Wu Shuo Weekly Highlights: South Korea's Eight Major Banks to Launch Stablecoins, OKX Considers US IPO, Barclays Bank Bans Cryptocurrency Transactions, and Top 10 News

The Hong Kong government released the "Policy Statement on Development of Virtual Assets 2.0," reiterating its commitment to transforming Hong Kong into a global innovation center in the digital asset space. The policy statement proposes the LEAP framework, which includes four key areas: optimizing laws and regulations, expanding the variety of tokenized products, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships. Financial Secretary Paul Chan Mo-po stated that by combining prudent regulation with encouraging market innovation, a more vibrant digital asset ecosystem integrated with the real economy and social life can be built, bringing benefits to the economy and society, while consolidating Hong Kong's leading position as an international financial center.

2. Eight Major Korean Banks Plan to Establish Joint Venture to Launch Korean Won Stablecoin link

Eight major Korean banks, including KB Kookmin Bank, Shinhan, Woori, NH Nonghyup, IBK Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered Korea, are collaborating with the Open Blockchain and DID Association and the Financial Clearing Institute to establish a joint venture for a Korean Won stablecoin. This project marks the first time the banking industry has jointly entered the digital asset field in the form of a consortium. The initial plan includes two stablecoin models: a trust-based model and a deposit-linked model. The company is expected to be established as early as the end of this year or the beginning of next year.

3. Japan's Financial Services Agency Plans to Incorporate Crypto Assets into the Financial Instruments and Exchange Act, Promoting Bitcoin ETF and Separate Taxation System link

On June 24, Japan's Financial Services Agency (FSA) released a document proposing to incorporate crypto assets into the regulatory framework of the Financial Instruments and Exchange Act. Related issues will be submitted to the Financial Council for deliberation on June 25. If the reform is продвигается, it will allow a Bitcoin ETF to be launched in Japan and apply a separate taxation system of approximately 20%, replacing the current comprehensive taxation of up to 55%.

4. Powell Reiterates a Wait-and-See Stance, Saying the U.S. Economy Remains Robust link

In his written testimony at a congressional hearing, Federal Reserve Chairman Jerome Powell stated that recent economic activity has been robust, allowing 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 from tariff increases does not evolve into a "persistent inflation problem." He did not explicitly hint at a rate cut in July.

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

Bhutan launched its Bitcoin mining program in 2020 and has since accumulated Bitcoin reserves worth approximately $1.3 billion, accounting for nearly 40% of the country's GDP, making it the third-largest government holder of Bitcoin in the world. Bhutan relies on abundant hydropower resources for mining and has built at least six mines, partnering with mining company Bitdeer. The country plans to hold Bitcoin long-term and gradually promote the application of Cryptocurrency in tourism payments and future urban construction.

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

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

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 several publicly listed companies want to include its WLFI token in their corporate financial reserves and announced the launch of the World Liberty Financial App.

7. Turkish Ministry of Finance Plans to Introduce New Regulations to Combat Cryptocurrency Money Laundering link

The Turkish Ministry of Finance announced that it will introduce new regulations to combat money laundering through crypto assets, especially involving illegal gambling and fraud proceeds. Measures include requiring platforms to record the source and use of funds, and all transfers must include a description of no less than 20 characters; setting a delay for withdrawals that do not comply with the "Travel Rule," with the first withdrawal occurring no earlier than 72 hours later; limiting stablecoin transfers to $3,000 per day and $50,000 per month, with compliant platforms allowed to double the limit. Compliant activities will retain operational space, while non-compliant platforms may have their licenses revoked. Turkey is currently one of the most active regions for Cryptocurrency activity.

8. Barclays Bank to Ban Customers from Using its Bank Cards for Cryptocurrency Transactions Starting June 27 link

From June 27, 2025, Barclays will block customers from using its bank cards for any Cryptocurrency transactions, citing that the price volatility of crypto assets may lead to users' debt getting out of control, and that related transactions are not protected by the Financial Ombudsman Service and the Financial Services Compensation Scheme. Barclays Bank is one of the four largest banks in the UK and is listed as a globally systemically important bank by the Financial Stability Board (FSB).

9. Cryptocurrency Exchange OKX is Considering an IPO in the United States link

Crypto reporter Yueqi Yang revealed that Cryptocurrency exchange OKX is considering an initial public offering (IPO) in the United States after re-entering the U.S. 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 U.S. market on July 21, 2025, including nano Bitcoin (0.01 BTC) and nano Ethereum (0.10 ETH) contracts. According to the official blog, these are the first such products in the U.S. market, designed to provide U.S. traders with CFTC-regulated Cryptocurrency derivatives trading options, eliminating the risk of using offshore exchanges.

Key Financing Events

AI model marketplace platform OpenRouter announces completion of $40.00 million seed and Series A financing link
The Smarter Web completes £41.20 million financing link
Crypto startup Zama announces completion of $57.00 million Series B financing link
Canton network developer Digital Asset announces completion of $135.00 million strategic financing link
Paradigm exclusively leads $15.00 million Series A financing for decentralized exchange startup GTE link
DeFi infrastructure provider Veda announces completion of $18.00 million financing link
Norwegian deep-sea mining company Green Minerals launches Bitcoin vault strategy, plans to raise $1.20 billion link
US-listed company ECD signs $500.00 million equity financing agreement to implement Bitcoin vault strategy link
Sequans announces $384.00 million financing plan, launches Bitcoin vault strategy link
KindlyMD adds $51.50 million in financing before merger with Nakamoto, continues to advance Bitcoin reserve strategy link
YZi Labs announces investment in decentralized entertainment platform MEET48 link
Inference Labs announces completion of $6.30 million financing link
Jarsy announces completion of $5.00 million pre-seed financing led by Breyer Capital link
DeFi infrastructure company Yield.xyz announces completion of $5.00 million strategic financing link
Sphinx announces completion of $2.00 million Pre-Seed round of financing link
Blueprint Finance announces completion of $9.50 million financing, led by Polychain Capital link
Game developer Endless Clouds announces it has received $6.25 million in financing from Animoca Brands and other institutions link
Former SpaceX manager founds Stackup, completes $4.20 million seed round of financing link

More industry financing events can be found at crypto-fundraising.info.

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