Tagged: stablecoins

Societe Generale-FORGE Completes 7 Million DAI Drawdown from MakerDAO Protocol

MakerDAO, which claims to be the longest-standing DeFi lending protocol and creator of DAI, the original, decentralized stablecoin, announces Societe Generale-FORGE, a subsidiary of French multinational investment bank Societe Generale, has “completed an initial DAI drawdown from the MakerDAO protocol of 7 million DAI. SG-FORGE… Read More

Latin America: Bitso First to Offer Circle’s Digital Euro

Bitso has become the first digital asset exchange to offer Circle’s Euro-based stablecoin, according to a note from the firm. This means customers may now choose to transact in either US dollars or Euros by leveraging Circle’s digital currency. Bitso offers services in various Latin… Read More

Paxos Responds to FSB’s Recommendations of the Regulation of “Global Stablecoin” Arrangements

Recently, Paxos, the regulated blockchain and tokenization infrastructure platform, submitted recommendations to the Financial Stability Board (FSB) on how best “to safely oversee a global, fiat-backed stablecoin and its issuer.” Paxos welcomed the opportunity “to provide comments to the Financial Stability Board and agreed with… Read More

Circle Asks FSB to Implement Balanced Standards for Financial Stability

Circle has submitted comments to the Financial Stability Board’s (FSB) proposed framework for the international regulation of crypto-asset activities and the regulation and supervision of “Global Stablecoin” Arrangements. Circle appreciates the critical role that the FSB plays in “promoting international financial stability, particularly in developing… Read More

Fireblocks VP, Head of Corporate Strategy Predicts that More Financial Institutions Will Leverage Stablecoins in 2023

As the crypto and blockchain industry enters a new year, Fireblocks’ Vice President & Head of Corporate Strategy Adam Levine, shares key predictions of institutions eyeing the space: More traditional financial institutions leverage stablecoins Bigger players will use blockchain technology to unlock some of the… Read More

Senator Pat Toomey Introduces Stablecoin Legislation

Retiring Senator Pat Toomey has introduced his stablecoin legislation just prior to his exit from the Senate and his ranking position on the Senate Banking Committee. Toomey is currently one of the most effective and knowledgeable policymakers engaged in financial services legislation, and his presence… Read More

BlockTower Credit, MakerDAO to Fund $220M of Real-World Assets via Centrifuge

The team at Centrifuge is pleased to close the year with the official launch of a $220 million fund with their partners BlockTower Credit and MakerDAO. The executive vote passed on Sunday, December 11, and Maker will “deploy four vaults to fund investments in real-world… Read More

As Questions Increase, Tether Says it Will Reduce Secured Loans on its Reserves to Zero

In a blog post, Tether announced its intent to reduce secured loans to zero during 2023. Along with the announcement, Tether stated that its current secured loans are overcollateralized and covered by extremely liquid assets. The statement follows a claim published on WSJ.com that said… Read More

Canadian Securities Administrators Updates on Crypto Exchanges Operating in Country, Stablecoins Could be Securities

The Canadian Securities Administrators (CSA) says they are “strengthening their approach” to crypto exchanges providing services in Canada following recent events. The CSA is alluding to the bankruptcy of FTX and all of the other failures and crypto firms that have been impacted by the… Read More

Tether Slaps Back at WSJ Article Questioning Stablecoin Issued Loans

Tether (USDT), currently the most popular dollar-based stablecoin with a market cap of around $65 billion, has responded to an article in WSJ.com questioning the firm about its stablecoin-issued loans and affiliated risk. In an article published yesterday (December 1, 2022), the author claimed that… Read More

Web3 Payments Solution from Banking Circle Enables Asset-backed Stablecoin Settlements

With Banking Circle’s web3 payments solution, payments businesses and banks can process asset-backed stablecoin settlements “in the same way as fiat currencies, providing their customers with faster settlement and lower fees outside of traditional bank rails.” Banking Circle‘s USDC stablecoins solution can be “utilized for… Read More

Warwick Business School: Stablecoins May Be Path to CBDCs

Warwick Business School held an event in recent days that discussed central bank digital currency (CBDCs), according to a note from the school. The Gillmore Centre Policy Forum heard Antoine Martin, a Senior VP of Research at the Federal Reserve Bank of New York, where… Read More

TripleA Enables Bigo Live’s Users to Pay with Digital Currencies

Bigo Live, which claims to be one of the world’s fastest-growing social live streaming platforms, has enabled their users to top up accounts by paying “with cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC).” Powered by licensed crypto payment gateway TripleA,… Read More

MakerDAO Introduces Maker Teleport, Enabling Near-Instant Movement of DAI Across Chains

MakerDAO, which claims to the “longest-standing” decentralized finance (DeFi) lending protocol and creator of DAI, the original, decentralized stablecoin, announces the launch of Maker Teleport, a multichain infrastructure for teleporting DAI across different blockchain networks. Maker Teleport is now “available on the smart contract chains… Read More

Circle CEO Sends Letter to Congressional Leaders Urging Stablecoin Legislation

This week, Jeremy Allaire, CEO of Circle – issuer of a leading dollar-based stablecoin USDC, forwarded a letter to Congressional leaders urging action on stablecoin legislation, providing rules for the industry to develop with surety. Following the collapse of FTX and the collateral damage of… Read More

More Retail Payments: Circle Announces it Will Enable Apple Pay for Merchants

Apple Pay, the very popular digital wallet offering from Apple (NASDAQ:AAPL), is now available via Circle, according to a blog post. Circle stated that eligible businesses who build with Circle can now accept Apple Pay. This includes both in-App payments as well as using a… Read More

Top Singapore Bank DBS Pursues Programmable Digital Dollar (DSGD)

DBS, a top financial services group in Asia with a presence in 18 markets and based in Singapore, has announced an initiative to create a programmable digital Singapore dollars (DSGD). The project has the defacto approval of the Singapore government which recently indicated its support… Read More

Singapore Looks to Reduce Consumer Risk of Crypto Trading, Encourages Stablecoins with New Rules

-Retail Investors May Be Banned from Using Leverage in Crypto Trading -Banks Allowed to Issue Stablecoins The Monetary Authority of Singapore (MAS) has proposed new initiatives aimed at mitigating risk to consumers in regard to crypto trading. At the same time, MAS has proposed new… Read More

What’s Better? A Government Issued CBDC? Or a Privately Issued Stablecoin?

There has been a lot of initial excitement surrounding the possibility of a digital dollar – a government-issued, central bank digital currency (CBDC).  The enthusiasm is primarily due to certain expectations that a CBDC will be frictionless, a low-cost currency that will help underbanked segments… Read More

Coinbase Boosts USDC Access

In a move to support the adoption of USDC, the Circle issued dollar-based stablecoin, Coinbase (NASDAQ:COIN) has waived commission fees when buying or selling USDC via any fiat currency on Coinbase, “from AUD to ZAR.” USDC is the second largest stablecoin by market cap after… Read More

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