Tag Archives: Stablecoins

A comprehensive analysis of global stablecoin regulation, covering issuer licenses, reserve requirements, cross-border circulation, and the competitive landscape of CBDCs.

The EU's ESMA has proposed revisions to MiCA, including establishing a new regulatory category for DeFi entry points.
The EU's ESMA has proposed revisions to MiCA, including establishing a new regulatory category for DeFi entry points.

The European Union's ESMA has submitted recommendations to the European Commission regarding the MiCA review, proposing to establish a new regulated crypto service category for companies providing DeFi protocol access to users, and to impose disclosure and prohibition requirements on staking, lending, and stablecoin services that do not comply with the MiCA; the recommendations are not yet formal legislation and no implementation timetable has been set.

01
June
The US ADAPT Act (Digital Asset Tax Act): Exemption from taxes on stablecoin payments and expansion of laundering rules.
The US ADAPT Act (Digital Asset Tax Act): Exemption from taxes on stablecoin payments and expansion of laundering rules.

U.S. Senator Steve Daines of Montana has introduced the 56-page ADAPT Act, a digital asset tax bill that proposes exempting dollar-denominated stablecoin consumer payments compliant with the GENIUS Act from capital gains recognition, waiving profit and loss recognition for transaction fees up to $10, and extending anti-tax avoidance rules on laundering and deemed sales to digital assets. Most provisions would apply to 2026.

01
June
The US Clarity Act fails in the Senate: Bitwise CIO interprets the logic behind faster and more beneficial crypto regulation.
The US Clarity Act fails in the Senate: Bitwise CIO interprets the logic behind faster and more beneficial crypto regulation.

The US Senate failed to advance the Clarity Act on September 15 by a vote of 49 to 50, but the crypto market rose instead of falling. Bitwise CIO Matt Hougan pointed out that the bill's failure actually allowed the industry to achieve more favorable regulatory outcomes more quickly: stablecoin rewards...

01
June
OUSD, the US-based stablecoin for payments, has officially launched: Bridge issuance structure and key compliance points with the GENIUS Act.
OUSD, the US-based stablecoin for payments, has officially launched: Bridge issuance structure and key compliance points with the GENIUS Act.

The Open Standard consortium in the United States will launch the USD stablecoin OUSD on September 30, 2026. Issued by Stripe's Bridge platform, it will be pegged 1:1.

01
June
UK FCA Crypto Asset Licensing Channel Opens: Application Period from September 30, 2026 to February 28, 2027 (Detailed Explanation)
UK FCA Crypto Asset Licensing Channel Opens: Application Period from September 30, 2026 to February 28, 2027 (Detailed Explanation)

The UK's FCA opened its cryptocurrency licensing application channel on September 30, 2026, with the window closing on February 28, 2027. Trading platforms, custodians, stablecoin issuers, etc., must comply with...

01
June
AllUnity, regulated by MiCA, launches USDAU, a stablecoin for settling US dollars within a European framework.
AllUnity, regulated by MiCA, launches USDAU, a stablecoin for settling US dollars within a European framework.

AllUnity, regulated by the EU's MiCA, has launched its USDAU stablecoin, pegged 1:1 to the US dollar with segregated reserves. It will initially be issued on six public blockchains: Ethereum, Solana, Base, Tempo, Arc, and Polygon. This is its fourth fiat-denominated stablecoin, following the Euro, Swiss Franc, and Swedish Krona. AllUnity is sponsored by DWS, Galaxy, and...

30
June
Shinhan Bank of South Korea completes Proof-of-Concept (PoC) for stablecoin corporate cross-border remittances: Private channel protects transaction information.
Shinhan Bank of South Korea completes Proof-of-Concept (PoC) for stablecoin corporate cross-border remittances: Private channel protects transaction information.

On September 30, 2026, Shinhan Bank announced the completion of the full-process technical verification of cross-border stablecoin remittances for enterprises based on the Solana private solution. Enterprise customers do not need to directly hold digital asset wallets, and sensitive transaction information is not written to the public blockchain mainnet. The actual service implementation still depends on the maturity of the Korean stablecoin regulatory framework.

