(source: en.wikipedia.org)
The Federal Reserve Board is requesting public comment on two proposals related to establishing a regulatory framework for the payment stablecoin issuers it supervises under the GENIUS Act, it said in a Thursday (Sept. 24) press release. The agency released two notices of proposed rulemaking...
Tokenized deposits have reached the point where banks can begin finding out what works and what needs work. Seven banks in the United Kingdom participated in the first live customer transactions using tokenized sterling deposits, including two remortgage completions and a consumer marketplace purchase, according...
Stablecoins spent years trying to prove they could move money better than banks, and they have succeeded. Announcements this week from banks, card networks, cryptocurrency exchanges and central banks show why that capability reveals more about stablecoins than it does about the banks themselves. In...
Consumers and merchants were supposed to be the silver bullet driving scalable digital asset adoption. The cryptocurrency industry is mature enough for that to have already happened by now, and it hasn’t. However, news from Mastercard and SoFi Technologies announced Tuesday (Sept. 22) showed that...
The government never guaranteed the USDC stablecoin’s value. But when regulators protected Silicon Valley Bank’s (SVB) uninsured depositors, they rescued $3.3 billion backing the stablecoin anyway. A new review by the Federal Reserve itself, released Friday (Sept. 18), shows why the distinction matters to finance...
Binance and Circle are teaming to promote access to Circle’s stablecoin in emerging markets. With this expanded, five-year agreement, Binance is investing $100 million in Circle, issuer of the USDC stablecoin, the companies announced Tuesday (Sept. 22). “Binance has built one of the largest and most dynamic platforms in the...
Mastercard and SoFi Technologies are now using stablecoin settlement across SoFi Bank, N.A.’s debit and credit card program, SoFi said in a Tuesday (Sept. 22) press release. SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions, according to the...
Europe’s central banks say stablecoin deposit regulations could mean less stability for lenders. The European System of Central Banks (ESCB) published a paper Tuesday (Sept. 22) in response to Europe’s Markets in Crypto-Assets (MiCA) regulation, which requires stablecoin issuers to hold 30% of their reserves as bank deposits,...
The cryptocurrency industry spent years citing U.S. regulatory clarity as the prerequisite for its next phase of growth. This past week showed the industry may have had the sequence backward. On Sept. 15, the Senate failed to invoke cloture on the legislation intended to establish...