Blockchain & Digital Assets Weekly Briefing - Week 28
- danae317
- Jul 11
- 12 min read
Updated: Sep 20
Week ending 11th July 2025
From Russia’s ruble-backed stablecoin and Emirates embracing crypto to Spain’s BBVA embracing crypto for retail and a new BNB treasury venture in the U.S., state and private forces are redrawing the boundaries of digital finance. Meanwhile, Vitalik Buterin defends open-source ideals, and Beyond the Brief takes a historical look at the privatization of money—from banknotes to blockchains.
Russia’s Rostec to launch ruble-backed stablecoin on Tron blockchain in major state-backed digital payment push.
Emirates partners with crypto.com to enable crypto payments.
10X Capital and YZi Labs establish first U.S. BNB treasury company with public listing ambitions.
In Spain, BBVA launches Bitcoin and Ethereum services for retail customers.
Vitalik Buterin champions copyleft licensing to safeguard open‑source integrity in crypto.
Beyond the Brief
Russia’s Rostec to launch ruble-backed stablecoin on Tron blockchain in major state-backed digital payment push
In a move that could reshape Russia’s approach to digital finance, Rostec—a powerful state-owned conglomerate closely tied to the Russian government—has announced plans to release a ruble-backed stablecoin called RUBx. The token will operate on the Tron blockchain, marking a significant step in Russia’s strategy to integrate blockchain into its national financial system.
Legally Pegged to the Ruble
RUBx will be legally tied to the Russian ruble at a 1:1 ratio, ensuring that every digital token is backed by an equivalent amount of fiat currency. According to Rostec Deputy General Director Alexander Nazarov, each RUBx is secured by real obligations in rubles, and this backing is formally codified in legal agreements. This structure is designed to reinforce user confidence and provide the stability typically associated with central bank-issued currency, while operating in a decentralized digital environment. Rostec will serve as the official operator of the platform, with the full launch expected by the end of 2025.
Rostec: More Than Just a Corporation
Although legally a corporation, Rostec functions effectively as an arm of the Russian state. Much like Gazprom in the energy sector, Rostec plays a central role in advancing strategic national interests across defense, high-tech, and industrial sectors. Its initiatives often reflect broader government policy goals, particularly in areas of digital sovereignty and technological independence.
RUBx and the RT-Pay Platform
The new digital currency will be part of RT-Pay, a payment platform designed to bridge traditional banking infrastructure with blockchain technology. RUBx will be fully backed by the Russian ruble, offering a stablecoin alternative tailored for domestic and potentially international use. Full integration of RUBx into Russia’s financial system is expected by the end of 2025.
Unlike decentralized cryptocurrencies, RUBx will be directly managed by a state-affiliated institution, providing the Russian government with oversight while maintaining some of the benefits of public blockchain systems.
Why Tron? Decentralization Meets Strategic Flexibility
Rostec’s choice of the Tron blockchain is particularly strategic. As a decentralized, public blockchain, Tron operates outside the control of any single nation, including the US and its allies. This decentralization shields it from censorship or unilateral sanctions. Given Russia’s economic isolation—especially amid sanctions from the West—building RUBx on Tron provides a resilient, borderless payments infrastructure. In addition, Tron’s fast, low-cost transactions make it well-suited for domestic and international use, helping Moscow bypass traditional Western financial rails.
A Broader Economic Strategy
While RUBx is being developed under Rostec, the stablecoin is intended for use across the wider Russian economy. It could become a key tool for digital payments, helping businesses and consumers transact more efficiently within Russia and potentially with foreign partners—especially in regions open to alternative financial frameworks. In a climate where Russia is seeking to reduce dependence on Western-controlled financial systems, RUBx fits into a larger strategy of economic self-reliance and digital transformation.
Sanctions Workarounds: Gold, Crypto, Netting and More
To manage international payments under sanctions, Russian firms have increasingly adopted alternative mechanisms. Yuri Chikhanchin, head of Russia’s financial watchdog, disclosed recently that companies are deploying netting systems, gold, and cryptocurrencies to settle cross-border transactions.
Netting allows exporters and importers to offset mutual obligations through intermediary banks, avoiding direct foreign transfers. Gold is used as a tangible medium of value, while crypto offers quick, decentralized transfer options. These methods are particularly prevalent in trade with partners in the Middle East and Asia—regions where Russia has focused its economic realignment.
Chikhanchin also mentioned a “Transparent Blockchain” initiative, launched jointly with the central bank and VTB, designed to monitor crypto flows, expected to go live by the end of 2025. This expansion of alternative payment channels illustrates how digital assets, including state-backed tokens like RUBx, are becoming integral to Russia’s broader sanctions-evasion toolkit.
