Our cash funds are daily distributing, instant investment & redemption, exclusively invested in BlackRock Institutional Cash Series, with minimums from $1K USD (or equivalent) and the tightest fees in the market, we are full throttle for a podium finish!
Last week, we announced a significant expansion of our coverage toArbitrum, one of the leading Layer-2 scaling solutions for Ethereum. This strategic development paves the way for seamless cross-chain transfers, setting the stage for a truly frictionless capital market infrastructure across multiple blockchains.
👀 Watch out for additional chain support this week and our Chainlink CCIP support.
Japanese Banks Pilot Stablecoin-Based Cross-Border Payment System
While couriers now notify recipients about package locations, consumers cannot track their international bank transfers made through SWIFT, which occasionally take days or weeks and may even get lost.
Project Pax, a groundbreaking initiative led by Japanese blockchain companies Progmat and Datachain, aims to revolutionize cross-border payments using stablecoins and blockchain technology. Backed by Japan's three largest banks—Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Financial Group—the project seeks to address inefficiencies in international transactions identified by the G20, including cost, speed, access, and transparency.
The innovative platform will utilize Swift's existing API framework, allowing banks to instruct settlements on blockchain networks while addressing regulatory compliance and operational challenges. By leveraging stablecoins, Project Pax aims to enable fast, cost-effective, and 24/7 cross-border transfers, potentially transforming the $182 trillion global payment market. With pilot tests set to begin shortly, the initiative plans to expand collaboration with financial institutions worldwide, targeting commercialization by 2025
If this takes off, vast majority of Japanese corporates that engage in cross-border trade transactions would be on-chain in a couple of years.
Growing use of stablecoin for real world transactions in Emerging Markets
VISA commissioned a study on stablecoin usage in emerging markets, conducted by Castle Island Ventures and Brevan Howard Digital. The study finds evidence of increasing non-crypto use cases for stablecoins. The report also identifies USDT (Tether) as the most popular stablecoin and wallet.
It will be a while before CBDC becomes a reality and it is interesting to monitor how the usage of non-crypto stablecoin will grow and evolve
Switzerland's SIX Stock Exchange Eyes Crypto Market: Plans for Institutional Trading Platform
Switzerland's SIX stock exchange is exploring the possibility of launching a cryptocurrency trading platform in Europe, aiming to compete with established crypto exchanges like Binance, Coinbase, and OKX. The proposed platform would initially cater only to institutional investors such as asset managers, offering both spot cryptocurrency trading and derivatives.
This move reflects SIX's recognition of cryptocurrencies as an increasingly accepted asset class and its intention to leverage Switzerland's favorable regulatory environment for digital assets.The initiative aligns with SIX's broader strategy to expand its presence in Europe and demonstrates the growing institutional interest in digital assets. SIX already has experience in the crypto space through its operation of AsiaNext, a crypto derivatives platform in Singapore. While the exchange is still evaluating the idea without a definite timeline, this exploration signifies the increasing mainstream acceptance of cryptocurrencies and the trend of traditional financial institutions entering the crypto trading space.
The U.S. Securities and Exchange Commission (SEC) has charged Prager Metis, the auditor of the now-defunct cryptocurrency exchange FTX, with negligence-based fraud. The SEC's complaint alleges that Prager Metis "fundamentally did not understand FTX or the crypto asset markets in which it operated," leading to significant failures in their audit process.
The regulator highlighted the auditor's inability to adequately assess the risks posed by FTX's relationship with Alameda Research, a crypto hedge fund also controlled by FTX founder Sam Bankman-Fried, as a major shortcoming. As a result of these failures, the SEC contends that FTX investors were deprived of crucial protections when making investment decisions.
Prager Metis has agreed to settle the charges by paying a $745,000 civil penalty, accepting restrictions on new client acceptance, and engaging an independent consultant to review its audit procedures. This case underscores the critical importance of auditors thoroughly understanding the industries and markets of their clients, particularly in complex and rapidly evolving sectors like cryptocurrency.
