📊 Global Finance Goes On-Chain

Markets keep moving, and so does real-world adoption of crypto and stablecoins. From tokenized equities to state-issued stablecoins and new bank products, the past week brought a mix of innovation and regulation worth watching.

This week we cover:
📈 Dinari Global launching a new network for tokenized U.S. equities
🌍 Wyoming becoming the first U.S. state to issue its own stablecoin
🏦 DBS bringing structured notes on-chain via Ethereum
⚖️ Japan approving its first regulated yen-pegged stablecoin
💳 A snapshot of the top crypto debit cards

⚡️ Quick News:

• Tether appoints ex-White House crypto council director Bo Hines as Strategic Advisor to lead its U.S. expansion, regulatory strategy, and oversee the launch of a new U.S.-based stablecoin. [Link]

• Ethena’s USDe has surged to $6.6B on Aave via Pendle looping trades, boosting yield and supply to $11B [Link]

• Bank of Korea (BOK) says banks should issue stablecoins first, warning KRW stables held offshore could bypass capital controls. [Link]

• Plasma partners with Binance Earn to launch the first fully onchain USD₮ yield product, bringing stablecoin yield to 280M+ users on the world’s largest Tether venue. [Link]

• MetaMask set to launch mUSD, a fully-backed stablecoin issued by Stripe-owned Bridge. To debut on Ethereum and Linea, deeply integrated across its wallet, DeFi stack, and MetaMask Mastercard. [Link]

• The EU is exploring running its digital euro on public blockchains like Ethereum or Solana. [Link]

• Ripple teams up with SBI to launch its RLUSD stablecoin in Japan by Q1 2026. [Link]

Dinari Global Launches the Dinari Financial Network on Avalanche

A Layer-1 blockchain built specifically for regulated tokenized equities. Think of it as a clearinghouse for stocks on-chain and governed by names like Gemini, BitGo, and VanEck.

What it does:

• Lets you trade U.S. equities (AAPL, TSLA, NVDA, etc.) as dShares — tokens backed 1:1 by real stocks.

• Preserves shareholder rights like dividends and votes.

• Unifies liquidity across Base, Arbitrum, Solana (soon), and others.

• Bakes in compliance (KYC/AML/auditability) from the start.

Why this matters:

• 24/7 access to U.S. markets: no waiting for Wall Street hours.

• Fractional, programmable shares: imagine stocks embedded into DeFi apps or payment rails.

• Institutional guardrails: governance by major custodians signals this isn’t a shady wrapper.

Things to watch:

• Scale from day one: DFN is launching with 150 tokenized equities + ETFs, making it one of the largest live tokenization plays.

• Global access: Investors in regions usually locked out of U.S. equities may now gain exposure.

• Competitive positioning: Dinari is aiming to be the DTCC of tokenized assets.

⚠️ Potential Risks:

• Liquidity fragmentation across chains

• Regulatory arbitrage between jurisdictions

• Reliance on a small set of institutional validators

The bigger picture

DFN is part of a larger trend: turning real-world assets into digital, composable building blocks. If it works, it could blur the line between TradFi settlement systems (like DTCC) and DeFi liquidity layers - making global markets faster, more transparent, and easier to tap into from anywhere.

🌍 Real-World Adoption

🇺🇸 Wyoming Launches Frontier Stable Token (FRNT)

Wyoming just became the first U.S. state to issue its own stablecoin. On Aug 19, the Wyoming Stable Token Commission launched the Frontier Stable Token (FRNT), a dollar-backed token fully collateralized by cash and short-term Treasuries, with a legal 2% buffer on top.

Details:

• Runs across seven chains (Ethereum, Solana, Avalanche, Arbitrum, Base, Optimism, Polygon).

• Backed and audited monthly, with reserves managed by Franklin Advisers.

• Built with LayerZero, Fireblocks, and The Network Firm for issuance, custody, and attestations.

• Distribution kicks off via Kraken (Solana) and Rain’s Visa-linked card (Avalanche).

Why this matters:

For the first time, a public institution is putting stablecoins on-chain. That means:

• Trust: reserves held in trust under state law, audited monthly.

• Access: tokens available globally, not just to U.S. residents.

• Compliance baked-in: strict oversight and governance from the Wyoming commission.

The use cases:

• Everyday payments: spend FRNT via Rain’s Visa-linked card, making stablecoins usable at real-world merchants.

• DeFi integration: multi-chain deployment means FRNT can be plugged into lending, trading, and cross-chain apps.

• Public finance: part of yield generated from reserves flows back into Wyoming’s education fund which shows how stablecoins can support state budgets.

 🇸🇬 DBS Tokenises Structured Notes on Ethereum

DBS has become the first major bank in Singapore to issue tokenised structured notes on a public blockchain. The launch starts on Ethereum and aims to make traditionally high-barrier products more accessible.

Details:

• Structured notes, normally $100K minimum, are now broken into $1,000 tokens

• First product is a crypto-linked note that pays out if prices rise and limits downside if they fall

• Tokens will be distributed via ADDX, DigiFT and HydraX, not just to DBS clients

• DBS clients already traded over $1B of crypto options and notes in H1 2025, with volumes up 60% from Q1 to Q2

Why this matters:

• Reduces entry barriers for complex instruments

• Improves liquidity and makes trading easier

• Opens access to accredited investors outside the DBS ecosystem

• Helps investors size positions more precisely in volatile markets

The use cases:

• Gain crypto exposure without holding actual crypto

• Family offices and accredited investors can use smaller, flexible positions

• Tokenisation can expand to equity-linked and credit-linked notes in the future

⚖️ Regulation Watch

🇯🇵 Japan Approves Yen-Pegged Stablecoin (JPYC)

Japanese startup JPYC has received a licence to issue the country’s first regulated yen-backed stablecoin later this year. The token will be fully convertible into yen and backed by domestic savings and Japanese government bonds (JGBs). Instead of charging fees, JPYC will earn revenue from the interest on its bond reserves.

At first, demand is expected from institutional investors, hedge funds and family offices in Japan, but the goal is broader adoption overseas as a “digital yen.”

What this means for the industry:

• Brings a regulated digital yen into the market, reducing reliance on USD stablecoins

• Could boost yen liquidity across exchanges and DeFi platforms

• Sets a model for how major economies may structure local-currency stablecoins

Why this matters for users:

• Cheaper, faster payments in yen, including cross-border transfers

• More transparent backing with JGBs, compared to offshore issuers

• Potential access for global users seeking yen exposure without Japanese bank accounts

Crypto Debit Cards

We’ve put together a side-by-side look at some of the most used crypto debit cards - covering fees, rewards, supported assets, custody models and country coverage. It gives a quick snapshot of how stablecoins are moving closer to everyday spending.

If you’d like the full details, the deeper comparison is available for free in our Notion page here