Tokenization Weekly - No. 78

🚀 Crypto & Blockchain Weekly Digest: June 9–15, 2025

1️⃣ Ant International Plans Stablecoin Push in Hong Kong and Singapore 🏦

- Strategic expansion: Ant International, the overseas arm of Jack Ma-backed Ant Group, is preparing to launch stablecoins in major Asian financial hubs as the $1 trillion payment processor seeks new growth avenues beyond traditional fintech operations. The Singapore-based unit plans to apply for stablecoin issuer licenses in Hong Kong immediately when the city's Stablecoins Ordinance becomes effective in August, with additional permits targeted in Singapore and Luxembourg.

- Infrastructure advantage: The company processed over $1 trillion in global transactions last year, with approximately $333 billion already handled through its blockchain-based Whale platform, indicating substantial existing infrastructure for digital asset operations. Ant's existing banking relationships provide a strong foundation, with collaboration agreements in place with over 10 major global banks including HSBC, BNP Paribas, JPMorgan Chase, and Standard Chartered.

- Market positioning: The move positions Ant International to capitalize on the growing institutional adoption of stablecoins, which represent a $243 billion market as of May. The expansion comes as Ant Group seeks new growth drivers following regulatory constraints on its lucrative online lending business in China since 2020.

2️⃣ Singapore Cracks Down on Crypto as Bitget and Bybit Plan Exit 🏦

- Regulatory deadline: Singapore's Monetary Authority (MAS) issued a final directive requiring all unlicensed digital asset exchanges to cease operations by June 30, 2025, prompting major crypto exchanges including Bitget and Bybit to plan their exit from the city-state. The directive applies to all digital token service providers without a formal license under the Payment Services Act and includes offshore exchanges with front-office teams or international customers.

- Industry exodus: Bitget has already begun relocating staff to Dubai and Hong Kong, while Bybit is exploring similar moves to crypto-friendly jurisdictions. Both companies are among the top-10 exchange operators by volume but lack local Singapore licenses. The new rules eliminate trading bonuses, impose tighter limits on leveraged bets, require risk warnings, and establish stricter rules for customer fund custody.

- Market impact: The regulatory shift has raised questions about Singapore's long-term appeal as a crypto hub in Asia, especially for firms with global client bases. Dubai and Hong Kong have become magnets for digital asset platforms, with Dubai's VARA granting licenses to more than 20 firms under a regime offering tax advantages and regulatory clarity.

3️⃣ Société Générale Launches USD Stablecoin on Ethereum and Solana 💵

- Banking milestone: French financial giant Société Générale-Forge launched USD CoinVertible (USDCV), a US dollar-pegged stablecoin issued on Ethereum and Solana blockchains. Bank of New York Mellon will act as custodian for the backing assets.

- Strategic expansion: The launch follows the firm's April 2023 euro-pegged stablecoin EUR CoinVertible (EURCV) for institutional customers. CEO Jean-Marc Stenger noted the USD version was "the obvious next step" as stablecoin market adoption grows exponentially.

- Service features: USDCV offers 24/7 conversions between fiat currencies and digital dollars or euros, enabling real-time settlement of transactions in both US dollars and euros.

4️⃣ Walmart and Amazon Explore Stablecoin Offerings for Retail Payments 💳

- Corporate adoption: Walmart and Amazon are reportedly considering issuing their own US dollar-backed stablecoins for customers, signaling wider institutional stablecoin adoption amid improving regulatory clarity in the United States. The retail giants are exploring brand-specific stablecoins that could revolutionize payments, reduce costs, and enhance customer loyalty.

- Market scale: Amazon reported $638 billion in annual revenue in 2024, with global e-commerce sales reaching about $447 billion, while Walmart's global e-commerce sales surpassed $100 billion in 2023. A stablecoin-based payment rail would offer faster and cheaper transactions, helping such large companies save billions in banking fees.

- Industry trend: The move follows Shopify's confirmed plans to integrate USDC payments for its users before the end of 2025, reflecting growing corporate interest in stablecoin payment solutions. The adoption of digital tokens pegged to the US Dollar could divert significant cash volumes and card transactions from traditional banks and payment institutions like Mastercard and Visa.

5️⃣ SEC Scraps Controversial Rules Targeting DeFi Platforms and Crypto Custodians ⚖️

- Regulatory rollback: The U.S. Securities and Exchange Commission officially withdrew more than a dozen proposed rules introduced during the Biden administration, including two significant ones impacting DeFi and crypto custody. The announcement on June 13 marks a dramatic shift in the SEC's approach under Chair Paul Atkins and aligns with President Donald Trump's pledge to foster "American crypto dominance".

- Key repealed rules: The SEC scrapped Rule 3b-16, which would have expanded the definition of "exchange" to include DeFi protocols, requiring platforms facilitating token trades to register as securities exchanges. The Enhanced Custody Rule, which mandated investment advisers to hold client crypto assets only with SEC-approved custodians, was also repealed, removing restrictions that would have sidelined crypto-native firms like Coinbase Custody.

- Industry impact: For DeFi projects, the repeal represents a temporary victory as platforms like Uniswap and Curve no longer face imminent SEC action. Coinbase's chief legal officer Paul Grewal celebrated the move, stating "Down goes 3b16, qualified custodian, and all the other unfinished Gensler rule proposals". However, the lack of clear rules leaves a regulatory vacuum that some lobbyists worry could embolden bad actors while others see an opening for self-policing.