Bito Launches Stablecoin Settlement Service, Anticipating Strong Demand in Trade

(CNA, Taipei, July 7) Anticipating that stablecoin payments will become a rigid demand in future international trade, Bito Group announced today the launch of its enterprise-level virtual asset core brand, introducing "Bito.ONE," a stablecoin settlement service specifically designed for financial institutions. Bito is currently engaged in pilot programs with four banks and is calling for 10 companies to participate in the initial trial program today, aiming to connect with the global financial system.

The Virtual Asset Service Providers Act was passed on its third reading by the Legislative Yuan on June 30. Following the passage of the dedicated act, the supervision of virtual asset service providers (VASPs) will be strengthened, and the types and scope of VASPs will be clearly defined. Furthermore, the act explicitly includes stablecoins under its regulatory framework, based on principles of full reserves, segregated custody of assets, redemption guarantees, and a prohibition on interest payments.

Bito Group founder and CEO, Tai-Tsung Cheng, stated in a press release that with the formal third reading of the Virtual Asset Service Providers Act, regulations and market confidence are gradually maturing. Therefore, the company is launching its enterprise-level virtual asset core brand, utilizing open services as its technological core. This will enable any financial institution and enterprise to quickly integrate into the most likely entry points from Web2 to Web3, including stablecoin payments, point-to-currency exchange, and cryptocurrency payments.

Taiwan's total import and export value is projected to reach a record high of 1.12 trillion US dollars in 2025. Bito anticipates that stablecoin payments will become a rigid demand in future international trade. To assist Taiwanese enterprises in seamlessly connecting with the mainstream financial system and cross-border trade trends, the stablecoin settlement service offers a stablecoin exchange method pegged 1:1 with the US dollar, reducing the risk of exchange rate fluctuations in international business. (Editor: Hsieh Chia-chen) 1150707

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