Blockchain
Standard Chartered and Mastercard Complete Tokenized Deposit

Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have successfully completed their first live experiment on the execution of tokenized deposits using the Mastercard Multi-Token Network (MTN).
This initiative tested how blockchain technology could be used in the banking sector. It was done under the supervision of the Hong Kong Fintech Supervisory Sandbox.
Mastercard Multi-Token Network in Action
The research was carried out on a Mox Bank client, a digital bank under Standard Chartered, who bought a carbon credit. Mox Bank asked SCBHK to tokenize this asset, and that was done through the use of Libeara, a tokenization platform developed by SC Ventures, Standard Chartered’s innovation arm.
The transaction was carried out via Mastercard’s MTN, which resulted in an atomic swap between the tokenized deposit and the carbon credit. Hence, the client received the tokenized asset in their digital wallet.
Mastercard executes first tokenized deposit transactions with StanChart subsidiaries https://t.co/fKRkg90gRf 🏁
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) May 15, 2024
Helena Chen, the Managing Director of Mastercard for Hong Kong and Macau, said,
“Mastercard is delighted to join forces with SCBHK, Mox, and Libeara to create applications that will change the way consumers and businesses transact.”
Broader Implications for Financial Technology
This test is a part of the general tendency of integrating blockchain technology into financial organizations. The Hong Kong Monetary Authority (HKMA) has been forward-looking with Project Ensemble, which is to research tokenized deposits and wholesale Central Bank Digital Currencies (CBDCs).
Moreover, this initiative is in the same line with the worldwide trend of digital currency, which is the case with Standard Chartered’s involvement in other important projects like the multi-CBDC cross-border payment platform, mBridge, and the eHKD CBDC trials.
The success of this test, as a result, could be the starting point for the more general use of tokenized assets and digital currencies, which will change the way banking transactions are conducted. Mary Huen, the CEO of Standard Chartered Hong Kong, said,
“Under the leadership of the HKMA, we are the first to carry out this project and to be the catalyst for the use of tokenization in financial assets. “
Developments and Sectoral Trends
The financial industry, consequently, is observing these developments very carefully as they might be the beginning of a new age in financial transactions that are marked by the increase in effectiveness, transparency, and security.
In addition to that, other reports and analyses on bank-issued stablecoins and tokenized deposits are also anticipated to disclose the possible changes in the industry.
Besides, other financial institutions and tech giants are also looking into the same blockchain applications, which is proof that digitalization and tokenization is on the rise in finance.
Read Also: Dogwifhat Price Forecast: Reasons Why WIF Could Hit $5 May?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
Trump Administration Push for Blockchain-Powered USAID Overhaul—Here’s What Could Change


A newly surfaced proposal concerning blockchain is now circulating within the US State Department hinting at a potential shift in how the United States Agency for International Development (USAID) operates.
Under a set of recommendations backed by Trump administration officials and linked to the Elon Musk-led DOGE government efficiency unit, the agency may begin utilizing blockchain technology to enhance transparency and security in foreign aid disbursement.
Adopting Blockchain in Foreign Aid Reform
According to a draft document obtained by Politico, blockchain integration is being considered as part of a broader effort to modernize and restructure USAID’s procurement processes.
The proposal outlines that all aid distributions could be tracked using blockchain to “ensure accountability,” “reduce inefficiencies,” and allow implementing partners “greater flexibility.”
Although the proposal doesn’t clarify whether a public, private, or hybrid blockchain system would be used, it emphasizes the benefits of “secure and traceable” fund flows for international aid programs.
Meanwhile, USAID, the US agency responsible for administering foreign development assistance, has faced criticism in recent years over perceived inefficiencies and spending priorities.
The proposal aligns with ongoing efforts from the Trump camp to realign foreign aid programs with national strategic interests. It describes current aid structures as too “expansive and disorganized,” urging a shift toward focused initiatives tied to measurable outcomes in regions critical to US interests. The document wrote:
A better approach would be to foster peace and stability in regions critical to U.S. interests, catalyze economic opportunities that support American businesses and consumers, and mitigate global threats such as pandemic diseases.
Potential Restructuring and Strategic Realignment
Alongside blockchain adoption, the document proposes renaming USAID to the “U.S. Agency for International Humanitarian Assistance (IHA)” and moving the agency under the direct control of the State Department.
Areas of focus would include global health, food security, and disaster response, with an emphasis on reducing politically oriented programs and streamlining operations.
The recommendations follow past efforts by the Trump administration to limit USAID funding and staff, moves that were met with legal pushback and public criticism.
While the document reflects a serious policy proposal, it does not yet represent formal government action. The proposal acknowledges that some aspects would require congressional approval and legislative changes.
It is also unclear whether Secretary of State Marco Rubio or other senior officials within the current administration have reviewed or approved the recommendations.
Still, the introduction of blockchain as a transparency mechanism signals a growing interest in applying emerging technologies to government operations—an area of focus that may continue regardless of future political leadership.
Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Blockchain
Ethena Labs and Securitize to launch Converge, a new blockchain for DeFi


