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Weekly Global Stablecoin & CBDC Update
This Week’s Stories (So Far)
- Digital Euro Legal Tender Status Call
- Bitcoin Hits $1T Realized Cap for First Time
- NBK Launches Regulatory Sandbox for Digital Assets
- Interactive Brokers Considering Stablecoin Launch
- HKMA Finalizes Stablecoin Guidelines
- OwlTing Launches Stablecoin Checkout Solution
- World Bank: Global Findex 2025 Report
- ECB Official Warns of USD Stablecoins
European Central Bank Executive Board member Piero Cipollone gave an interview with Delo on July 26, 2025, emphasizing the importance of establishing the digital euro as legal tender alongside physical cash. Cipollone explained that the digital euro would preserve citizens’ freedom to pay with public money in digital form, ensuring central bank money remains accessible in an increasingly digital economy. He outlined two key dimensions of progress: technical preparations by the ECB and euro area central banks (which remain on schedule), and the legislative process that will define the regulatory framework. While technical development continues as planned, Cipollone stressed the need for rapid completion that lawmakers’ decisions can be properly reflected in the digital euro’s final design. The interview highlighted the ECB’s commitment to ensuring the digital euro maintains the same acceptance and functionality as physical euros.
Key Takeaways:
- ECB Executive Board member Cipollone advocates for digital euro legal tender status alongside cash
- Technical preparations for digital euro remain on schedule according to ECB officials
- Legislative process still needs completion to define final regulatory framework
- Digital euro would preserve freedom to pay with public central bank money in digital form
- ECB emphasizes need for rapid legislative completion to reflect lawmakers’ decisions in design
Why It Matters:
- Shows ECB’s commitment to maintaining monetary sovereignty in digital age
- Demonstrates coordination between technical development and legislative requirements
- Reflects European response to global competition in digital currency development
- Indicates potential timeline concerns for digital euro implementation without legislative clarity
- Highlights importance of legal tender status for widespread digital euro acceptance
Bitcoin achieved a historic milestone on July 26, 2025, as its realized market capitalization surpassed $1 trillion for the first time while the price held steady above $118,000. Unlike traditional market cap that reflects current price multiplied by total supply, realized cap tracks the actual value of coins based on when they were last moved, providing insight into real capital deployment. Blockchain analytics firm Glassnode called this a “monumental milestone” that reflects growing conviction among both long-term holders and new entrants. The achievement came during a strong July performance that saw Bitcoin reach an all-time high of $122 Galaxy Digital executed one of crypto’s largest transactions on behalf of a legacy investor, selling 80,000 BTC worth over $9 billion as part of estate planning.
Key Takeaways:
- Bitcoin’s realized market cap exceeded $1 trillion for the first time, measuring actual capital deployed over time
- BTC maintained levels above $118,000 with 10% monthly gains and 26% year-to-date performance
- Galaxy Digital executed a $9 billion Bitcoin transaction involving 80,000 BTC for estate planning purposes
- Glassnode highlighted July as bringing one of the strongest upside breakouts of 2025
- Tesla’s 2022 Bitcoin sale cost the company approximately $3.75 billion in unrealized gains at current prices
- Realized cap milestone signals deepening liquidity base and growing macroeconomic role
Why It Matters:
- Demonstrates Bitcoin’s maturation as a store of value with increasing institutional participation
- Shows significant capital commitment from investors as reflected in realized cap metric versus market cap
- Validates Bitcoin’s growing role in the global financial system and asset allocation strategies
- Highlights the importance of long-term holding strategies versus early profit-taking decisions
- Indicates sustained investor confidence despite market volatility and regulatory uncertainties
- Reflects Bitcoin’s evolution from speculative asset to established digital store of value
The National Bank of Kazakhstan officially launched its Regulatory Sandbox on July 28, 2025, creating a structured environment to test innovative financial and digital asset solutions under controlled conditions. The sandbox enables real-world testing of new business models using digital assets while reducing legal uncertainty for emerging technologies. The first cohort includes 3 tenge-backed stablecoin pilots, 3 tokenization platforms, and 2 crypto OTC exchange solutions. More than 15 additional projects are under active consideration, with the sandbox remaining open to new applicants. The initiative forms part of Kazakhstan’s broader vision to advance responsible innovation in digital assets, explore use cases for programmable money and tokenized finance, and strengthen Kazakhstan’s position as a regional leader in digital financial infrastructure.
