China to Pay State Employees in Digital Yuan

Ripple Receives In-Principle Approval From Singaporean RegulatorRipple, the blockchain-based payments firm, has obtained in-principle regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital asset payments and token products in Singapore.Photo by Dids on PexelsODL service expansionThe approval, announced on Wednesday, will enable Ripple’s subsidiary, Ripple Markets Asia Pacific, to expand its On-Demand Liquidity (ODL) service. ODL facilitates the seamless transfer of the XRP cryptocurrency across borders without the involvement of traditional banking intermediaries.Ripple had applied for an institutional payment license under Singapore’s Payment Service Act to secure the regulatory green light. In response to the approval, Ripple CEO Brad Garlinghouse praised the MAS for its pragmatic and innovation-driven approach to cryptocurrency-related services.He expressed confidence that Singapore would serve as a prominent gateway for Ripple’s business operations in the Asia Pacific (APAC) region. On Twitter, Garlinghouse wrote: “As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto — we’re incredibly proud @Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services!”Stuart Alderoty, Ripple’s Chief Legal Officer, explained that the regulatory approval from MAS would enhance Ripple’s ability to support forward-thinking customers who are exploring the potential of blockchain and crypto technologies to create a more inclusive and borderless financial system.Growing APAC presenceRipple’s presence in Singapore has already been growing significantly. In 2022, the company doubled its number of employees at its Asia Pacific headquarters, with Singapore becoming a major hub for ODL transactions. The MAS, recognizing the potential of fintech firms in the digital money services sector, published its Purpose Bound Money (PBM) white paper on Wednesday, proposing standards for such firms operating in Singapore.While Ripple has made progress with regulatory compliance in Singapore, it has faced legal challenges in other jurisdictions. Since December 2020, Ripple’s legal team has been dealing with a lawsuit filed by the US Securities and Exchange Commission (SEC), accusing Ripple of conducting an unregistered securities offering with its XRP token.The case is expected to reach a verdict in the coming months. While the speculation is that the case has gone well for Ripple, it remains to be seen to what extent it can get the upper hand in taking on a cornerstone institution of the US establishment like the SEC.Either way, Ripple is moving to develop on a global basis. It has recently pursued further development in the Middle East via a Dubai expansion. In Hong Kong, it is collaborating with local regulators in trialing the use of its technology relative to real-world asset tokenization.The company has also established partnerships with central banks in Montenegro and Thailand, as well as numerous regional banks and financial institutions worldwide.The regulatory approval from MAS marks a significant milestone for Ripple, expanding its customer reach and positioning the company for further growth in the digital asset payment sector. Digital asset innovation is truly global and as many organizations are demonstrating, just as Ripple is in this instance, innovative curtailment in one region will simply manifest itself as greater development in another.

Relic, a Tokyo-based provider of business co-creation services, has launched a fan-driven short anime project using NFT and blockchain technology in collaboration with MetaMe, a metacommunication service developed by mobile carrier NTT Docomo.Photo by Dex Ezekiel on UnsplashFan empowerment through DAO and NFTsAccording to a press release on PR TIMES, the project, set to officially launch on June 19, 2025, aims to be accessible even to newcomers to NFTs or Web3. It will strive to ensure sustainability through transparent fund management and community-driven decision-making. The project introduces a new anime production model called "Anime DAO," starting with a near-future anime set in Neo Tokyo in 2050 that features characters and the world of the popular NFT collection "NEO TOKYO PUNKS." Funding will be raised through crowdfunding and the sale of celluloid art NFTs. Supporters will have the opportunity to vote on production decisions and own iconic scene NFTs once the anime is completed. The finished anime will premiere on MetaMe, followed by exclusive streaming on d-anime Store, while also integrating with the blockchain game GT6551, where fans can use anime characters and vehicles. This cross-media project combines anime, NFTs and e-sports, enhancing both fan engagement and user experience. Growing blockchain adoption in animeThis further demonstrates how the animation industry is embracing blockchain technology. In January, the Animecoin Foundation—whose early key contributors include Los Angeles-based NFT project Azuki—introduced the ANIME token on Ethereum and Arbitrum. Its tokenomics indicate a total supply of 10 billion tokens. The Foundation aims to connect the global anime fan base to blockchain, enabling creators to gain clearer insights into fan engagement and attribution, potentially unlocking new revenue models to support their intellectual property (IP). Although established in March 2024, the Animecoin Foundation traces its origins to Azuki’s mission of building an open anime universe. Azuki focuses on using blockchain technology and community involvement to develop decentralized anime IP and enrich the fan experience.  In a separate development, South Korea’s blockchain gaming platform WEMIX inked a memorandum of understanding (MOU) with Japan’s Toei Animation late last year. Known for producing iconic titles such as Dragon Ball, One Piece and Slam Dunk, Toei Animation brings its storytelling and IP expertise, while WEMIX provides blockchain technology. The partnership aims to create an innovative blockchain-based gaming experience for a global audience.

China’s leading science foundation has initiated a research program to examine the effects of stablecoins, reflecting concerns that such digital currencies could pose a risk to the nation’s financial system and its fiat currency. According to the South China Morning Post, the National Natural Science Foundation of China (NSFC) is now offering grants for studies focused on stablecoins and the creation of cross-border monitoring frameworks. The foundation expressed that the unmonitored circulation of private stablecoins, particularly those pegged to the U.S. dollar, could weaken capital controls and present a potential challenge to the yuan. This initiative emerges as governments around the world, from the U.S. to regional financial centers, are actively developing rules for the digital asset sector.Photo by  Christian Lue on UnsplashStrategic research and internal debateThe NSFC will fund the projects with grants valued between 200,000 and 300,000 yuan ($28,042 to $42,063). Researchers are expected to complete their work within a year and deliver policy recommendations on how China can manage the challenges posed by global stablecoins and contribute to digital finance governance. The deadline for applications is Oct. 9. This research program is set against a backdrop of internal discussion in China regarding the possible launch of a yuan-backed stablecoin. While some economists support the idea of boosting the yuan's international profile, Bloomberg noted that former central bank governor Zhou Xiaochuan has advised caution. He recently said the high efficiency of China's current payment systems and warned that financial stability could be threatened by speculation in the stablecoin market. Analysts believe any state-sanctioned yuan stablecoin would likely be confined to offshore markets and tied to the offshore CNH. Global regulatory landscapeChina’s examination of stablecoins is part of a broader global trend of increased regulatory focus on the asset class. In Hong Kong, a new ordinance took effect on Aug. 1, creating a mandatory licensing system for stablecoin issuers under the oversight of the Hong Kong Monetary Authority. Other Asian nations are also taking action. South Korea’s government is reportedly exploring a model for a won-pegged stablecoin involving a consortium of banks and non-bank entities. Separately, Cointelegraph reported that Kyrgyzstan has introduced legislation outlining a regulatory framework for such assets. Developments are also accelerating in the U.S., where the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was signed into law, creating a federal structure for stablecoin oversight. On a commercial level, a Minnesota-based credit union, St. Cloud Financial, intends to introduce its own stablecoin later this year, a move highlighted by Cointelegraph. This token, named Cloud Dollar (CLDUSD), is designed to integrate with the credit union's banking system to facilitate faster and cheaper transactions for its members within a regulated environment.