USDTradFi-Crypto Ties This Week: New Debit Card, Stablecoin, and Network Deals
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Taurus Launches Taurus-NETWORK, Connecting 35+ Financial Institutions for Streamlined Digital Asset Operations
On April 9, 2025, Swiss fintech firm Taurus launched the Taurus-NETWORK, an interbank platform that connects over 35 regulated financial institutions across 10 countries to facilitate streamlined digital asset operations. This permissioned ecosystem allows for secure, automated transactions without third-party intervention, controlling risks associated with counterparty default. Founding members include Arab Bank Switzerland and Swissquote, among others. The platform enables innovative use cases such as collateralized lending and real-time settlement, offering a collateral management system for instant credit. Compliance features include automatic travel rule enforcement and ownership verification, significantly reducing manual compliance tasks. The Taurus-NETWORK is designed for operational efficiency, automating over 90% of typical workloads like identity management. Taurus emphasizes ongoing innovation, with plans to announce additional features and partnerships throughout 2025, positioning this network as a crucial advancement in the digital asset landscape.
Kraken and Mastercard Launch Crypto Debit Card in Europe
Kraken has partnered with Mastercard to launch a crypto debit card in Europe, enabling users to make direct payments with cryptocurrencies without prior conversion to fiat currency. This card will be available in the coming weeks for users in eligible regions, with a waitlist for interested participants. Notable features include clear transaction fees, operational spending limits, compliance with PCI security standards, and adaptability to the EU’s MiCA regulations, which Kraken aims to meet by acquiring a license. Users will see applied fees before transactions, although a price spread may apply for certain assets. Additionally, all transactions are final and non-refundable, with purchase minimums and weekly caps in place. This partnership reinforces Mastercard's commitment to integrating cryptocurrencies into the traditional financial system, following its ongoing initiatives with Web3 platforms and exchanges. Kraken’s innovative offering positions it favorably within the evolving regulatory landscape for digital assets in Europe.
Standard Chartered and OKX Launch Collateral Mirroring Program for Institutional Crypto Trading
Standard Chartered and OKX have launched a pioneering collateral mirroring program for institutional traders, allowing them to use cryptocurrencies and tokenized money market funds as off-exchange collateral. This initiative, regulated by the Dubai Virtual Asset Regulatory Authority, enhances security and capital efficiency by utilizing Standard Chartered’s custody solutions to address counterparty risk. Franklin Templeton will be the first to offer its money market funds through this program. Brevan Howard Digital is among the first institutions to adopt it, signaling a significant step towards the institutionalization of the crypto industry and bridging traditional finance with digital assets.
Tether Pursues U.S.-based Institutional Stablecoin as Regulatory Landscape Evolves
Tether is exploring a new U.S.-based stablecoin targeting institutional clients, according to CEO Paolo Ardoino. This move aligns with advancing U.S. legislation aimed at establishing a clearer regulatory framework for stablecoin issuers, such as the STABLE and GENIUS Acts. Tether's current offerings, primarily focused on trading and financial inclusion in emerging markets, differ significantly from the proposed stablecoin, which will cater to large, regulated institutions requiring faster banking settlements. Tether's flagship stablecoin, USDT, remains the largest in the world, with a total supply of approximately 145 billion tokens. The company is under scrutiny for not providing a comprehensive independent audit of its reserves and has prioritized securing such an audit, recently hiring CFO Simon McWilliams. In contrast, competitor Circle, issuer of USDC, has engaged Deloitte for its financial audits since 2022, highlighting the competitive landscape and regulatory pressures facing Tether.
This article has been refined and enhanced by ChatGPT.
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