# Payments Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Payments", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Identity, Recourse, Attribution: Decoding the Three Breakthrough Points of the Next-Generation AI Agent Economy

Identity, Recourse, Attribution: Decoding the Three Breakthrough Points of the Next-Generation AI Agent Economy As AI agents begin to handle transactions, new standards like OpenAI's ACP and Google's AP2 are emerging to facilitate payments, while protocols like x402 enable machine-to-machine micropayments. However, these systems lack the trust infrastructure—identity verification, fraud detection, and dispute resolution—that underpins traditional commerce. This creates a critical gap: while blockchain enables fast, irreversible settlements, agents operate without mechanisms for recourse when errors occur. The solution requires building new layers for the agent economy: a "Know Your Agent" (KYA) identity system to establish persistent, verifiable credentials; a recourse mechanism to handle disputes and provide insurance-like protection; and an attribution layer to track influence on purchasing decisions. Established players like card networks and AI labs are unlikely to lead this effort due to misaligned incentives, creating opportunities for startups. The development of agent commerce will unfold in three stages: as an interface (current stage), executing under human supervision (where trust layers become critical), and fully autonomous transactions. Startups that build identity, recourse, and attribution infrastructure will enable the transition to an economy where agents transact freely and securely at scale.

深潮12/22 10:00

Buying Seafood with USDT in Vietnam: Has Web3 Truly Achieved Mass Adoption?

In Vietnam, a country consistently ranked among the top in global cryptocurrency adoption, the author explores whether Web3 and crypto payments have achieved mass adoption beyond reports and whitepapers. During a two-week trip, the author avoided formal industry events and instead tested crypto payments in everyday scenarios like spas, street food stalls, and taxi rides. Key observations include: - Many local merchants prefer cash over international cards due to high fees and tax avoidance, creating an opening for stablecoins like USDT. - Using Bitget Wallet, the author successfully paid via VietQR—Vietnam’s ubiquitous payment QR system—at many locations, with transactions feeling nearly as seamless as Alipay. - However, a failed payment at a seafood restaurant revealed compatibility issues between crypto wallets and older, non-standard QR systems, highlighting remaining technical barriers. - Public perception of crypto remains mixed: in northern cities like Hanoi, it is often associated with crime and gambling, while southern hubs like Ho Chi Minh City show more enthusiasm, with young people trading or developing crypto projects in cafes. - Despite low visible crypto infrastructure (e.g., few Bitcoin ATMs), underlying adoption is significant, driven by a young, tech-savvy population eager for financial mobility. The author concludes that Vietnam’s combination of demographic youth, high mobile internet use, and informal financial vitality makes it a fertile ground for Web3 growth, though real-world usability and cultural acceptance vary widely. The journey continues into southern Vietnam for deeper exploration.

深潮12/22 08:50

Buying Seafood with USDT in Vietnam: Has Web3 Truly Achieved Mass Adoption?

深潮12/22 08:50

1,000 Wallets Contribute 85% of Transaction Volume: Stablecoin Payments Are More Centralized Than You Think

This report analyzes stablecoin payment usage on the Ethereum network, focusing on USDT and USDC, which comprise 88% of the market. Using a filtering method to distinguish payments from other activities like DeFi, the study defines payments as transfers between externally owned accounts (EOAs). Key findings indicate that payments (EOA-to-EOA transactions) account for 47% of total stablecoin transfer volume. When further classified using wallet labels, only 23.7% of payment volume is attributed to person-to-person (P2P) transactions, while business-to-business (B2B) and internal business transfers dominate. The data also reveals significant transaction volume concentration, with the top 1,000 wallets contributing approximately 84% of all stablecoin volume. The analysis highlights challenges in identifying genuine P2P activity due to potential fake transactions, wallet mislabeling, and the prevalence of intermediary-driven "stablecoin sandwich" models. Despite growing adoption, the findings suggest that stablecoin payments remain highly centralized and institution-driven rather than being widely used for decentralized peer-to-peer transactions.

