Source: AdobeStock / Iakov Kalinin The United Kingdom has released proposals for a stablecoin framework alongside wider industry regulations in a bid to position the country as an investment destination and to protect users. In an Oct 30 release, His Majesty’s Treasury published a set of guidelines for regulating ‘fiat-backed stablecoins’ amid calls for global…
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Source: Pixabay / Heiko Behn The Brazilian tax department report said that the country’s Tether (USDT) trading volume proliferated since 2021. Tether stands out among other stablecoins and has surpassed the volume of Bitcoin (BTC) during the same period. “Among the stablecoins, the cryptocurrency called Tether stands out, which in the period observed by the…
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USDT has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country so far in 2023. Stablecoin Tether (USDT) has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country, according to data from Brazil’s revenue service agency. As…
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Sir Jon Cunliffe looks at payment solutions of the past and future in his last speech as deputy governor of the BOE. The Federal Reserve Board continues to research a central bank digital currency (CBDC), or at least adjacent technologies, Vice Chair Michael Barr said on Oct. 27. He also touched on stablecoins at the…
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According to current metrics, Paypal’s stablecoin PYUSD has increased its supply by more than 49% since the end of September, rising from 94.39 million to 140.86 million. Moreover, the number of PYUSD holders has risen by 55% since September 30, 2023. Concentration, however, is still evident in PYUSD, with the top 100 holders owning 99.95%…
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Stablecoin activity has been increasingly occurring through entities that aren’t licensed in the United States, according to Chainalysis. The United States government may be losing regulatory oversight of the stablecoin market, according to a new report by blockchain research firm Chainalysis. Stablecoin activity has been increasingly occurring through entities that aren’t licensed in the United…
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SC Ventures, Standard Chartered Bank’s VC arm, and German banking giant Deutsche Bank have executed the first stablecoin swaps on the Universal Digital Payments Network (UDPN), per a report published Monday. UDPN is a blockchain-based messaging system supporting government-regulated digital currency systems and central bank digital currencies (CBDC)…. Read More: Standard Chartered, Deutsche Complete First…
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The US Branch of the world’s largest crypto exchange, Binance US, recently communicated to its users that their cryptocurrency deposits are no longer covered by Federal Deposit Insurance Corporation (FDIC) insurance. In an email sent to its customers on October 16, Binance US announced updates to its terms of service regarding deposit insurance, aligning with…
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Michelle Bowman told a university audience that financial innovation should be justified by need and be properly regulated. Federal Reserve Board governor Michelle Bowman shared her views on financial innovation in a speech at Harvard Law School on Oct. 17. Bowman has spoken several times on the topic, and her position seems to be growing…
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Binance.US users “may convert” their U.S. dollar holdings to stablecoins or other digital assets to withdraw the funds from their accounts, the firm said. Cryptocurrency exchange Binance.US has updated its terms of service, hinting that direct withdrawals in United States dollars are no longer supported on the platform. Binance.US updated its terms of service on…
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