- Ethena Labs and Securitize are joining forces to launch Converge, a new blockchain for decentralized finance and tokenized assets.
- Converge will be Ethereum Virtual Machine-compatible and serve both retail and institutional DeFi.
- ENA price rose 5% to change hands above $0.38 following the announcement
Ethena Labs and Securitize are teaming up on a venture that will see the crypto projects unveil Converge, a new blockchain built for tokenized assets and decentralized finance.
Announced on Mar. 17, Converge will be a custom-built, Ethereum-compatible blockchain. The developers envision a platform that will cater to both everyday investors and deep-pocketed institutional players.
Per a blog post introducing the new blockchain, the anticipated launch date is Q2 2025.
Ethena, Securitize unveil Converge
According to Ethena Labs, Converge is a blockchain platform designed to bridge the gap between traditional finance and DeFi.
The technology behind the EVM-compatible chain will allow users to leverage user-friendly decentralized applications for retail investors. Converge will also offer a suite of top tools aimed at institutional investors.
Both Ethena Labs and Securitize plan to tap into the new blockchain to advance the DeFi and asset tokenization ecosystem. In this case, the partnership will see Ethena bring its burgeoning DeFi to Converge.
Securitize will also revamp its traction in the real-world asset (RWA) tokenization space. With nearly $2 billion minted, Securitize stands out as one of the top platforms championing the growth of tokenized assets.
Converge’s unveiling will bring an EVM-compatible settlement layer, driving new adoption for stablecoins and tokenized assets.
“We’re developing Converge to fill a clear gap in the market as the go-to settlement layer for institutional-grade DeFi and tokenized assets,” Guy Young, founder of Ethena Labs, said in a statement.
According to Young, “storage and settlement of stablecoins and tokenized assets” is set to be a massive opportunity in the coming years.
Stablecoins, blockchains and exchanges are a “holy trinity of crypto protocols” the Ethena Labs founder posted on X.
Further comments came from Carlos Domingo, the co-founder and CEO of Securitize. He noted:
“By combining Ethena’s innovation in DeFi with Securitize’s leadership in tokenizing real-world assets, Converge sets a new standard for how institutions can confidently engage with on-chain financial markets.”
Converge’s initial launch partners
The two firms will look to advance Converge via key industry collaborations. Helping the cause are initial launch partners, including Pendle, Aave Labs (via its Horizon project), Morpho, Ethereal and Maple Finance.
Converge’s RWA traction will also benefit from custodial support from Anchorage, Copper, Fireblocks and Zodia among other institutional-grade custody providers.
Also key will be interoperability partners LayerZero and Wormhole. Meanwhile, Converge will tap into oracle support from Pyth Network and RedStone.
Furthermore, Converge will use Ethena’s native governance token ENA for staking and security. The latter will tap into a permissioned validator set. The USDe and USTb stablecoins will power network transactions as gas tokens.
The news saw the ENA token jump more than 5% to trade above $0.38.
Blockchain
Reddit’s Cofounder Ohanian Makes Bid For TikTok, Intends To Bring It Onchain

Reddit’s cofounder Alexis Ohanian is keen on acquiring Chinese social media platform TikTok with plans to bring it on-chain. While details of his plan are sparse, Ohanian seeks to use Web 3 to change the concept of social media ownership.
Bringing TikTok Onchain Will Change The Landscape For Creators, Says Reddit Co-founder
Ohanian has formally thrown his hat in the ring to acquire TikTok, joining a laundry list of individuals angling to purchase the social media platform. The Reddit cofounder joins Frank McCourt’s bid for TikTok, serving as a strategic adviser for Project Liberty.
“I’m officially now one of the people trying to buy TikTok US – and bring it on-chain,” wrote the Reddit cofounder.
Ohanian confirmed his interest via X (formerly Twitter) that he is keen on bringing TikTok on-chain after the purchase. For the serial entrepreneur, integrating Web 3 offerings into the app will change the concept of ownership on the embattled platform.
Without disclosing details, it appears that the users of the Ohanian-led TikTok will own their data while creators will own their audience
“We’re setting a new standard for what’s possible in digital communities,” said Ohanian. “A TikTok for the people, by the people. Let’s see if we can pull this off.”
How Will An On-chain TikTok Look Like?
Apart from changing the landscape for ownership, Ohanian’s post did not offer key details about TikTok’s future. However, pundits say the platform could feature on-chain monetization via micropayments in cryptocurrencies. Particularly, one of the assets tapped for the Crypto Strategic Reserve is expected to fill the role.
Another potential perk includes the integration of non-fungible tokens (NFTs) akin to Reddit’s experimentation with digital collectibles.
It is unclear which blockchain Ohanian will lean on in the push to bring TikTok on-chain. There are whispers of centralized Layer 2 blockchains but Reddit’s botched attempt could see a preference for Layer 1 chains.
However, Ohanian and Project Liberty members will have to achieve regulatory compliance in the quest to bring TikTok on-chain. Although the SEC is dismissing crypto lawsuits against exchanges, Ohanian has to proceed with caution.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
-
Regulation22 hours ago
Japan Set To Classify Cryptocurrencies As Financial Products, Here’s All
-
Market21 hours ago
Top 3 Made in USA Coins to Watch This Week
-
Market24 hours ago
3 Token Unlocks for April: Parcl, deBridge, Scroll
-
Market20 hours ago
Solana (SOL) Price Risks Dip Below $110 as Bears Gain Control
-
Altcoin15 hours ago
Cardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024
-
Market11 hours ago
Bitcoin Bears Tighten Grip—Where’s the Next Support?
-
Market10 hours ago
Ethereum Price Weakens—Can Bulls Prevent a Major Breakdown?
✓ Share: