On April 18, Circle launched the CPN Managed Payments network to enable banks to settle stablecoins without needing to manage digital assets directly. This new service alleviates complexities related to custody infrastructure and blockchain operations for financial institutions. On April 23, the Bank for International Settlements issued a report warning that cryptocurrency exchanges are becoming 'shadow banks.' The PUSD stablecoin also deployed on the ADI Chain, targeting the $3T Islamic finance market. Additionally, Morgan Stanley Investment Management announced the launch of the Stablecoin Reserves Portfolio, a government money market fund designed to align with the stablecoin reserves investment requirements of the GENIUS Act.
