Tagged: stablecoin

Survey: Almost 75% of German Residents Say They Won’t Use Facebook’s Libra Stablecoin

Nearly three-quarters, or 75%, of German consumers said they would not use Facebook’s controversial stablecoin Libra, according to a recent survey Out of 2000 Germans, aged 16 and over, that were questioned, only 27% said they might consider using Libra to conduct local or international… Read More

Celsius Network Collaborates with TrustToken to Offer High Interest Income on TGBP, TAUD, TCAD, THKD, & TUSD Stablecoins

Celsius Network, a cryptocurrency lending and borrowing platform, announced on Wednesday it has teamed up with global stablecoin provider TrustToken to offer interest income on True Great Britain Pound (TGBP), True Australian Dollar (TAUD), True Canadian Dollar (TCAD), True Hong Kong Dollar (THKD), True US… Read More

Facebook’s Libra On Deck: Mark Zuckerberg to Testify Before House Financial Services Committee

Mark Zuckerberg, CEO of Facebook, is scheduled to testify in front of the House Financial Services Committee later this month in what is expected to be a thorough grilling regarding Facebook’s stablecoin Libra and Facebook’s operations in general. Congresswoman Maxine Waters (D-CA), Chairwoman of the… Read More

Libra Association Reveals New Roadmap and Developer Updates for Facebook’s Stablecoin Project

The developers of Facebook’s Libra stablecoin have unveiled a new roadmap that outlines the main steps leading to the project’s mainnet launch. The announcement, published on October 2, reveals several important updates for the crypto project’s developers and for those who are running the Libra… Read More

Report: Prominent Libra Association Members Now Hesitant About Officially Endorsing Facebook’s Currency Project

Officials at Visa, Mastercard, PayPal, and Stripe are reportedly hesitating now about officially signing on as members of the Libra Association, a governance consortium assembled by Facebook to advise on its proposed private, in-app currency system, Libra. The 28 current members of the Libra Association are reportedly being asked… Read More

Happy Anniversary: One Year Old USD Coin Now Second Most Popular Stablecoin

USD Coin (USDC) celebrated its first birthday this past week. As noted in a tweet, USDC is now the second most popular stablecoin following Tether. On September 26, 2018, Circle and the CENTRE open source consortium introduced USD Coin to enable individuals and institutions to… Read More

German Government Speaks Against the Authorization of Facebook’s Stablecoin Libra

Germany’s government has spoken against the authorization of the ongoing development of Facebook’s controversial stablecoin project Libra in Europe. Christian Democratic Union parliamentarian Thomas Heilmann, who’s responsible for creating CDU’s policies on blockchain technology, said the German government will not allow projects like Libra to… Read More

French Minister: Facebook’s Stablecoin Libra Challenges “Monetary Sovereignty” of States, Must Be Blocked

France’s government is reportedly planning to block the ongoing development of Facebook’s controversial stablecoin project, Libra.  French authorities said the launch of the crypto-related Libra initiative must not be permitted in Europe because it challenges the “monetary sovereignty” of states, according to CNBC. The report… Read More

In Light of FINMA Guidance on Stablecoins, Libra Will Pursue Payment System License

Following the announcement by the Swiss Financial Market Supervisory Authority (FINMA) has issued guidelines on the treatment of stablecoins under Swiss law, the Libra Association, a non profit based in Geneva, Switzerland, will pursue a license as a payment system with lead supervisory authority under the… Read More

Tether Launches Offshore Chinese Yuan Proxy

Controversial stablecoin issuer Tether has launched its promised “CNHt” coin, which is designed to act as a cryptographic proxy of offshore Chinese yuan (CNH). The coin will run as an ERC-20 token on the Ethereum network. Offshore Chinese yuan (CNH) added to our basket of… Read More

Arizona Fintech Sandbox Inducts Stablecoin Service for Medical Marijuana Firms

The Arizona Attorney General’s Office has added a company called ALTA (www.whatisalta.com) to the state’s Fintech sandbox program. ALTA is, “an Arizona startup that will allow cash-intensive businesses to make and receive digital payments without a bank,” using a digital token known as a “stablecoin,” a cash proxy… Read More

EU Antitrust Regulators Examining Facebook’s Libra

Antitrust regulators from the EU’s European Commission are currently examining possible monopoly implications of Libra, Facebook’s proposed global currency system, Bloomberg reports. Facebook announced in June that it would roll out the Libra “stablecoin” cryptocurrency through its WhatsApp and Messenger apps in 2020. They said the… Read More

Still Undaunted by New York Investigation, Tether to Issue Offshore Yuan

Tether is continuing its bid to sell synthetic versions of world currencies by issuing yet another “stablecoin,” this time in the form of CNHT, which will act as a proxy for offshore Chinese yuan (CNH). Tether, its parent company iFinex and sister company, crypto exchange… Read More

In SEC Filing, Facebook Discloses Risks Posed by Libra, Proposed Global Currency System

Facebook has disclosed the market risks it perceives regarding Libra, the company’s attempt to create a global cryptocurrency and payment rails  for use by the network’s 2.4 billion users “and as a standalone application.” The risks are disclosed in the company’s substantial Q2 2019 quarterly… Read More

Russian Machinists’ Union, Duma Experts Propose Cryptocurrency to Evade Weapons Sanctions

Russian crypto media outlet Crypto.pro is reporting that Russian machinists and parliamentarians involved in weapons production and sales have advised Russian central bankers to develop a “stablecoin” cryptocurrency to allow Russia to sell weapons and military equipment to foreign customers without being encumbered by international… Read More

Facebook Finds Few Friends on House Financial Services Committee as Libra Head David Marcus Endures Skepticism for its Crypto Plan

This past week much of the Fintech news was dominated by hearings in Congress addressing Facebook’s plan to launch a global, blockchain-based, payments platform using a stablecoin, of sorts, as a foundation. This global currency, which may be able to challenge sovereign currency, is said… Read More

Professors: Swift and Proper Regulation of Facebook’s Libra Payments System Critical

Law professors from the University of Luxembourg, the University of New South Wales and the University of Hong Kong have produced a 29-page paper designed to assist lawmakers in what should continue to be their swift and serious response to Libra, the global payment system now… Read More

NYU Professor Says Politicians and Public “Rightfully Concerned” About Risks of Facebook’s Libra Payments Network

New York University marketing professor Scott Galloway has spoken out strongly on CNN against Facebook’s plans to create a cryptocurrency, saying the project poses extraordinary risks given Facebook’s slipshod history. “We are rightfully concerned,” said Galloway. “This is an organization that has shown gross negligence around… Read More

Fed Chair Powell Peppered with Questions on Facebook’s Libra at House Financial Services Committee Hearing

The House Financial Services Committee welcomed Fed Chair Jerome Powell today to share his perspective on the state of the US economy and his opinion on the effectiveness of monetary policy. While Powell’s prepared remarks kicked off a bit of a rally on Wall Street… Read More

UK Financial Conduct Authority Addresses Topic of Stablecoins Providing Insight into Regulatory Approach

In a speech presented today by Christopher Woolard, Executive Director of Strategy and Competition at the UK Financial Conduct Authority (FCA), the regulator addressed the hot topic of “stablecoins.” The speech was delivered at the annual Cambridge Centre for Alternative Finance conference which saw regulators… Read More

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