United Nations report cites popularity of USDT for fraud in Southeast Asia

Finblox Launching Tokenized US Treasury BondsHong Kong-based cryptocurrency firm Finblox has unveiled a groundbreaking solution aimed at meeting the growing demand among crypto investors for traditional assets that generate yields. By launching tokenized rights to US Treasury Bills (T-Bills), the company seeks to bridge the gap between the crypto and traditional financial worlds.In a tweet thread posted on Tuesday, the company set out some detail on the product offering it has been working on. In collaboration with smart-contract vault OpenEden, Finblox aims to tap into the trillion-dollar market of Web3 users. Finblox is a crypto app, with the enterprise being backed by leading venture capital firms such as Dragonfly Capital, Sequoia Capital, and Saison Capital. This innovative offering provides crypto investors with access to a highly secure AAA-rated financial asset, leveraging the advantages of blockchain technology.Photo by Karolina Grabowska on PexelsYield generationUnlike stablecoins, which have failed to deliver substantial returns, and crypto lending, which carries notable risks as recent defaults and insolvencies in the digital asset sector have shown, tokenized US T-Bills provide a reliable investment option.By converting the rights to these assets into digital tokens that can be traded and held within the blockchain ecosystem, Finblox enables fractional ownership. This means that users can invest small amounts and still earn proportional yields, opening up investment opportunities to a wider range of individuals.Through the Finblox platform, users can directly benefit from the yield generated by these tokenized T-Bills. Historically, Treasury Bills have been regarded as blue-chip financial assets, offering reliable returns and serving as a benchmark for global financial markets.OpenEden integrationTo ensure transparency and security, Finblox has integrated the T-Bill vault of Singapore-based OpenEden with decentralized blockchain Chainlink. This integration provides on-chain verification, guaranteeing that Finblox’s T-Bill tokens are backed by US Treasury securities, USDC stablecoins, and US dollars on a 1:1 basis.Finblox founder Peter Hoang emphasized the seamless and secure bridge that T-Bills offer between traditional and emerging markets in an interview with Tech in Asia. He stated: “With T-Bills, we are offering users a real-world asset while also benefiting from the custody of a regulated financial institution. It’s a seamless and secure bridge for both traditional and emerging markets, bringing safer yields to a wide range of users.”To access Finblox’s T-Bill tokens, investors need to follow a straightforward process. Initially, they must obtain USDC from a reputable exchange, either through Finblox or other exchanges. Once the know-your-customer (KYC) verification process is completed, users can swap their USDC for T-Bills within the Finblox platform.To enhance transparency, Finblox makes its wallets publicly available, enabling users to track deposits and withdrawals and verify the accuracy of transactions. The company also holds working capital in hot wallets to facilitate withdrawals below 2% of the entire pool, ensuring swift processing within three business days.It’s understood that Finblox will market the product offering to users in the Philippines, Indonesia, India, and Vietnam, among other jurisdictions within Asia.

BingX Enhances Automated Trading via AstraBit PartnershipBingX, a Singapore-based crypto platform that offers spot, derivatives, and grid trading services, has announced a strategic partnership with AstraBit, an automated algorithmic trading and portfolio management tool, to enhance the efficiency and success of automated crypto trading for its users.Photo by Wance Paleri on UnsplashRevolutionizing user experienceThe collaboration, announced via a blog post published by BingX on Monday, aims to revolutionize the crypto trading experience by combining BingX’s robust platform with AstraBit’s cutting-edge technology.AstraBit empowers BingX users with total control over risk and exposure in their trades through automated trading strategies powered by artificial intelligence and machine learning. Users can leverage AstraBit’s technology to customize and hyper-personalize their trading strategies, maximizing their trading potential in the dynamic crypto market. AstraBit-powered bots follow preset instructions, but users have the flexibility to adjust parameters such as stop loss and take profit at any time, even in the middle of a trade.Security measuresTo ensure the highest level of security, AstraBit operates 24/7, utilizing two-factor authentication (2FA) and implementing advanced security measures such as machine learning intrusion detection systems and anti-ransomware software. Importantly, AstraBit cannot withdraw funds from users’ wallets, providing an additional layer of protection.Elvisco Carrington, PR and Communications Director at BingX, expressed excitement about the partnership, stating: “The integration with AstraBit helps revolutionize the crypto trading experience. By combining BingX’s robust platform with AstraBit’s cutting-edge technology, we are empowering our users to maximize their trading potential and achieve greater success in the dynamic crypto market. This partnership aligns perfectly with our commitment to delivering excellence and driving the industry forward.”MT5 integrationIn addition to the collaboration with AstraBit, BingX made headlines earlier this year by announcing its direct integration with MetaTrader 5 (MT5), making it one of the first crypto platforms to connect with the world’s most popular trading platform. MT5 offers advanced features, including a wide range of technical indicators, depth of market (DOM) functionality, and support for trading on multiple exchanges. It is known for its versatility, supporting various asset classes, including stocks and futures.The integration with MT5 allows BingX users to activate their BingX MT5 accounts and trade futures directly from MT5’s user-friendly interface. This seamless connection optimizes the trading process, leveraging cutting-edge innovations from the world of traditional finance. Users can expect a safe and stable trading experience on cryptocurrencies like BTC and ETH, accompanied by advanced analysis tools for quantitative trading and customized functions.By tapping into the MT5 platform, BingX not only enhances the trading experience for its existing user base but also opens the door for forex traders on MT5 to easily enter the world of cryptocurrencies. This integration provides a smooth transition for forex traders, allowing them to explore the crypto market with ease.The partnership with AstraBit and the integration with MT5 demonstrate BingX's efforts in driving the business forward. Those efforts are further evidenced by a decision taken by the firm earlier this month to expand outside of its Southeast Asia base market into the Middle East and North Africa (MENA).

