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Industry

CXMT overtakes Intel in market cap on first day of listing; HBM is key bet to challenge Samsung, SK

China’s DRAM maker ChangXin Memory Technologies (CXMT) could raise its global DRAM market share to 18% by 2028, a forecast said. After listing, its shares surged 466% to close at 49 yuan, lifting its market value to 3.28 trillion yuan, larger than Intel’s. Nomura expects capacity expansion to drive share gains, but highlighted the absence of high-bandwidth memory (HBM) sales, technology gaps and potential constraints from export controls on advanced equipment and materials.

Crypto

Wise to reapply for federal trust bank charter under Genius Act framework

Wise, a London-headquartered cross-border remittance and foreign-exchange services company, will submit a new application for a U.S. federal trust bank charter under the Genius Act stablecoin framework after the Office of the Comptroller of the Currency rejected its original proposal. The Block reported the OCC said the initial filing did not align with new Federal Reserve policy on payment system master account access. Reuters reported Wise will reapply on July 24.

Crypto

JCB partners with Circle to test stablecoin payments in Japan

JCB is partnering with Circle to examine the feasibility of cross-border payments using USDC and its potential use at merchants in Japan. The companies will first explore using USDC for internal cross-border fund transfers through a proof of concept. They will also pursue stablecoin payments at local merchants by overseas visitors to Japan and review technology supporting interoperability across multiple blockchain networks. They did not disclose a commercialization timeline.