US weighs overseas push for dollar-backed stablecoins: Bloomberg
Related
*US Weighs Initiative To Promote DOLLAR-BACKED Stablecoin ABROAD: BBG
TreeNews News, *US Weighs Initiative to Promote DOLLAR-BACKED Stablecoin ABROAD: BBG
Singapore weighs recognizing some foreign-issued stablecoins
Singapore is considering allowing jointly issued cross-border stablecoins into its regulatory regime, revisiting its earlier decision to restrict the framework to domestic issuance.
Nexo launches regulated crypto-backed credit in Australia
Nexo introduced regulated, cryptocurrency-backed credit lines that allow users to access liquidity in Australian dollars or stablecoins by borrowing against their digital assets.
BIS: Stablecoins lack key monetary attributes, potentially threatening emerging market monetary sovereignty.
PANews reported on June 29th that, according to The Block, the Bank for International Settlements (BIS) stated in its Annual Economic Report that stablecoins still lack key monetary attributes such as "singleness, resilience, interoperability, and integrity." Their prices deviate from their peg in the secondary market, and the redemption process is fraught with friction, making them "more like ETF shares than a means of payment." The report estimates that even if the market capitalization of stablecoins reaches $1 trillion to $3 trillion, their net impact on economic output will be "negligible," and they may suppress credit by pushing up bank funding costs. The BIS warns of the risk of "stablecoin dollarization" in emerging markets, with residents holding large amounts of dollar-denominated stablecoins potentially weakening local monetary sovereignty. The report points out that currently, approximately 99% of fiat currency reserve stablecoins are pegged to the US dollar, with USDT and USDC dominating, with a total market capitalization of approximately $320 billion.
Analysis: To reduce costs, overseas developers are turning to Chinese AI models such as DeepSeek.
According to Odaily Odaily, as the cost of using AI continues to rise, more and more overseas startups and developers are adopting Chinese AI models such as DeepSeek, Alibaba, and Moonshot AI to reduce inference costs. Data shows that DeepSeek's share of AI traffic on the cloud platform Vercel has increased from less than 1% in May of this year to 17%. OpenRouter, an AI model aggregation platform, stated that DeepSeek's usage doubled in the first half of 2026, becoming the platform's most popular model. It also pointed out that the token usage share of Chinese open-source models, including those from Xiaomi, MiniMax, and Tencent, continues to rise, while the share of Google and OpenAI has declined. (Bloomberg)
Syntiant, an AI chip maker backed by Intel and Microsoft, has filed for an IPO.
BlockBeats reported on July 7th, citing Bloomberg, that Syntiant, an AI chip manufacturer backed by Intel and Microsoft, has filed for an IPO. The company produces ultra-low-power AI chips and software for on-device AI in headphones, wearables, and industrial systems. According to its filing, the company's Q1 results were: Revenue: $64.5 million (compared to $66.6 million in the same period last year), and a net loss of $26.2 million (compared to $16.8 million in the same period last year). Syntiant has reportedly raised $311 million to date and is valued at $646.4 million after its funding round in December 2024.