深潮12/22 06:20

1,000 Wallets Contribute 85% of Transaction Volume: Stablecoin Payments Are More Centralized Than You Think

深潮12/22 06:20

Finance Goes 'Invisible': How Stablecoins Are Becoming the New Arteries of the Digital Economy

This article explores the transformative role of stablecoins as the "new arteries" of the digital economy, moving finance into an "invisible" infrastructure layer. Key developments include Coinbase's major product upgrades, positioning it as an "Everything Exchange" that integrates trading, derivatives, stablecoins, and AI-driven services. Stablecoin adoption is accelerating, with Visa now allowing USDC settlements within the U.S. banking system, marking a structural shift in settlement layers. Regulatory progress is evident as U.S. authorities conditionally approve federal trust bank charters for firms like Ripple and Circle, while the FDIC advances stablecoin rules. New stablecoin products and payments integrations are emerging, such as PayPal's PYUSD for YouTube creator payouts and ADNOC's adoption of a national stablecoin at gas stations. Major financial institutions, including JPMorgan, are actively exploring tokenized deposits and assets on public blockchains. The growth of gold-backed stablecoins and national strategies like the UAE's push for asset tokenization further highlight the expansion of stablecoins beyond pure currency use cases into broader economic infrastructure. However, JPMorgan analysis suggests stablecoin growth may be limited by competition from bank-issued tokenized deposits and CBDCs, projecting a market cap of $500-600 billion by 2028.

比推12/22 06:12

Finance Goes 'Invisible': How Stablecoins Are Becoming the New Arteries of the Digital Economy

比推12/22 06:12

Fed seeks input on account type attractive to crypto firms

The US Federal Reserve is seeking public input on a proposed "payment account" or "skinny master account" that would grant fintech and crypto firms access to the central bank's payment system without requiring full master account approvals. Fed Governor Christopher Waller stated these accounts aim to support innovation while maintaining safety, reflecting rapid developments in payments. However, Governor Michael Barr expressed concerns over potential money laundering and terrorist financing risks, especially for institutions not directly supervised by the Fed. Crypto firms like Circle, Coinbase, Kraken, and Block could benefit, potentially bridging crypto and traditional banking. Unlike master accounts, these payment accounts would not earn interest, lack access to Fed credit, and have balance caps. The comment period closes 45 days after Federal Register publication, with operational launch expected in Q4 2026.

cointelegraph12/22 03:38

Fed seeks input on account type attractive to crypto firms

cointelegraph12/22 03:38

US lawmakers propose tax break for small stablecoin payments, staking rewards

US lawmakers have introduced a discussion draft proposing tax exemptions for small stablecoin payments and deferral options for staking and mining rewards. The bill, introduced by Representatives Max Miller and Steven Horsford, aims to amend the Internal Revenue Code to accommodate the growing use of digital assets in everyday transactions. It would exempt gains or losses on stablecoin transactions under $200, provided the stablecoin is dollar-pegged and issued under the GENIUS Act. Additionally, taxpayers could defer income recognition from staking and mining rewards for up to five years, addressing concerns around "phantom income." The draft also includes anti-abuse measures and extends certain securities rules to digital assets. Meanwhile, crypto industry groups are urging the Senate to reconsider proposed restrictions on stablecoin rewards.

cointelegraph12/21 07:07

US lawmakers propose tax break for small stablecoin payments, staking rewards

cointelegraph12/21 07:07

Galaxy predicts stablecoins will overtake ACH transaction volume in 2026

Galaxy Research forecasts that stablecoins will surpass the U.S. Automated Clearing House (ACH) system in transaction volume by 2026, driven by regulatory clarity and increasing adoption. Stablecoins already exceed major credit card networks like Visa and currently process about half of ACH volumes. The stablecoin market, valued at around $309 billion, is dominated by USDT and USDC, but new entrants like Western Union, Sony Bank, and SoFi are launching their own dollar-pegged stablecoins. Galaxy also predicts Bitcoin could reach $250,000 by late 2027, with potential new all-time highs in 2026. The report highlights the GENIUS Act’s expected implementation in early 2026 as a key growth catalyst.

