David Schwartz discusses new Ripple stablecoin: Here is what Schwartz had to say
Ripple’s Chief Technology Officer (CTO), David Schwartz, publicly replied to queries about the forthcoming Ripple stablecoin and how it may or may not affect XRP`s role in cross-border transactions. The discussion arose after Ripple announced its new stablecoin, which would run on both the XRPL and Ethereum networks. This particular move spurred discussions related to […]
BRICS want to create their very own stablecoin for trades
Amid a rapidly changing global economy, BRICS (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE) is setting its sights on a digital revolution in trade practices. Sergei Ryabkov, Russia’s Deputy Foreign Minister, has revealed plans potentially leading to the development of a BRICS-specific stablecoin designed for international settlements. BRICS’ Strategic Push […]
Coin Center to congress: Rethink algorithmic stablecoin ban
Coin Center, a renowned non-profit organization that deals mostly with cryptocurrency issues, has very grave concerns about the Payment Stablecoin Act bill proposed by senators Lummis and Gillibrand. Championed by Senators Cynthia Lummis and Kirsten Gillibrand, the crypto assets would be stable, as per the bill, due to their pricing in U.S. dollars and 100 […]
Senator Warren voices support for AML/CFT measures for Stablecoins
United States Senator Elizabeth Warren has reacted to the recent testimony of Deputy Treasury Secretary Wally Adeyemo before the Senate Banking Committee. In the letter forwarded to Treasury Secretary Janet Yellen, she wrote that she backed Adeyemo’s line of thought about Anti-money laundering and erasing terrorism financing. Senator Warren backs stablecoins’ regulatory measures In the […]
Lummis and Gillibrand draft new stablecoin regulation bill
Legislators Cynthia Lummis and Kirsten Gillibrand have presented a law on issuing stablecoins. The goal of this draft law is to ensure that clear working conditions exist in the country. This project is focused on paying stablecoins, which are digital assets pegged to the value of the dollar and are in demand mainly for transfers […]
UK to enforce new crypto law by mid-2024, official says
With the European Parliament plenary vote expected later this year, the UK will soon enforce the new cryptocurrency and stablecoin law by mid-2024. The Economic Secretary of the Treasury, Bim Afolami, declared this at the same event as the Innovate Finance Global Summit. This Act is meant to set up a comprehensive regulatory regime for […]
Ripple is launching a stablecoin – but what does it actually mean?
Ripple, a name that’s been tossed around more in courtrooms than in crypto exchanges lately, is stepping into the stablecoin market. Ohh, yeah. While Bitcoin is making people’s wallets fatter and the crypto market is having more mood swings than a pregnant woman, Ripple’s throwing its hat in the ring with a stablecoin. But before […]
Nick van Eck to launch new USD-backed stablecoin
Nick van Eck, son of investment guru Jan van Eck, spearheads the launch of a new stablecoin named Agora, backed by the United States dollar. With a recently concluded $12 million funding round, Agora is poised to enter the competitive stablecoin market with a mission to provide transparency and trustworthiness in managing digital dollar assets. […]
Innovative stablecoin launches with unique regulatory strategy
Mehen Finance, the entity behind the USDM stablecoin on Cardano’s blockchain, is gearing up for a public retail rollout slated for April. The stablecoin officially debuted on Cardano’s network on March 17 and is currently accessible solely to institutional users. Matthew Plomin, founding partner of Mehen Finance, disclosed plans for the forthcoming retail rollout during […]
Conflux Network Introduction of AxHKD, a Groundbreaking Hong Kong Dollar-Backed Stablecoin
In a significant move that marks a new era in the fusion of traditional finance with blockchain technology, Conflux Network has taken a pivotal role in the beta-testing phase of AxHKD, a stablecoin pegged to the Hong Kong Dollar (HKD). The development is not just a testament to the innovative strides being made in the […]
Binance resolves withdrawal glitch, ensures user fund safety
