Due to the lack of regulation of stablecoins, concerns have been conveyed by the European Central Bank (ECB) despite stablecoins with a clear governance framework.
More DetailsThe International Monetary Fund (IMF) recently released a blog, “Digital Currencies: The Rise of Stablecoins” outlining the adoption of new digital payment methods.
More DetailsWhile the value of most cryptos has tremendously declined due to coronavirus outbreak, the demand for stablecoins seems to be on the rise.
More DetailsFive members of the 27-member European Union Bloc has urged the body to pass regulations to stiffen the emergence and existence of stablecoins in the region
More DetailsEuropean Central Bank President Christine Lagarde has urged the ECB to take the lead regarding stablecoins, citing increased interests in the space from central banks in Britain, Canada, and China.
More DetailsThe Financial Stability Board (FSB), the G20 body that advises on ways to improve the global financial system, has published a study on the challenges, which stablecoins pose for the global economy. The FSB stated that regulatory frameworks have already covered several activities associated with stablecoins, although there are other risks that many national regulators could be left unprepared for.
More DetailsEquilibrium has chosen Chainlink, a tokenized oracle network, to power synthetic assets, lending, and stablecoins using its smart contracts.
More DetailsStablecoins have made incredible crypto gains, achieving a milestone of $20 billion per market capitalization in September.
More DetailsStablecoins and the technology underlying them will be the building blocks of a more sustainable, inclusive and resilient global financial system according to the World Economic Forum (WEF).
More DetailsDespite facing constant criticism, Libra continues to stead on, with consideration of using Fiat – Pegged Stable coins for the project to replace its initial proposal of having a synthetic unit.
More DetailsThe OCC Boss, Brian Brooks has testified before the US Senate Banking Committee about the growing use of cryptocurrencies and stablecoins in the country
More DetailsChristine Lagarde, the president of the European Central Bank (ECB), has highlighted that stablecoins could pose a serious threat to monetary sovereignty and financial stability.
More DetailsBinance launches a dual-incentive promotional campaign for USDC-margined perpetual contracts, targeting deposits and trading activities to stimulate market engagement and diversify trading options in the crypto futures market.
More DetailsAccording to SCMP, despite the stringent ban on cryptocurrencies in mainland China, Jeremy Allaire, the co-founder and CEO of Circle, a leading operator of the USDC stablecoin, foresees a significant role for yuan-backed stablecoins in the global crypto market.
More DetailsRussia used to resist legalizing crypto. However, it is now willing to embrace the use of cryptocurrency for cross-border payments due to geopolitical tensions.
More DetailsThe Federal Reserve Bank is involved in a large-scale research and development regarding digital dollar, says Chairman Jerome Powell.
More DetailsIn pursuit of becoming a global crypto hub, Britain seeks to revamp the traditional financial market using distributed ledger technology (DLT), according to the finance ministry.
More DetailsAmerican insurance company Lemonade has revealed the formation of Lemonade Crypto Climate Coalition which will offer blockchain-enabled climate insurance to the most vulnerable farmers across the globe.
More DetailsThe Bank of Thailand is warning citizens against using the illegal THT stablecoin.
More DetailsA new report from the Bank for International Settlements has advocated the deployment of ‘Embedded Systems’ in the monitoring of global stablecoin projects.
More DetailsThe Financial Stability Oversight Council (FSOC) of the US Treasury Department has released its annual report with a crucial warning of digital assets disruption.
More DetailsCircle, the company behind USD Coin (USDC), has bagged funding worth $400 million from different players, including Fidelity Management, BlackRock Inc, and Research LLC, signalling traditional finance interest in the crypto space.
More DetailsRipple CEO Brad Garlinghouse predicts the approval of an Ether ETF by the SEC, critiquing the commission's approach under Gary Gensler as a political liability and detrimental to the U.S. economy's growth.
