Banks Test Stablecoin Settlements for Digital Securities

Three major Japanese banks, including Sumitomo Mitsui Banking Corporation, have successfully completed a proof-of-concept for digital securities secondary trading using stablecoin-based Delivery vs. Payment (DvP) settlements. The demonstration involved the issuance and redemption of JPYC, a Japanese yen-pegged stablecoin, through the MaiWallet service, in collaboration with JPYC EX.

Meanwhile, Metaplanet has demonstrated its ability to convert Bitcoin into cash by selling 10,000 BTC (approximately $860 million at current prices). The company is now seeking credit ratings to further solidify its financial credibility.

In other notable developments, ZachXBT infiltrated a money laundering organization linked to North Korea, tracking funds with just $35,000 of his own capital. Additionally, approximately $6 million worth of assets were stolen from a vault on the Base network, with 1,783 wrapped staked Ether (wstETH) transferred to the attackers.

Hitachi has launched an anti-money laundering (AML) monitoring service tailored for cryptocurrency and stablecoin transactions. In regulatory news, the U.S. Financial Crimes Enforcement Network (FinCEN) withdrew its proposal to regulate crypto wallets, while the Commodity Futures Trading Commission (CFTC) outlined new oversight frameworks for crypto exchanges.