What Happened In Crypto Today
Today in crypto, the first regulated China stablecoin launches as global stablecoin race heats up, Nasdaq-listed Flora Growth will rebrand to ZeroStack after raising $401 million to support 0G. Meanwhile, the Changpeng Zhao-backed YZi Labs grows stake in stablecoin issuer Ethena. The first regulated CNH-pegged stablecoin launches as the global competition heats up The first…
Today in crypto, the first regulated China stablecoin launches as global stablecoin race heats up, Nasdaq-listed Flora Growth will rebrand to ZeroStack after raising $401 million to support 0G. Meanwhile, the Changpeng Zhao-backed YZi Labs grows stake in stablecoin issuer Ethena.
The first regulated CNH-pegged stablecoin launches as the global competition heats up
The first stablecoin pegged to the Chinese yuan (CNH) launched this week, as competition from sovereign governments to claim a piece of the stablecoin market mounts.
Financial technology company AnchorX debuted its AxCNH yuan-pegged stablecoin on Wednesday at the Belt and Road Summit in Hong Kong. The token is meant for international transactions and not for domestic use on the Chinese mainland.
BDACS, a digital asset infrastructure company, also launched an overcollateralized Korean won-pegged stablecoin on Thursday, dubbed KRW1.
The developments come amid a push from China to challenge the US dollar’s dominance in digital currency markets and to establish land and maritime trade routes around the world.
Cannabis firm Flora Growth launches $401M treasury backing Zero Gravity
Nasdaq-listed cannabis firm Flora Growth has launched a $401 million treasury initiative to back Zero Gravity (0G), a blockchain project focused on powering decentralized AI infrastructure.
The move comes through a private placement deal combining $35 million in cash with $366 million in in-kind digital assets, primarily denominated in 0G tokens. As part of the transaction, Flora will rebrand as ZeroStack while retaining its Nasdaq ticker, FLGC, according to a Friday announcement.
Solana (SOL) treasury company DeFi Development Corp. (DFDV) led the deal, alongside Hexstone Capital and Carlsberg SE Asia PTE Ltd, with participation from firms including Dao5, Abstract Ventures and Dispersion Capital.
“We’re thrilled to partner with FLGC on this fundraise and look forward to driving a deep collaboration between 0g and Solana,” said DFDV CEO Joseph Onorati. Flora will also hold a portion of its treasury in SOL tokens.
Changpeng Zhao’s YZi Labs deepens stake in stablecoin issuer Ethena
Tech-focused venture capital firm YZi Labs has increased its stake in Ethena, the stablecoin issuer behind USDe, which will assist the digital dollar’s adoption across decentralized and centralized platforms.
The investment will assist Ethena USDe’s (USDe) expansion on BNB Chain while enabling Ethena to continue building its USDtb stablecoin and an institutional settlement layer, Converge, Changpeng Zhao’s YZi Labs said in a statement on Friday.
USDtb is backed by short-duration treasury assets, including BlackRock’s BUIDL, while Converge is an Ethereum Virtual Machine-compatible chain focused on tokenizing real-world assets.
The move supports YZi’s mission to “support open, scalable digital dollar infrastructures that can serve as a backbone of efficiency and liquidity for the entire financial ecosystem.”
Ethena Labs CEO Guy Young added: “The holy grail of digital dollar distribution has always been embedding stable, yield-bearing assets directly into the core of the crypto economy. With USDe now scaling across exchanges, DeFi protocols, and global user bases, that vision is becoming a reality.”