South Korea’s two largest political parties have both introduced competing bills aimed at regulating stablecoins, reflecting the country’s push to become a leader in digital asset regulation.

Ethena has announced the launch of StablecoinX Inc., a new stablecoin-focused treasury company that will be listed on Nasdaq under the ticker symbol USDE. This move comes as part of a merger with TLGY Acquisition Corp and includes a significant $360 million investment aimed at buying back and accumulating ENA, Ethena’s native token. The announcement triggered an 8% surge in ENA’s price, reaching its highest level since January.

Ripple Labs has applied for a U.S. banking license, following in the footsteps of Circle, as crypto companies seek greater legitimacy and closer integration with traditional finance. Ripple’s CEO, Brad Garlinghouse, confirmed the application for a national bank charter with the Office of the Comptroller of the Currency (OCC), emphasizing that approval would set a new standard for trust in the stablecoin market.

The Financial Action Task Force (FATF), a global financial watchdog, has issued a stark warning about the increasing misuse of stablecoins for illicit activities as international efforts to regulate cryptocurrencies continue to lag behind. In its latest report, the FATF highlighted that stablecoins have become the dominant vehicle for illegal on-chain activity, driven by their low costs, fast settlement times, and broad liquidity.

Circle, the issuer of the USDC stablecoin, recently saw its stock (CRCL) experience a sharp pullback after an extraordinary rally. The company’s shares had surged over 750% from their pre-IPO price of $31 to nearly $300, largely driven by the passage of the U.S. stablecoin bill known as the GENIUS Act. However, on June 24, Circle’s stock dropped by more than 20% from its peak, closing at $222.81.

Circle, the company behind the USDC stablecoin, saw its stock price soar by 34% in a single day, reaching a record high of nearly$200 per share on June 18, 2025.

The Bank of Korea (BOK) remains cautious about the issuance of a won-pegged stablecoin, even after recent discussions with Circle, the issuer of USD Coin (USDC). While there is growing political and industry interest in launching a stablecoin backed by the Korean won, the central bank has expressed concerns about the potential risks to monetary policy and financial stability.

Visa and Chainlink, in collaboration with major financial institutions like ANZ, ChinaAMC, and Fidelity International, have successfully completed a pilot program that enabled a cross-border swap between Hong Kong’s central bank digital currency (CBDC), the e-HKD, and an Australian dollar stablecoin (A$DC).

Ripple’s stablecoin RLUSD has experienced rapid growth, recently surpassing the$300 million mark in circulating supply—a sixfold increase since its launch in December 2024.

Hong Kong’s ZA Bank now provides reserve bank services for stablecoin issuers, merging traditional banking with digital currency innovation.

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