The global crypto industry saw three significant developments today. Visa unveiled a stablecoin pilot to modernise cross-border payments, the US Securities and Exchange Commission (SEC) issued rare guidance exempting DePIN tokens from securities rules, and Kazakhstan announced its first state-backed digital asset fund in partnership with Binance.
Visa Direct Stablecoin Pilot Announced at SIBOS 2025
Visa has launched a pilot programme that allows banks and financial institutions to pre-fund international payments using stablecoins. Announced during SIBOS 2025, the initiative enables select partners to use Circle’s USDC and EURC as cash equivalents to initiate near-instant payouts.
Chris Newkirk, president of commercial and money movement solutions at Visa, said cross-border transfers have been constrained by outdated systems for too long. He noted that stablecoin integration with Visa Direct would reduce the need to lock capital across multiple markets while giving businesses more flexibility in how they pay.
Stablecoin market cap stands at over $307 billion. Source: CoinMarketCap
The programme is aimed at banks, remittance firms and treasury operators looking to optimise liquidity. Instead of tying up fiat currencies across corridors, participants can now fund Visa Direct with digital tokens that Visa treats as cash equivalents.
SEC Grants Rare No-Action Relief on DePIN Tokens
In a rare step, the SEC issued a no-action letter stating that it will not pursue enforcement against DePIN-related tokens. The ruling followed a request from DoubleZero, a decentralised physical infrastructure project planning a token launch.
Michael Seaman, chief counsel of the SEC’s Division of Corporation Finance, confirmed that the project’s tokens do not fall under securities laws. Commissioner Hester Peirce added that DePIN differs fundamentally from capital-raising activities Congress mandated the SEC to regulate.
Peirce stressed that the decision allows crypto infrastructure providers to focus on building networks rather than navigating complex securities rules. DoubleZero co-founder Austin Federa welcomed the outcome, describing it as evidence that innovators can achieve clarity through collaboration with regulators without sacrificing speed.
Kazakhstan Establishes Alem Crypto Fund with Binance
Kazakhstan has unveiled its first state-backed digital asset reserve, created in partnership with Binance. The Alem Crypto Fund, managed by Qazaqstan Venture Group under the Astana International Financial Centre, will make long-term investments in digital assets and serve as a strategic reserve.
The fund’s first asset is Binance’s utility token BNB, which powers transactions, fees and governance on its blockchain. While the government announcement did not disclose the amount of BNB purchased, it signalled plans to expand the portfolio in future.
Source: Austin Federa
Kazakhstan has deepened ties with Binance since 2022 when the government signed a memorandum of understanding to develop crypto regulations. The launch of the fund comes shortly after Kazakhstan introduced a tenge-backed stablecoin, KZTE, on the Solana network in collaboration with Mastercard, Intebix and Eurasian Bank.
A Turning Point for Global Crypto Regulation and Adoption
These developments highlight how governments, regulators and financial giants are shaping the future of digital assets. Visa’s experiment with stablecoins could modernise international payments, while the SEC’s no-action letter provides long-awaited clarity for infrastructure-related tokens. Kazakhstan’s move to create a sovereign crypto fund reflects a growing trend among nations to integrate digital assets into their economic strategies.
The combined impact underscores the increasing acceptance of blockchain and crypto beyond speculative markets, positioning them as tools for mainstream financial operations and state-backed reserves.
