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Crypto

LayerZero, Kita to support moving tokenised bank deposits on public blockchains

LayerZero and Kita have formed a partnership to support moving regulated commercial bank funds on public blockchains. LayerZero said it will combine its omnichain interoperability protocol with Kita’s compliance-built infrastructure. Institutions will be able to move funds for cash management and payments on the Kita network, Ethereum, Solana and Base. The partnership centres on the Kita stablecoin, a tokenised bank-deposit asset held through a licensed fintech platform.

Crypto

Hyundai Motor wraps up USDT treasury transfer pilot between U.S. and Mexico units

Hyundai Motor has completed a proof-of-concept applying Tether\'s USDT to cross-border treasury transfers between its U.S. and Mexico units. The two entities processed a $20,000 payment on the Avalanche blockchain in about 7 minutes. The U.S. unit converted funds into USDT and sent them to the Mexico unit, which converted them back into U.S. dollars. The project assessed whether stablecoin settlement can be integrated into corporate treasury operations without changes to governance, compliance or accounting procedures.

Crypto

BNY adds USDC minting and redemption to institutional custody platform

BNY has added Circle’s USDC minting and redemption functions to its digital asset custody platform for institutional clients. Clients can convert U.S. dollars into USDC through BNY and redeem USDC back into dollars. BNY said USDC is the first stablecoin supported on its platform and it plans to expand into other stablecoins and digital cash services. It also said it has $59.3 trillion in assets under custody and administration.