More DetailsThe Innovation Center of the Federal Reserve Bank of New York (NYIC) has successfully completed its proof-of-concept of a regulated liability network (RLN), which was carried out in collaboration with nine significant financial institutions and the Swift network.
More DetailsAddresses associated with FTX and its subsidiary, Alameda Research, have reportedly transferred $145 million in stablecoins to various platforms, as the cryptocurrency exchange faces demands to return funds to different groups of investors amid ongoing investigations and lawsuits.
More DetailsThe Bitcoin community watched from the edge of their seats as the BTC price briefly sank below to $3,900 before rebounding to between $5,300 and $5,500 in less than 30 minutes this morning.
More DetailsOn March 10, concerns about the solvency of USD Coin (USDC) led several holders to panic sell their holdings and switch to other stablecoins. One user lost over 2 million USDC in a failed attempt to exchange them for Tether (USDT) using KyberSwap's decentralized exchange aggregator. Tron founder Justin Sun reportedly withdrew 82 million USDC and exchanged them for Dai (DAI) using Aave v2, while IOSG Ventures sold 118.73 million USDC for 105.67 million USDT and 2,756 Ether (ETH). The USDC price has since slowly recovered, and Circle, the company behind USDC, disclosed holding $3.3 billion at the Silicon Valley Bank.
More DetailsVisa is rolling out a new interoperability feature facilitating digital currency payments among different parties. Visa aims to establish a bridge payment between digital currencies on the blockchain ecosystem.
More DetailsThe cryptocurrency landscape in Latin America, particularly in Argentina and Venezuela, is evolving as a mechanism to counter economic and political adversities. While Argentina sees crypto as a bulwark against economic instability, Venezuela is utilizing it as a tool for humanitarian aid and resistance against authoritarianism. The divergent crypto adoption narratives in these nations underscore the asset class's potential to address complex societal challenges.
More DetailsThe proposals presented by the British finance ministry are aimed to mitigate risks related to stablecoins amid the recent TerraUSD de-pegging fiasco.
More DetailsFederal Reserve Governor Michelle Bowman, in a discussion at Harvard Law School, explored the evolving digital payment landscape, touching on CBDC, stablecoins, and the necessity for a robust regulatory framework. While recognizing the potential of digital assets, she emphasized a cautious approach, underscoring the importance of continued research and international collaboration to navigate the digital transformation responsibly.
More DetailsCoinGecko's Q1 2023 Crypto Industry Report shows Bitcoin as the best-performing asset, with a gain of 72.4%. DeFi and NFTs have also surged, while stablecoins saw a drop in market cap due to Binance USD shutdown and USDC depeg. The overall market capitalization reached $1.2 trillion at the end of Q1.
More DetailsThe U.K. Chancellor of the Exchequer, Jeremy Hunt, laid out a number of reforms aiming to "drive growth and competitiveness" to the country's financial services sector. The reforms include consulting on proposals for the establishment of a central bank digital currency (CBDC), extending a crypto tax break for investment managers and creating a sandbox that lets firms and regulators test new technologies.
More DetailsThe growth of the DeFi industry has led to an explosive increase in popularity in Ethereum-compatible stablecoins.
More DetailsFSB finalizes a global regulatory framework for crypto assets, aiming for consistent regulation. The framework includes high-level recommendations for crypto-asset activities and stablecoins.
More DetailsCircle is gearing up for 2020 with a renewed deep focus on stablecoins and the powerful potential they hold for people, enterprises, and governments globally.
More DetailsIn a compelling testimony delivered to the House Financial Services Committee, Jeremy Allaire, CEO and Co-Founder of Circle, underlined the significant role stablecoins, such as the U.S. Dollar Coin (USDC), could play in strengthening the global position of the U.S. dollar.
More DetailsA new draft bill has been published in the United States proposing a regulatory framework for stablecoins. The bill would put the Federal Reserve in charge of non-bank stablecoin issuers, such as Tether and Circle. Insured depository institutions seeking to issue stablecoins would fall under federal banking agency supervision. The bill also includes a ban on issuing stablecoins not backed by tangible assets and proposes a study on "endogenously collateralized stablecoins."
