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Kyrgyzstan sets three-stage CBDC pilot after council with CZ
-9BPnNDRc.png "Kyrgyzstan sets three-stage CBDC pilot after council with CZ")
Kyrgyzstan unveiled KGST, a stablecoin tied to the som, and outlined a pilot for a central bank digital currency known as the digital som. President Sadyr Japarov presented the plan Friday after the second session of the National Council for the Development of Virtual Assets and Blockchain Technologies, a meeting that included Binance founder Changpeng “CZ” Zhao. Ripple sets up Middle East hub with Bahrain FinTech partnership
Ripple formed a partnership with Bahrain FinTech Bay to roll out blockchain services in Bahrain's financial sector. The two organizations will support pilot projects in cross-border payments, tokenization, digital assets, stablecoins, and blockchain infrastructure. 
The Riksbank has published a report detailing the fourth phase of testing for the e-Krona. Throughout the pilot phase, which spanned from 2020 to 2023, the bank tested the e-Krona's fundamental use cases as a retail currency accessible to the general public. This iteration of the e-Krona was developed on the Corda distributed ledger platform by R3, with the central bank serving as a notary node responsible for verifying and finalizing transactions. 
Fintech company Imperium Markets has called on the Australian government to accelerate the tokenization of debt instruments to stay competitive in today’s market. The company has long been working with the government on a pilot project employing distributed ledger technology for tokenization. 
Securitize, a digital asset trading platform, has started tokenizing equity in Spanish real estate investment trust, Mancipi Partners. The tokens will trade on the Avalanche blockchain from September.
This marks the first tokenized equity issuance under the European Union’s pilot scheme for distributed ledger technology, supervised by the European Securities Market Authority. Securitize will also undergo a six-month supervision period by Spain’s National Securities Market Commission (CNMV).
Securitize's CEO, Carlos Domingo, believes the move will significantly benefit European businesses, providing new avenues for capital raises and potential tax benefits. Tether engages as Vietnam rolls out licensed crypto pilot
Vietnam is moving ahead with a tightly scoped, five‑year pilot to bring crypto trading onto licensed rails. Officials say applications are under review and that about five platforms could be approved, while stablecoin issuer Tether has begun discussions on potential collaboration. Visa pilots stablecoin funding for Visa Direct
Visa announced a pilot that lets businesses fund Visa Direct with stablecoins to speed up cross‑border payouts. Instead of pre‑positioning idle fiat deposits, companies can use digital tokens pegged to national currencies. Visa will treat those balances as “on‑account funds” available for near‑instant disbursements. 
Financial powerhouses including Goldman Sachs, BNY Mellon, Paxos, and others have concluded their testing phase of the blockchain Canton Network, engineered by Bluechip Digital Asset. The initiative brought together 15 asset management companies, 13 banks, four depositary institutions, and three exchanges in its pilot phase. 
