KB Kookmin Bank said on Saturday it will launch next month a corporate payment service for import and export firms using JPMorgan Kinexys\' blockchain-based payment network. The service follows a memorandum of understanding on blockchain remittances for cross-border payment innovation. The bank said it is the first time a South Korean financial company has used Kinexys for payments to import-export firms. The service will be available at domestic branches and its Singapore branch, initially supporting U.S. dollar remittances to 10 countries.

Mizuho Securities in Japan cut its investment rating on USDC issuer Circle to underperform from neutral, warning that competition could intensify and USDC could become more commoditised if a U.S. Clarity bill passes. It flagged OpenUSD as a key threat and said Coinbase could gain leverage in the next revenue-sharing talks with Circle. Mizuho also cited potential limits on yield-like returns, entry by major banks and longer-term pressure on net profit margins.