Chinese Subsidiary of DBS Bank Launches e-CNY Product Offering

Seoul Labs to build layer 2 blockchain mainnet using SASEULSouth Korean blockchain solutions provider Seoul Labs announced Thursday (local time) that it will build a layer 2 mainnet utilizing the third-generation blockchain engine SASEUL. This comes in an effort to strengthen the scalability of the SASEUL network and improve capabilities for large-scale traffic processing. Layer 2 refers to a set of off-chain solutions built on top of a layer 1 network to reduce bottlenecks with scaling and data.Photo by Shubham Dhage on UnsplashScalability and stabilitySeoul Labs plans to actively utilize the mainnet’s core functions, such as its HAP-2 hypothesis acceptance verification algorithm and dual chain mechanism as well as its ability to solve storage space problems. In particular, the HAP-2 hypothesis acceptance verification algorithm is a more efficient method for generating blocks than the proof of Work (PoW) algorithm that is widely used in blockchain mainnets, significantly improving scalability.According to the company, the layer 2 mainnet will implement an approach to becoming a node on the network without a graphics processing unit (GPU).“By building the layer 2 mainnet, we will be able to build the SASEUL blockchain network into a stable and scalable platform,” said Dohee Jang, CEO of Seoul Labs.Multifaceted solutionThe project is also poised to become a solution to the excessive computing resources and electrical energy required to run blockchain networks that lead to environmental repercussions. In addition, the company is facilitating research and development for the implementation of central bank digital currencies (CBDCs) into the global economy. Notably, the South Korean government is also planning to launch a CBDC pilot project by 2024.“Recently, central banks around the world have been promoting the integration of CBDCs, but they are facing various problems in terms of scalability and speed,” said an unnamed employee at ArtiFriends, the company behind the SASEUL mainnet. “Layer 2 mainnet is a stable and scalable platform suitable for CBDCs.”

Ripple and the Republic of Palau Collaborate to Mint First PSC StablecoinIn a groundbreaking partnership, the Republic of Palau has teamed up with Ripple Labs to introduce its inaugural stablecoin, the Palau Stablecoin (PSC).This occasion was shared by Jay Hunter Anson, the Director of Palau’s Digital Residency Program and a member of Palau’s Ministry of Finance, who took to Twitter on Wednesday to shed light on the collaboration between the Palau National Treasury and Ripple Labs.The event unfolded at the National Capitol in Ngerulmud, Palau, where representatives from both the Palau National Treasury and Ripple gathered to celebrate the successful launch of the Palau Stablecoin. Anson emphasized that this marks a significant step in their joint exploration of the stablecoin’s potential use cases within the Micronesian island nation.Photo by Kanchanara on UnsplashReducing payment costsPalau’s Ministry of Finance initiated the Stablecoin project to address specific needs within the nation’s financial landscape. By sponsoring this project, the ministry aims to reduce payment costs within the Republic of Palau and enhance access to financial services, especially for underserved communities and various socio-economic groups, utilizing digital solutions.Notably, the Palau Stablecoin operates on the XRP Ledger (XRPL), demonstrating Ripple’s technology as the backbone of this financial initiative.Anson’s tweets also shed light on the meticulous approach taken in developing the Palau Stablecoin. Controlled and limited PSC pilot tests have been conducted to assess the effectiveness and efficiency of the solution co-designed with Ripple. These pilot experiments provide valuable insights into the stability and usability of the Palau Stablecoin before its potential public release.Extensive testingAlready, the Palau Stablecoin pilot program has seen volunteer users actively participating in the testing phase. Videos shared by Anson on Twitter showcased smooth transactions at partner vendors in Palau, promptly confirming the transaction receipts.The successful implementation of the Palau Stablecoin pilot program has drawn attention from the XRP community, and anticipation is building for the official joint press release scheduled for July 27, Thursday morning in Ngerulmud, Palau, as Anson revealed.The collaboration between Ripple and the Republic of Palau was initiated at the end of 2021, with launch originally scheduled to take place in 2022. Ripple has claimed to be in dialogue with in excess of twenty governments relative to enabling central bank digital currency (CBDC) issuance.Given that the island state lacks a functioning central bank and the US dollar is recognized as the primary medium of exchange throughout the country, the creation of a USD-backed stablecoin is a significant achievement resulting from the national stablecoin initiative. The president described this as a “step towards our own central bank digital currency.”There has been plenty of activity in Micronesian nations relative to cryptocurrency in recent times. Tonga is understood to be considering introducing bitcoin as legal tender. The Marshall Islands is considering issuing a CBDC although it is being discouraged by the International Monetary Fund (IMF) in that endeavor. Meanwhile, the government of Vanuatu announced its support for the Satoshi Island project.With a strategic focus on addressing financial needs and enhancing accessibility within Palau, this partnership sets the stage for a new era of digital financial solutions for the Micronesian nation.

Coinbase Acquires License to Enhance Crypto Operations in SingaporeUS crypto exchange business Coinbase has reached a significant milestone in its Singapore operations by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).The achievement, announced by the firm via a blog post published on Sunday, represents a pivotal moment for Coinbase as it expands its digital payment token services in Singapore to serve both individuals and institutions. The issuance of the full MPI license comes approximately one year after Coinbase initially received in-principle approval from MAS.Photo by Duy Nguyen on UnsplashEnabling broader service offeringThe importance of this development lies in Coinbase’s ability to provide advanced services, not only to individual traders but also to institutional investors. Hassan Ahmed, the country director of Coinbase Singapore, stressed the significance of this full license, stating that it will play a crucial role in strengthening relationships with stakeholders, especially regulated entities like banks. The regulatory milestone is anticipated to further cement Coinbase’s presence in the institutional finance sector in the region.Coinbase’s commitment to the Singaporean market has been evident in its continuous expansion initiatives. The company established a technology hub in Singapore last year, actively recruiting and training product managers and engineers specializing in Web3 technologies.In May the firm extended its product offering to Singaporean customers, introducing fee-less purchases of the USDC stablecoin and introducing digital asset staking. Meanwhile Coinbase Ventures, the firm’s investment arm, has also demonstrated confidence in the region by investing in more than 15 Web3 startups within Singapore over the past three years.Singapore earmarked for growthSingapore has emerged as the focal point for Coinbase’s Asia-Pacific institutional business, owing to its progressive stance on cryptocurrencies and a robust Web3 ecosystem boasting over 700 Web3 companies. According to Coinbase’s surveys, 25% of Singaporeans perceive cryptocurrencies as the future of finance, and 32% have had some form of crypto asset ownership. These statistics underscore Singapore’s growing importance in the global cryptocurrency landscape.Coinbase’s interest in meeting the demands of the local market is evident with the introduction of funding options like PayNow and the banks’ Fast And Secure Transfers (FAST) service, in addition to the integration of the Singpass onboarding system earlier this year.Despite facing regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) accusing Coinbase of operating illegally, the exchange continues to explore avenues to grow and expand the business further. In August, Coinbase reported a significant improvement in its financials, with a narrower net loss and higher-than-expected revenue. This performance is reflected in its appreciating stock prices, which have more than doubled in 2023.This move places Coinbase among a select group of just over a dozen firms licensed to offer digital payment token services in Singapore. Last month, institutional investor-focused AsiaNext was officially designated as a Recognized Market Operator (RMO) by MAS. The firm was building on previous success in Singapore, having acquired a Capital Markets Services (CMS) license from MAS in June.That same month USDC stablecoin issuer Circle was awarded a full trading license. Other crypto firms to achieve licensing success in the city-state include Crypto.com and Blockchain.com.