SoFi announced a strategic partnership with Bitcoin payment infrastructure provider Lightspark. The company revealed the new service amid Bitcoin’s prominent price of $113,780. SoFi plans to launch the blockchain-powered money transfer service in Mexico later this year. 

SoFi CEO Anthony Noto emphasized the convenience for members on the X platform. According to Noto, users will be able to make international transfers directly through the SoFi app. This service positions the bank strongly in the global money transfer market, which reached $740.5 billion in 2024. 

SoFi + Lightspark = instant global payments.

Send money abroad in seconds, right from the @sofi app, powered by UMA.

Coming soon for → with more countries to follow.

The future of global payments is here: https://t.co/MxAA5o9k2Z pic.twitter.com/GFVq4KhoxF

— Lightspark (@lightspark) August 19, 2025

New Transfer Model Supported by UMA 

SoFi’s UMA-based solution allows users to convert U.S. dollars into Bitcoin in real-time. Funds are sent across borders via the Lightning Network, and recipients receive payments directly in their local currency. This provides significant advantages in both speed and cost. 

Lightspark’s UMA system enables transfers using email-like addresses. Founded in 2022 by PayPal’s former president David Marcus, the company quickly established global partnerships. SoFi will show exchange rates and fees to users before confirming transactions, emphasizing that costs will be below the national average. 

The service will be available 24/7 to SoFi’s 11.7 million members. Last year, Coinbase integrated Lightspark’s Bitcoin Lightning infrastructure. According to Coinbase, 15% of Bitcoin transactions occurred via the Lightning Network within 12 months. 

Meanwhile, Brazilian digital bank Nubank also partnered with Lightspark in 2024, planning to offer Bitcoin payments to its 100 million customers. However, Nubank has not yet confirmed full service activation. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post First International Bitcoin Lightning Transfer in the U.S.! appeared first on Coin Engineer.

The company has officially applied to form a national trust bank, aiming to oversee its USDC reserves and offer custodial services under federal regulation. If approved by the Office of the Comptroller of the Currency (OCC), Circle would be granted the authority to operate nationwide as a federally regulated trust institution.

What a National Trust Bank Status Means

According to Circle, the establishment of the First National Digital Currency Bank would:

• Strengthen the issuance and circulation infrastructure of USDC,
• Provide custody services for institutional clients,
• Eliminate the need for separate state-based money transmitter licenses.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

This move also aligns with pending legislation like the GENIUS Act, which passed the U.S. Senate and is under review in the House. The act introduces a regulatory framework specifically for U.S. dollar-pegged stablecoins.

Other Crypto Players Are Watching

Circle isn’t alone in pursuing a national bank charter. According to reports, several other firms—including the digital assets division of Fidelity—are also exploring similar regulatory paths. Notably, Anchorage Digital Bank was the first to obtain such a charter in 2021.

Meanwhile, Circle Internet Group’s shares have remained relatively stable, with a slight gain of 0.48% to $181, followed by a 1.30% decline to $178 in after-hours trading.

These developments indicate growing institutional momentum in the crypto space and reflect a broader trend toward compliance and trust in digital finance.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Circle Seeks US Trust Bank License for USDC Reserve appeared first on Coin Engineer.

• Supported Cryptocurrencies: Only Bitcoin (BTC) and Ethereum (ETH) are available for trading.
• Requirements: Users must hold a ZA Bank account and complete a risk assessment to access the service.
• Partnership: ZA Bank has collaborated with HashKey Exchange to ensure regulatory compliance and streamline operations.

Calvin Ng, Alternate CEO of ZA Bank:
“The rise of cryptocurrencies provides investors with diverse asset allocation opportunities.”

Livio Weng, CEO of HashKey Exchange:
“We will continue to work closely with ZA Bank to develop the Web3 ecosystem and offer diversified financial services.”

Regulatory Landscape in Hong Kong

• Retail crypto trading became legal in Hong Kong in August 2023.
• Three exchanges currently hold licenses from the Securities and Futures Commission (SFC):
  • OSL (2020)
  • HashKey (2022)
  • Hong Kong Virtual Asset Exchange (HKVAX) (October 2023)

The SFC expects to grant additional licenses by the end of the year. ZA Bank, established in 2019, is Hong Kong’s first licensed virtual bank, serving over 800,000 users.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Hong Kong’s Largest Digital Bank Launches Retail Crypto Trading appeared first on Coin Engineer.