💲Stablecoins, Sony, and a $2.5B Wake-Up Call - This Week in Web3 Payments (Apr, 7th 2025)
Web3 doesn’t sleep. And neither should your newsfeed! 📰
Welcome back to PayFi Weekly! Your weekly source of global web3 payments scoops from Transak.
This week, we’re tracking everything from the U.S. dollar’s stablecoin power play to the billion-dollar consequences of the FTX saga. Regulatory winds are shifting, new use cases are lighting up across the globe, and one missed deadline could cost big! ⚠️
Let’s dive into the headlines shaping crypto’s next chapter.👇
🔥 Top News of the Week
💬 Stablecoins as America’s secret weapon? A leading Web3 CEO says stablecoins can embed the U.S. dollar into the decentralized economy, preserving its global dominance. Explore how
⚖️ SEC’s stablecoin stance faces backlash. Commissioner Crenshaw slams SEC's take on USD stablecoins as misrepresentative, urging clearer frameworks and market nuance. Read why
📜 SEC clarifies stablecoin classification. The new guidance says some stablecoins aren't securities, signalling nuanced regulatory treatment and a path for compliant projects. Unpack
📉 Circle IPO odds take a hit. Investor confidence dips as Polymarket forecasts just a 14% chance of a Circle IPO amid Trump tariff speculation. Find out more
💵 Stablecoin Ecosystem Shifts
🔁 Tether hints at a new stablecoin. Tether CEO hints at launching a new stablecoin if U.S. policies sideline USDT, emphasizing regulatory adaptability. See how
💸 Codex raises $15.8M to build stablecoin tech! With backing from Dragonfly, Codex is building an enterprise-grade blockchain for regulated stablecoin issuance. Read the details
🤝 Fireblocks + SMBC explore wholesale use. A new pilot with Ava Labs in Japan could unlock stablecoins for wholesale banking under favourable legal frameworks. View the news
🌎 Global Adoption & Real-World Use Cases
🌍 VirgoPay transforms global remittances. With Vaulta’s tech, VirgoPay enables fast, low-cost stablecoin transfers. Starting with Canada, LATAM, and Asia. See how
🇰🇬 Kyrgyzstan launches ruble-pegged stablecoin. The A7A5 token, now live on Meer Exchange, pushes Kyrgyzstan closer to becoming a regional crypto hub. Explore
🛍 Sony starts accepting USDC in Singapore! USDC is now accepted on Sony’s Singapore online store via crypto payments firm StraitsX. Read about it
🏛 Policy & Regulation Tracker
🇺🇸 STABLE Act progresses in Congress. The bill, which would bring payment stablecoins under federal oversight, moves to a full House vote. See more
🏪 7-Eleven joins Korea's CBDC pilot. The convenience chain will test digital won payments through June 30 as part of a central bank initiative. See details
🏛 US committee backs anti-CBDC legislation! A House committee passed a bill banning retail CBDCs to curb federal control of personal finance. Read here
Highlight of the Week: $2.5B on the Line: FTX Creditors Must Act Fast! ⌛️
Nearly 400,000 FTX creditors risk losing $2.5 billion if they miss the newly extended KYC deadline of June 1, 2025.
Originally set for March 3, the extension gives creditors one final shot to verify their identities and secure repayments.
💸 What’s at Stake?
Claims under $50,000: Approximately $655 million in potential repayments.
Claims over $50,000: Approximately $1.9 billion in potential repayments.
✅ What Creditors Need to Do
Start KYC Verification: Begin before the June 1 deadline.
Contact Support: Email support@ftx.com to get a ticket.
Submit Documents: Log into the support portal and upload KYC files.
The upcoming round of FTX creditor repayments is scheduled for May 30, 2025, with over $11 billion expected to be distributed to creditors with claims exceeding $50,000. FTX's recovery plan anticipates that 98% of creditors will receive at least 118% of their original claim value in cash.
Creditors are strongly advised to complete the KYC process promptly to secure their claims and avoid disqualification from potential repayments.
From headlines to use cases, the Web3 revolution is just getting started. See you next week for more breakthroughs. 🚀
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