More DetailsDo Kwon, the CEO of Terraform Labs, believes hard forking the Terra blockchain will play an instrumental role in saving the troubled network.
More DetailsThe death of the Terra ecosystem triggered a bear market in 2022, causing losses in billions, affecting investor sentiment, and intensifying the regulatory spotlight over cryptocurrencies. Recently, Circle's disclosure that Silicon Valley Bank (SVB) did not process its $3.3 billion withdrawal request led to the depegging of its USD Coin (USDC). This event caused Binance CEO CZ to believe that traditional banks are a risk to stablecoins that are usually pegged 1:1 with fiat currencies, like the U.S. dollar.
More DetailsThe cryptocurrency market is constantly evolving. Among new investment methods, new technologies, and new cryptocurrencies altogether, these are some of the most prominent developments in 2020.
More DetailsLeading DeFi protocol Yearn.finance has absorbed Pickle Finance to create a structure that will leverage shared expertise, boost specialization, and minimize work duplication.
More DetailsThe US House of Representatives Committee on Financial Services will conduct a hearing on stablecoin regulation on April 19th, following the introduction of a draft bill on stablecoin regulation. The hearing will include testimonies from experts, including Austin Campbell, a managing partner at Zero Knowledge Consulting and adjunct professor at Columbia Business School, who believes stablecoins will expand the reach of the US dollar and increase financial inclusion.
More DetailsBlockchain infrastructure provider Paxos has published a report identifying opportunities for crypto projects during the current market conditions, including seeking solutions and partnerships. The report highlights the usefulness of stablecoins while acknowledging the need for greater transparency. Partnerships with businesses addressing real-world needs were also deemed important. The CEO of the Stellar Development Foundation suggested that regulating stablecoins may be necessary to maintain a strong dollar, while a recent Bank of International Settlements report deemed stablecoins a less preferable form of tokenized money.
More DetailsCircle Builds Layers of Simplicity over Complex Crypto Concepts for Business to Trigger Digital Adoption
More DetailsLUNA has left crypto enthusiasts' mouths agape because they could never imagine in their wildest dreams that one of the top ten cryptocurrencies could collapse to near-zero overnight.
More DetailsA recent report by the IMF says the current evolution in the crypto ecosystem presents both opportunities and challenges for the broader financial ecosystem
More DetailsCryptocurrency trading platform FTX Derivatives Exchange has published a 10-point regulatory proposal, aims at helping American regulators to provide better regulatory oversight of the broader cryptocurrency ecosystem.
More DetailsThe United States Secret Service has notably confiscated as much as $102 million worth of crypto assets in its investigation of the activities of cybercriminals.
More DetailsThe depegging of USD Coin (USDC) and Dai (DAI) from the US dollar resulted in more than $2 billion in loan repayments on decentralized lending protocols Aave and Compound, with borrowers saving a total of over $100 million. USDC and DAI started heading back toward their peg, and repayment activity tapered off in the following days.
More DetailsIn its latest Financial Stability Report, the Financial Planning Committee (FPC), an offshoot of the Bank of England has recommended pushing for an ‘enhanced’ regulatory framework.
More DetailsDespite its plans to float Project Orchid, the technology infrastructure, and the technical competencies necessary to issue a digital Singapore dollar, the Monetary Authority of Singapore (MAS) is not in a hurry to follow the bandwagon.
More DetailsStablecoins plunged below $1 this week. Major regulators have become concerned about such cryptocurrencies.
More DetailsA panel of digital regulatory experts at the World of Web3 (WOW) Summit in Hong Kong discussed the future of regulated stablecoins. The group concluded that regulated stablecoins are likely to remain in use by 2030 and that their growth rate in the market supports this idea. The panelists acknowledged the growth of the crypto industry and emphasized the importance of both centralized and decentralized approaches to digital assets.
