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<h2 class="wp-block-heading">China breaks silence on stablecoins <p>China has finally put rumors to rest following a speech by Peoples Bank of China Governor Pan Gongsheng at an <a href="https://www.safe.gov.cn/ningxia/2025/1028/2525.html" target="_blank" rel="noopener noreferrer nofollow">annual financial conference in Beijing</a>.</p> <p>After Hong Kongs stablecoin licensing regime <a href="https://cointelegraph.com/magazine/wechat-friends-crypto-hackers-korbit-asia-express/" target="_blank" rel="noopener noreferrer nofollow">took effect in August</a>, several companies including some from mainland China reportedly lined up to apply for licenses in the city. The move had fueled speculation that Beijing might be preparing to ease its long-standing crypto ban.</p> <p>However, Pan made clear that no such shift is underway. Referring to <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" target="_blank" rel="noopener noreferrer nofollow">the series of prohibitions</a> rolled out since 2017, he said the existing policies remain in effect.</p>
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  <img width="800" height="533" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/10/PBOC-Pan-Gongsheng.jpg" alt="PBOC Governor Pan Gongsheng delivers his keynote speech  at the 2025 Annual Conference of Financial Street Forum." style="width: 100%;height:auto">
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   <em>PBOC Governor Pan Gongsheng delivers his keynote speech&nbsp; at the 2025 Annual Conference of Financial Street Forum. (</em><a href="https://www.safe.gov.cn/ningxia/2025/1028/2525.html" target="_blank" rel="noopener noreferrer nofollow"><em>State Administration of Foreign Exchange</em></a><em>)</em>
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 </figure> <p>The Peoples Bank of China will continue, in coordination with law enforcement authorities, to crack down on the operation and speculation of virtual currencies within China, Pan said.</p> <p>While Pan didnt state that enforcement would intensify, he did warn that the central banks position has not changed.</p> <p>Pan also took aim at stablecoins, describing them as underdeveloped and high risk. He warned that they fail to meet basic requirements for AntiMoney Laundering compliance, and that they create loopholes related to illicit cross-border transfers and terrorist financing.</p> <p>Pan framed the PBOCs approach to stablecoins as risk monitoring, saying the central bank would closely track and dynamically assess the development of offshore stablecoins.</p> <p>Although the Peoples Bank of China has discussed digital assets in the context of risk management before, this was Pans clearest statement in recent months, reaffirming that Chinas crypto prohibitions remain in place despite surging institutional adoption and demand globally.</p>
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<h2 class="wp-block-heading" id="jpyc-launch-brings-japanese-yen-products-to-defi">JPYC launch brings Japanese yen products to DeFi</h2>
<p>Swiss developer Secured Finance AG has <a href="https://medium.com/secured-finance/secured-finance-announces-new-jpyc-based-product-suite-f5bb37ed1f8b" target="_blank" rel="noopener noreferrer nofollow">launched</a> a new suite of products built around JPYC, a Japanese yen-backed stablecoin, aiming to open up Japans interest-rate market to decentralized finance (DeFi).</p>
<p>The company said the initiative introduces JPYC-denominated fixed-rate lending markets to form an onchain yen yield curve.</p>
<p>The development builds on <a href="https://cointelegraph.com/news/yen-backed-stablecoin-launches-in-japan" target="_blank" rel="noopener noreferrer nofollow">Mondays launch of JPYC</a>, Japans first licensed yen-backed stablecoin, which effectively unlocks the yens financial ecosystem for DeFi applications.</p>
<p>The Japanese yen is not just a domestic currency it is a global benchmark for interest rates. By supporting JPYC and bringing the yen yield curve onchain, we are building a new bridge between traditional financial markets and DeFi, Masa Kikuchi, founder and CEO of Secured Finance, <a href="https://medium.com/secured-finance/secured-finance-announces-new-jpyc-based-product-suite-f5bb37ed1f8b" target="_blank" rel="noopener noreferrer nofollow">said</a> in a blog post.</p>
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 <img width="786" height="482" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/10/JPYC-market-capitalizatino.jpg" alt="Chart tracing JPYC's market capitalization in the first three days after launch" style="width: 100%;height:auto">
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  <em>JPYC market capitalization rose to as high as $8 million after its official launch. (</em><a href="https://www.coingecko.com/en/coins/jpycoin" target="_blank" rel="noopener noreferrer nofollow"><em>CoinGecko</em></a><em>)</em>
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<p>The yen plays a pivotal role in global finance due to the countrys persistently low interest rates, which have made it a preferred funding currency for investors engaging in the yen carry trade borrowing cheap yen to invest in higher-yielding assets.&nbsp;</p>