cointelegraph12/19 20:48

Galaxy predicts stablecoins will overtake ACH transaction volume in 2026

cointelegraph12/19 20:48

The Catfish Effect Emerges: Stablecoins Are Forcing the Banking System to Improve Efficiency and Interest Rates

The article "The Catfish Effect: Stablecoins Are Forcing Banks to Improve Efficiency and Interest Rates" challenges the initial fear that stablecoins would trigger massive bank deposit outflows. Instead, research indicates that due to the "stickiness" of deposits—where traditional checking accounts remain central for interoperability with mortgages, credit cards, and salaries—no significant correlation exists between stablecoin growth and bank disintermediation. Rather than being a threat, stablecoins act as a competitive force, compelling banks to offer higher deposit rates and improve operational efficiency. Proper regulation, like the GENIUS Act which mandates full reserve backing with safe assets, addresses risks such as runs and liquidity issues. Ultimately, stablecoins complement the traditional system, promising efficiency gains through atomic settlement and faster cross-border payments, potentially upgrading the dollar's infrastructure and fostering greater financial inclusion.

比推12/19 14:36

The Catfish Effect Emerges: Stablecoins Are Forcing the Banking System to Improve Efficiency and Interest Rates

比推12/19 14:36

What Malaysia’s royal stablecoin reveals about Asia’s shift to tokenized money

Malaysia's RMJDT is a ringgit-pegged stablecoin issued by Bullish Aim, a company linked to Johor's Crown Prince, on the Zetrix blockchain. Designed for payments and cross-border trade, it is backed by ringgit cash and government bonds, with a conservative reserve model. A separate treasury funded with Zetrix tokens aims to ensure network stability. This initiative reflects Asia's broader shift toward regulated tokenized money, where stablecoins are increasingly subject to licensing, reserve rules, and redemption requirements. It also highlights the growing need for onchain settlement in local currencies to support the expansion of tokenized assets, as seen in regional efforts like Singapore's Project Guardian. Regulatory frameworks in Hong Kong, Singapore, and Japan emphasize supervised issuance, aligning with Malaysia's phased approach to financial tokenization.

cointelegraph12/19 13:15

What Malaysia’s royal stablecoin reveals about Asia’s shift to tokenized money

cointelegraph12/19 13:15

RWA Weekly: Coinbase Announces Launch of Prediction Markets and Tokenized Stocks; Stablecoin U Goes Live on BNB Chain and Ethereum

RWA Weekly Roundup: Coinbase Launches Prediction Markets and Tokenized Stocks; Stablecoin $U Debuts on BNB Chain and Ethereum The on-chain RWA market cap rose slightly to $18.9 billion, while stablecoin market capitalization exceeded $300 billion, though transaction activity declined, indicating a "stagnant liquidity" phase. Regulatory developments accelerated globally, with China promoting the digital yuan, and the U.S., Canada, and Hong Kong advancing stablecoin and asset tokenization frameworks. Traditional financial institutions expanded their involvement: JPMorgan launched a tokenized money market fund on Ethereum and integrated JPM Coin with Base, while Visa and Mastercard extended stablecoin payment services. DTCC partnered with Canton Network for U.S. Treasury tokenization. Coinbase introduced prediction markets and tokenized stocks, PayPal launched a PYUSD savings vault, and SoFi issued its own stablecoin, SoFiUSD. Emerging markets like Brazil and Pakistan also explored sovereign asset tokenization. Stablecoin $U went live on BNB Chain and Ethereum, integrating with DeFi protocols like PancakeSwap and ListaDAO. Despite growth, JPMorgan analysts caution that stablecoin market size may not reach $1 trillion by 2028, projecting a more moderate expansion to $500-600 billion. The sector continues to evolve, driven by regulatory clarity and institutional adoption, embedding RWA deeper into global payment and asset management systems.

marsbit12/19 13:06

RWA Weekly: Coinbase Announces Launch of Prediction Markets and Tokenized Stocks; Stablecoin U Goes Live on BNB Chain and Ethereum

marsbit12/19 13:06