Tag: Stablecoin

UN Flags Increased USDT Stablecoin Use in Money Laundering across Asia

Despite the increasing involvement of the USDT stablecoin in criminal activities, the UN has reported that law enforcement authorities have successfully dismantled various money laundering organizations responsible for transferring illegal funds using USDT. The United Nations (UN) has warned that Tether’s USDT stablecoin has become the preferred cryptocurrency for money laundering schemes and other illicit activities in Asia. The Financial Times reported Monday, citing a report published by the UN’s Office of Drug and Crime Unit, that nefarious actors in Southeast Asia are using the digital assets to engage in…

Coinbase Expanding to Africa by Teaming Up With Leading African Stablecoin Exchange Yellow Card

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The top US-based crypto exchange platform is venturing into Africa after announcing that will be teaming up with Yellow Card, a leading African stablecoin exchange. In a new blog post, Coinbase says that as part of its plan to reach 20 countries on the continent, it’s partnering up with Yellow Card to provide millions of people access to prominent dollar-pegged crypto assets, such as USDC. “Through our new partnership with Yellow Card, one of Africa’s leading stablecoin exchanges and a Coinbase Ventures portfolio company, millions of users will gain access…

Industry Input ‘Really Important’ to Stablecoin Rulemaking Under MiCA, EU Banking Officials Say

“We pay high attention to this batch and need also a very good understanding with you, so please seize this public hearing as an opportunity to dialogue with us so we start on the right footing,” Isabel Vaillant, EBA director of prudential regulation, said during the hearing. Another official said it was “really important” to get input from various stakeholders. Source

Aave Community Votes To Integrate PayPal’s PYUSD Stablecoin

In an ongoing governance vote, 99.98% of the participating AAVE token holders favor integrating PYUSD into AAVE’s Ethereum-based pool. The voting on the proposal, termed temperature check, floated by Trident Digital on Dec. 18, will end later Thursday. The vote follows decentralized exchange Curve’s December decision to host PYUSD. Source

USDC Stablecoin Momentarily Loses $1-Peg on Binance, Slides to $0.74 Before Rebounding

The 2% market depth on Binance for the USDC/USDT pair is skewed to the upside, with $26 million in orders stacked up to $1.02 and $6.1 million in orders stacked down to $0.98, according to CoinMarketCap. This means that when a trader makes a sell order larger than $6.1 million, the price would fall below $0.98. There was $6.2 million worth of volume at 12:10 UTC followed by $4.3 million at 12:21 UTC. Source

A Critical Juncture for the Global Stablecoin Market

Elsewhere, the G-20 discussions earlier in the year revealed a split in perspectives, especially among emerging economies, over concerns about the disruptive potential of stablecoins on sovereign monetary policies. This led to calls for stringent regulatory frameworks, reflecting the need to balance financial innovation with national economic safeguards. In October, the G20 adopted a crypto roadmap to coordinate a global policy framework for crypto assets, including stablecoins, which will also take into consideration implications for emerging markets. Source

Crypto Lobbying Surges in 2023 amidst Push for Stablecoin Regulation

The House Financial Services and House Agriculture Committees have advanced bills actively seeking to provide a clear regulatory framework to govern the crypro and stablecoin market.  In 2023, the crypto industry witnessed a substantial surge in lobbying efforts aimed explicitly at shaping stablecoin regulations and influencing legislative outcomes in the United States, Bloomberg reported. According to the report, lobbying on stablecoin legislation experienced a significant uptick this year, with 161 reports – a remarkable 79% increase compared to last year. The Rise of Stablecoins and Regulatory Urgency For clarity, Stablecoins…

Crashed Stablecoin Iron Bank Euro (ibEUR) Lacks Clear Repeg Path

The minor alternative stablecoin, which has an $11 million market cap, dropped from its normal price of $0.97 to as low as $0.39 Monday after a shakeup in ibEUR’s main trading pool left the asset’s markets imbalanced. At press time ibEUR had recovered to $0.72 after risk-prone traders piled in, hoping for a path back to – or at least closer to – its supposed Euro peg. Source