Stablecoin

U.K. regulators said Monzo didn't properly vet new customers, while Vocalink was dinged for risk management lapses. Also, Paxos launched a dollar-backed coin in the European Union; and more news in the weekly global payments and fintech roundup.

Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.

Fresh off of a big IPO, the fintech is applying for a national trust charter. Approval would help it avoid the time and expense of working with banks for transaction processing at a time when the stablecion market is getting more crowded.

As banks consider their strategies, other big names are also considering a role for digital assets.

It's early, but financial institutions are getting ready to issue the digital asset.

Most illegal activity happening on cryptocurrency ledgers now involves the tokens known as stablecoins, according to a report.

Fiserv and Metallicus are enabling downmarket development of digital assets. Payment experts say it's vital to have a plan, but one that doesn't give into a fear of missing out.

Ark Investment Management has offloaded about 1.5 million shares of Circle over four recent trading sessions, worth roughly $333 million, according to Bloomberg. Wood's firm as a whole remains the eighth-largest holder of Circle.

The card network's moves include supporting coins from Fiserv, PayPal and others; and offering services to what's expected to be a fast-growing industry.

The stock started trading at $31 and closed Monday at $263.45. Circle has been the main beneficiary of the euphoria surrounding stablecoin regulations, as it is one of the few publicly traded companies with stablecoin-linked assets.