Binance, the global cryptocurrency exchange, successfully resolved a technical glitch that momentarily hindered its crypto withdrawal services. The issue, which caused concern among a vast number of users, was quickly addressed, leading to the restoration of normal withdrawal operations. Binance’s technical team acted swiftly to rectify the problem, ensuring minimal disruption to its trading activities. […]
Tether overcomes scrutiny to secure $100 billion valuation
Tether’s USDT stablecoin briefly surpassed a market capitalization of $100 billion for the first time, as reported by CoinGecko. This achievement underscores the growing prominence of stablecoins in the digital asset market, particularly against the backdrop of a broader crypto market rally. According to Tether’s official website, despite the total number of USDT tokens being […]
Global Stablecoins: Navigating the Future with FSI’s Regulatory Framework
The Financial Stability Institute (FSI) has recently introduced a groundbreaking set of recommendations designed to guide the supervision of global stablecoins (GSCs). The initiative comes at a pivotal moment, as GSCs continue to capture the attention of markets worldwide, presenting both opportunities and challenges for the financial ecosystem. The FSI’s comprehensive framework aims to address […]
Hong Kong sets global benchmark in virtual asset regulation
Hong Kong’s Financial Secretary, Mr. Chan Mo-po, has announced the launch of a ‘regulatory sandbox’ for stablecoin issuers as part of the 2024 budget. This initiative marks a pivotal step in the city’s approach to cryptocurrency regulation, providing a controlled environment for testing the issuance processes, business models, investor protection mechanisms, and risk management systems […]
Plans underway for stablecoin regulations in South Africa
In response to the evolving landscape of cryptocurrency and digital assets, South Africa‘s Intergovernmental Fintech Working Group (IFWG) has announced its plans to develop a regulatory framework for stablecoins. The group, tasked with overseeing fintech developments in the country, will commence this initiative by assessing various use cases for stablecoins and exploring their potential implications […]
Y Combinator targets stablecoin finance for startup funding
Silicon Valley’s renowned startup incubator, Y Combinator (YC), has spotlighted stablecoin finance as a key investment category in its latest call for startups. The Request for Startups (RFS) initiative has been a staple tradition of YC since 2009, offering a roadmap for entrepreneurs eager to align their ventures with the incubator’s investment focus. Stablecoin finance: […]
Ripple’s XRP gains stablecoin status from World Bank
The World Bank has officially recognized Ripple’s native cryptocurrency, XRP, as a stablecoin. This classification marks a significant milestone for Ripple and its digital asset, underscoring its growing acceptance and utility in the global financial landscape. The discussion around this development was sparked by a tweet from a well-known Ripple supporter, leading to further insights […]
UK Postpones Stablecoin Feedback Deadline, Pushing for Thorough Crypto Regulation
In a strategic move, the United Kingdom has extended the deadline for feedback on the Bank of England’s (BOE) discussion paper regarding stablecoin regulation. The extension, shifting the deadline from February 6 to February 12, is part of a broader initiative to construct a comprehensive regulatory framework for crypto-assets. Although the deadline for the Financial […]
Tim Draper forecasts Bitcoin’s total takeover
Renowned billionaire investor Tim Draper, known for his early advocacy of Bitcoin, has reaffirmed his belief in the future of cryptocurrency. In a recent Bloomberg interview, Draper acknowledged his previous forecasting misstep but remained unwavering in his confidence in Bitcoin. He humorously remarked, “I don’t know why anybody is still listening to me if I […]
Illicit crypto transactions fall to $24.2 billion in 2023
In a significant development in the cryptocurrency sector, illicit crypto addresses received $24.2 billion in 2023. This figure marks a notable decrease from the previous year’s $39.6 billion, according to a comprehensive report by Chainalysis, a leading blockchain analytics firm. The data suggests a shifting landscape in digital currency-related crime, with stablecoins taking a more […]
Tether emerges as a tool in Southeast Asia money laundering
