The global cryptocurrency sector has seen fresh developments today, ranging from major arrests in Thailand to leadership changes within the United States’ Internal Revenue Service (IRS), alongside a bold prediction for the future of dollar-backed stablecoins.
South Korean Man Held Over $50 Million Crypto Laundering
Thai police have arrested a South Korean national accused of converting more than $50 million in illicit cryptocurrency into gold. The suspect, identified only as Han, 33, was detained at Bangkok’s Suvarnabhumi Airport under a warrant issued in February.
Authorities allege Han played a central role in a call centre fraud scheme that began in early 2024. Victims were persuaded to invest in supposed opportunities offering returns of 30 to 50 per cent. While some early withdrawals were honoured, larger sums were eventually frozen on the grounds that investors had failed to meet arbitrary conditions.
The Technology Crime Suppression Division confirmed that at least ten individuals have been arrested so far, including five money launderers and five holders of mule accounts. Han faces charges of fraud, money laundering, computer crimes and association with a criminal syndicate.
IRS Digital Assets Chief Steps Down
In the United States, the IRS has lost its recently appointed head of digital assets. Trish Turner, who took on the role only three months ago, announced her resignation after more than two decades of service with the tax authority.
Coinbase projects the growth of US dollar-backed stablecoins. Source: Coinbase
In a statement on LinkedIn, Turner expressed gratitude to colleagues and described her tenure as an “extraordinary chapter” of her career. She highlighted the shift of digital assets from a niche interest to a mainstream policy concern during her time in the role.
Turner will now join the private sector as tax director at the specialist advisory firm Crypto Tax Girl. The move was confirmed both by Turner and the company’s founder, Laura Walter, on Friday.
Stablecoin Market Poised for Major Growth
Meanwhile, Coinbase has released new research projecting the US dollar-backed stablecoin market to surge to $1.2 trillion by 2028. The exchange attributes this expected growth to supportive US regulations and increasing recognition of stablecoins as a reliable financial instrument.
Coinbase also suggested that the expansion will not unduly disrupt Treasury markets, which underpin stablecoin collateral through short-term government bills. The company argued that the growth is achievable through incremental adoption supported by clear policy frameworks.
Regulatory Support as a Key Driver
A major factor behind Coinbase’s bullish outlook is the GENIUS Act, a recently passed law designed to strengthen the role of the US dollar as the world’s reserve currency by encouraging stablecoin adoption. The legislation is due to take effect in January 2027 and is expected to create a regulatory environment favourable to large-scale issuance.
The forecast comes at a time when stablecoins are already being adopted more widely for payments, remittances and as a store of value. Proponents believe that with regulatory backing, stablecoins could serve as a bridge between traditional finance and decentralised systems.
