SBI Wins Approval to Issue Japan’s First Trust-Based Yen Stablecoin JPYSC
SBI Group has secured approval from Japan’s Financial Services Agency to launch JPYSC, a yen-pegged stablecoin, later this week. Issued by SBI Shinsei Trust Bank and distributed via SBIVC Trade, it is billed as the nation’s first trust-structured stablecoin. The SBI conglomerate plans to embed JPYSC across its securities, crypto, and banking services to streamline settlements and asset transfers. Developed with Singapore’s Startrail Group, the move positions SBI at the forefront of Japan’s regulated stablecoin market.
Crypto Remittances From South Korea Jump 380% in Three Years, Far Outpacing Banks
Overseas remittances through South Korean crypto exchanges surged 380% over the past three years, compared with just 20% growth via traditional banks, according to data from lawmaker Kim Sang-hoon’s office. The five largest won-based exchanges handled 163.55 trillion won ($125.8 billion) in remittances last year, up from 34.02 trillion won in 2022. Lower transaction fees are the main driver, said Dongguk University professor Hwang Seok-jin, as users increasingly bypass conventional banking rails.
South Korean and Japanese Stocks Tumble as Tech Sell-Off Deepens
South Korea’s KOSPI index plunged more than 9%, triggering a 20-minute trading halt for the fourth time this year, as Samsung Electronics and SK Hynix — which together account for roughly half the index’s market cap — fell 7.4% and 10.1%, respectively. In Japan, the Nikkei 225 dropped over 3%, led by SoftBank and chipmaker Kioxia. The rout reflects a sharp reversal in AI sentiment and macro anxiety, after both indices had repeatedly hit record highs in recent weeks.
Abu Dhabi’s MGX Raises Nearly $50 Billion for AI Infrastructure Push
Abu Dhabi investment platform MGX has raised close to $50 billion from Middle Eastern sovereign wealth funds, global pensions, and large institutional investors to accelerate spending on AI infrastructure and related technologies. The fresh capital will primarily fund computing power, data centers, and AI technology deployments, expanding MGX’s footprint in both regional and global AI supply chains.
F2Pool Co-Founder Wang Chun Adds $4.57 Million in BTC and ETH
An address linked to F2Pool co-founder Wang Chun purchased about $4.57 million worth of BTC and ETH in the past 24 hours, on-chain data shows. The wallet withdrew 50 WBTC at an average price of $62,260 and 822.51 ETH at around $1,771.89, indicating continued accumulation. F2Pool is one of the oldest Bitcoin mining pools with deep roots in China’s mining industry.
Hong Kong’s SFC Flags Aurum Foundation as Suspicious Virtual Asset Platform
Hong Kong’s Securities and Futures Commission has added Aurum/Aurum Foundation to its alert list of suspicious virtual asset trading platforms. The entity claims to be registered under Hong Kong’s Companies Ordinance and offers trading in crypto, futures, and derivatives, but it is not licensed by the SFC and is suspected of conducting unlicensed activities.
Hong Kong’s TurboFlow Raises $6 Million to Build Asia’s Kalshi
TurboFlow, a Hong Kong-based on-chain prediction market and perps platform, closed a $6 million seed round led by Pantera Capital, with participation from Susquehanna Crypto and DCG. The startup aims to localize prediction markets for Asian users and has already attracted over 15,000 registered users, with cumulative trading volume exceeding $19 billion during its beta phase.
ByteDance’s Doubao AI Phone Faces Regulatory Delays, Launch Pushed to Q3
ByteDance’s next-generation Doubao AI phone, co-developed with ZTE, has been delayed after failing initial approvals for its large model and network access certification, insiders say. The earliest launch is now expected in July or August. The device embeds a large model deeply into the OS with a cross-app intelligent agent, but systemic AI agents face data-permission bottlenecks from platforms like Tencent and Alibaba — a common hurdle for AI smartphones.
WeCom’s AI Agent “Dayuan” Enters Closed Beta Testing
WeCom, Tencent’s enterprise communication platform, is internally testing an AI agent called Dayuan. Unlike typical chatbots, Dayuan leverages existing work data — group chats, documents, meetings, emails, and schedules — to understand user intent and deliver contextual replies without requiring repeated context-setting. The move follows early reports of a similar AI push within WeChat itself.
South Korean Court Orders Cross Finance to Pay Coinone $260,000
A South Korean court has ruled that P2P lending firm Cross Finance Korea must pay crypto exchange Coinone 360 million won ($260,000). The dispute stems from Coinone’s investment in Cross Finance products starting in November 2023, which soured amid a broader P2P lending default crisis in 2024–2025 that has now spilled into digital-asset platforms.