30
June
Ethereum Aave V4 Independent Lending Market Operation Application: Sentora and Aave DAO 50/50 Revenue Sharing and Risk Governance Analysis
Ethereum Aave V4 Independent Lending Market Operation Application: Sentora and Aave DAO 50/50 Revenue Sharing and Risk Governance Analysis

On September 28th, Sentora submitted an ARFC to the Aave governance forum, proposing to operate an independently curated lending market on Aave V4, initially deploying Ethereum and limiting borrowable assets to RLUSD, PYUSD, and OUSD. Protocol revenue will be shared by Sentora and...

30
June
Demonstrating the participation of Japan's three major banks in stablecoin trade settlement, with regulatory support provided by the Financial Services Agency.
Demonstrating the participation of Japan's three major banks in stablecoin trade settlement, with regulatory support provided by the Financial Services Agency.

Japan's Financial Services Agency (FSA) announced its support for a pilot program on stablecoin trade settlement, with six institutions participating: Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, NTT Data, TradeWaltz, and MUFG Trust Bank. The pilot program, launched in September, uses bank approvals to purchase export receivables as a trigger for stablecoin settlement and plans to explore electronic bills of lading and smart contract custody.

29
June
US Sanctions Compliance Escalates: Tether to Freeze $5.5 Million in Iran-Related USDT in 2026 (Analysis)
US Sanctions Compliance Escalates: Tether to Freeze $5.5 Million in Iran-Related USDT in 2026 (Analysis)

Tether, the world's largest stablecoin issuer, disclosed that since 2026 it has cooperated with US law enforcement and sanctions agencies to freeze approximately $5.5 million worth of USDT related to the Central Bank of Iran and sanctions networks. This article outlines the timeline of the freeze, OFAC's characterization, and implications for sanctions compliance for US VASP-licensed institutions.

29
June
Japan's Financial Services Agency (FSA) and the central bank are advancing blockchain settlement infrastructure: a 24-hour real-time trading schedule for government bonds and stocks has been implemented.
Japan's Financial Services Agency (FSA) and the central bank are advancing blockchain settlement infrastructure: a 24-hour real-time trading schedule for government bonds and stocks has been implemented.

Japan's Financial Services Agency (FSA), Ministry of Finance, and Bank of Japan (BOJ) will establish a joint research conference in the summer of 2026 to advance next-generation financial settlement infrastructure based on blockchain, aiming to achieve 24-hour instant settlement of government bonds and stocks. The plan is scheduled to be finalized in early 2027 and operational in the early 2030s. With approximately $7 trillion in outstanding Japanese government debt, the accompanying yen stablecoin will be subject to revisions to the Payment Services Act, having a structural impact on licensed institutions in Japan.

27
June
South Korea's six ministries have released a regulatory framework for stablecoins in the Korean won: Issuance requires an FSC license, and foreign companies must establish local branches.
South Korea's six ministries have released a regulatory framework for stablecoins in the Korean won: Issuance requires an FSC license, and foreign companies must establish local branches.

South Korea's Ministry of Strategy and Finance, together with six other ministries including the Financial Services Commission (FSC) and the Bank of Korea (BOK), released a framework roadmap for a stablecoin. Stablecoin issuance will require an FSC license, and foreign companies will need to establish local branches and register. The draft sets a minimum capital requirement of 50 billion won and a 100% reserve coverage requirement.

27
June
US Stablecoin Payment Regulation: Federal Reserve Releases Two Proposed Rules in GENIUS Act
US Stablecoin Payment Regulation: Federal Reserve Releases Two Proposed Rules in GENIUS Act

On September 24, 2026, the Federal Reserve released two proposed rules to implement the GENIUS Act, establishing a regulatory framework for issuers of payment stablecoins subject to board oversight: requiring full reserves of high-quality liquid assets such as short-term U.S. Treasury bonds, standardizing capital and risk management, and establishing a dedicated approval process for banks issuing payment stablecoins. The public comment period ends 60 days from the date of publication in the Federal Register, with full implementation expected in January 2027.

