Stablecoin

On May 14, the Senate Banking Committee advanced the CLARITY Act by a 15–9 vote, as the White House pushes for a July 4 signing timeline. With Republicans holding 53 seats and 60 votes needed for cloture, the bill would need seven Democratic or independent votes, while AML language, ethics concerns, and stablecoin reward provisions remain key sticking points.

Paxos said its subsidiary Paxos Securities Settlement Company (PSSC) has received U.S. Securities and Exchange Commission registration to operate as a clearing agency and central securities depository in the United States. The company described the approval as the outcome of seven years of engagement with regulators, building from a 2019 no-action letter and a live settlement program it has run since February 2020.

Aave Labs said its UK units, Push Labs Ltd. and Push Virtual Assets Ltd., were registered by the FCA as cryptoasset exchange providers, alongside an existing Electronic Money Institution authorization. The company said the setup is intended to support regulated payments infrastructure and a planned zero-fee fiat on- and off-ramp that would let users move funds from bank accounts into Aave within the app.

Base has rolled out its Azul upgrade on mainnet, bringing multiproofs and a rebuilt client stack as the Coinbase-incubated Ethereum layer 2 moves toward Stage 2 decentralization. The multiproof design combines TEE and zero-knowledge proofs and can cut withdrawal finality to as little as one day when both agree. The release also shifts the network to new execution and consensus clients, and Base says it has reduced empty blocks by roughly 99% while sustaining bursts of 5,000 TPS.

Paxos said Thursday that its unit Paxos Securities Settlement Company (PSSC) was registered by the U.S. SEC as a clearing agency under the Securities Exchange Act of 1934. The firm said the registration lets PSSC provide clearing and settlement services for eligible securities trades and described itself as the first blockchain-native company to receive the license.

Ondo Finance said its founder and former Goldman Sachs Digital Assets team member Nathan Allman died on May 25, 2026, aged 32, with no cause disclosed. Ian De Bode, the company’s president since November 2025, assumed the CEO role immediately as Ondo reported $3.79 billion in TVL and about 70% share of tokenized stocks and ETFs as of May 26, 2026. Following the announcement, ONDO fell 4.47% in the hours after the news.

The Bank for International Settlements said on Wednesday that its Project Agora showed tokenization can improve wholesale cross-border payments, and confirmed the initiative will advance into a six-month operational trial using real money. The project uses multi-currency settlement with tokenized central bank reserves and tokenized commercial bank deposits, aiming to reduce delays that can stretch from one to five days or more.

Mastercard said Wednesday it received a BitLicense from the New York State Department of Financial Services, clearing the way to expand crypto payment activity in the state. The approval lets the company clear and settle crypto and tokenized assets without relying on third parties, as it continues building infrastructure involving stablecoins and tokenized deposits.

On May 28, 2026, Trezor rolled out native stablecoin yield for USDC and USDT inside Trezor Suite v26.5.2, allowing users to deposit, withdraw, and claim rewards without leaving the app. The feature uses Morpho Vaults (USDC Prime and USDT Prime) curated by Steakhouse, with rates that vary based on borrowing demand and no lockup period. Trezor said the update is available on desktop now and targets more than 2 million users, while full mobile support is expected later in 2026.

Aave Labs said on May 28 that its UK subsidiaries, Push Labs Ltd. and Push Virtual Assets Ltd., were registered by the Financial Conduct Authority (FCA) to operate as cryptoasset exchange providers. The registration also permits electronic money issuance under the Electronic Money Regulations 2011, and Aave said the approvals support regulated payments infrastructure including stablecoin on- and off-ramps. Despite the update, AAVE was down about 5% over 24 hours to around $81 at the time of writing.