“Regulators who tend to fight the last war are certainly on guard right now – looking at banks, including Cross River, to make sure that they are sufficiently capitalized,” Jay Ritter, Cordell professor of finance at the University of Florida, told CoinDesk in an interview. Source
Leading exchange KuCoin participated in a $10 million funding exercise for CNHC to support stablecoin adoption. KuCoin recently led a $10 million funding initiative for offshore Chinese yuan stablecoin issuer CNHC. This investment by the leading crypto exchange’s investment is part of a broader scheme to support stablecoins. In addition to KuCoin’s investor IDG Capital, the CNHC funding round also saw participation from other leading industry investors, including Circle. Execs Weigh In on KuCoin-CNHC Development Commenting on KuCoin’s involvement in the CNHC funding round, the exchange’s chief investment officer and KuCoin Ventures lead,…
As unveiled by Circle, it has started processing its redemption through a new banking partner after it was able to access the funds worth $3.3 billion locked up in Silicon Valley Bank. Circle, the American startup behind the world’s second-largest stablecoin, USDC has revealed details about its operation to its community. As revealed in a blog post published on March 14, Circle said it has resumed its regular operations including the redemptions of the USDC stablecoin. The previous week marked a significant period for Circle as it not only got…
The investment arm of major cryptocurrency exchange KuCoin is moving to support new stablecoin initiatives by backing a Chinese yuan-pegged stablecoin issuer. KuCoin Ventures has led a $10 million investment into stablecoin issuer and blockchain-based payment service provider known as CNHC. Announcing the news on March 16, KuCoin Ventures said that the funding round included some prominent industry investors, including KuCoin’s investor IDG Capital and Circle Ventures, the investment arm of the USD Coin (USDC) issuer, Circle. KuCoin chief investment officer and KuCoin Ventures lead Justin Chou told Cointelegraph that…
The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The platform, called ‘Masterchain,’ becomes the fifth ‘information system operator’ in the country that can legally tokenize traditional assets and organize their trade. Number of Licensed Digital Asset Issuers in Russia Grows to Five The Central Bank of Russia (CBR) has included the company Distributed Registry Systems, with its Masterchain platform, to the register of operators of information systems which can be used to issue digital financial assets (DFAs), the business…
USDC issuer Circle Internet Financial said late Friday it “awaits clarity” from federal banking regulators on the status of its deposits at Silicon Valley Bank, one of the six financial institutions it said are responsible for managing one quarter of the assets backing its $43 billion stablecoin. Source
CryptoX – Cryptocurrency Analysis and News Portal The decentralized autonomous organization behind the DAI coin previously purchased $500 million worth of notes and bonds. Source The post Stablecoin Issuer MakerDAO Proposes Additional $750M U.S. Treasury Purchase appeared first on CryptoX. CryptoX Portal
According to the Journal’s report, Tether Holdings co-owner Stephen Moore pushed back against the use of fake sales invoices, saying “I would not want to argue any of the above in a potential fraud/money laundering case” in an email seen by the Journal, referring to an intermediary which traded USDT in China. Original Source AccountsBankDocumentsFalsifiedIssuerOpenedStablecoinTetherWSJ CryptoX Portal
Circle is presently focused on expanding its staff. However, it also confirms that its plan to go public is not entirely off the table. USD Coin (USDC) issuer Circle has revealed plans to increase its workforce by up to 25% in the current year. The report, which was shared by The Wall Street Journal (WSJ), follows its December decision to cancel its initial plans of going public, albeit, via a special purpose acquisition company SPAC merger. It is worth noting that Circle’s hiring decision is surprising, to say the least.…
USD Coin (USDC) issuer Circle plans to increase its workforce by 15-25% in 2023 amid a sea of layoffs across the industry, reported the Wall Street Journal. At a time when a significant chunk of industry-wide firms is laying off staff to mitigate their financial woes, Circle has gone against the tide to hire more people. 41% of all layoffs in 2023 came from the cryptocurrency industry. Major cryptocurrency firms that made significant employee cuts include Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre. A major factor behind crypto companies…