Emirates partners with crypto.com to enable crypto payments
Emirates and Crypto.com have formalized a strategic agreement—a Memorandum of Understanding (MoU)—to explore embedding Crypto.com Pay into Emirates’ payment systems. This signals a major push toward modernizing how customers pay, expected to roll out next year.
Key Points
Leadership Support
The signing was overseen by top executives:
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Emirates Chairman & CEO
Michael Doersam, Emirates CFOOn behalf of their companies, Adnan Kazim (Emirates CCO) and Mohammed Al Hakim (Crypto.com UAE President) completed the MoU
Strategic Motives
Catering to evolving consumer habits: Emirates views this move as a response to growing demand from younger, tech-savvy travelers who prefer digital assets.
Supporting Dubai’s fintech ambitions: The initiative aligns with Dubai’s aim to solidify its position as a leading global crypto hub through innovation and regulatory safeguards.
Technical & Compliance Commitments
Security and compliance: Emirates will adhere to rigorous regulatory and technical standards during integration.
Implementation timeline: Rollout is expected next year, possibly in Q4 2025, although details on global versus phased deployment are still pending.
Customer Experience
Real-time fiat conversion: Payments in crypto will be instantly converted to AED, avoiding Emirates holding digital assets.
Promotion and user education: The MoU includes plans for joint marketing efforts to boost awareness and encourage customer adoption.
Broader Landscape
Airline industry traction: Emirates would become one of the first major global airlines, following carriers like airBaltic and Air Arabia, to accept crypto payments.
Dubai’s crypto ecosystem: The city has already seen its financial regulator VARA support crypto implementations since 2022, hosting over 650 crypto companies in DMCC.
Why It Matters
Enhanced payment options: Travelers gain more flexibility and security when booking flights.
Next-gen branding: Embracing trending technologies reinforces Emirates’ modern, innovative image.
Momentum for crypto adoption: As a globally recognized carrier, Emirates’ move could catalyze wider industry embrace of crypto-payments.
10X Capital and YZi Labs establish first U.S. BNB treasury company with public listing ambitions
10X Capital, an asset management firm, has launched a dedicated BNB Treasury Company backed by YZi Labs—an investment arm linked to Binance co-founders. This marks the first U.S.-based corporate treasury entity focused solely on holding BNB, aiming for a listing on a major American stock exchange.
Key Players & Backing
10X Capital, known for structuring digital-asset treasury strategies, leads the initiative under the guidance of seasoned institutional investors. Their team includes Russell Read, former CIO of CalPERS and Alaska Permanent Fund, and David Namdar, a Galaxy Digital co-founder.
YZi Labs, originally Binance Labs and managed by family offices of Binance founders Changpeng Zhao and Yi He, is providing strategic support. The VC has committed to backing the project, though the exact investment amount remains undisclosed.
Strategic Rationale
Diversifying the Crypto Treasury Approach: Following models like MicroStrategy's Bitcoin accumulation, this venture aims to highlight BNB’s utility, network robustness, and strategic value as a treasury asset.
Market Opportunity: BNB ranks among the top five cryptocurrencies by market cap (~$97 billion), offering U.S. investors a new avenue for institutional exposure.
Rising Institutional Momentum Around BNB
Nano Labs, a Chinese Web3 firm, acquired approximately $50 million in BNB and plans to secure 5–10% of the token’s circulating supply through a broader $1 billion fund-raising mechanism.
Build & Build Corporation, led by ex-Coral Capital executives, intends to raise $100 million via a Nasdaq-listed shell company for BNB treasury accumulation.
Global Adoption: Bhutan’s Gelephu Mindfulness City has reportedly added BNB to its official digital-asset reserves, joining Bitcoin and Ethereum.
Implications
For U.S. Investors: A publicly traded BNB treasury fund could allow retail and institutional investors to access BNB more directly, offering a regulated and corporate-backed exposure point.
For the BNB Ecosystem: The initiative elevates BNB’s status as a recognized investment asset, potentially driving liquidity, institutional confidence, and utility within the network.
Broader Market Trend: The move signals a shift in corporate crypto strategies—expanding beyond Bitcoin to include a broader range of blockchains as treasury assets.
In Spain, BBVA launches Bitcoin and Ethereum services for retail customers
BBVA, the second largest bank in Spain has officially launched bitcoin and ether trading and custody services for all retail customers in the country. Starting July 4, 2025, customers across Spain can now access these features directly through BBVA’s mobile banking platform.
Regulatory Approval Under MiCA
BBVA’s move follows approval in March 2025 from Spain’s National Securities Market Commission (CNMV), granting the bank a Markets in Crypto‑Assets (MiCA) license. This made BBVA the first major Spanish bank authorized to offer such services. After a controlled pilot phase, the service is now broadly available to retail clients across Spain.
