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Author: Wei Xiang

  • [Binance] Latest research report on the stablecoin business.

    [Binance] Latest research report on the stablecoin business.

    Wei Xiang

    Key Takeaways:- • Rapid Growth: The stablecoin market has rapidly surpassed US$300 billion in total market capitalization, and is beginning to expand from a tool for crypto trading toa global medium for digital savings and payments for businesses and individuals alike. • Two Core Categories: Stablecoins are primarily categorized into Centralized Fiat-backed (e.g., USDT, USDC,… Read more

  • [BeinCrypto] Shocking claims against Binance during the market crash

    [BeinCrypto] Shocking claims against Binance during the market crash

    Wei Xiang

    A gentle reminder to perform a due diligence before using a crypto exchange/wallet service to avoid losing your funds. Popular exchanges like Binance also allegedly fail at critical moments. Last month we noted several technical issues on Binance, posted as “heavy market activity” by the Binance official page on X. Many users reported frozen accounts… Read more

  • [Standard Chartered] Defi 101

    [Standard Chartered] Defi 101

    Wei Xiang

    35 Bn → 2 Tn USD 🔥, is what we expect tokenized RWAs to grow by end-2028! in Just 3 years! Current Defi market – broken down into following 5 main categories: 1) Lending: such as AAVE and Compound. 2) Liquid staking: rewards or liquidity for staked assets, category dominated by Lido. 3) Restaking: rewards… Read more

  • [FSB] Significant gaps and inconsistencies in implementation of crypto and stablecoin recommendations

    [FSB] Significant gaps and inconsistencies in implementation of crypto and stablecoin recommendations

    Wei Xiang

    The latest Thematic Peer Review (as of August 2025) signals that despite the 2023 framework, the global regulatory landscape remains fragmented. Key findings for the compliance sector: – GSC Lag: While general crypto-asset oversight has advanced, regulation for global stablecoin arrangements (GSCs) is still behind. – Alignment Deficit: Even jurisdictions with “finalized” frameworks lack full… Read more

  • [Kenya] Key compliances – Virtual Asset Service Providers (VASP) Act, 2025

    [Kenya] Key compliances – Virtual Asset Service Providers (VASP) Act, 2025

    Wei Xiang

    Kenya passed the Virtual Asset Service Providers (VASP) Act, 2025, here’s are key compliances to follow: 1. Mandatory Licensing from:– The Central Bank of Kenya (CBK) or– The Capital Markets Authority (CMA),depending on type of virtual asset activity (refer page 39 of pdf attached) 2. License renewals:– Validity ends on 31st december each year. Hence,… Read more

  • [Coinbase] Response to US Treasury ANPRM regarding GENIUS Act Implementation

    [Coinbase] Response to US Treasury ANPRM regarding GENIUS Act Implementation

    Wei Xiang

    Coinbase’s response to the US Treasury on the GENIUS Act is worth noting. Coinbase is a large DASP (digital asset service provider). They argue this definition (Q4) should only apply to actual financial middlemen doing financial intermediation. If you are only running core software or a blockchain validator, you shouldn’t be included. They also point… Read more

  • [a16z] State of Crypto – 2025

    [a16z] State of Crypto – 2025

    Wei Xiang

    One thing that stood out in the State of Crypto 2025 report wasn’t just the numbers, it was the stack of consistent proofs of real adoption. Stablecoin volumes hit new highs this year, crossing the trillion-dollar mark again, but the interesting part is where the activity comes from. It’s everyday payments, remittances, settlements. Quiet, steady… Read more

  • [forvis mazars] Stablecoin insights: The GENIUS Act & Its implications

    [forvis mazars] Stablecoin insights: The GENIUS Act & Its implications

    Wei Xiang

    The GENIUS Act is more than just a stablecoin law. Its insights and practical implications are now apparent and it’s getting more nuanced. # It defines, “payment stablecoin” which is different from stablecoin. – Only approved issuers, called Permitted Payment Stablecoin Issuers, will be allowed to issue payment stablecoins. But the real story is how… Read more

  • [Banking circle] Stablecoins in the real world

    [Banking circle] Stablecoins in the real world

    Wei Xiang

    Stablecoins in real world is gaining more traction beyond just USDC and USDT. The banking circle in Europe had issued EURI last year. With the growing use case and increasing regulatory clarity in EU (MiCAR), the institutional adoption of stablecoin is clearly evident,– as the circulation crossed USD 50 million in June 2025. Read more

  • [FASB] Classification of certain digital assets as cash equivalents.

    [FASB] Classification of certain digital assets as cash equivalents.

    Wei Xiang

    Crypto might be classified as cash equivalent ? As we know,the accounting classification of crypto has majorly been either:- – Intangible asset or– Inventory. On 29th Oct, FASB has added a project to its technical agenda, to clarify whether certain digital assets may be classified as cash equivalents. Source: https://fasb.org/page/PageContent?pageId=/news_and_meetings/past-meetings/10-29-25.html#digital-assets Read more