In a recent development that has stirred concerns within the global financial community, the United Nations Office on Drugs and Crime (UNODC) has released a report underlining the increasing use of Tether, a leading cryptocurrency platform, in illicit financial activities across Southeast Asia. The report sheds light on the growing prevalence of sophisticated financial crimes, […]
Nigeria’s cNGN stablecoin to transform digital currency scene
The Central Bank of Nigeria (CBN) has officially approved the cNGN stablecoin, marking a significant development in the country’s cryptocurrency industry. This approval, granted on January 4, 2024, paves the way for the Africa Stablecoin Consortium (ASC) — a collaboration of Nigerian banks and fintech companies — to launch the new stablecoin on February 27, […]
Hong Kong tightens rules for stablecoins, aims for hub status
In a significant move to position itself as a leading virtual asset hub, Hong Kong has introduced stringent regulations for stablecoins. This development presents a challenging landscape for popular stablecoins such as Tether (USDT) and USD Coin (USDC), as the new regulatory framework is considered more rigorous than Singapore’s. Hong Kong’s stringent regulatory approach According […]
TrueUSD and MooreHK partner for enhanced stablecoin transparency
TrueUSD (TUSD), a leading stablecoin, has partnered strategically with Moore Hong Kong (MooreHK), a renowned accounting firm. This collaboration is set to begin in January 2024, marking a significant step in TUSD’s commitment to transparency and trust within the industry. MooreHK boosts TrueUSD’s global transparency efforts Starting January 2024, MooreHK will conduct daily attestations for […]
Nigeria’s Top Banks Collaborate on New cNGN Stablecoin
Principal Nigerian banks have joined forces to create the cNGN stablecoin, a new digital currency set to revolutionize the financial landscape in Nigeria. The initiative represents a significant collaboration within the Nigerian banking sector, aiming to enhance the digital currency ecosystem and bring substantial benefits to both the economy and token holders. The cNGN Stablecoin: […]
Circle launches EURC stablecoin on the Solana network
Circle, a prominent player in the stablecoin market, has recently announced the launch of its EURC stablecoin on the Solana blockchain. This strategic move will significantly enhance the utility of peer-to-peer transfers and transactions within European remittance corridors. Solana, recognized for its high-speed and cost-efficient transaction capabilities, presents an ideal platform for the EURC, which […]
Palau announces the second phase of its stablecoin project
Palau has initiated the second phase of its stablecoin project, focusing on building a robust digital ecosystem, expanding accessibility, and ensuring user participation with a strong commitment to legal and regulatory compliance. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance (MOF), announced the expansion, aiming to simplify transactions […]
Tether Shares Letters with U.S. Congressional Committees Highlighting Commitment to Compliance
Tether, the creator of the first and most liquid stablecoin, disclosed letters it sent to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and the U.S. House Financial Services Committee. These communications emphasize the company’s dedication to preventing the illicit use of stablecoins and its proactive role in the crypto ecosystem. Building a […]
Deutsche Bank leads new venture for Euro stablecoin launch
In a significant development in the digital asset sector, Deutsche Bank‘s investment management arm, DWS Group, has announced a strategic partnership with Galaxy Digital and Flow Traders to introduce a new euro-denominated stablecoin. This venture, named AllUnity, marks a notable collaboration in the financial world, blending traditional and digital finance. Deutsche Bank, Galaxy Digital Unite […]
Curve Finance Resets CryUSD: A Strategic Move in Stablecoin Market
Curve Finance, a prominent player in the decentralized finance (DeFi) space, has announced a significant adjustment to its stablecoin, CryUSD – the coin is being repegged to the value of $1. The adjustment is particularly noteworthy as it’s the first time CryUSD has returned to its pegged value since it deviated in early November. The […]
New Zealand welcomes NZDD stablecoin and multi-crypto wallet
