately 122 billion USD), an increase of 20% compared to 131.8 trillion won (approximately 101 billion USD) in 2022.At the same time, data from the office of Congressman Kim Sang-hoon shows that during the same period, the remittance amount through the five major won-denominated cryptocurrency exchanges in South Korea surged from 34.02 trillion won (approximately 26.2 billion USD) to 163.55 trillion won (approximately 125.8 billion USD), an increase of 380%. Dongguk University professor Hwang Seok-jin attributes the significant growth in cryptocurrency remittances to their lower transaction fees compared to banks.

According to Cointelegraph, South Korea's Toss Bank will adopt Solana to conduct a global remittance and settlement proof of concept, aiming to provide its users with faster and lower-cost cross-border transaction services.

According to South Korean media SBS Biz, South Korea is considering allowing various parties, including exchanges and fintech companies, to participate in the upcoming virtual asset overseas remittance business system. This system is expected to be implemented in December this year. Relevant individuals revealed that the government has recently begun drafting the implementation details of the partial amendment to the Foreign Exchange Transaction Act and is reviewing the registration requirements for virtual asset transfer businesses.The core content of the amendment is to include cross-border virtual asset transfers within the regulatory framework of the Foreign Exchange Transaction Act, defining it as "virtual asset transfer business." Companies intending to engage in virtual asset transfer business must register with the Office of the Minister of Economy and Finance of South Korea and report relevant information through the foreign exchange computer network of the Bank of Korea when cross-border transfer transactions occur. Previously, cross-border virtual asset transactions had been outside the foreign exchange regulatory framework, raising concerns that these transactions could be used for illegal foreign exchange trading or money laundering activities. This system improvement aims to incorporate virtual asset transfer transactions into the management and regulatory system.

According to CoinPost, SBI Holdings completed a strategic investment in the global stablecoin payment and cryptocurrency trading platform Fasset in May 2026, and announced that its international remittance subsidiary SBI Remit signed a Memorandum of Understanding (MoU) with Fasset. Both parties will jointly build a next-generation international remittance infrastructure based on stablecoin technology.Fasset is a digital bank focused on the Asian, Middle Eastern, and African markets, providing stablecoin settlement, remittance, and investment services through its own payment network "Own Network." It currently covers 125 countries and regions and has over 2 million users. The company completed a $51 million Series B financing in the same month, with investors including SBI Group, Bahrain asset management company Investcorp, and Turkey's Arz Portföy, among others.

Zelle operator Early Warning Services announced that India will be the first country for U.S. users to remit money to overseas friends and family through Zelle, with the service expected to launch by the end of this year. The company also introduced its own dollar-backed stablecoin ZelleUSD (ZLUSD) to support future international payment capabilities in other markets, with more details to be announced in the coming months. Early Warning Services is jointly owned by seven U.S. financial institutions, including Bank of America, JPMorgan Chase, and Wells Fargo.

According to PR Newswire, global payment giant MoneyGram announced a strategic partnership with Layer 1 blockchain Tempo to become its core validation node for cross-border remittances (Anchor Remittance Validator) and participate in network transaction validation.The three parties will jointly build a global interoperable payment network based on stablecoins, promoting on-chain settlement in real fund flows, while Stripe will provide on-chain stablecoin settlement services for MoneyGram on the Tempo infrastructure.

KB Financial Group announced that it has completed the technical proof of concept for the Korean won stablecoin in scenarios such as payments, settlements, and international remittances. This verification was jointly completed by KB Financial Group, electronic payment company KG Inicis, public chain Kaia, and digital asset solution company OpenAsset, covering the entire financial service process including the issuance of the Korean won stablecoin, offline payments, merchant settlements, and cross-border remittances.According to reports, the solution migrates the internal settlement system to a blockchain architecture while maintaining users' original financial service habits. Among them, actual payment scenarios have been tested through the offline self-service terminals of the chain coffee brand Hollys, allowing users to make payments via QR codes without the need to install a digital wallet; the system automatically executes on-chain smart contracts during the settlement phase. In addition, in the cross-border remittance test, the system first exchanges the Korean won stablecoin for US dollar stablecoins through Kaia's on-chain liquidity, and then the local partner in Vietnam completes the fiat currency crediting. The entire remittance process takes only about 3 minutes, with fees reduced by approximately 87% compared to traditional SWIFT remittance models.