Key Takeaways:
- National Bank of Kazakhstan launched official Regulatory Sandbox for digital assets on July 28, 2025
- First cohort includes 3 tenge-backed stablecoin pilots and 3 tokenization platforms
- Over 15 additional digital asset projects under consideration for sandbox participation
- Sandbox designed to reduce legal uncertainty and enable real-world testing of innovative business models
- Part of broader strategy to position Kazakhstan as regional leader in digital financial infrastructure
- Applications remain open to new innovators across spectrum of digital finance here: https://www.nationalbank.kz/ru/page/Regulatory-Sandbox
Why It Matters:
- Demonstrates Kazakhstan’s proactive approach to digital asset regulation and innovation
- Creates first regulated environment for tenge-backed stablecoin development in Central Asia
- May influence other regional economies to develop similar regulatory sandbox frameworks
- Shows central bank commitment to balancing innovation with regulatory oversight
- Could accelerate development of local digital currency alternatives to dollar-dominated stablecoins
- Positions Kazakhstan as potential hub for digital asset experimentation in former Soviet region
Interactive Brokers Group is considering launching a stablecoin for customers, joining large financial firms betting on the digital token boom as the U.S. eases crypto regulations. In an interview with Reuters, Interactive Brokers’ billionaire founder Thomas Peterffy said the company is working on potentially issuing stablecoins but has yet to make final decisions on customer offerings. The world’s leading discount broker, with a $110 billion market value, currently partners with crypto platform Paxos and invests in crypto exchange Zero Hash to offer cryptocurrency trading. The platform is working on enabling instant, 24/7 stablecoin funding for brokerage accounts and supporting asset transfers for commonly traded cryptocurrencies. Peterffy expressed caution about crypto’s rapid adoption, noting it’s hard to grasp fundamental value but accepting if people adopt and ascribe value to it.
Key Takeaways:
- Interactive Brokers exploring stablecoin launch for instant 24/7 brokerage account funding
- Company has $110 billion market value and existing partnerships with Paxos and Zero Hash
- Founder Thomas Peterffy confirms exploration but remains cautious about crypto’s fundamental value
- Platform aims to enable instant asset transfers for commonly traded cryptocurrencies
- Move follows trend of traditional financial firms embracing blockchain technology
- Development driven by easing U.S. crypto regulations and increasing customer demand
Why It Matters:
- Shows major traditional brokerages embracing stablecoin technology for operational efficiency
- Demonstrates institutional validation of blockchain-based payment systems
- Could accelerate mainstream adoption of stablecoins through familiar financial platforms
- Reflects competitive pressure on traditional payment systems from digital assets
- May signal broader transformation of brokerage infrastructure toward 24/7 operations
- Indicates growing confidence in stablecoin utility following GENIUS Act regulatory clarity
The Hong Kong Monetary Authority published final implementation guidelines on July 29, 2025, for its comprehensive stablecoin regulatory regime, which will take effect on August 1, 2025. The HKMA released consultation conclusions on supervision guidelines for licensed stablecoin issuers, anti-money laundering requirements, licensing explanatory notes, and transitional provisions for existing operators. The authority emphasized that no licenses have been issued yet and warned the public to remain vigilant against false claims of regulatory status. Interested parties must contact the HKMA by August 31, 2025, for regulatory expectations feedback, with formal applications due by September 30, 2025, for early consideration. The HKMA stressed the importance of exercising due caution in public communications and avoiding statements that could create unrealistic expectations or be misinterpreted as regulatory approval.
Key Takeaways:
- Final stablecoin regulatory guidelines published July 29, 2025, effective August 1, 2025
- Comprehensive framework includes supervision, AML requirements, licensing, and transitional provisions
- No stablecoin licenses issued yet; public warned against false regulatory claims
- Application deadline September 30, 2025, for early consideration with preliminary contact required by August 31
- Strict requirements for transparent communications and realistic expectation management
- Six-month transitional period provided for existing stablecoin operators
Why It Matters:
- Establishes Hong Kong as first major jurisdiction with comprehensive stablecoin regulatory framework
- Creates competitive pressure on other financial centers to develop clear digital asset regulations
- Provides template for institutional-grade stablecoin oversight balancing innovation with consumer protection
- Strengthens Hong Kong’s position as leading Asian digital asset hub competing with Singapore
- May accelerate global institutional adoption of regulated stablecoins in Asia-Pacific region
- Demonstrates practical implementation of digital finance regulation following legislative passage
OwlTing Group announced on July 29, 2025, the launch of OwlPay Stablecoin Checkout, a new API-embedded stablecoin acquiring function set to go live in August 2025. The fintech company has secured Money Transmitter Licenses in Pennsylvania, Wisconsin, and Colorado, expanding its operations to 36 U.S. states. The solution enables USD-USDC conversions for businesses in mobility, hospitality, e-commerce, and gaming sectors, allowing customers to pay in USDC while merchants receive USD. OwlTing emphasizes the solution addresses real business challenges including slow fund transfers, inflation impacts, and currency fluctuations. The company was named a top stablecoin innovator by CB Insights in 2025 and ranked #2 globally under B2B & Enterprise Solutions, reflecting growing institutional adoption of compliant stablecoin payment infrastructure.