More DetailsSenator Andrew Bragg has proposed a Digital Assets (Market Regulation) Bill 2023 to regulate cryptocurrency services in Australia. The bill recommends stablecoin regulations, licensing of exchanges, and custody requirements to protect consumers and promote investment.
More DetailsQ2 2023 saw a slight 0.14% increase in the crypto market, with Bitcoin (BTC) and Ethereum (ETH) rising by 6.9% and 6.0% respectively.
More DetailsAccording to the BBC, the G7 group of nations has drafted a report outlining nine major risks that digital currencies, such as Facebook’s proposed Libra, pose to the global financial system.
More DetailsBanks have increased their interest in cryptocurrencies. Many of them have decided to join the cryptocurrency market, either by offering investments in cryptocurrency or by exploiting the capabilities of blockchain technology, which is already used in various areas with financial services.
More DetailsVisa has come out in support of digital currencies and believes that cryptocurrencies have the potential to improve the value of digital payments and create more accessibility.
More DetailsU.S. regulators have issued a strict warning on money laundering risks associated with stablecoins and has warned providers to tighten AML protections and controls.
More DetailsNew Zealand is in the race of setting up a central bank digital currency (CBDC) because it sees it as a stepping stone towards attaining an efficient monetary policy tool.
More DetailsCircle launches 'Circle Research' to further technical innovation in crypto, blockchain, and Web3 through open-source research. The initiative's first contribution, Perimeter Protocol, sets a new standard for building on-chain credit markets. Circle releases the Perimeter white paper and public GitHub Repo to advance open protocol transacting with a focus on credit, catering to a wide range of credit scenarios.
More DetailsYallaMarket, a grocery delivery startup in the United Arab Emirates, has announced it has started accepting crypto payments for its services.
More DetailsThe blockchain-based financial platform, Fusion Network has announced a compromised wallet on Sept. 28. The Fusion swap wallet compromise resulted in a theft of 10 million native FSN tokens.
More DetailsA recent testimony by Julia Friedlander to Congress has revealed that more countries are exploring CBDCs, however, the US is lagging behind.
More DetailsThe events related to the Terra and Luna collapse highlight why trading platforms need to provide clarity and education for their users. With tighter regulations looming, demonstrating responsibility and a commitment to consumer protection is vital if trading platforms are to thrive.
More DetailsThe Bank for International Settlements (BIS) has released a survey revealing that 93% of central banks are now engaged in some form of Central Bank Digital Currency (CBDC) work, with retail CBDCs taking the lead over wholesale CBDCs.
More DetailsJoseph Lubin, Ethereum’s co-founder, has asserted that Facebook should not spearhead the Libra project based on the concerns raised about its reputation.
More DetailsLending protocol Aave has temporarily halted trading of stablecoins and set the loan-to-value (LTV) ratio to zero due to the recent price volatility on USD Coin (USDC) following its depegging on March 11. Aave's decision was based on an analysis by decentralized finance risk management firm Gauntlet Network, which recommended a temporary pause of all v2 and v3 markets. The LTV ratio determines how much credit can be secured using crypto as collateral and is calculated by dividing the amount of credit borrowed by the value of the collateral.
More DetailsRecent failures of established financial institutions, such as Silicon Valley Bank and Signature Bank, have highlighted the potential for distress to spread to the decentralized finance (DeFi) sector. The depegging of stablecoins, including Circle's USD coin (USDC), has also brought governance risks related to the custody of reserve assets to the forefront. Moody's anticipates that regulators could increase their scrutiny of stablecoins and require greater counterparty diversification.
More DetailsThe Bank of England, through the Prudential Regulation Authority (PRA), is looking to raise as much as £321 million ($419 million) from the commercial institutions as it is planning to shore up its regulatory efforts in the digital currency ecosystem.
