• Crypto infrastructure company BitGo named issuer for FYUSD stablecoin The GENIUS Act-compliant stablecoin is geared toward institutional investors in Asia features a programmable layer for agentic AI commerce. • Cointelegraph in your social feed Digital asset company New Frontier Labs has partnered with BitGo Bank & Trust National Association, the entity that crypto infrastructure company BitGo will use to issue and provide custodial services for the FYUSD stablecoin, a dollar-pegged token for Insitutional investors in the Asia region. • BitGo’sannouncementsaid FYUSD is compliant with theGENIUS Act stablecoin regulatory framework. • The regulations include 1:1 backing with cash deposits held by a custodian or short-term US government debt instruments,anti-money laundering(AML) requirements andknow-your-customer(KYC) checks. • The company also developed “Fypher,” a suite of stablecoin infrastructure tools that provides a “programmable settlement” layer for the FYUSD token that allows it to be used byautonomous AI agentsfor commercial transactions. • US Treasury Secretary Scott Bessent has touted stablecoins as a way topreserve US dollar dominanceby reducing settlement times, transaction costs and democratizing access to US dollars for individuals without access to traditional banking infrastructure.
Article Summaries:
- New Frontier Labs has partnered with BitGo Bank & Trust National Association to launch the FYUSD stablecoin, a dollar‑pegged token aimed at institutional investors in Asia. BitGo will issue and provide custodial services for FYUSD, which is compliant with the GENIUS Act’s 1:1 cash backing, AML and KYC requirements. The company also introduced “Fypher,” a programmable settlement layer that enables AI agents to use FYUSD for commercial transactions. The move comes amid a broader market contraction, with stablecoin market cap falling below $300 billion and Tether’s USDt supply shrinking after a period of redemptions.
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