Key Takeaways:
- OwlPay Stablecoin Checkout launches August 2025 with 36-state U.S. regulatory coverage
- Enables seamless USD-USDC conversions for enterprise customers across multiple industries
- Named top stablecoin innovator by CB Insights, ranked #2 globally in B2B solutions
- Addresses business challenges including transfer delays, inflation, and currency volatility
- API integration allows large enterprises to customize payment experiences
- Targets $260 billion stablecoin market with efficient, low-cost payment solutions
Why It Matters:
- Demonstrates practical implementation of stablecoin technology for mainstream business use
- Shows growing enterprise demand for blockchain-based payment solutions beyond crypto trading
- Reflects successful regulatory compliance enabling multi-state operations in United States
- Illustrates innovation in reducing friction between fiat and digital currency systems
- May accelerate mainstream adoption of stablecoins for everyday business transactions
- Provides real-world validation of stablecoin utility following GENIUS Act regulatory clarity
The World Bank released its Global Findex 2025 report, revealing that formal saving in developing economies reached its highest level in more than a decade during 2024, powered largely by widespread mobile phone and digital financial tool adoption. The report highlights how digital finance infrastructure has transformed access to formal banking services in emerging markets, enabling millions of previously unbanked individuals to participate in the formal economy. The growth in digital financial services has been particularly pronounced in regions with high mobile phone penetration, where digital wallets and mobile payment systems have become primary interfaces for financial transactions. The findings demonstrate the transformative impact of financial technology on economic inclusion and development outcomes in emerging markets.
Key Takeaways:
- Formal savings in developing economies reached highest level in over a decade during 2024
- Growth primarily driven by widespread adoption of mobile phones and digital financial tools
- Digital finance infrastructure enabling previously unbanked populations to access formal banking
- Mobile payment systems and digital wallets becoming primary financial interfaces in emerging markets
- Transformative impact on economic inclusion and development outcomes globally
- Demonstrates practical benefits of financial technology for underserved populations
Why It Matters:
- Validates digital finance as powerful tool for economic development and financial inclusion
- Shows practical impact of mobile and digital payment infrastructure on global savings behavior
- Demonstrates importance of accessible financial technology for emerging market economic growth
- Illustrates how digital innovation can address traditional banking access challenges
- Provides evidence for policy makers about effectiveness of digital financial inclusion initiatives
- Highlights role of technology in transforming global financial systems and development outcomes
European Central Bank adviser Jürgen Schaaf warned that widespread adoption of U.S. dollar-denominated stablecoins in the European Union could undermine the ECB’s monetary autonomy and control over policy transmission. Schaaf expressed concerns that the $250 billion stablecoin market, overwhelmingly dominated by USD-backed tokens, combined with U.S. political support for stablecoins, could create a “dollarized” European economy. He highlighted potential financial stability risks if major stablecoins collapse and concerns about banking sector disruption if private stablecoins offer interest-bearing accounts, potentially diverting deposits from commercial banks and reducing their credit extension capacity. The warning reflects broader ECB concerns about maintaining European monetary sovereignty in an increasingly digital finance landscape dominated by foreign private interests.
Key Takeaways:
- ECB official warns USD stablecoins could create “dollarized” European economy
- $250 billion global stablecoin market overwhelmingly dominated by USD-backed tokens
- Concerns about reduced European monetary policy effectiveness and financial stability risks
- Potential banking sector disruption if stablecoins offer interest-bearing accounts
- ECB emphasizing need for European digital currency alternatives to maintain autonomy
- Reflects broader competition between USD and EUR in digital finance innovation
Why It Matters:
- Highlights geopolitical dimensions of stablecoin dominance and monetary sovereignty concerns
- Shows central bank resistance to private digital currencies challenging government monetary control
- Demonstrates urgency for European digital currency alternatives to maintain financial autonomy
- Reflects broader competition between USD and EUR in global digital finance innovation
- May influence other central banks’ approaches to stablecoin regulation and CBDC development
- Indicates potential for increased regulatory restrictions on foreign stablecoins in Europe
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