In a significant advancement for the cryptocurrency market in New Zealand, Easy Crypto, in partnership with Australian blockchain company Labrys, has unveiled the NZDD, a new stablecoin pegged to the New Zealand dollar. This development marks a major step forward in the integration of traditional finance and digital currency in the region. The NZDD aims […]
BIS report reveals the vulnerabilities in Stablecoins
Stablecoins, as scrutinized in a recent study by the Bank for International Settlements (BIS), appear to lack fundamental mechanisms crucial for ensuring stability in money markets compared to their fiat counterparts. The study argues that a model assigning regulatory control to a central bank would outperform private stablecoins in terms of reliability and stability. BIS […]
Stablecoin market cap experiences a 35% decline
Over the past eighteen months, the stablecoin market has experienced a significant downturn, with a 35% decrease in its total market capitalization. This decline comes in the wake of last year’s collapse of Terraform and its native UST. According to data from DeFiLlama, the market reached its peak at $189 billion in May of the […]
Stellar network welcomes EURC, aiming for Euro parity and stability
Circle and the Stellar Development Foundation (SDF) have unveiled the European Reserve Currency (EURC) on the Stellar network. This initiative mirrors the objectives of its precursor, the USDC, striving for parity with the Euro and maintaining a backing by tangible reserves. Each EURC coin is meticulously anchored to a fixed amount of euros, providing a […]
WSJ’s Tether narrative is misleading, claims cryptocurrency giant
Tether, the principal issuer of the leading stablecoin USDT, recently voiced criticism against the Wall Street Journal (WSJ). The cryptocurrency giant asserted that while the WSJ consistently scrutinizes its practices, the publication remains silent on the ongoing challenges in the conventional banking sector. Tether’s stance comes amidst mounting discussions about the broader dynamics of the […]
Circle and NEAR Foundation team up to expand USDC stablecoin
The recent partnership between Circle, the issuer of the USDC stablecoin, and the NEAR Foundation offers a compelling snapshot of the rapidly evolving crypto landscape. By introducing native USDC stablecoins on the NEAR blockchain, this alliance effectively ushers in a new era of financial flexibility. This development expands USDC’s availability across thirteen blockchain ecosystems, fostering […]
Federal Reserve’s Barr sounds alarm on stablecoin oversight needs
Federal Reserve Vice Chair of Supervision Michael Barr raised alarms about stablecoins in a fintech conference on Friday. He emphasized the urgent need for strong federal oversight. Barr warned that non-regulated stablecoins could risk financial stability and monetary policy. This message comes as House Financial Services Committee lawmakers spar over stablecoin regulation. Last month, the […]
Paxos Trust company highlights blockchain’s role in swift international remittances
New York’s Paxos Trust Company, a leading stablecoin entity, recently emphasized the potential of blockchain technology in expediting international money transfers. Significantly, the firm pointed out that global remittances, such as expatriates sending money to their home countries, play a pivotal role in the financial ecosystem. Moreover, these funds act as a lifeline, supporting families […]
Tether ceases USDT support for Bitcoin, Kusama, and Bitcoin Cash blockchains
Tether, a prominent stablecoin issuer, has announced its decision to discontinue USDT blockchain support for Bitcoin, Kusama, and Bitcoin Cash, citing a meticulous evaluation of factors encompassing security, compliance, and customer support. This move reflects Tether’s commitment to ensuring the safety and longevity of chosen blockchains, optimizing maintenance efficiency, and avoiding compromises in security and […]
Circle CEO’s revelation: 70% of USDC adoption surges beyond US borders
Jeremy Allaire, the CEO, and co-founder of Circle, has challenged prevailing assumptions about USDC adoption trends, revealing that most usage occurs outside the United States. Contrary to common belief, the fastest-growing economies in Asia, Latin America, and Africa are proving particularly receptive to the stablecoin. This trend highlights a significant market demand for a reliable […]
