Hong Kong’s HaskKey launches app following regulatory approval

In a first for Bolivia, Japanese automaker Toyota saw one of its vehicles purchased with the stablecoin USDT, according to a recent X post by digital asset trust company BitGo. The transaction underscores growing cryptocurrency adoption in the Latin American country, which is grappling with soaring inflation and a shortage of U.S. dollars. The transaction was facilitated by a partnership between Toyosa (the official Toyota distributor in Bolivia), BitGo, and Tether, the issuer of the USDT stablecoin. The sale highlights the increasing use of digital assets for commercial and retail payments, as the global stablecoin market cap recently reached an all-time high of $293 billion at the time of publication. Confirming the milestone, Tether CEO Paolo Ardoino stated on the social media platform X that, in addition to Toyota, the USDT stablecoin is now also accepted by distributors of BYD and Yamaha vehicles in Bolivia.Photo by Christina Telep on UnsplashCrypto use surges amid inflation and dollar shortage The development comes as Bolivia faces 25% inflation, the highest in 34 years. With the local economy under pressure, many Bolivians are moving their money into cryptocurrencies in an effort to protect their savings, according to Bloomberg. U.S. dollars have become increasingly scarce. Unofficial exchange rates have jumped to 14 bolivianos per dollar, nearly twice the government's rate. That gap is pushing people toward stablecoins like USDT, which are easier to access and hold their value. The shift is already showing up in payment trends. Digital transactions surged more than fivefold in the first half of 2025, reaching nearly $300 million. Regional adoption and Toyota’s blockchain pushThe rise in crypto use in Bolivia is part of a broader shift across Latin America. According to a recent report from analytics firm Chainalysis, crypto adoption in the region jumped from 53% to 63% in the 12 months ending June 2025. The only region to outpace this growth was Asia-Pacific, which saw a 69% year-over-year increase. El Salvador stands as another prominent example in the region, having adopted Bitcoin (BTC) as legal tender in September 2021 and currently holding over 6,300 BTC in its treasury. Separately, Toyota Motor Corporation has been actively exploring applications for blockchain technology. In March, its subsidiary Toyota Financial Services, in collaboration with Daiwa Securities and MUFG Bank, launched its first security token bonds on Progmat, a platform founded by MUFG with backing from other big banks like Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho. The initiative is aimed at strengthening the Toyota Group’s ties with individual investors and supporting the growth of the digital bond market. 

Korean Crypto Exchange Operator Airdrops NFTs to Raise Biodiversity AwarenessDunamu, the operator of Upbit, one of South Korea’s leading cryptocurrency exchanges, made an announcement on Thursday regarding its initiative to raise awareness about biodiversity threatened by climate change. In collaboration with four organizations affiliated with the Ministry of Environment, Dunamu plans to transform Climate-Sensitive Biological Indicator Species (CBIS) into non-fungible tokens (NFTs), as reported by news media Daily Hankook.Photo by Alin Andersen on UnsplashAffected biological speciesCBIS encompasses biological species that have experienced significant changes in their seasonal activities, distribution areas, and population sizes due to climate change. These species require ongoing research and management by the government. The National Institute of Biological Resources (NIBR) of the Ministry of Environment compiled a list of 100 such species in July 2010. This list was created to facilitate the efficient monitoring of climate change’s impact on the distribution and vulnerability of biological species on the Korean Peninsula.The initiative is part of the Resource Circulation Climate Action Campaign organized by Dunamu with four environment agencies, namely the NIBR, the Nakdonggang National Institute of Biological Resources (NNIBR), the Honam National Institute of Biological Resources (HNIBR), and the National Institute of Ecology (NIE). Its key objective is to protect the habitats of plants and animals while raising awareness about biodiversity conservation.Species vanishing every 15 minutesWith climate change causing the extinction of one species every 15 minutes, the project aims to raise awareness about this distressing trend. In pursuit of this goal, 15 NFT editions will be distributed through four separate events over the course of a year, commencing on May 19. The participating artists include Jjawook, an artist with developmental disabilities; Jin Kwan-woo, an artist renowned for depicting endangered species using the Korean alphabet Hangul; and members of the Botanical Artists Society of Korea.NFT release planThe initial set of NFTs to be airdropped includes three species: the warbling white-eye, the common camellia, and the house holly-fern. These species have historically inhabited coastal regions of islands. However, as a result of climate change, their distribution and habitat have been shifting towards inland or northern areas.To obtain CBIS NFTs, individuals can visit Dunamu’s metaverse platform 2ndblock. Once there, they will have the opportunity to engage in a resource collection mission. Upon successfully completing the mission, users will receive an NFT gift code. To claim their NFTs, they need to register the provided NFT gift code on the Upbit NFT marketplace.Dunamu CEO Lee Sirgoo expressed his hope that the project would have a positive impact on raising awareness about biodiversity conservation on the Korean Peninsula, which is under threat from climate change. He stated that Dunamu intends to continue utilizing its technology and expertise in diverse ways to contribute to a sustainable future and environment.HNIBR Director Ryu Tae-chul believes that the campaign will encourage recycling in communities to reduce carbon emissions and serve as an inspiration for individuals to actively engage in initiatives that promote a sustainable and biologically diverse planet.

