News

The South Korean government plans to complete stablecoin legislation by the end of next month, while major domestic financial institutions are accelerating the development of Korean won stablecoin issuance plans. Hana Financial Group has initiated a stablecoin alliance, with members including BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, OK Savings Bank, and JB Financial Group, which joined later. The alliance has agreed to establish a special-purpose company and is engaging with tourism and insurance institutions. Kakao is advancing a stablecoin working group to develop a Kakao-branded Korean won stablecoin. Regulators are discussing allowing only large banking consortia to issue stablecoins, prompting financial institutions to form alliances in advance to respond to the regulatory framework.

The growth of stablecoin supply has stalled at around $310 billions, due to factors such as regulatory restrictions and a slowdown in issuance caused by rising US Treasury yields. Jeremy Allaire stated that concerns about yield-bearing stablecoins are "completely absurd." (Cointelegraph)

Jinse Finance reported that Capital One has agreed to acquire fintech startup Brex in a cash and stock deal worth $5.15 billion, and will integrate Brex into its commercial banking and payments business. Founded in 2017, Brex quickly established a significant market position by providing corporate cards and integrated cash management tools to startups and large enterprises. This acquisition allows Capital One to gain a foothold in the emerging payment technology sector, including Brex's planned launch of an instant payment service based on stablecoins.