Crypto Daily: Stablecoin Race, Pakistan’s Licensing Push, and Wall Street Eyes Bitcoin

From a heated stablecoin bidding war to fresh regulatory moves in South Asia, today’s crypto headlines show how both traditional finance and emerging markets are shaping the next phase of digital assets.

Native Markets Wins USDH Stablecoin Ticker

The competition to issue Hyperliquid’s new dollar-pegged stablecoin reached a turning point as Native Markets secured the coveted USDH ticker. The team plans to submit a Hyperliquid Improvement Proposal (HIP) in the coming days, outlining a roadmap that includes a testing phase with capped transactions of up to $800 before moving to an open order book and unlimited minting and redemptions.

In addition, Native Markets confirmed it will launch a USDH ERC-20 token on Ethereum, expanding the coin’s interoperability. The outcome has drawn mixed reactions across the crypto community, with some industry voices questioning whether exchange-backed stablecoins could alter the long-term trajectory of the sector.

Pakistan Opens Doors to Global Crypto Firms

In South Asia, Pakistan has formally invited international crypto exchanges and service providers to apply for licenses under its newly established Pakistan Virtual Asset Regulatory Authority (PVARA).

“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain, in remarks reported by Dawn.

Eligibility will be limited to companies already licensed by recognized regulators, including the U.S. SEC, the UK’s FCA, the EU’s VASP regime, the UAE’s VARA, and the Monetary Authority of Singapore. With Pakistan ranked third globally in crypto adoption, the move could formalize one of the world’s most active emerging markets for digital assets.

Wall Street Veteran Predicts Institutional Bitcoin Uptick

On the investment front, Jordi Visser, a Wall Street veteran and macro analyst, said he expects U.S. financial institutions to increase their Bitcoin allocations before the end of the year.

“Between now and the end of the year, the allocations for Bitcoin for the next year from the traditional finance world are going to be increased,” Visser told Anthony Pompliano during a YouTube interview.

Visser believes institutional players are preparing to raise Bitcoin exposure in the final quarter of 2025, coinciding with ongoing debates about whether the market is approaching a cycle peak.

A Convergence That Signals Maturity

Taken together, these developments highlight how digital assets are steadily moving beyond their speculative origins and into a more mature, globally integrated phase.

Stablecoins as Infrastructure: The USDH bidding war illustrates that stablecoins are no longer niche experiments. Exchange-backed models and multi-chain launches suggest that stablecoins are evolving into critical infrastructure for payments and decentralized finance, with competition driving innovation in speed, transparency, and interoperability.
Emerging-Market Regulation: Pakistan’s licensing initiative shows that high-adoption countries are no longer content to operate in regulatory gray zones. By welcoming global exchanges under a formal regime, Pakistan is signaling that digital assets can coexist with financial oversight, a model other emerging markets may follow.
Institutional Capital Flow: Finally, Visser’s forecast of increased Bitcoin allocations reinforces the view that traditional finance is treating crypto as a legitimate asset class for portfolio diversification. Institutional inflows bring liquidity and stability, but also higher standards for custody, compliance, and governance.

This convergence of grassroots adoption, proactive regulation, and institutional engagement underscores a key inflection point.

Crypto is no longer just an alternative system; it is becoming a recognized layer of the global financial landscape, one where innovation and regulation are starting to work hand in hand.