Stablecoins
Senate banking committee to markup clarity act thursday amid stablecoin dispute
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The US Senate Banking Committee is scheduled to hold a markup on the CLARITY Act on May 14, with stablecoin rewards provisions remaining a key point of contention. Banking groups are pressing for tighter limits while the White House has accused industry leaders of skipping earlier negotiations.
Crypto exchange-traded products recorded $858 million in inflows last week. The figure extends a six-week streak that has now reached $4.9 billion in total.
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The Senate Banking Committee will hold a markup hearing on the Digital Asset Market Clarity Act of 2025 on Thursday, May 14, at 10:30 a.m. The session comes after months of delays over stablecoin provisions and other issues.
Hong Kong's monetary authority has warned the public about fraudulent stablecoins masquerading as products from HSBC and HKDAP, exploiting trust in the recently licensed issuers amid the rollout of the city's stablecoin regime.
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Brazil's central bank has banned electronic foreign exchange providers from using stablecoins and cryptocurrencies like Bitcoin for settling overseas remittances. The new rule, BCB Resolution No. 561, takes effect on October 1. Individual investors can still buy, hold, and trade crypto through authorized providers.
Ripple has emphasized that institutions need infrastructure supporting multiple stablecoins for cross-border payments as volumes surge. Global stablecoin transactions reached $33 trillion in 2025, surpassing credit card volumes, according to the company. Early adopters of flexible platforms are positioned ahead amid regulatory shifts.
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Hong Kong's Financial Secretary Paul Chan Mo-po said the city has struck a balance between financial security and innovation in its roles as a 'testing ground' and 'firewall' for China's reform and opening up. He stated that security is core to high-quality development amid geopolitical tensions risking financial markets and energy supplies. The city rolled out its first batch of stablecoin licences last week and pledged to accelerate the shift to green energies.
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