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Systems

Why Brazilians Are Turning to Stablecoins Like Tether

January 14 2022

“Amid record inflation and a constant devaluation of their local currency, Brazilians are turning to cryptocurrencies and, in particular, stablecoins as never before. According to Receita Federal, the Brazilian tax authority , between January and November 2021, locals traded $11.4 billion in stablecoins and almost tripled the total traded in 2020. Stablecoins also traded $10.8 […]
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Systems

Powell Says Private Coins Could Compete With Fed Digital Dollar

January 12 2022

“There’s room for privately issued stablecoins to exist alongside a possible central bank digital currency, according to Federal Reserve Chair Jerome Powell.   The Fed plans to publish a report on digital currencies in the coming weeks, Powell said at a Senate Banking Committee hearing on Tuesday. The central bank hasn’t said whether it plans […]
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Systems

PayPal Poses Big Threat to Banks in Race to Develop Stablecoins

January 12 2022

“The stablecoin market is growing rapidly — and every new stablecoin issuer from the tech sector puts pressure on banks to dive in. PayPal is considering issuing its own stablecoin with a working name of PayPal Coin. PayPal’s initiative comes as the Facebook-affiliated Diem stablecoin approaches launch. Technology and government initiatives have driven the value […]
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Companies

PayPal Explores Launch of Own Stablecoin in Crypto Push

January 7 2022

“PayPal Holdings Inc. is exploring the launch of its own stablecoin as part of its cryptocurrency push, according to the company, which confirmed the development after evidence of the move was discovered inside its iPhone app…Evidence of the company’s exploration into building a stablecoin was first discovered in PayPal’s app by developer Steve Moser and […]
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Systems

Tether Froze Over $1 Million Worth of USDT Last Week

January 5 2022

“Stablecoin issuer Tether froze over $1 million worth of USDT last week, according to on-chain data. The amount is significant, given it belongs to a single blockchain address. Tether called the “AddedBlacklist” function on December 30 to block this address within this transaction. This address now won’t be able to move the frozen funds. When […]
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Regulation

Treasury Says New Law Only Way to Fully Contain Stablecoin Risks

December 20 2021

“The U.S. Treasury’s top official for financial oversight said government regulators need action from lawmakers to adequately protect investors — and the wider financial system — from risks posed by stablecoins. “If Congress does not enact legislation, the regulators will try to use what authority they have,” but they will be left without sufficient oversight […]
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Systems

U.S. Regulators Raise Concern With Stablecoin Digital Currency

December 17 2021

“Top U.S. financial regulators said they are prepared to take action to address risks to the financial system posed by stablecoins, but first are pushing Congress to enact comprehensive legislation providing oversight of the form of digital currency. The rapid growth of digital assets, including stablecoins—digital currencies pegged to national currencies like the U.S. dollar—is […]

On The Wires

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Systems

USDF Consortium™ Launches to Enable Banks to Mint USDF Stablecoins

January 12 2022

“The USDF Consortium™ (the Consortium), an association of FDIC-insured financial institutions, launched today with a mission to build a network of banks to further the adoption and interoperability of a bank-minted stablecoin (USDF™), which will facilitate the compliant transfer of value on the blockchain, removing friction in the financial system and unlocking the financial opportunities […]
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Systems

Exploring Tokenised Assets: Collaborative Innovation in Action | SWIFT – The Global Provider of Secure Financial Messaging Services

January 3 2022

“Working with Clearstream, Northern Trust, SETL and others, SWIFT plans experiments in Q1 2022 to explore how it can support interoperability in the development of the tokenised asset market. Relative to cryptocurrencies and stablecoins, the current market capitalisation of tokenised assets is small but momentum for these digital assets is expected to accelerate rapidly in […]