Digital-Currency News Digest September 22th, 2026
Saudi Arabia exits China-linked mBridge after planned proof of concept
Saudi Arabia’s central bank ended participation in mBridge, the China-linked cross-border CBDC project, after completing a proof of concept. SAMA said the exit was planned, although it joined as a full participant in June 2024 and withdrew on May 13, 2025. mBridge was created by the Bank for International Settlements and central banks from China, Hong Kong, Thailand, and the UAE, using a shared ledger for CBDCs rather than a single stablecoin to enable faster, lower-cost payments. The BIS exited in October 2024, and development is continuing toward a commercial rollout under a Hong Kong-based entity, with participants described as including China, Hong Kong, Thailand, the UAE, and Macau. The move drew U.S. sanctions concerns, while China said it is monitoring stablecoins and CBDCs.
Treasury Secretary Bessent defends dollar dominance and bond buybacks
Treasury Secretary Scott Bessent defended the dollar’s global role by noting that it appears on one side of 89.2% of foreign-exchange transactions and that most stablecoins are pegged to U.S. dollars. He also defended Treasury bond buybacks as liquidity and maturity-management tools amid rising 10-year yields, arguing that the government can support market functioning while preserving fiscal flexibility. Bessent framed Saudi Arabia’s departure from mBridge as evidence of continued dollar dominance, even though Riyadh described the withdrawal as a planned completion of a proof of concept and the platform remains under development. The comments underscore Washington’s view that U.S. currency infrastructure, including Treasury market operations and dollar-denominated stablecoins, remains central to international payment resilience and monetary policy transmission.
Apple and Google recruit stablecoin and Web3 talent
Apple and Google have posted senior roles prioritizing stablecoin, tokenized-deposit, and blockchain expertise. Apple’s New York Apple Pay financial product strategy lead covers Apple Card, Apple Cash, and peer-to-peer products, with base pay of $149,700 to $280,000; Apple Pay is available in over 89 markets and on more than two billion active devices. Google Cloud is seeking a Hong Kong-based Web3 or Industry Principal Architect to advise banks, exchanges, custodians, and institutional clients on tokenized real-world assets, stablecoin rails, custody, and regulated Asia-Pacific settlement. Neither confirmed a stablecoin or tokenized-deposit product launch, though Google Cloud already offers blockchain-based payment infrastructure. The moves follow Samsung Wallet’s planned Galaxy stablecoin features, expanded Visa and Mastercard stablecoin settlement, and CME Group’s testing of Google Cloud’s Universal Ledger.
Bank of Korea starts 24-hour won settlement pilot
The Bank of Korea began a 24-hour won settlement pilot for foreign investors on September 21, with full operations targeted for January 2027. Four domestic banks joined the initial trial under a new framework that allows registered foreign institutions to settle Korean won through the BOK-Wire Int network, extending settlement availability beyond traditional business-day windows. The pilot is intended to improve capital mobility and reduce friction for international investors holding or transacting in Korean assets. It runs alongside separate Korean tests of tokenized deposits and a wholesale central-bank digital currency, signaling a layered approach to future settlement rails. By combining a faster FX-friendly won pipeline with experiments in digital money, South Korea is positioning itself to support more efficient cross-border and institutional payments while retaining central-bank oversight.
Circle launches Bitcoin-backed USDC borrowing
Circle has launched Digital Asset-Backed Borrowing in Circle Mint, allowing eligible institutional clients to deposit Bitcoin, mint cirBTC, and use that token as collateral to borrow USDC from supported third-party onchain lending markets. The service initially supports Morpho on Arc or Ethereum, with Aave and other lending protocols planned for later inclusion. Borrowing rates, collateral requirements, and liquidation thresholds are set by the underlying lending markets rather than by Circle. The release follows Circle’s Arc mainnet launch and the live deployment of cirBTC, extending its infrastructure from stablecoin issuance into institutional borrowing and tokenized-asset liquidity. The product gives large investors a way to unlock USDC without immediately selling Bitcoin, potentially supporting treasury-management use cases while adding another layer to Circle’s growing onchain financial stack.
ECB launches Pontes and moves toward tokenized-securities investment
The European Central Bank launched Pontes on September 21, enabling eligible financial institutions to settle tokenized securities and digital-asset transactions in euro central-bank money. It links DLT platforms to Eurosystem services, using cash tokens on the Eurosystem’s distributed ledger or direct T2 real-time gross settlement. Initial platforms include German operators and Lithuania’s licensed pilot regime. The ECB is preparing to invest in tokenized securities to gain DLT experience and has selected 36 banks, fintechs, and payment companies for a 12-month pilot expected to begin in the second half of 2027. Full implementation is expected by 2028 after 2024 DLT settlement tests. Pontes is separate from the retail digital euro, whose possible issuance is targeted for 2029, and offers an alternative to dollar-backed stablecoins and tokenized commercial-bank deposits.
South Korean broker tests stablecoin settlement for tokenized securities
Eugene Investment & Securities and BEATOZ signed a memorandum of understanding to test stablecoin-based settlement for tokenized securities subscriptions. The proof of concept will determine whether subscription, payment, and settlement can be completed within a single blockchain flow, reducing handoffs between brokerage, payment, and custody systems. The trial builds on Eugene’s 2024 tokenized-securities platform and its participation in Hana Financial Group’s Korean won stablecoin consortium. It aligns with South Korea’s plan to introduce regulated tokenized securities beginning in February 2027, with a later phase expected to add onchain stablecoin payment infrastructure. If the technical review succeeds, the companies plan to explore broader stablecoin use across securities operations and related infrastructure, potentially creating a more integrated digital capital-markets workflow.