According to Insight Korea, South Korea's digital bank K Bank has established a strategic partnership with blockchain company Ripple to advance the verification of next-generation cross-border remittance technology based on blockchain.Both parties will focus on assessing the optimization potential in remittance speed, cost structure, and transaction transparency through Ripple's global payment network and infrastructure. The current collaboration includes proof of concept based on digital wallets, joint development of cross-border remittance models, and expansion in the digital asset field. The ongoing second phase of testing has simulated the connection between the bank's internal systems and customer accounts, testing on-chain fund transfers aimed at the UAE and Thailand. K Bank is also evaluating the adoption of Ripple's SaaS digital wallet Palisade to enhance compliance and deployment efficiency.

According to Reuters, foreign exchange market-making and cross-border remittance startup OpenFX has completed a $94 million financing round, led by institutions such as Accel, Lightspeed Faction, M13, Northzone, and Pantera, with a post-money valuation of approximately $500 million.OpenFX provides faster and lower-cost settlement services for large cross-border funds by using stablecoins as a bridge connecting the banking system with blockchain infrastructure. The company claims that over 98% of transactions on its platform can be settled within 60 minutes, and its annual payment processing scale has increased from approximately $4 billion to about $45 billion. OpenFX plans to use this round of funding to expand into Southeast Asia and Latin America markets.

According to Nikkei Asia, Mitsubishi Corporation plans to connect to JPMorgan's blockchain payment platform soon, becoming the first Japanese company to use the service.The service supports instant international money transfers, and JPMorgan is also taking this opportunity to promote its blockchain payment products to more Japanese companies. Against this backdrop, Japanese financial institutions are accelerating their layout in blockchain and stablecoins, with major banks like MUFG and Mizuho testing yen stablecoins, and Japanese regulators are also considering approving the listing of cryptocurrency ETFs as early as 2028.

International remittance service company Western Union has announced a partnership with Crossmint to launch the USD stablecoin USDPT on the Solana blockchain, aimed at providing fast and low-cost global money transfer services.Western Union will integrate its digital asset network with Crossmint, allowing users to exchange digital dollars for local currency at over 360,000 locations worldwide, covering more than 200 countries and regions. Malcolm Clarke, Vice President of Digital Assets at Western Union, stated that this collaboration helps seamlessly connect global wallets and digital platforms with Western Union's payment infrastructure.

The Georgia Department of Banking and Finance recently announced that the virtual currency platform Crypto Dispensers, operated by Virtual Assets LLC, has been issued a cease and desist order by the department, which has become effective, for operating an online virtual currency trading platform in Georgia and engaging in the transmission of funds or "monetary value" (including virtual currency) without obtaining a local Money Transmitter license or applicable exemption.According to Georgia law O.C.G.A. § 7-1-681 and § 7-1-681(b), any entity transmitting funds or virtual currency within the United States or to foreign countries must obtain a license or meet exemption conditions in advance; otherwise, it is considered illegal.

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 Financefeeds, UK fintech company Zepz (which owns the international remittance platforms WorldRemit and Sendwave) has announced a partnership with enterprise digital asset platform Fireblocks to launch a stablecoin-based remittance service in emerging markets.Reports indicate that Zepz serves over 9 million users across 130 countries, while Fireblocks processes over $4 trillion in digital asset transfers annually. This collaboration aims to provide near real-time, low-cost cross-border payment solutions to address the pain points of long settlement times and high fees associated with traditional correspondent banking pathways.

Indian blockchain remittance startup Frex announced the completion of a ₹95,000,000 (approximately $1.05 million) Pre-Seed funding round, led by Zeropearl VC and White Venture Capital, with participation from a group of angel investors. The company has built a real-time remittance solution leveraging blockchain technology and the advantages of local banking partners, primarily targeting immigrants and overseas workers for cross-border remittance services.