News section

Stablecoin cross-border payments were priced below the interbank FX rate every month of Q2, a threshold that traditional rails rarely cross, according to Borderless.xyz.Sticking with one payment provider instead of routing to the best price cost businesses $2,330 per $1 million moved, the biggest cost lever left in cross-border payments, the firm said.

OKX will pause Solana USDC deposits and withdrawals while keeping related trading services fully operational.The suspension begins July 14 at 14:30 UTC+8 and resumes after maintenance without separate announcement.Solana remains a major USDC settlement network despite this short exchange-level maintenance window for users.

This is the main section from the 55th edition of The Funding sent to our subscribers on July 12.The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member.To subscribe to the free newsletter, click here.

Circle will host an invitation only industry event in Seoul as it expands talks with South Korean banks, exchanges and payment firms.The company is strengthening USDC’s regulated banking network through new institutional partnerships and its newly approved U.S. national trust bank.Circle’s Korea outreach comes as competition in the stablecoin market grows with new consortium backed payment models emerging.

Stablecoin supply lost $10 billion since May as USDT and USDC redemptions reduced crypto liquidity.June recorded the largest monthly dollar decline since Terra, but the market contracted only 3%.Transaction volumes remained strong while tokenized assets expanded, showing blockchain finance activity continued despite redemptions.

Thailand will require source checks for cash deposits worth five million baht or more nationwide.Regulators are reviewing large USDT trades for hidden ownership and bypassed domestic remittance channels now.Existing withdrawal checks cut high-value cash activity, prompting matching controls on deposits later this year.

BlackRock’s BUIDL assets on Avalanche doubled within one week, passing the $900 million mark today.Avalanche now holds the second-largest BUIDL allocation behind Ethereum, according to the latest RWA.xyz data.BUIDL’s total value reached about $2.87 billion as tokenized Treasury demand continued growing across blockchains.

SBI led EDX Markets’ $76 million round to expand institutional crypto trading and clearing worldwide.EDX will fund product growth, global expansion, settlement services, and its planned national trust bank.Ripple Prime integration gives institutions unified access to EDX spot markets and perpetual futures liquidity.

An attacker inflated SAUCE’s oracle price and borrowed assets worth about $9.05 million from Bonzo.Supra’s verifier accepted a zeroed signature, allowing the false price update to reach Hedera mainnet.Bonzo paused lending while teams pursue recovery, fixes, and the promised return of white-hat funds.

An attacker borrowed roughly $9.05 million from Bonzo Lend after exploiting a flaw in a Supra oracle verifier to submit a wildly inflated price for the SAUCE token.Bonzo Lend and its points program remain paused, while Supra has patched the affected verifier.A second wallet borrowed another roughly $1 million but identified itself as a white hat and said it intended to return the funds.

Robinhood plans to let eligible U.S. users authorize AI agents to execute crypto trades.Robinhood Chain topped $115 million in TVL and reached $500 million in daily Uniswap volume.Blockchain AI payments are expanding, though onchain transaction volumes remain relatively small.

Circle has secured final approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., a national trust bank operating as Circle National Trust.The bank will provide fiduciary digital asset custody for Circle and its affiliates at launch, with management of the USDC Reserve — a key objective of Circle’s original application — deferred to a future phase.

Circle secured final OCC approval to establish a national trust bank, shifting its $73.2 billion stablecoin to a unified federal framework.

Circle secured final OCC approval to establish a federally supervised national trust bank in America.The bank will initially provide digital asset custody services to Circle and affiliated companies only.Future plans may include institutional custody and management of reserves backing the USDC stablecoin directly.

Hyundai Card announced that it has completed its first stablecoin remittance PoC with Tether and Avalanche.Hyundai Motor America converted $20,000 into USDT, which was sent to its Mexico affiliate.Visa and Circle will participate in Hyundai Card’s second stablecoin PoC, which is set to begin later this month.

Hyundai Card completed a $20,000 USDT cross border remittance between Hyundai Motor’s U.S. and Mexico entities in about seven minutes.The transaction ran on Avalanche using Tether’s USDT and was carried out for an actual intercompany settlement instead of a test environment.Hyundai will expand the pilot to Europe later this month with Visa and Circle to test stablecoin transfers across multiple local currencies.