Brazil bars stablecoin settlement for regulated FX flows from October 1
Brazil’s central bank will restrict the use of virtual assets, including stablecoins, for settling the settlement leg between regulated foreign-exchange providers and overseas counterparties beginning October 1. Such settlement must instead use a licensed foreign-exchange transaction or a qualifying non-resident real account, while individual international virtual-asset transfers remain allowed. The rule targets stablecoin-enabled bulk eFX settlement, aiming to clarify gaps in Brazil’s virtual-assets framework and reduce ambiguity for regulated payment flows. By pushing large cross-border settlement back to conventional foreign-exchange and correspondent-bank channels, the measure may increase compliance costs and reduce the efficiency gains that stablecoins could otherwise provide. It also signals that Brazilian regulators view stablecoin FX settlement as a separate, higher-risk use case requiring explicit licensing and supervisory boundaries.
dtcpay raises $25 million for stablecoin payments
Singapore-based dtcpay has extended its Series A funding to $25 million after SBI Group joined as a strategic investor, adding to a $10 million March tranche led by Vertex Ventures. The company provides licensed stablecoin payment infrastructure for businesses and consumers, including stablecoin acceptance, fiat settlement, merchant services, and point-of-sale tools, including its Visa card. The new capital will support scaling its merchant network, enterprise platform, and consumer app, while SBI’s involvement is intended to build regulated digital-asset connections between Japan and Southeast Asia. dtcpay is positioning stablecoin rails as a faster cross-border alternative to networks like SWIFT. The round underscores growing investor interest in practical stablecoin payment infrastructure, especially products that can embed crypto settlement into everyday merchant and enterprise workflows without requiring customers to manage separate wallets.
DigiTap offers retail access to beta payment app via $TAP presale
DigiTap announced that retail buyers can access a live beta version of its payment app through the $TAP presale. The move gives early users a trial environment for the company’s payment product while the $TAP token presale remains open. By tying app access to presale participation, DigiTap is testing consumer engagement and payment workflows before a wider release. The beta is positioned within a broader expansion of stablecoin-linked consumer applications, where presale mechanisms are increasingly used to onboard early adopters and collect usage signals. The announcement did not specify launch timing, target markets, supported assets, or regulatory approvals.
Morph Payments adds Solana and TRON stablecoin support
Morph Payments, a stablecoin payments platform for small and medium-sized businesses, added support for USDC and USDT on Solana and USDT on TRON. The update gives merchants more stablecoin payment options and lets customers pay by sending the required amount from a compatible exchange account or wallet using a standard transfer. Users do not need to connect a wallet to the Morph platform, which reduces friction for people who already hold stablecoins on exchanges. Merchants can manage incoming transactions through the Morph dashboard, helping them accept crypto payments without building separate blockchain integrations. The expansion broadens merchant acceptance across additional networks and supports a model in which stablecoins move through familiar exchange or wallet channels while merchants retain a centralized operational interface.
JPYC yen stablecoin surges on Upbit listing
JPYC, a yen-pegged stablecoin, saw trading volume jump about 200-fold after its listing on South Korea’s Upbit exchange. Blockchain transfers, transaction counts, and new wallet activity also rose sharply, indicating a rapid increase in participation around the token. The price briefly moved far above its offshore yen-pegged value because of limited initial liquidity and arbitrage demand, before settling closer to global levels. The episode highlights how offshore stablecoins can attract domestic demand when listed on major Korean venues, even while regulatory questions remain. South Korean regulators are reviewing the domestic use of offshore stablecoins, and the Bank of Korea is studying how stablecoin markets could become more closely linked to conventional foreign-exchange markets.
Depegs do not always signal stablecoin failure
A brief move away from a stablecoin’s $1 peg does not automatically signal collapse. If holders can still redeem tokens at face value and issuers have accessible reserves, arbitrage can push the price back toward parity. The analysis cites USDC’s March 2023 depeg tied to Silicon Valley Bank, which recovered after regulators and Circle confirmed access to reserves, while TerraUSD’s failure shows that a broken peg mechanism can trigger a self-reinforcing run. Assessing risk therefore requires looking beyond price to redemption access, reserve liquidity, banking infrastructure, and whether the peg depends on another volatile asset. The lesson is that stablecoin safety depends on the strength and enforceability of the backing system, not merely on the token’s market quotation.
Stablecoins remain low-volatility digital cash
Stablecoins are cryptocurrencies designed to stay near a fixed value, usually by being pegged to the U.S. dollar. Major dollar-backed coins such as USDT and USDC are supported by reserves and redemption rights, while arbitrage helps push prices back toward $1 when they deviate. A loss of confidence or weak reserve liquidity can trigger a depeg, but under normal conditions stablecoins provide a low-volatility place to hold value within crypto markets. They serve as digital cash and a major source of exchange liquidity, enabling 24/7 trading and easy movement between volatile cryptocurrencies and dollar-like stability. Their utility depends on credible backing, fast settlement, and broad acceptance across wallets, exchanges, and payment providers.
Overall outlook
The coming weeks will focus on execution and regulatory boundaries. Central-bank settlement projects in Korea and Europe will test whether sovereign rails can support tokenized assets and institutional payments, while stablecoin networks expand into borrowing, merchant payments, and consumer apps. Geopolitical attention to CBDC platforms and dollar alternatives is likely to continue, with market participants weighing faster settlement against compliance, reserve transparency, and the risk of fragmented cross-border infrastructure. Investors will watch how funding, listings, and central-bank pilots convert into measurable usage.