<p>When this trade functions smoothly, it fuels global liquidity and risk appetite. However, in mid-2024, a <a href="https://cointelegraph.com/news/how-the-yen-carry-trade-wiped-out-crypto" target="_blank" rel="noopener noreferrer nofollow">sharp yen appreciation</a> triggered an unwinding of carry trade positions, <a href="https://cointelegraph.com/magazine/china-crypto-tapper-cults-scam-wazirx-asia-express/" target="_blank" rel="noopener noreferrer nofollow">spilling over into risk assets</a>, including Bitcoin.</p>
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<h2 class="wp-block-heading" id="dbs-and-goldman-trade-btc-and-eth-options">DBS and Goldman trade BTC and ETH options</h2>
<p>Singapores DBS Bank and Goldman Sachs have executed an over-the-counter (OTC) cryptocurrency options trade, which they describe as the first of its kind between two banks.</p>
<p>The trade, involving cash-settled Bitcoin and Ether options, lets firms manage risks associated with their cryptocurrency exposures, according to <a href="https://www.dbs.com/newsroom/DBS_and_Goldman_Sachs_complete_first_ever_interbank_over_the_counter_cryptocurrency_options_trade" target="_blank" rel="noopener noreferrer nofollow">DBS</a>.</p>
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 <img width="1024" height="576" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/10/Bitcoin-Trading-Volume-Spot-VS.-Derivative-1024x576.jpg" alt="Chart by CryptoQuant illustrates crypto derivatives trading volume is far higher than crypto's spot trading volume." style="width: 100%;height:auto">
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  <em>Derivatives dominate Bitcoin trading volume. (</em><a href="https://cryptoquant.com/asset/btc/chart/research/trading-volume-spot-vs-derivative?window=DAY&amp;priceScale=log&amp;metricScale=linear" target="_blank" rel="noopener noreferrer nofollow"><em>CryptoQuant</em></a><em>)</em>
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<p>DBS is Southeast Asias largest bank by assets, with over $600 billion in total assets, as <a href="https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/4/asiapacifics-50-largest-banks-by-assets-2025-88395558" target="_blank" rel="noopener noreferrer nofollow">reported</a> by S&amp;P Global. The bank was one of the first financial institutions in Singapore to <a href="https://cointelegraph.com/news/singapore-finance-authority-grants-licenses-to-independent-reserve-and-dbs" target="_blank" rel="noopener noreferrer nofollow">obtain a crypto license</a> in 2021 through its subsidiary, DBS Vickers.</p>
<p>DBS, founded by the Singapore government in 1968 and was publicly <a href="https://links.sgx.com/1.0.0/corporate-information/991" target="_blank" rel="noopener noreferrer nofollow">listed</a> on the Singapore Exchange in 1999. Around 72% of DBSs shares are held by the public. The Singapore government, via its wholly-owned investment company Temasek, <a href="https://www.dbs.com/annualreports/2024/i/pdf/dbs-annual-report-2024-shareholding-statistics.pdf" target="_blank" rel="noopener noreferrer nofollow">owns</a> over 28%.</p>
<p>Meanwhile, Goldman Sachs was <a href="https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/4/the-worlds-largest-banks-by-assets-2025-88424232" target="_blank" rel="noopener noreferrer nofollow">ranked</a> within the top 20 largest banks in the world by S&amp;P Global, with over $1.6 trillion in assets.</p>
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<h2 class="wp-block-heading" id="south-korea-to-cambodia-crypto-remittances-surge-1-400-fold">South Korea to Cambodia crypto remittances surge 1,400-fold</h2>
<p>Crypto transfers between South Korean exchanges and Cambodias Huione Guarantee a platform tied to a sanctioned criminal network surged nearly 1,400 times in just one year, raising red flags about potential money laundering through the digital asset market.</p>
<p>According to local news outlet Yonhap, data submitted to lawmaker Lee Yang-so by the nations financial regulator <a href="https://www.yna.co.kr/view/AKR20251025039851002" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that crypto transactions between Koreas five major exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax and Cambodias Huione Guarantee totaled 12.8 billion won (about $9 million) in 2024, exploding from just 9.22 million won in 2023.</p>
<p>Huione Guarantee is a subsidiary of Huione Group, which has been sanctioned by the US and United Kingdom as a transnational criminal organization accused of laundering funds <a href="https://cointelegraph.com/magazine/most-wealthy-hong-kong-investors-plan-to-buy-crypto-japans-bitcoin-plan-asia-express/" target="_blank" rel="noopener noreferrer nofollow">obtained from online scams and cybertheft</a>.</p>
<p>The surge in cross border crypto transfers come amid mounting public outrage in South Korea over a wave of crimes involving its citizens in Cambodia, including kidnappings, forced labor and the recent death of a university student believed to have been trafficked into an <a href="https://cointelegraph.com/magazine/crypto-scam-investigator-south-korea-us-nk-hackers-asia-express/" target="_blank" rel="noopener noreferrer nofollow">online pig butchering compound</a>.</p>
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China officially hates stablecoins, DBS trades Bitcoin options: Asia Express

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