The Chinese authorities are reportedly mulling over the possibility of approving the use of stablecoins pegged to and backed by the Chinese yuan. That’s according to a report published by Reuters on Aug. 20, with the publication citing “sources familiar with the matter.”Photo by Eric Prouzet on UnsplashInternationalization of the Chinese yuanChina’s State Council, its cabinet and primary administrative authority, has scheduled a review of yuan-backed stablecoins for later this month, a development that could potentially lead to their approval. The Chinese have been leaders in recent years in the development of a central bank digital currency (CBDC), the digital yuan. The digital yuan was further along in its development than any other CBDC globally, with the Chinese making concerted efforts to bring the digital currency into use at home, with an eye toward global use for international trade. While the U.S. dollar has enjoyed an extended period as the world’s reserve currency, the weaponization of the currency by the U.S., particularly through the application of sanctions, has led BRICS (Brazil, Russia, India, China and South Africa) nations to consider alternatives. One of Reuters sources asserted that the Chinese authorities are now homing in on the potential to internationalize the yuan via stablecoins. Setting the tone for stablecoin useMembers of the Chinese government leadership are expected to establish the tone for stablecoin use following their upcoming review, outlining the parameters within which the Chinese authorities will permit their use. Reacting to this development, Robin Brooks, a senior fellow at the Brookings Institution, asserted that China’s newfound interest in yuan-backed stablecoins is a sign of “how insecure China is in the global financial system.” Brooks added that the way to internationalize a sovereign currency is to promote the rule of law and property rights rather than pursue the use of stablecoins, which he described as “ridiculous.”  Growing global interestWhile the Brookings Institution is not directly backed by the U.S. government, the organization is nevertheless a Washington, D.C.-based think tank. Despite Brooks’ objection to the use of stablecoins, China is not the only nation to show interest in using them.Taking to X, Raphaël Bloch, co-founder of crypto media platform The Big Whale, pointed out that increasingly, nations around the world are embracing stablecoins due to the efficiency of global currency distribution that is possible via public blockchain networks.  Additionally, stablecoins offer an effective means of government debt financing, given that stablecoin reserves are backed by government bonds. In the U.S., President Donald Trump has ruled out the pursuit of a CBDC. Last month, the U.S. House of Representatives passed the Anti-CBDC Act to prohibit the development of a CBDC by the Federal Reserve. Instead, Trump has said that a stablecoin regulatory bill working its way through the legislative system will ensure global dominance for the U.S. in the crypto sector. In June a Deutsche Bank strategist claimed that the legislation would strengthen the U.S. dollar’s global dominance, with several American politicians having since expressed the same view.Earlier this week, Japan’s Financial Services Agency (FSA) signaled that it is likely to approve the issuance of a yen-pegged stablecoin. Meanwhile, the authorities in South Korea are working on a bill related to won-pegged stablecoins.