Latest news with #Tether
The Star
8 hours ago
- Business
- The Star
Bolivia crypto transactions up over 530% amid currency woes
A waiter collects a diner's bill in cryptocurrency, as Bolivians are increasingly turning to cryptocurrencies and exchange platforms like Binance as a shortage of dollars and high inflation force savers to look for alternatives, in Cochabamba, Bolivia June 12, 2025. REUTERS/Claudia Morales (Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by governmentintervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households." (Reporting by Lucinda Elliott in Montevideo and Daniel Ramos in La Paz. Editing by Diane Craft)
Yahoo
10 hours ago
- Business
- Yahoo
Asia Morning Briefing: Asia's Banks Look to Stablecoins to Prevent Deposit Flight
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. While stablecoins (USDT, USDC) dominated U.S. headlines last month amid the GENIUS Act and Circle's (CRCL) blockbuster IPO, Asia's quieter yet strategic adoption is reshaping the region's cross-border finance. Asian banks increasingly see stablecoins like USDT and USDC as defensive tools against deposit flight and lost transaction revenue. Behind the scenes, stablecoins are already playing an important role in the region's financial plumbing. Fireblocks' Head of Asia, Amy Zhang, said in a recent interview with CoinDesk that major banks across Korea, Japan, and Hong Kong are proactively exploring local-currency stablecoins to mitigate these threats. 'If I'm not one of the banks banking Circle or banking Tether, am I going to lose deposits?' Zhang told CoinDesk. 'That's a huge risk for banks.' In Korea, eight major banks, including KB Kookmin and Shinhan, are forming a consortium to launch a Korean won stablecoin by 2026, a direct response to surging local use of USDT and USDC for cross-border transactions. Japan's banking giants MUFG, SMBC, and Mizuho are piloting yen-pegged stablecoins to streamline trade finance and reduce dependence on traditional cross-border rails. Hong Kong's Bank of East Asia also recently piloted its own USD and HKD stablecoin settlement network. Payment service providers (PSPs) are aggressively fueling the adoption of stablecoins, shifting away from costly traditional banking channels. "A year ago, PSPs were asking if they should do stablecoins," Zhang said. "Now they say, 'I'm moving a millions of client flows; I need a better wallet.'" Fireblocks, which processed over $3 trillion in digital assets last year, reports that stablecoins now account for about half its transaction volume. Zhang cited growing usage among Asian e-commerce giants. Recent media reports say that China's plans to cut supplier-payment costs dramatically using stablecoins, which is an example of what Zhang mentioned. PSPs such as Hong Kong's Tazapay use Circle's USDC to efficiently route cross-border payments into USD and HKD disbursements to help with instant payouts for content creators and gamers in Asia's emerging markets. A dashboard from Visa Analytics shows that weekends have 30% higher stablecoin volumes, underscoring their role in retail and gig use. Tether's USDT dominates stablecoin flows in emerging Asian markets, driven by its liquidity and ease-of-access Zhang said, and by contrast, USDC gains traction in highly regulated financial hubs like Singapore and Hong Kong. As the region's financial institutions adopt stablecoins defensively and corporate users operationalize them pragmatically, Asia's quiet transformation in cross-border finance infrastructure could become the next headline in stablecoin's evolving history. The question is, what will be the next IPO to capitalize on this? Bakkt Holdings (NYSE: BKKT) is preparing to join the growing ranks of public companies allocating capital to bitcoin, according to a filing with the Securities and Exchange Commission (SEC) on Thursday. The SEC filing shows that Bakkt is looking to raise $1 billion through a mix of securities, common stock, preferred stock, debt, warrants, and units to buy BTC. The move comes as corporate BTC treasury strategies gain momentum globally. Companies like Metaplanet in Japan, Bridge Biotherapeutics in Korea, and Semler Scientific in the U.S. have made headlines by adding BTC to their balance sheets. The registration follows a wave of negative news: Bakkt recently lost two of its largest clients, Bank of America and Webull, responsible for a significant chunk of its loyalty and crypto service revenues. In February of last year, the company warned that it might not be able to continue operations. A few months later, Trump Media was reportedly said to be looking into an acquisition, but since then, nothing has materialized. Bakkt is also said to be exploring the potential sale or wind-down of its loyalty division as it refocuses on crypto payments and trading infrastructure. BTC: Bitcoin held steady above $107K Thursday ahead of a major $40B options expiry on Deribit, with a $102K max pain price and no clear directional bias from traders, while Core Scientific surged 33% on takeover rumors. ETH: Ethereum is trading at $2,420 as it tests major resistance between $2,500–$2,600, with analysts saying a breakout could pave the way to $2,800 or even $4,000 amid falling exchange reserves and record user activity. Gold: Gold slipped to $3,331 on Thursday despite a weaker dollar and falling Treasury yields, as strong U.S. jobless claims and durable goods data offset recessionary GDP revisions and added uncertainty over the Fed's future leadership. Nikkei 225: Asia-Pacific markets are poised to rise Friday, tracking Wall Street gains after the White House downplayed concerns over upcoming tariff deals. S&P 500: The S&P 500 rose 0.8% Thursday, nearing a record high after a $9.8 trillion rebound from April lows, capping a 23% rally driven by easing tariff fears and renewed market optimism. Hong Kong sharpens crypto hub focus amid rising global competition (SCMP) Real-World Asset Tokenization Market Has Grown Almost Fivefold in 3 Years (CoinDesk) What's Next for Tokenization? (CoinDesk)
Mint
10 hours ago
- Business
- Mint
Bolivia crypto transactions up over 530% amid currency woes
(Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households."
CNBC
13 hours ago
- Business
- CNBC
Why Wall Street and Washington are excited about the GENIUS Act stablecoin bill
As Congress moves to pass the GENIUS Act stablecoin legislation, lawmakers and top executives discuss on CNBC what the bill means for the industry. Sen. Bill Hagerty (R-Tenn.) shares how the bill adds protections for users. Tether's Paolo Ardoino and Haun Ventures' Katie Haun break down the rise in stablecoin demand. Coinbase's Faryar Shirzad and Mizuho's Dan Dolev compare stablecoins to products already on the market. Ryan McInerney, Visa CEO, breaks down how the company will remain relevant and Robinhood CEO Vlad Tenev shares why he thinks the U.S. needs to compete in digital payment innovation.
CNA
13 hours ago
- Business
- CNA
Bolivia crypto transactions up over 530% amid currency woes
Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530 per cent, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households."
