Circle, the company behind the USDC stablecoin, has partnered with the major crypto exchange OKX to make switching between USDC and U.S. dollars more efficient and cost-effective. As part of the deal, OKX will now let users convert USDC to USD and back with zero fees, helping boost the stablecoin’s liquidity, the two companies said in a joint statement on Wednesday. “The upgraded USDC liquidity builds on OKX’s deep bank partnerships and compliance approach, which allow users to swap USD and stablecoin, without any friction or fees, for the first time.” OKX’s chief innovation officer Jason Lau. There are some…

Authorities in Shenzhen have issued an urgent warning regarding a surge in fraudulent stablecoin schemes targeting Chinese investors, as scammers exploit the growing popularity of digital assets pegged to fiat currencies. Crypto scams have been plaguing the crypto community in recent months. In their statement, the Office of the Special Working Group for Preventing and Combating Illegal Financial Activities highlighted that scammers are leveraging terms like “financial innovation” and “digital assets” to promote fake investment opportunities disguised as stablecoin projects. Authorities say they have identified several newly launched tokens without any real reserves to back them, but lure investors on…

While China has a blanket ban on cryptocurrency in general, Chinese tech giants like JD.com and Alibaba-affiliated Ant Group are urging the People’s Bank of China (PBOC) to authorize  the creation of stablecoins backed by the offshore yuan.  Reuters reports that tech firms have proposed launching yuan-pegged stablecoins in Hong Kong as a strategic response to the growing global influence of U.S. dollar backed digital currencies. One of the primary goals remains promoting the international use of the Chinese currency while countering the dollar’s dominance in digital finance. The urgency also comes from Hong Kong racing against the United States…

The Global Dollar (USDG) stablecoin has launched in the European Union (EU). The company behind it, Paxos, says the stablecoin follows the EU’s crypto rules (MiCA) and is supervised by Finland’s financial regulator and Singapore’s central bank. On Tuesday, Paxos announced that USDG is now available in the EU. People can find it on crypto exchanges like Kraken and Gate. Other platforms that offer USDG include Coinmetro, SwissBorg, Zodia Custody, Orbital, Hercle, CoinsPaid, Bitwyrem, Bitnet, and HiFi. Paxos issues USDG in Europe through a Finnish subsidiary, regulated by Finland’s financial authority. The stablecoin is made to match MiCA’s rules, and…

South Korea’s central bank has decided to delay testing its central bank digital currency (CBDC), because the government is showing more support for stablecoins that are linked to the local currency. On Sunday, the Bank of Korea told the banks involved in the CBDC testing that the next phase of testing, which was supposed to happen later this year, will be put on hold for now. This was reported by local media on Monday. An official from one of the seven banks said the central bank wants to wait and see what the government’s plans are for stablecoins and how…

A new digital coin called A7A5, backed by the Russian ruble, was launched in Kyrgyzstan to help Russia send money across borders and avoid international sanctions. In just four months, it has handled $9.3 billion worth of transactions. However, the total value of all A7A5 coins is only about $156 million. This means the same coins are likely being sent back and forth between a small number of accounts to reach such high trading numbers.Kyrgyzstan has been trying to grow its local crypto industry. In April, it teamed up with Binance co-founder Changpeng “CZ” Zhao to build its blockchain system.…

South Korea’s biggest bank, KB Kookmin, has applied for trademarks connected to stablecoins. This supports the country’s current plans to create clear laws for digital coins linked to the Korean won. According to Korea’s trademark office (KIPRIS), KB filed 17 trademark requests on Monday and Tuesday. The names include things like KBKRW, KRWKB, KBST, and KRWST. These trademarks cover software for digital currencies and for handling crypto transactions using blockchain technology. South Korea’s Top Banks Are Cooking Up a Bold New Stablecoin Program A report in local media revealed that eight major banks in South Korea are preparing to start…