Fully Integrated and Self‑Managed Platform
Spanish users can now buy, sell, and securely store bitcoin and ether through the BBVA app, using a self-service model. BBVA’s role is limited to execution and secure storage—it does not provide investment advice or recommendations. The bank manages custody internally using its own cryptographic key system, rather than outsourcing to third-party providers.
Part of a Global Digital Asset Strategy
This initiative strengthens BBVA’s broader international push into digital assets. The bank first introduced crypto services in Switzerland in 2021 and later in Turkey through its affiliate Garanti BBVA. Spain becomes the third country where BBVA offers regulated crypto access, but it is the first where it targets everyday banking customers on a national scale.
Looking Ahead: Stablecoins and Tokenized Assets
BBVA's Digital Assets team has confirmed plans to extend the offering. Future developments may include support for stablecoins, tokenized bonds, and investment funds. The bank aims to provide a wider range of regulated digital asset products to meet the evolving interests of Spanish investors.
Setting a Trend for Spanish and European Banks
BBVA’s expansion into crypto services could influence the broader Spanish and European banking landscape. Other major banks in Spain, such as Santander and CaixaBank, are reportedly exploring similar offerings. The growing competition may accelerate adoption of digital assets across the country, particularly among younger customers and tech-savvy investors.
Vitalik Buterin champions copyleft licensing to safeguard open‑source integrity in crypto
Ethereum co‑founder Vitalik Buterin has recently urged developers to embrace copyleft open‑source licenses (like GPL or CC‑BY‑SA) in place of more permissive variants (such as MIT or CC0), warning that informality around code sharing is no longer sufficient in today’s fiercely competitive crypto environment.
From Permissive to Protective Licensing
Historically, Buterin preferred permissive licenses, allowing code to be freely reused—even in closed‑source projects. He believed in minimal barriers, viewing this approach as the closest practical method to abolishing copyright. However, he now sees fundamentals shifting:
Open‑source is mainstream, with major firms using but not always contributing back.
Crypto projects have grown more “mercenary”, favouring secrecy and proprietary gains over communal good.
Why Copyleft Matters in Crypto
Copyleft licenses compel reuse under identical open terms—effectively creating a legal reciprocity mechanism:
Anyone who builds on code must share their contributions, preventing unilateral advantages.
This structure discourages free-riding and protects against the enclosure of public-domain innovations by dominant players .
Buterin describes it as a neutral way to incentivize community diffusion, without centralized mandates.
Economic and Structural Reasoning
Echoing economist Glen Weyl, Buterin highlights that industries with superlinear returns to scale—where larger entities gain disproportionately—tend toward concentration. Copyleft offers a decentralized counterbalance, ensuring technological gains are shared fairly.
By legally linking access to code with contributions, copyleft mirrors regulatory diffusion policies—like those in the EU or China—without government oversight.
Influence and Critiques
Buterin cautions the model isn’t flawless:
It may feel too restrictive in cases like internal restructuring when code isn’t publicly released.
Some edge cases may complicate enforcement.
Still, venture investor Adam Cochran praises the philosophy, noting:
“There’s some practical edge cases where copyleft is problematic, but overall agree with the philosophy.” stated Adam Cochran
Broader Implications and Outlook
Re-aligning with early crypto ideals: Copyleft could restore transparency and communal progress, countering current trends of secretive, closed models.
Enterprise adoption: With open‑source mainstream, firms may more readily accept sharing obligations—upholding ecosystem health without stifling growth.
Maintaining balance: Buterin acknowledges validity in permissive licensing when broad distribution is the priority—but argues that today’s landscape demands more protective obligations.
Beyond the Brief
A Historical Lens on the Privatization of Money: From Banknotes to Blockchains
“My fear is that that blurring of the lines I mentioned earlier is likely to lead to a privatization of money. I don’t think that this is the purpose for which we’ve been appointed to do the job that we have, nor is it good for this public good that is money.”— Christine Lagarde, ECB President, July 2025
Christine Lagarde’s warning at a central bank summit in Portugal raises an important and recurring concern among policymakers: what happens when the issuance of money drifts from public hands into private ones?
But is this fear truly new — or is it a recurring theme in monetary history?
To understand today’s debate about stablecoins, tokenized deposits, and the potential “privatization” of money, it’s helpful to revisit U.S. monetary history — particularly the National Banking Act era — when private banks, regulated by the federal government, issued money backed by U.S. debt.
🏛️ The Many Eras of U.S. Private Money
Period | System | Issuer | Backing | Oversight | Outcome |
1791–1836 | First & Second Banks of the U.S. | Central bank + private banks | Gold/silver + notes | Federal | Early experimentation |
1837–1863 | Free Banking Era | State-chartered banks | State bonds / mixed | State-level | Fragmented, frequent failures |
1863–1913 | National Banking Era | National banks | U.S. bonds | Office of the Comptroller (OCC) | Greater stability, constrained credit |
Post-1913 | Federal Reserve System | U.S. central bank | Fiat | Federal Reserve | Uniform national currency |
Let’s zoom into the National Banking Act Era — perhaps the closest historical analogy to today’s stablecoin environment.
