WuBlockchain Weekly: South Korea's Eight Banks Launch KRW - Pegged Stablecoin, OKX Considers US IPO, Barclays Bans Crypto Transactions, etc

Jun 27, 2025

1. Hong Kong Government Releases “Digital Asset Development Policy Declaration 2.0” link

The Hong Kong Government has released the Hong Kong Digital Asset Development Policy Declaration 2.0, reaffirming its commitment to building Hong Kong into a global innovation hub in the digital asset sector. The policy declaration introduces the LEAP framework, which focuses on four key areas: optimizing laws and regulations, expanding the range of tokenized products, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships.

Paul Chan Mo-po, Financial Secretary, stated that by combining prudent regulation with encouragement of market innovation, a more vibrant digital asset ecosystem integrated with the real economy and social life will be constructed to bring benefits to the economy and society, while consolidating Hong Kong’s leading position as an international financial center.

2. South Korea’s Eight Major Banks Plan to Establish JV to Launch KRW — Pegged Stablecoin link

Eight major banks in South Korea, including KB Kookmin Bank, Shinhan Bank, Woori Bank, NH Agricultural Cooperative Bank, IBK Enterprise Bank, Fisheries Association Bank, Citibank Korea, and Standard Chartered Korea, are collaborating with the Open Blockchain & DID Association and the Financial Settlement Institute to establish a joint venture for won-denominated stablecoins. This project marks the first time the banking sector has entered the digital asset field in a consortium form. The initial plan includes two stablecoin models: a trust-based type and a deposit-linked type, with the company expected to be established as soon as the end of this year to the beginning of next year.

3. Japan’s FSA Plans to Incorporate Crypto — Assets into Financial Instruments and Exchange Law link

On June 24, the Financial Services Agency (FSA) of Japan released a document, proposing to incorporate crypto — assets into the regulatory framework of the Financial Instruments and Exchange Act, and the relevant issues will be submitted to the Financial System Council for deliberation on the 25th. If the reform is advanced, Bitcoin ETFs will be allowed to be launched in Japan, and a separate tax — declaration system of about 20% will be applied, replacing the current comprehensive tax rate of up to 55%.

4. Powell Reiterates Wait — and — See Stance, Says US Economy Remains Robust link

Federal Reserve Chairman Jerome Powell said in his written testimony at the congressional hearing that the recent robust performance of economic activities allows policymakers to continue to focus on inflation and employment data to determine whether and when to resume interest — rate cuts. Powell emphasized that the Federal Reserve will ensure that the price shock caused by the increase in tariffs does not turn into a “sustained inflation problem”. He did not explicitly hint at an interest — rate cut in July.

5. Bhutan’s Bitcoin Reserves Reach $1.3 Billion, Accounting for Nearly 40% of GDP link

Bhutan, which launched its Bitcoin mining program in 2020, has accumulated Bitcoin reserves worth approximately $1.3 billion so far, accounting for nearly 40% of the country’s GDP. This makes it the third-largest holder of Bitcoin among global governments. Relying on its abundant hydropower resources for mining, Bhutan has built at least six mining farms and partnered with miner Bitdeer. The country plans to hold Bitcoin for the long term and gradually promote the application of cryptocurrencies in tourist payments and future urban construction.

6. UAE Web3 Investment Fund Invests $100 Million to Subscribe for WLFI Tokens link

The institution that spent $80 million to subscribe for WLFI tokens is Aqua1 Fund, a Web3 investment fund registered in the United Arab Emirates. Its subscription address has an ENS domain name of aqua1.eth on Etherscan, and its official Twitter account announced the subscription news at 8 pm tonight. The official statement said it invested $100 million in the subscription, but the subscription address for the additional $20 million has not been found yet, so the specific cost remains unclear.

Zak Folkman, co-founder of World Liberty Financial Inc., a decentralized finance platform associated with the Trump family, said at the Permissionless crypto conference in New York that multiple listed companies have expressed hope to include its token WLFI in their corporate financial reserves and announced the launch of the World Liberty Financial App.

7. Turkey’s Ministry of Finance Plans to Introduce New Rules to Combat Cryptocurrency Money Laundering link

The Turkish Ministry of Treasury has announced new regulations to combat money laundering through crypto assets, particularly involving proceeds from illegal gambling and scams. The measures include requiring platforms to record the sources and uses of funds, with all transfers accompanied by a note of no less than 20 characters; setting delays for withdrawals that fail to implement the “travel rule”, with first-time withdrawals processed at the earliest 72 hours later; and imposing transfer limits on stablecoins, at $3,000 per day and $50,000 per month (which can be doubled for compliant platforms). Compliant activities will retain operational flexibility, while non-compliant platforms may have their licenses revoked. Turkey is currently one of the most active regions for cryptocurrency activities.

8. Barclays Bans Customers from Using Its Bank Cards for Cryptocurrency Transactions from June 27 link

Barclays will block customers from using its bank cards for any cryptocurrency transactions starting June 27, 2025, citing that price volatility in crypto assets may lead to users’ debt loss control, and such transactions are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme. As one of the “Big Four” banks in the UK, Barclays is listed as a global systemically important bank by the Financial Stability Board (FSB).

9. Cryptocurrency Exchange OKX Considers IPO in the US link

Crypto journalist Yueqi Yang has revealed that cryptocurrency exchange OKX is considering a US initial public offering (IPO) after its return to the US market in April this year.

10. Coinbase to Launch US Perpetual Futures Products on July 21 link

Coinbase Derivatives Exchange announced that it will launch “US Perpetual-Style Futures” products in the US market on July 21, 2025, including two contracts: nano Bitcoin (0.01 BTC) and nano Ethereum (0.10 ETH). According to the official blog, these are the first such products in the US market, aiming to provide American traders with CFTC-regulated cryptocurrency derivative trading options and eliminate the risks of using offshore exchanges.

Fundraising

AI model marketplace platform OpenRouter announced the completion of a $40 million seed and Series A funding round. link
The Smarter Web secured £41.2 million in funding. link
Crypto startup Zama announced the completion of a $57 million Series B funding round. link
Digital Asset, the developer of the Canton network, announced the completion of a $135 million strategic funding round. link
Paradigm exclusively led a $15 million Series A funding round for decentralized exchange startup GTE. link
DeFi infrastructure provider Veda announced the completion of an $18 million funding round. link
Norwegian deep-sea mining company Green Minerals launched a Bitcoin treasury strategy and plans to raise $1.2 billion. link
US-listed company ECD signed a $500 million equity financing agreement to implement a Bitcoin treasury strategy. link
Sequans announced a $384 million financing plan to launch a Bitcoin treasury strategy. link
KindlyMD and Nakamoto added $51.5 million in funding before their merger to continue advancing their Bitcoin reserve strategy. link
YZi Labs announced an investment in decentralized entertainment platform MEET48. link
Inference Labs announced the completion of a $6.3 million funding round. link
Jarsy announced the completion of a $5 million pre-seed funding round led by Breyer Capital. link
DeFi infrastructure company Yield.xyz announced the completion of a $5 million strategic funding round. link
Sphinx announced the completion of a $2 million Pre-Seed funding round. link
Blueprint Finance announced the completion of a $9.5 million funding round led by Polychain Capital. link
Game developer Endless Clouds announced it has secured $6.25 million in funding from institutions including Animoca Brands. link
Stackup, founded by a former SpaceX manager, completed a $4.2 million seed funding round. link

Learn more, check out crypto-fundraising.info.

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