In this issue:
- Banks and Crypto Companies Launch Stablecoin Initiatives, Achieve OCC Charters
- US Crypto Companies Announce Strategic Partnerships, Integrations
- TradFi and Crypto Companies Launch Tokenization Initiatives
- OFAC Adds Crypto Address to SDN List as Part of Action Targeting DPRK
- New York Attorney General Announces $6M Recovery from Crypto Scammers
Banks and Crypto Companies Launch Stablecoin Initiatives, Achieve OCC Charters
A major U.S. bank and issuer of the SoFiUSD stablecoin recently announced the launch of SOFIE, “the first and only national bank-issued tokenized deposit for consumers.” According to a press release, each SOFIE “represents $1 held on deposit” at the bank, “earning 4.40% APY with funds FDIC-insured up to applicable FDIC limits.” The press release notes, “When members are ready to put those funds to work, they can convert SOFIE 1:1 to SoFiUSD, then use the SoFiUSD to buy crypto directly in the [bank] app or move money over blockchain rails 24/7.”
In related news, a major global bank recently announced the launch of RedCoin, “the bank’s first stablecoin.” According to a press release, RedCoin is denominated in Hong Kong dollars, licensed and regulated by the Hong Kong Monetary Authority, and underpinned by the bank’s technology and security capabilities, and it “corresponds with the high standards of financial crime controls that are required by Hong Kong’s Stablecoins Ordinance.”
In a final development, a major blockchain infrastructure provider and issuer of the RLUSD stablecoin, recently announced that the U.S. Office of the Comptroller of the Currency (OCC) has granted final approval chartering its National Trust Bank (RNTB), a federally supervised national trust bank. According to a press release, “RNTB’s approved activities include managing the segregated reserves supporting Ripple USD (RLUSD), acting as collateral trustee of the reserves for the benefit of RLUSD holders, and providing fiduciary digital asset custody services.”
For more information, please refer to the following links:
- SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers
- HSBC RedCoin launches today
- Ripple Receives Final OCC Approval to Establish National Trust Bank
US Crypto Companies Announce Strategic Partnerships, Integrations
A major blockchain infrastructure provider and issuer of the RLUSD stablecoin, recently announced “an expansion of their strategic collaboration” with a major U.S. bank “to broaden institutional digital asset custody capabilities and explore new institutional use cases for blockchain technology, including tokenized trade finance.” According to a press release, the collaboration “brings together [the company’s] digital asset solutions and the XRP Ledger (XRPL), a public blockchain,” with the bank’s “scale, servicing model and digital capabilities” and builds on the bank’s “role as primary reserve custodian” for the RLUSD stablecoin.
The issuer of the RLUSD stablecoin also recently announced a strategic partnership with a major U.S. broker-dealer and crypto trading platform that “provides one of the industry’s largest consumer and institutional trading platforms with a single, trusted entry point … across stablecoins, institutional markets and treasury management.” According to a press release, RLUSD “will be a key stablecoin across [the broker-dealer’s] digital asset ecosystem, expanding access to the enterprise-grade stablecoin for both retail and institutional use.”
In a related development, Securitize, a tokenization platform, recently announced “plans to integrate with the Stellar network, expanding the blockchain infrastructure available to institutional asset managers seeking to bring traditional financial products onchain.” According to a press release, “[t]he integration will enable Securitize to support the issuance and management of tokenized financial assets on the Stellar network, a blockchain network designed for efficient financial transactions and asset transfers.”
For more information, please refer to the following links:
- Ripple Expands Strategic Digital Assets Collaboration with BNY Across Custody and Tokenized Trade Finance
- Ripple and Robinhood Partner to Power the Next Generation of Finance
- Securitize to Integrate with Stellar Network
TradFi and Crypto Companies Launch Tokenization Initiatives
A major provider of post-trade market infrastructure for the global financial services industry recently announced the launch of its Tokenization Service. According to a press release, the service “brings tokenized securities into regulated financial markets through trusted, resilient and scalable market infrastructure, enablinginvestors to move assets more efficiently, access new liquidity pools and mobilize collateral within minutes.” The press release notes that the Tokenization Service “enables the minting of tokenized representations of real-world assets held at [the company].” Eligible users can “take advantage of … tokenized securities entitlements that can be converted between traditional and tokenized forms and delivered to users’ digital wallets of choice,” according to the release, with the tokenized securities retaining “the [same] ownership rights, investor protections and economic entitlements as their traditional counterparts.”
In related news, a major global asset management firm and Centrifuge, a tokenization infrastructure provider, recently announced the launch of JQQQ, described as the first blockchain native fund offering exposure to a popular stock market index “through an issuer-sponsored investment strategy.” According to a press release, “[r]ather than simply reflecting existing securities on blockchain rails,” the JQQQ exists natively onchain, which “preserves established investment management standards while enabling new capabilities, including programmable portfolios, integration with digital financial applications, and the potential to use fund shares as collateral across onchain markets.”
And Dune, a blockchain data provider, recently announced that it has launched “Dune Market Data Feeds, real-time trade data from 200+ onchain trading venues.” According to a press release, “[h]edge funds, asset managers, market makers and brokers can now follow onchain price discovery in the same systems they use for listed markets.” The press release notes that new service includes data feeds on (1) spot crypto trades across 12 blockchain networks, (2) perpetuals trades on two major perps platforms, and (3) reference data for every asset, venue and market in both feeds.
For more information, please refer to the following links:
- DTCC Tokenization Service Goes Live, Marking Major Milestone in the Adoption of Digital Assets
- Janus Henderson and Centrifuge Launch Blockchain-Native Fund Tracking the Nasdaq-100 Index®
- Dune Launches Real-Time Market Data Feeds as Tokenized U.S. Stocks Move Onchain
OFAC Adds Crypto Address to SDN List as Part of Action Targeting DPRK
On Oct. 28, the U.S. Department of the Treasury’s (Treasury) Office of Foreign Assets Control (OFAC) “sanctioned 10 individuals and one entity for their roles in Democratic People’s Republic of Korea (DPRK) government-run information technology (IT) worker schemes that defraud U.S. businesses and generate revenue for the DPRK’s unlawful weapons of mass destruction (WMD) and ballistic missile programs.” A Treasury press release noted multiple instances of cryptocurrency transactions used in the schemes. As part of the action, multiple cryptocurrency addresses were added to OFAC’s Specially Designated Nationals (SDN) List.
For more information, please refer to the following links:
- Treasury Sanctions Facilitators of DPRK IT Worker Fraud Targeting U.S. Businesses
- North Korea Designations; Democratic Republic of the Congo-related Designations
New York Attorney General Announces $6M Recovery from Crypto Scammers
The Office of the New York Attorney General (NYAG) recently announced that the NYAG “secured nearly $6 million from the leaders of an insidious cryptocurrency pyramid scheme that targeted Haitian and other communities, defrauding hundreds of thousands of investors worldwide, including more than 11,000 New Yorkers.” According to a press release, the development is a result of the NYAG’s lawsuit against “cryptocurrency trading company NovaTechFx (NovaTech) and cryptocurrency mining company AWS Mining Pty Ltd. (AWS Mining) for targeting immigrant communities, particularly Haitian New Yorkers, in prayer groups and through social media and WhatsApp group chats with fraudulent promises of high returns on investments, while running illegal pyramid schemes.” The press release notes that as a result of the lawsuit, four of the scheme’s top promoters “will pay millions in disgorgement for the benefit of victims, and have been permanently banned from participating in the securities, commodities, and cryptocurrency industries.”
For more information, please refer to the following link:
