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Today in Crypto: Xapo Integrates USDT Payment Rails, Police Reportedly Detains Trust Reserve Core Team, Reserve Bank of India Deputy Governor Recommends All Banks Adopt Blockchain & AI

Sead Fadilpašić
Last updated: | 3 min read
Source: AdobeStock / ownza

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Banking news

  • Licensed private bank Xapo Private Bank has become the first bank in the world to integrate Tether (USDT) payment rails, according to a press release. Beginning with a phased rollout, the payment rails will be fully available to all members by the end of May, it said. “Building on its existing USDC rails that were launched in March, the bank is now enabling members to leverage the world’s most widely adopted stablecoin for payments as an alternative to time-consuming and costly SWIFT rails,” the bank said. 

Legal news

  • The core team of Trust Reserve (formerly CNHC Group), which issues two stablecoins (a CNY-backed stablecoin and an HKD-backed stablecoin) – was detained by police in China on May 29, according to PANews.The news agency claims to have visited the project’s office in Shanghai, finding it empty with a notice on the door that said “judicial seizure.”

Regulation news

  • Mahesh Kumar Jain, Deputy Governor of the Reserve Bank of India (RBI), recommended that all Indian banks adopt artificial intelligence (AI) and blockchain technology in order to have sustainable growth and stability. “To prepare for the future,” Indian banks should “adopt innovative technologies such as AI and blockchain,” Jain said at a conference organized by the RBI for the directors of Indian banks. They should also focus on digital transformation, improving customer experience, and investing in cybersecurity measures, he advised. 
  • The Central Bank of the UAE (CBUAE) issued guidance concerning AML and CFT measures for crypto businesses, outlining the risks related to dealing with virtual assets and virtual asset service providers (VASPs). The guidance noted the recommendations of the Financial Action Task Force (FATF). “This Guidance comes into effect immediately upon its issuance by the CBUAE with [licensed financial institutions] expected to demonstrate compliance with its requirements within one month from its coming into effect,” it said.  
  • Saifedean Ammous, the author of ‘The Bitcoin Standard’, has been appointed the economic adviser to the National Bitcoin Office of El Salvador. “When the author of the Bitcoin Standard met the leader of Bitcoin Country, great things were bound to happen,” a May 30 tweet said, adding that “Dr Ammous has declined any remuneration for the role and is interested only in supporting President [Nayib] Bukele’s bold policy of economic liberty and bitcoin.”

Exchange news

  • Binance is looking into partnering with banks in order to let some of its institutional clients keep their trading collateral at a bank instead of with the crypto platform, which could help reduce counterparty risk, Bloomberg reported. Swiss-based FlowBank and Liechtenstein-based Bank Frick have been mentioned as potential intermediaries for the service, the report said, citing people familiar with the matter. Under one version of the proposal Binance discussed, clients’ cash at the bank would be locked up through a tri-party agreement while the exchange lends them stablecoins to serve as collateral for margin trading, the people said. The cash kept with the bank could then be invested in money-market funds to earn interest, they said.
  • Layer 1 blockchain XDC Network (represented by TradeFinex Tech Ltd) announced its partnership with SBI VC Trade Co. Ltd., a Japanese cryptocurrency exchange within the SBI Group. This strategic collaboration marks a significant milestone for XDC Network as it expands its ecosystem in the Japanese market, said the press release. 

Payments news

  • Financial company ZBX announced its arrival in Hong Kong and the planned launch of a ZBX Web 3.0 debit card. The card can be used for transactions in both cryptocurrencies and traditional fiat currencies, said the press release. “To ensure a flawless user experience and enhance the functionality of their debit card, ZBX is actively seeking collaboration with key players in the Hong Kong Web 3.0 industry,” it added. These companies will be invited to participate in the first beta testing round, gaining early access to debit card programs and providing valuable feedback for further refinement. 

Mining news

  • Tether, the company behind the USDT stablecoin, announced that it is investing resources into energy production and the launch of sustainable Bitcoin mining operations in Uruguay, in collaboration with a local licensed company. “With this, Tether has expanded its reach from finance and communications to include the energy sector,” said the press release, adding that the company is “actively seeking to augment its team by recruiting experts in the energy sector.”