Circle Partners with Asian Convenience Store Chain to Push USDC AdoptionCircle, the issuer of US dollar stablecoin USD Coin (USDC), has entered into a strategic partnership with Taiwanese cryptocurrency service provider BitoGroup and Taiwan FamilyMart, the nation’s second-largest convenience store chain.The primary objective of this collaboration, which Circle announced on Thursday through the publication of a statement on its website, is to expand the utility of loyalty points and enhance their intrinsic value, all the while driving the adoption in the use of USDC in Taiwan.Photo by Jiachen Lin on UnsplashFocus on loyalty pointsThe partnership introduces an innovative service known as “Points-to-Crypto,” accessible through the Taiwan FamilyMart App and the BitoPro Exchange. This service empowers customers to seamlessly convert their FamilyMart loyalty points, commonly known as FamiPoints, into digital currencies such as USDC.This conversion not only preserves the value of loyalty points but also incurs no transaction fees, effectively democratizing access to the world of cryptocurrencies. This move aligns with Circle’s overarching strategy to push the boundaries of digital asset innovation.Broader strategyCircle unveiled a broader strategy along these lines in June. The focus has been on collaborations aimed at transforming how consumers and institutions in the Asia Pacific (APAC) region engage with the digital dollar, especially USDC, to facilitate quicker and more efficient financial transactions. In June Circle acquired a full trading license from the Monetary Authority of Singapore (MAS).Last month it emerged Circle has been actively integrating its Web3 Services platform into the well-known Grab platform. Grab is Southeast Asia’s super app for transportation, deliveries, payments, and more. This integration, initially set to debut in Singapore, seeks to elevate user experiences through blockchain-enabled solutions. Grab has 25 million monthly active users in Southeast Asia.Integrating Circle’s Web3 services and bringing them to these customers eventually will mean a direct touch point for Web3 in their daily lives, and the active use of a digital wallet for each and every one of them.This latest development assumes significance in Taiwan due to the country’s high density of convenience stores, where loyalty points hold substantial value. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, “Points Accumulation and Redemption” ranked as the most practical function among four primary retail app functions in their 2021 consumer behavior survey.Local industry partnersBitoGroup, one of the primary partners in this initiative, boasts a membership base nearing 800,000 and holds a market share of approximately 90% in Taiwan. BitoGroup offers a diverse range of services, including BitoPro, a cryptocurrency exchange; BELS, an NFT empowerment platform; and O2 META, which is a metaverse-focused social media platform.For nearly a decade, Taiwan FamilyMart and BitoGroup have offered customers the ability to purchase Bitcoin at convenience store locations nationwide. This new partnership signifies a shift from physical convenience stores to online experiences, enabling access to innovative financial tools and reinforcing Taiwan’s position as a digital economy leader.This latest partnership marks a significant milestone in bringing Web3 and digital currency into active and mass market use among ordinary people in Taiwan. The development coincides with Taiwan’s legislature and regulators currently working on the introduction of a regulatory framework for digital assets.