Startale and SBI Unveil Regulated Yen Stablecoin for Global Settlements

Circle’s CEO defended the company’s authority to freeze USDC after the $270 million Drift Protocol exploit and urged faster legal frameworks to enable rapid, lawful responses to crypto hacks.

Russia will prohibit cash-for-crypto transactions and require trades to go through cashless, bank-mediated channels, a senior central bank official said. The measure is meant to increase oversight of crypto-related flows and clamp down on informal peer-to-peer markets.

Kraken has secured a master account with the Federal Reserve, but the risk-mitigation conditions tied to the account — and similar approvals that may follow — could introduce new vulnerabilities in the U.S. financial system.

The Hong Kong Monetary Authority has granted HSBC and Standard Chartered Group the first licenses under the territory’s Stablecoins Ordinance, which took effect in August 2025. The approvals mark a regulatory milestone that could accelerate bank-led stablecoin activity in the region.

Japan’s cabinet has reclassified cryptocurrencies as financial instruments and will introduce bans on insider trading plus annual disclosure requirements for token issuers. The measures aim to strengthen investor protection and bring crypto closer to regulated markets.