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Philippines\' BPI pushes stablecoin payment pilot

Philippine lender BPI is pushing a pilot to settle overseas remittances using stablecoins for freelancers, virtual assistants and others who receive income from abroad. The bank is preparing a payment system aimed at cutting the time and cost of processing inbound funds. The system will be developed with global digital clearing house Meridian, converting stablecoin settlements into Philippine pesos and depositing them into recipients\' BPI accounts, while keeping existing banking safeguards.

Crypto

U.S. banks call for stablecoin rules to cover secondary market trading

U.S. banking groups have urged regulators to clearly extend anti-money laundering rules for stablecoins beyond issuance to secondary market trading. The crypto industry has pushed back, warning that imposing responsibility for transactions issuers cannot control could shrink the DeFi ecosystem. The debate centres on who should monitor transfers after issuance, including movements between exchanges, DeFi protocols and private wallets, and how far regulatory responsibility should reach.

Crypto

U.S. major banking groups oppose compromise on stablecoin bill

Major U.S. banking groups opposed a compromise provision in a crypto market structure bill on stablecoin returns, The Block reported on Sunday. The American Bankers Association and four other groups said the compromise by Senators Angela Alsobrooks and Thom Tillis falls short of the goal of banning yields and interest on stablecoins. The proposal would bar payments for simply holding stablecoins but allow activity- and transaction-linked rewards.