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Mastercard partners with US banking giants

Mastercard, in collaboration with prominent banking institutions including Citigroup, Visa, and JPMorgan, has embarked on a pioneering initiative to explore the application of distributed ledger technology (DLT) for banking settlements through tokenization.

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Mastercard, in collaboration with prominent banking institutions including Citigroup, Visa, and JPMorgan, has embarked on a pioneering initiative to explore the application of distributed ledger technology (DLT) for banking settlements through tokenization.

This strategic partnership seeks to evaluate the efficacy of the Regulated Settlement Network (RSN), a shared-ledger platform facilitating the collective settlement of tokenized assets such as Treasuries, investment-grade debt instruments, and commercial bank funds.

Traditionally, diverse financial securities and assets have operated on disparate systems, necessitating intricate settlement procedures. The RSN platform, however, endeavors to streamline these processes by converting various assets into tokens and executing settlements on a unified distributed ledger.

Building upon a preliminary 12-week pilot phase initiated in late 2022, the ongoing proof-of-concept (PoC) trials of RSN represent a significant expansion. Initially focused on cross-border and domestic dollar payments between banks, the current trials concentrate on simulating settlements denominated in the United States dollar.

In a statement issued on May 8, Mastercard underscored the project’s objective of enhancing the efficiency of cross-border settlements while mitigating the risks associated with errors and fraudulent activities. Raj Dhamodharan, Head of Blockchain and Digital Assets at Mastercard, emphasized the transformative potential of shared ledger technology in enabling programmable settlements characterized by 24/7 availability and frictionless transactions.

Noteworthy additions to the consortium of participating banking institutions include interbank tokenized deposit networks, with the USDF Consortium and the Tassat Group assuming pivotal roles. Deloitte, a leading advisory firm, provides consultative support, while the Securities Industry and Financial Markets Association serves as the program manager.

The roster of ten participant banking giants comprises Citi, JPMorgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp. Additionally, six project participants, including the MITRE Corporation, BNY Mellon, Broadridge, the DTCC, ISDA, and the Tassat Group, contribute their specialized expertise to the initiative.

The collaborative endeavor spearheaded by Mastercard and its esteemed partners underscores the commitment of industry leaders to harnessing innovative technologies to enhance the efficiency and integrity of financial settlements on a global scale.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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