Ripple Seeks US Banking Charter and Fed Account for RLUSD Stablecoin

The NHL has partnered with prediction market platforms Kalshi and Polymarket, allowing official team and Stanley Cup branding on their platforms. This marks a significant step in bridging crypto and mainstream finance. **Key Developments:** - **Regulatory Progress**: Democratic senators met with crypto CEOs to discuss unified regulatory framework, though leaked DeFi proposal raised innovation concerns - **ETF Expansion**: 155 active crypto ETF applications filed across 35 assets, led by BTC (23), SOL (23), XRP (20), and ETH (16) - **Exchange Milestone**: Robinhood and Coinbase both listed BNB - first time major U.S. exchanges added a rival's native token The prediction markets sector is rapidly growing, with Kalshi valued at $12B and Polymarket at $9B, challenging traditional betting firms like DraftKings.

**Tether reaches significant user milestone** with USDT now serving over **500 million users globally**. The stablecoin's total supply has grown to nearly **$182 billion**. **New US-focused stablecoin coming** - Tether plans to launch **USAT** before year-end - Designed specifically for US dollar backing - Targets American market expansion **Market context** - Represents major growth from $100B market cap in March 2024 - Demonstrates continued institutional and retail adoption - Positions Tether for regulatory compliance in US market This milestone reflects the growing demand for stable digital assets as crypto adoption accelerates worldwide.

**Bank of Japan Deputy Governor Ryozo Himino** made significant statements about the future of digital payments, suggesting **stablecoins could become central to global payment systems** and potentially replace traditional bank deposits. **Key developments:** - BOJ official endorses stablecoins as viable payment infrastructure - Non-bank financial institutions now control **half of global financial assets** - Japan's megabanks are actively developing stablecoin initiatives for business use **Regulatory implications:** The rapid growth of non-bank financial institutions holding such substantial assets highlights the **urgent need for stronger regulatory frameworks** in the digital finance space. **Japan's digital currency push:** Major Japanese banks are moving forward with stablecoin projects aimed at **revolutionizing business transactions** through enhanced efficiency and compliance measures. This represents a significant shift in traditional banking perspectives on digital currencies, with one of the world's major central banks acknowledging stablecoins' potential role in the future financial system.

Japan's Financial Services Agency (FSA) is preparing **major crypto reforms** that could transform how banks interact with digital assets. **Key Changes:** - Banks can trade, hold, and offer cryptocurrencies like traditional securities - Banks allowed to register as crypto exchanges - Retail investors gain access through trusted banking institutions - Stricter insider trading rules implemented This represents a significant shift in Japan's approach to cryptocurrency regulation, potentially making digital assets more accessible to mainstream investors through established financial institutions. The reforms could position Japan as a leader in crypto-banking integration.

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