stablecoins

Following last year’s stablecoin implosion, international leaders have emphasized the importance of setting up global regulations and norms for this sector. Despite such calls, only a few have taken concrete steps to enact these measures. In contrast, Singapore’s central bank has taken a proactive approach by introducing a structured framework, outlining various prerequisites, aiming to...Read More

On Aug. 8, the Federal Reserve elaborated that “novel activities” included complex, technology-driven partnerships with non-banks. These partnerships provided banking services to customers and activities that involve cryptocurrencies and blockchain technology, it stated. @federalreserve provides additional information on its program to supervise novel activities in the banks it oversees: https://t.co/6MiItQwO7V — Federal Reserve (@federalreserve) August...Read More

The Chief Executive Officer of Binance – Changpeng Zhao (CZ) – said one reason why his company recently introduced the stablecoin FDUSD is the terminated partnership with Paxos. While the two entities teamed up in 2019 to launch the USD-denominated BUSD, the New York state regulators told Paxos to stop minting new tokens earlier this...Read More

The House Financial Services Committee (HFSC) failed to reach an agreement for stablecoin legislation on Thursday due to a number of disagreements Democrats had with its existing text. Committee Chair Patrick McHenry (R-NC) blamed the White House for holding up the bill, while Democrats alleged that Republicans were attempting to rush incomplete legislation. No Compromise...Read More

The stablecoin market witnessed a declining market capitalization for the 16th consecutive month. According to the latest crypto analytics platform, CCData, the figure fell by 0.82% to $127 billion in July, hitting the lowest level since August 2021. The market cap dominance of stablecoins also plummeted to 10.3% from 10.5% in July. On the brighter...Read More

On July 4, the Vice President of Hong Kong University of Science and Technology, Cai Wensheng, penned a proposal for an HKD stablecoin. The policy proposal was also made by Wang Yang, Lei Zhibin, and Wen Yizhou but was not endorsed by the Hong Kong government. The academics have a vision for a local currency...Read More

Mitsubishi UFJ Financial Group (MUFG) – the largest finance institution in Japan – is reportedly considering issuing global stablecoins via its blockchain platform.  The bank has previously revealed plans to introduce such tokens tied to the value of the Japanese yen.  MUFG’s New Crypto Idea As reported by Bloomberg, the entity is in talks with industry...Read More

The UK’s Financial Services and Markets Bill (a proposed legislation that touches upon traditional monetary services and cryptocurrencies) has moved forward after the Parliament’s upper chamber – the House of Lords – gave its nod.  It will now enter into final reading, where the House of Commons is authorized to make amendments. The legislation can...Read More

DAI stablecoin, with a circulation of around $4.6 billion, has surpassed BUSD amidst mounting legal troubles for the world’s largest crypto exchange, Binance. The market capitalization of BUSD has declined to $4.3 billion following the regulatory drama that started earlier this year. According to data from CoinMarketcap, BUSD circulation is down over 70% since the...Read More

Tether (USDT), the world’s largest stablecoin, achieved a groundbreaking milestone by surpassing its previous all-time high market cap of $83.2 billion, a record set back in May 2022. This remarkable feat further cements Tether’s unrivaled dominance in the rapidly expanding stablecoin market, which currently totals an astonishing $130 billion, with USDT’s market cap surpassing the...Read More

Stably – a stablecoin-as-a-service provider and fiat to crypto on-ramp – has launched the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain.  The token, Stably USD ($USD) is based on the emerging BRC-20 token standard around which many Bitcoin-based memecoins popularized earlier this month.  Stably USD and the Meme Economy Per a tweet from...Read More

The authorities of New York state proposed certain amendments to the law that could allow residents to settle bail bonds in stablecoins instead of fiat currency. The bill could become official six months after the relevant regulators greenlight it. Domestic lawmakers have previously introduced legislation that aims to make certain cryptocurrencies an official means of...Read More

Democrats blasted draft legislation regarding stablecoins on Wednesday for not being as “bipartisan” as initially planned. The bill, created by Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.) last year, was praised by Republicans, but criticized by their left-wing counterparts as ‘outdated.’ Starting From Scratch The House Financial Services Committee published a draft version of...Read More

On April 12, Andrew Bailey, governor of the Bank of England, stated during a press conference at the Institute of International Finance in Washington that stablecoins should be regulated in the same way as fiat money. According to Bailey, stablecoins lack an “assured value,” one of the main characteristics that people look for when investing...Read More

The USDC depeg caused significant turmoil in the market last week. The stablecoin issuer Circle claimed that it has cleared “substantially all of the backlog of minting and redemption requests for USDC.” In a recent statement, Circle said it had redeemed $3.8 billion of USDC tokens over the period and minted $800 million. The Boston-headquartered...Read More