More DetailsAsia's leading trust company and qualified custodian, First Digital, is making waves in the global financial ecosystem with the announcement of its new stablecoin, First Digital USD (FDUSD)
More DetailsThe White House's Economic Report includes a chapter questioning the benefits of cryptocurrencies, with 35 pages dedicated to debunking them. It argues that crypto assets fail to deliver on their promised benefits, and that they are too volatile to be a stable store of value or reliable medium of exchange.
More DetailsThe European Commission (EC) has unveiled a digital finance package that highlights legislative proposals on crypto assets and digital resilience.
More DetailsThe European Central Bank (ECB) has released a new framework geared towards overseeing all forms of electronic payments in the region, including those bordering on stablecoins.
More DetailsBAC has given more clarification on how Binance’s automatic conversion of other stablecoins could impact its business as well as its own BUSD stablecoin.
More DetailsMoody's Investors Service has warned that the recent turmoil in the traditional banking sector and USDC losing its peg could negatively impact stablecoin adoption and increase calls for regulation. The credit rating agency believes that fiat-backed stablecoins like USDC could face new resistance, limiting their stability and potentially causing a run on banks holding Circle's assets, which could lead to the depegging of other stablecoins.
More DetailsThe US Federal Reserve is planning to establish a specialized team of experts to keep up with developments in the cryptocurrency industry, specifically focusing on stablecoins. The move comes amid concerns that unregulated stablecoins could put households, businesses, and the broader economy at risk. While acknowledging the transformative potential of cryptocurrencies, the Federal Reserve believes that appropriate guardrails need to be in place to ensure that the benefits of innovation can be realized.
More DetailsIn a move to protect investors, Japan’s parliament has passed a bill classifying stablecoins as digital money that must be connected to the nation’s currency, yen, or another legal tender.
More DetailsA group of human rights advocates have urged U.S. Congress members to be concerned about the role of importance of cryptocurrencies against unstable economies whose local currencies are collapsing.
More Details2023 saw a resilient crypto industry with a 108.1% increase in market cap to $1.72T and a total trading volume of $36.6T. NFT trading reached $11.8B, while stablecoins like Tether maintained a strong presence. Bitcoin's value rose significantly, contributing to the year's positive momentum.
More DetailsThe European Central Bank (ECB) published an in-depth report on global stablecoins, focusing on highlighting the requirement for clear regulatory parameters for stablecoins, and the risks it may pose to financial stability. The ECB suggests that a “robust regulatory framework” must be established to address risks before its benefits could be explored.
More DetailsBoyaa Interactive plans to invest $100 million in cryptocurrencies, focusing on Bitcoin, Ether, and stablecoins, while ensuring secure platforms in the volatile crypto market.
More DetailsCardano's Q2 2023 report by Messari highlights 34.9% stablecoin growth, DeFi expansion, and NFT trends, with promising developments in scaling solutions.
More DetailsThe Taiwanese Legislature is deliberating on a new Virtual Asset Management Bill aimed at fostering better consumer protection and industry oversight. The bill, seen as moderate, outlines pragmatic mandates for VASPs while leaving room for further regulatory fine-tuning, marking a significant step in Taiwan’s evolving digital asset regulatory landscape.
More DetailsDuring the March 12 stock market crash instigated by the coronavirus pandemic’s disruption to the world economy, cryptocurrency exchanges experienced a massive sell-off of Bitcoin and Ethereum. When the liquidation panic finally settled down, Bitfinex emerged as one of the few exchanges that had been able to take the extreme volatility in stride.
More DetailsTo eliminate overreliance on a single type of stablecoin, Seychelles-based crypto exchange @Bit.com has rolled out USD perpetual trading, starting with BTC/USD and ETH/USD pairs.
More DetailsThe collapse of Silicon Valley Bank and Signature Bank caused major chaos, resulting in stablecoins depegging from the U.S. dollar. The federal government has taken action to protect depositors, and President Joe Biden has vowed to hold those responsible accountable.