🧾 National Banking Act (1863–1913): Private, Regulated Money in Action
After the chaos of the Free Banking Era, the National Banking Acts of 1863 and 1864 aimed to:
Create a uniform national currency,
Bring more federal oversight to money issuance,
And finance the Civil War through increased demand for U.S. bonds.
How Did It Work?
🏦 Private national banks could issue their own banknotes, but only if they:
Obtained a federal charter,
Purchased U.S. government bonds,
Deposited those bonds with the U.S. Treasury,
Received banknotes equal to ~90–100% of the bond value.
💰 These notes were:
Uniform in appearance,
Backed by U.S. debt,
Issued by private entities under federal supervision.
📉 Why It Eventually Failed
Despite its strengths, the system faced structural challenges:
Problem | Explanation |
Inflexibility | Currency supply couldn’t quickly adjust to demand (e.g., harvest season). |
Liquidity mismatch | Backing was long-term bonds, not short-term cash or notes. |
Financial panics | Still prone to crises (e.g. 1873, 1893, 1907), with no lender of last resort. |
No monetary policy coordination | Money supply was tied to bond availability, not macroeconomic goals. |
By 1913, the Federal Reserve was created to centralize currency issuance, manage liquidity, and stabilize the financial system.
🪙 Enter Stablecoins: A 21st-Century Parallel?
Today, regulated stablecoins like USDC (Circle) echo that historical model — but with modern improvements:
Feature | National Bank Notes (1863–1913) | Stablecoins (2020s) |
Issuer | Nationally chartered banks | Fintech firms (soon to be chartered banks under the GENIUS Act) |
Oversight | OCC | OCC + FinCEN + state/federal coordination |
Backing | U.S. government bonds (long-term) | Cash + short-term Treasuries |
Form | Physical notes | Digital tokens on blockchains |
Liquidity | Low | Very high |
Programmability | ❌ | ✅ Smart contract enabled |
Real-time auditability | ❌ | ✅ On-chain attestation and monthly reports |
Under pending U.S. legislation like the GENIUS Act, stablecoin issuers would be required to obtain national bank charters and be supervised by the OCC, much like in the National Bank Note era — but with:
Better collateral (highly liquid),
Faster redemption systems,
And programmable features native to digital infrastructure.
💵 And What About Fiat and Tokenized Deposits?
The rise of stablecoins doesn’t mean we abandon central bank fiat or bank deposits. Instead, we may be entering a multi-tiered monetary system:
Layer | Description | Role |
Central Bank Fiat | Physical cash + reserves | Final settlement and public trust |
Tokenized Bank Deposits | Digital IOUs issued by commercial banks | Enterprise payments, secure bank money |
Regulated Stablecoins | Fully-backed digital dollars from private firms | Fast, programmable, global retail payments |
Together, these three forms of money can coexist and complement each other:
Fiat offers sovereign control and finality,
Tokenized deposits offer regulated innovation within the banking system,
Stablecoins offer open financial infrastructure and programmability.
🤔 Final Reflection: Should We Fear Privatized Money?
Christine Lagarde’s concerns are not unfounded — money is a public good, and its integrity must be preserved.
However, history shows that public-private partnerships in money issuance have worked before, notably in the U.S. National Banking era. The problem wasn’t the privatization of money itself — it was the lack of regulation, flexibility, liquidity, and central coordination.
Today’s stablecoin model — especially under strong federal oversight — may actually solve those problems:
It increases demand for U.S. Treasuries,
Keeps sovereign control via regulation,
Improves settlement, programmability, and transparency.
So perhaps rather than fear a new era of digital private money, we should study the past, refine the model, and build forward responsibly.
WHAT WE ARE READING (OR WATCHING)
The Stablecoin Standard
Chinese authorities warn of stablecoin fraud amid rising local buzz
Over 40 Firms Prepping for Hong Kong Stablecoin License Applications: Report
South Korean bank stocks surge on stablecoin trademark filings
Tether Holds an $8 Billion Pile of Gold in a Secret Swiss Vault
Governance Watch
EU Greenlights 53 Crypto Firms Under MiCA Regime in First Six Months
South Korea to Classify Crypto Firms as Venture Companies, Unlocking Government Perks
Crypto on the Balance Sheet
Mexican hotel chain Murano adopts Bitcoin treasury and considers accepting BTC payments
DDC Enterprise Expands Bitcoin Treasury with 230 BTC Purchase
ReserveOne Sets Out to Build the Digital Reserve of the Future
This article is for informational purposes only and should not be considered financial advice. Please do your own research or consult a licensed financial advisor before making investment decisions.