25
June
WTO: Fragmented regulation is keeping stablecoins out of international trade, which account for only 3% of global cross-border payments.
WTO: Fragmented regulation is keeping stablecoins out of international trade, which account for only 3% of global cross-border payments.

Juan Marchetti, Director of the Trade in Services and Investment Division of the WTO, stated on September 14, 2026, that the key constraint limiting the adoption of stablecoins in international trade "is not technology, but regulation and the lack of a regulatory framework." A WTO report states that due to regulatory fragmentation, stablecoins currently account for only about 3% of global international payments, and cites an FSB report indicating...

15
June
Thailand's SEC plans to restrict stablecoin deposits and withdrawals to other people's wallets: a daily one-way limit of approximately $15.
Thailand's SEC plans to restrict stablecoin deposits and withdrawals to other people's wallets: a daily one-way limit of approximately $15.

The Thai Securities and Exchange Commission (SEC) publicly solicited opinions on stablecoin regulation on September 11, 2026 (until September 25). The proposed regulations include a "same-account rule" prohibiting deposits and withdrawals to other people's wallets, and a daily limit of 5 million Thai Baht (approximately) for each person and each operator's inflow/outflow.

15
June
Danish Central Bank Stablecoin Assessment: Impact of Popularization Trends on Payment Systems and Monetary Policy Transmission
Danish Central Bank Stablecoin Assessment: Impact of Popularization Trends on Payment Systems and Monetary Policy Transmission

On September 9, 2026, the Danish central bank released an analysis of stablecoins, noting that while their global use has surged, their penetration in Denmark is limited and there is currently no krona stablecoin. The central bank stated that if foreign stablecoins gain traction, it could impact payments, financial stability, and the transmission of monetary policy. The central bank will maintain technological neutrality and continue to monitor the situation.

15
June
South Korean company Dunamu (parent company of Upbit) partners with Visa to explore compliant pathways for stablecoin payments and AI-powered commerce.
South Korean company Dunamu (parent company of Upbit) partners with Visa to explore compliant pathways for stablecoin payments and AI-powered commerce.

Visa and South Korea's Dunamu (parent company of Upbit) announced a strategic partnership to explore stablecoin payments, cross-border remittances, and AI-powered agency commerce, and to evaluate Open Standard's proposed USD stablecoin, OUSD. This article examines the regulatory boundaries of stablecoins in South Korea, the collaborative pathways between traditional payment networks and local digital asset platforms, and unresolved issues from a compliance perspective.

15
June
The Blockchain Association has submitted its comments on the proposed CIP rules for stablecoins under the GENIUS Act: KYC should be limited to the primary market and exclude secondary transfers.
The Blockchain Association has submitted its comments on the proposed CIP rules for stablecoins under the GENIUS Act: KYC should be limited to the primary market and exclude secondary transfers.

On August 21, 2026, the Blockchain Association submitted its comments on the proposed rules for stablecoin CIP under the GENIUS Act, supporting limiting customer identity verification to the direct relationship between issuers and customers in the "primary market" and opposing extending it to secondary P2P transfers; the rules are still in the proposed state and the final interpretation is pending.

10
June
An abstract diagram illustrating multiple bank nodes connecting to a shared distributed ledger infrastructure.
Banking associations from 39 US states have formed the BankChain Alliance, with plans to launch a proprietary blockchain network for the banking industry by 2027.

Thirty-nine U.S. state banking associations have formed the BankChain Alliance, planning to build a shared blockchain network owned, designed, and governed by the banking industry, with a target launch date of 2027. This article distinguishes between confirmed plans, undisclosed matters, and governance due diligence that banks should complete in advance.

28
June
Proposed process diagram for cross-border trade settlement of stablecoins by South Korean companies
South Korean firm BDACS and Chungoose plan to jointly build stablecoin-based cross-border trade settlement infrastructure.

BDACS and DevAll Company announced plans to jointly build a stablecoin B2B cross-border settlement infrastructure for South Korean exporters. This article distinguishes between confirmed proposed processes and unverified aspects such as launch, costs, exchange, and regulatory matters.

27
June

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