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Weekly Blockchain Blog – October 20, 2025

10/20/2025 | 4 minute read

Posted in Cryptocurrency

In this issue:

Group of Major Global Banks Exploring Stablecoin Focused on G7 Currencies

By Jonathan Cardenas

On Oct. 10, a major French multinational bank announced that a group of leading international banks is jointly exploring the potential issuance of a 1:1 reserve-backed stablecoin that is focused on G7 currencies. According to a press release, the objective of the joint initiative is to explore whether an industry-wide stablecoin offering could provide the benefits of digital assets and enhance competition while simultaneously ensuring full regulatory compliance and the implementation of best practices with respect to risk management. The group is reportedly in contact with regulators and supervisors in each of its relevant markets and has stated that it will provide updates as the project progresses.

For more information, please refer to the following links:

US Digital Asset Companies Apply for OCC National Trust Bank Charters

By Amos Kim

According to recent reports, the online banking unit of a major Japanese electronics company has applied with the U.S. Office of the Comptroller of the Currency (OCC) to establish a New York-based national trust bank. The proposed bank entity, Connectia Trust NA, would reportedly engage in digital asset activities including U.S. dollar stablecoin issuance, reserve asset maintenance and non-fiduciary digital asset custody services. Connectia Trust would be organized as a wholly owned subsidiary of the electronics company and will not take deposits or be insured.

In a similar move, Bridge, a stablecoin-focused subsidiary of a major U.S. payments company, also announced that it has applied for an OCC trust bank charter. According to its CEO, the charter would allow Bridge to operate under a unified federal framework consistent with the recently passed GENIUS Act, which established federal oversight for stablecoins. The firm plans to provide custody, stablecoin issuance and management of stablecoin reserves through the new entity.

These applications are part of a recent surge in interest from companies seeking to use the national trust bank model for digital asset services. Other firms that have applied for an OCC trust charter in recent months include a major U.S. crypto exchange, three U.S. stablecoin issuers and the crypto arm of a large financial services company.

For more information, please refer to the following links:

New Products Integrate Digital Assets and TradFi Markets

By Robert A. Musiala Jr.

A recent press release announced “a strategic partnership between Sui and Figure Certificate Company (FCC) … a subsidiary of Figure Technology Solutions, Inc.” The press release notes that pursuant to the partnership, “FCC will deploy $YLDS, its SEC-registered yield-bearing security token, natively on the Sui blockchain.” According to the press release, “$YLDS is a SEC-registered debt security, which is backed by short-term treasury securities and repurchase agreements involving treasury securities.”

In other news, Kraken, a major U.S. cryptocurrency exchange, recently announced that it has added several new features to its equities offering for U.S. users. Among other things, the new features allow users to transfer eligible stock and exchange-traded fund (ETF) holdings from other brokerages into their Kraken accounts; lend certain fully paid stocks in exchange for interest payments; and trade stocks and ETFs 24 hours a day from Monday through Friday. According to a blog post, the new features “aim to further bridge the gap between traditional finance and digital assets.” Kraken also recently announced that it has acquired “Small Exchange, a CFTC-licensed Designated Contract Market (DCM).” According to a blog post, the acquisition “lays the foundation … to launch a fully U.S.-native derivatives product suite.”

In a final notable item, according to reports, a major global asset management company is actively developing in-house technology to advance the tokenization of traditional assets. The company’s CEO reportedly described tokenization as “probably one of the most exciting potential markets” for the company.

For more information, please refer to the following links:

DOJ and Treasury Announce Major Action Against ‘Pig Butchering’ Enterprise

By Robert A. Musiala Jr.

The U.S. Department of Justice (DOJ) recently announced that it has filed its largest-ever forfeiture action against approximately $15 billion in bitcoin (BTC). According to a DOJ press release, the forfeiture action relates to a larger DOJ action against the Prince Group, a multinational business conglomerate based in Cambodia that operates forced-labor scam compounds in which individuals held against their will engage in cryptocurrency investment fraud schemes known as “pig butchering” scams. The DOJ press release notes that such scams have resulted in the theft of billions of dollars from victims in the United States and around the world. In a parallel action, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on 146 targets within the Prince Group organization. As part of the action, multiple cryptocurrency addresses were added to OFAC’s Specially Designated Nationals (SDN) List.

For more information, please refer to the following links:

US Settles Criminal Tax Case Against ‘Bitcoin Jesus’

By John Robertson

According to recent reports, the U.S. Department of Justice (DOJ) has asked a federal court to dismiss its criminal tax case against bitcoin investor Roger Keith Ver, also known as Bitcoin Jesus. The reports state that the government’s request is based on a deferred prosecution agreement signed by Ver that requires him to pay taxes, penalties and interest the government says is owed. The agreement reportedly requires Ver to pay approximately $50 million and is based on his failure to report ownership of 130,000 bitcoin on his tax returns in 2016. According to reports, the U.S. has promised not to prosecute Ver for any of the offenses described in his 2024 indictment if Ver has upheld the agreement after three years.

For more information, please refer to the following link: