Editor - Jackie

🌍 Macro: Europol busts $689M stablecoin laundering, report flags $44M DWF hack, and Ark cuts BTC bull case

EU arrests nine over $689 million crypto scam using stablecoins for laundering

• European police arrested nine suspects tied to a network that defrauded victims of $689 million (€600 million).
• Authorities seized nearly $920,000, including $476,760 in crypto and $344,652 in cash.
• Europol said the criminals converted funds to stablecoins before laundering them through intermediaries.

Report: DWF Labs ‘likely’ hacked for $44 million in stablecoins in 2022 - A new investigation claims DWF Labs was exploited for over $44 million, primarily in USDT and USDC.

Ark Invest trims bitcoin forecast by $300K as stablecoins take share - Ark Invest’s Cathie Wood said stablecoins now fill roles once reserved for bitcoin, lowering its bull target by $300,000.

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🔍 Policies: Japan’s FSA approves pilot, Canada sets national stablecoin framework, and UK drops proposals

Japan backs joint stablecoin pilot by Mizuho, MUFG, and SMBC

• The FSA approved a joint pilot for Japan’s three largest banks to issue a yen-denominated stablecoin.
• The program will test “electronic payment instruments” under strict legal compliance.
• The Payment Innovation Project will begin in November 2025 and continue indefinitely.

Coinbase urges Treasury to align GENIUS Act rules with Congress’s intent - Coinbase’s Faryar Shirzad said Treasury rules must uphold the bill’s intent to keep U.S. stablecoins “versatile and competitive.”

ASIC chair urges Australia to act on tokenization or risk falling behind - ASIC Chair Joe Longo warned that Australia must “seize the opportunity or be left behind” in tokenization.

UK to release stablecoin consultation Nov. 10 to match U.S. pace - BoE Deputy Governor Sarah Breeden said the U.K. will publish stablecoin regulation proposals on Nov. 10.

Canada announces national stablecoin framework in 2026 federal budget - Canada will legislate reserve, redemption, and risk-management standards for all stablecoin issuers. The law will include national-security safeguards and privacy protections.

Swiss crypto bank AMINA wins MiCA license from Austrian regulator - AMINA Bank secured a MiCA license from Austria’s FMA, allowing it to serve EU clients under harmonized rules.

Fed economist warns policy must adapt to $3T stablecoin surge - Fed official Stephen Miran projected global stablecoin uptake could reach $1–3 trillion by 2030, calling it a “multitrillion-dollar elephant in the room.”

Hong Kong opens crypto exchanges to global liquidity pools - The SFC will let local crypto exchanges share order books with overseas platforms, broadening access to global liquidity.

🔥 Biz Beats: RLUSD passes $1B, Standard Chartered backs HK coin, and Stream halts after $93M loss

Ripple stablecoin surpasses $1B as firm eyes further acquisitions

• Ripple’s RLUSD has exceeded $1 billion in market cap, becoming its primary stablecoin for payments.
• President Monica Long said the company has doubled its customer base and holds 75+ global licenses.
• Ripple has acquired four firms this year and plans to remain opportunistic on M&A.

K3 Capital threatens legal action against Elixir over deUSD collapse - K3 Capital accused Elixir of a “coordinated fraudulent scheme” following a severe deUSD depeg to $0.04.

Standard Chartered CEO calls Hong Kong stablecoin pivotal for trade - CEO Bill Winters said Hong Kong’s stablecoin could become a key settlement currency for cross-border trade.

Flowdesk sees fragile recovery in crypto credit markets - Flowdesk reported defensive positioning and ongoing deleveraging as counterparties reassess risk.

💡Rollouts: Mastercard picks RLUSD for card settlement, Elixir retires deUSD, and Chainlink powers real-time proofs

Ripple’s RLUSD chosen for Mastercard credit-card settlement pilot

• Ripple, Mastercard, WebBank, and Gemini will test settling fiat card payments with Ripple’s RLUSD stablecoin.
• It marks one of the first U.S. bank-regulated pilots using a public blockchain for credit settlements.
• RLUSD has exceeded $1 billion in circulation, bringing blockchain speed to legacy card flows.

Elixir retires deUSD stablecoin, pledges full 1:1 redemptions

• Elixir will wind down its deUSD synthetic stablecoin after losses tied to Stream Finance.
• The firm has redeemed 80% of supply and plans 1:1 USDC compensation through a claims portal.
• Stream owed $68 million and held 90% of deUSD’s $75 million supply, but Elixir expects full repayment.

Binance partners with Buenos Aires to promote responsible crypto use - Binance and the city of Buenos Aires launched an education initiative promoting safe crypto adoption.

Tether’s Hadron and Bitfinex Securities team with KraneShares on tokenization - Hadron, Bitfinex Securities, and KraneShares will jointly develop tokenized ETFs and financial products.

Chainlink and Apex Group pilot on-chain compliance with Bermuda regulator - Chainlink’s Proof of Reserve and Secure Mint now enable real-time tracking of stablecoin backing and circulation.

Ripple Prime opens spot crypto trading for institutional clients - Ripple Prime now offers spot trading for institutional clients, adding XRP and the RLUSD stablecoin to its lineup. The new OTC spot execution complements Ripple’s existing liquidity and settlement services.

💲Money in motion: This week’s hottest stablecoin industry financing moves!

👋 That’s your stablecoin scoop for the week.

Until next time — AllScale Weekly

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