Is Tether becoming a competitor to MicroStrategy?

👋 Welcome to PayFi Weekly by Transak! Each week in PayFi Weekly, we cut through the noise and bring you what actually matters in the world of crypto payments, digital assets, and blockchain infrastructure.

From stablecoin surges to regulatory plot twists, from Layer 1 brawls to off-ramp breakthroughs, we’ve got the signal, not the static. 📡

🏛️ Regulation

🚨 Hong Kong Authorities arrested 12 individuals linked to laundering $15M through 500 fake accounts, highlighting ongoing crypto-related financial crimes. Delve into the details of this major crackdown

⚖️ Coinbase has forecasted a hit of $180 million to $400 million from a cyberattack that breached account data of a "small subset" of its customers. Full story

🏛️ The GENIUS Act, aiming to regulate stablecoins, may pass the Senate next week, establishing reserve and compliance requirements for issuers. Learn more about the legislation

🌍 Adoption

📡 UAE’s Zand Bank and Mamo adopt Ripple's blockchain payment solutions post-DFSA license, marking Ripple's significant entry into the UAE market. Learn how Ripple is transforming UAE's payment landscape

🧾 Dubai government to accept crypto payments through Crypto.com partnership. Full story

🌐 A Fireblocks survey shows 90% of institutions are adopting stablecoins, with banks focusing on cross-border transactions to enhance efficiency. Ready the full report here

🤝 Technology & Partnerships

🔗 Chainlink, J.P. Morgan’s Kinexys, and Ondo Finance completed a $2B cross-chain Delivery versus Payment test, linking bank rails to tokenized asset markets. Explore the future of tokenized settlements

🛍️ BitPay's HODL Pay lets users borrow stablecoins via Aave against crypto holdings to pay merchants without selling assets. Learn how to spend without selling

🤖 Tether's QVAC platform offers decentralized AI agents capable of transacting in Bitcoin and USDT, challenging Big Tech's AI dominance. Discover QVAC's capabilities

📲 Tether's AI platform will integrate with Bitcoin and USDT, enabling peer-to-peer transactions directly through the AI interface. Learn about Tether AI's payment integration

🧩 Everything Else

💰 Tether now holds over $120B in US Treasuries, surpassing Germany and ranking 19th globally, bolstering its stablecoin reserves.  This strategic move enhances Tether's financial stability amid crypto market volatility. Explore Tether's growing influence in global finance

🚀 Leading crypto investors are joining Echo, a new funding platform by Cobie, to support early-stage crypto projects. Discover how Echo is reshaping crypto funding

🎭 A 67-year-old artist lost $2M in crypto after scammers impersonated Coinbase support, exploiting a recent data breach to gain trust. Read the full story

💰 Michael Saylor’s Strategy may have a legitimate competitor in the making with Tether investing $459M in Bitcoin for Twenty One Capital, ahead of its planned SPAC merger with Cantor Equity Partners. Understand Tether's investment strategy

That’s all major from the last week!