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Treasury to Flag Stablecoin Perils as U.S. Readies Clampdown

“Treasury officials have identified what they believe are the most urgent risks posed by Tether and other stablecoins as they ready recommendations for stricter oversight of cryptocurrencies.  Ensuring investors can reliably move money in and out of tokens is a top concern for officials crafting a policy framework set to be released in the coming […]
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Afterpay Believes a Popular AUD Stablecoin Will Appear Soon | ZDNet

“Australian buy now, pay later giant Afterpay has told a Senate fintech committee that it believes a stablecoin based on the Australian dollar will appear soon. “There is currently no AUD-backed stablecoin with significant uptake. However, this is unlikely to remain true for long. An AUD-backed stablecoin would provide Australian cryptocurrency users and investors with […]
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Coinbase Vowed Token’s All-Cash Backing; That’s Not True

“For months, a visitor to the website of Coinbase Global Inc. , the largest U.S. cryptocurrency exchange, would see that the company offered a stablecoin called USD Coin with a simple premise: For every dollar offered to investors, there was $1 “in a bank account” to back it. That promise was important for the stablecoin, […]
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DOJ Reportedly Investigates Crypto Company Tether for Possible Bank Fraud

“The Justice Department is investigating possible bank fraud by executives of Tether Ltd. stemming from actions during the early days of its stablecoin cryptocurrency, according to Bloomberg News. The probe has implications for the cryptomarket. Tether’s stablecoin is the third largest digital asset by market cap, at $62.3 billion, according to CoinGecko, and traders often […]
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PayU Purchases CELO Tokens to Kickstart Stablecoin Payment Program

“PayU, the payments business of the investment group Prosus, has formed a partnership with decentralized payments protocol Celo. The pair plan to launch new stablecoin payment options for PayU’s 450,000 merchant customers using cUSD, Celo’s dollar-pegged stablecoin. Together, PayU’s clients serve millions of people across Latin America, Africa, and Southeast Asia.”

On The Wires

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AID:Tech Leverages Circle’s Payment Solutions and USD Coin to Power Fraud Resistant Disaster Relief Delivery

“AID:Tech , a financial services company that brings transparency and accountability to federal relief distribution, will soon be leveraging the power of payment solutions from Circle, a global financial technology firm that provides internet-native payments and treasury infrastructure. Utilizing USD Coin (USDC), a blockchain-powered digital currency, and leveraging Circle’s payment rails, AID:Tech’s platform provides people […]
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USD Coin Reserves Evolving to 100 Percent Cash and Short Duration U.S. Treasuries

“Circle, a global financial technology firm that provides internet-native payments and treasury infrastructure, announced the transition of USDC reserves to 100 percent cash and short duration U.S. Treasuries to be reflected in the dollar digital currency’s September attestation. Since inception, USDC reserves have been bound by the permissible investment rules under state money transmission regulations, […]
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Diem Networks US Partners With K2 Integrity for Industry-Leading Financial Crime Compliance Framework

“K2 Integrity today announced its engagement with Diem Networks US to support, initially lead, and continue to build innovative solutions for the Diem Networks US Financial Intelligence Function (FIF). The FIF is designed to protect the Diem Payment Network (DPN) from illicit financial activity and works in close collaboration with DPN participants who also are […]
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Greater Transparency for USDC Reserves

“Since nearly three years ago when the first USD Coin (USDC) entered circulation, Circle, together with Centre Consortium, have prioritized trust, transparency, and accountability. These priorities have helped USDC grow widely within the global blockchain ecosystem… With this latest reserve attestation, we are now including a breakdown of dollar-denominated  reserve assets, which are all held […]