Paxos, a provider of blockchain and tokenization infrastructure, has recently received preliminary approvals from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi. The company stated that these endorsements are crucial steps for Paxos, enabling it to issue stablecoins pegged to the U.S. dollar and introduce crypto brokerage and custodial services in the Abu Dhabi…
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Source: AdobeStock / Vitalii Vodolazskyi Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news. __________ Regulation news Hong Kong authorities may give regulators more power to fight cryptocurrency scams and will consider measures to take, such as using laws targeting money laundering, the…
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TrueUSD (TUSD), a stablecoin with a market cap exceeding $3.1 billion, appears “shaky” and briefly depegged on November 22, dropping to as low as $0.9976 before restoring its peg. The temporary depeg was attributed to a deluge of selling orders, according to Kaiko, a blockchain analytics firm. TUSD Briefly Depegs, Large Selling Orders Rolling Through…
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Despite regulatory action against Binance, a surge in Ethereum network activity and the expectation of a spot ETF approval fueled a price move above $2,000. Ether (ETH) price is trading slightly higher on Nov. 23, maintaining support above the $2,000 level after briefly retesting $1,930 on Nov. 21. Over the past week, Ether’s price has…
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Regardless of what changes Javier Milei brings to Argentina’s monetary system, stablecoins are likely to have an unshakable place in the economy, Sebastián Serrano said. President-elect of Argentina Javier Milei ran on a promise of economic change. The shape of the transformation will only become known after his inauguration on Dec. 10, but stablecoins will…
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Consensys senior counsel and director of global regulatory matters Bill Hughes spoke at the North American Blockchain Summit on crypto bills and their role in politics. Amid ongoing campaigns for the elections in 2024, many United States lawmakers have not sealed the deal on legislation aimed at establishing regulatory clarity on aspects of the digital…
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Yellow Card, the Africa-focused crypto exchange, recently won the African financial industry’s 2023 “Disrupter of the Year” award. The crypto exchange’s CEO described the award as a recognition of Yellow Card’s role in “solving important, practical problems across the continent for businesses.” Award Reserved for Businesses Demonstrating ‘Resilience in Complex Times’ In what has been…
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Easy Crypto launched the aptly named New Zealand Dollar Stablecoin (NZDD) in partnership with an Australian blockchain development firm. A New Zealand dollar-pegged stablecoin has gone live through a partnership with New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys. In a Nov. 22 announcement, Labrys and Easy Crypto said the NZDD…
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The stablecoin issuer reported the illicit funds had been used by a Southeast Asia-based crime syndicate responsible for a “pig butchering” romance scam. Stablecoin issuer Tether froze roughly $225 million worth of USDT tokens as part of an investigation into a Southeast Asia human trafficking syndicate launched by the United States Department of Justice (DOJ). …
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The answer again is regulation, although this time the suggested regulation looks a lot like central bank co-option. Stablecoins lack crucial mechanisms that guarantee money market stability in fiat, and an operational model that gave regulatory control to a central bank would be superior to private stablecoin, a study released by the Bank for International…
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