The Tiger Global-led round values the startup at $1 billion as it wires stablecoin rails directly into a federally chartered bank, aiming to modernize the correspondent-banking plumbing behind cross-border payments.
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Researchers found dollar-backed stablecoins are less affected by capital controls than traditional bank deposits, raising new questions about monetary sovereignty in emerging markets.
Phase 1 of Project Hangang opened 81,000 wallets with 42% of them using the CBDC. Phase 2 is bigger, and this time it moves real government money.
The Bank of Korea’s CBDC pilot will add two regional banks, new payment features and tests of government subsidy payments using tokenized bank deposits
ECB board member Piero Cipollone laid out the three-layer threat banks face from digital payments, and pitched the digital euro as the only structural answer.
The Bank of England approved HSBC Orion to go live in its Digital Securities Sandbox, with the first Digital Gilt Instrument transaction expected in the first quarter of 2027.
ECB’s Piero Cipollone said stablecoin adoption could erode bank deposits, but the digital euro will keep banks at the center of payments.