More DetailsAccording to the OCC, regulated banks in the US can leverage stablecoins to conduct payments as well as participate as validator nodes on blockchain networks called INVNs.
More DetailsKuCoin's latest research highlights a major shift in the crypto market to extreme greed, backed by a $4.55 billion rise in stablecoins USDT and USDC, signaling increased market liquidity.
More DetailsA recent announcement by the Office of the Comptroller of the Currency (OCC) has provided a mainstream catalyst that could see the ETH price rally to new all-time highs.
More DetailsDemocrat members of the United States Congress led by Congresswoman Rashida Tlaib (D-MI) have criticized the OCC's focus on crypto and stablecoins.
More DetailsBinance, the largest cryptocurrency exchange by trading volume, has turned to alternative stablecoins such as TrueUSD (TUSD) and decentralized stablecoins, following a regulatory action against its native stablecoin, Binance USD (BUSD), by the US Securities and Exchange Commission (SEC). Binance was forced to seek alternatives after the New York Department of Financial Services (NYDFS) asked BUSD issuer Paxos Trust to stop minting new BUSD altogether.
More DetailsThe US House Committee on Financial Services will conduct a hearing on April 19 to evaluate stablecoins’ position as a means of payment and whether the payment ecosystem needs supporting legislation. Circle's chief strategy officer and head of global policy, Dante Disparte, will testify at the hearing, which will focus on various stablecoins and their use in the payments landscape. A draft bill providing a framework for stablecoins in the United States was recently published in the House of Representatives document repository.
More DetailsAnatoly Aksakov, head of the State Duma Financial Market Committee, stated that the country should explore other options for crypto regulation.
More DetailsBitwise Asset Management to launch two first-of-its-kind Ethereum Futures ETFs, AETH and BTOP, on October 2. The ETFs offer exposure to CME Ether futures in a regulated format.
More DetailsBinance co-founder and CEO, Changpeng Zhao, announced on March 13 that the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native crypto amid concerns surrounding stablecoins. This decision was made following the depegging of the USD Coin (USDC) stablecoin caused by the failure of three major crypto-friendly banks - Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank.
More DetailsTether (USDT) has regained its 1-to-1 peg with the dollar after briefly dropping to 94.55 cents, its lowest since December 2020.
More DetailsBlockchain security firm PeckShield identified a hack that allowed an attacker to mint over 1 quadrillion Yearn Tether and then swap it for other stablecoins worth $11.6M. The attacker also managed to transfer 1,000 ETH to the cryptocurrency mixer Tornado Cash. DeFi protocols Yearn.finance and Aave have confirmed that their current contracts and protocols were not affected by the exploit.
More DetailsThe UK is intensifying regulatory standards for crypto exchanges under the Financial Services and Markets Act, aiming for parity with traditional financial services. Exchanges must comply with stringent risk assessments and finance tests, impacting both domestic and offshore entities.
More DetailsTo boost investor protection following the recent collapse of LUNA and TerraUSD (UST) tokens, financial authorities in South Korea have beefed up crypto exchange inspections.
More DetailsCircle denies CfA's allegations of illicit financing and Justin Sun ties, emphasizing regulatory compliance and advocating for stronger stablecoin laws, as clarified by Dante Disparte.
More DetailsThe Reserve Bank of India (RBI) is planning to increase the number of Central Bank Digital Currency (CBDC) transactions to one million per day by the end of 2023, according to Deputy Governor T Rabi Sankar.
More DetailsThe International Monetary Fund (IMF) supports regulating digital money and prioritizes differentiating between central bank digital currencies and crypto assets, such as stablecoins. The IMF's Managing Director, Kristalina Georgieva, clarified that the nuclear option to ban cryptocurrencies remains on the table, but the agency would prefer to pursue good regulations, predictability, and consumer protection.
More DetailsTether partners with Uzbekistan's NAPP to develop blockchain and peer-to-peer telecommunication, aiming to fuel innovation and economic growth.
More Details