Tag: Stablecoin

Binance executive flags potential EU stablecoin removal amid MiCA uncertainty

Ahead of the forthcoming enforcement of the European Union’s Markets in Crypto Assets (MiCA) legislation, a top Binance representative is sounding the alarm about potential large-scale removals of stablecoins from the exchange. As legal experts wrestle with interpreting the EU’s pivotal crypto regulation, concerns are growing about its effect on decentralized and international token issuers. Despite MiCA’s status as a groundbreaking legislation in cryptocurrency governance, slated to come into full force next year, its guidelines on various types of crypto assets remain under scrutiny. The European Banking Authority (EBA) has…

EU’s MiCA Could Lead to Multiple Stablecoin Delisting, Binance Warns

“A lot of the stablecoin issuers will be, or will purport to be, completely decentralized, therefore without any point of decision or issuance” and hence unable to meet MiCA strictures, Thomas Vogel, a partner at law firm Latham & Watkins, said. “This has become a sort of threshold question for a lot of the people we talk to, and as far as I can tell there is not much guidance.” Original Source BinanceDelistingEUsLeadMiCAMultipleStablecoinWarns CryptoX Portal

PayPal’s PYUSD Stablecoin Now Available to Venmo Users

Individuals with compatible external wallets, as well as merchants who embrace PYUSD for payments, will be able to receive transfers from Venmo users.  In the latest development, financial payments giant PayPal announced that its PYUSD stablecoin will be now available to users on Venmo. In its blog post on Wednesday, September 20, PayPal said that its USD-pegged stablecoin is available to Venmo users and will be “rolling out in the coming weeks”. Individuals with compatible external wallets, as well as merchants who embrace PYUSD for payments, will be able to…

Bybit adds PayPal USD stablecoin, PYUSD, to its platform

Bybit, a Dubai-based cryptocurrency exchange, has announced the listing of PayPal USD stablecoin, PYUSD. PYUSD is a stablecoin issued by Paxos, a New York-based regulated financial company. The listing of PYUSD marks a significant collaboration between Bybit and PayPal, two leading players in the traditional and crypto payment sectors. By integrating PYUSD into its platform, Bybit aims to provide its users with a diverse and trusted trading experience. Ben Zhou, co-founder and CEO of Bybit, said the listing of PYUSD reaffirms Bybit’s commitment to offering its users more choices and…

Circle Launches Its USDC Stablecoin on Polkadot Asset Hub

Circle emphasized that Circle Account and Circle APIs will exclusively facilitate the use of Polkadot USDC, natively issued within the Polkadot Asset Hub. Circle’s native stablecoin USDC, also the second-largest stablecoin by market cap, is now gearing up for a launch on the Polkadot blockchain, as it continues to expand across different blockchain platforms. On Tuesday, September 19, Circle made the official announcement of launching the USDC Coin on the Polkadot network. As per Circle’s website, Polkadot USDC is now readily accessible to developers and users. Thus, users can seamlessly…

Hong Kong will potentially launch stablecoin regulations by mid-2024

Hong Kong is aiming to finalize stablecoin regulations by mid-2024, highlighting the territory’s contrasting approach to mainland China.  Legislative Council member Duncan Chiu has signaled that Hong Kong is on track to finalize its stablecoin regulations by mid-2024. The announcement was made at the Shanghai Blockchain International Week, according to a local news outlet.  Hong Kong potentially wants to establish the region as a web3 nexus, driven by regulations and diverging from China’s more restrictive stance on cryptocurrency. Regulatory roadmap for Hong Kong’s stablecoin regulation Chiu revealed that the legislative…

Circle launches USDC stablecoin on Polkadot Asset Hub

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USD Coin (USDC), the second-largest stablecoin by market capitalization after Tether (USDT), continues expanding across different blockchain networks, now being launched on Polkadot. USDC issuer Circle has officially launched USD Coin on the Polkadot network, the firm announced on Sept. 19. According to the Circle’s website, Polkadot USDC is immediately available for developers and users as the stablecoin can now be transferred to parachains in Polkadot via the XCM protocol using Circle Account and Circle APIs. According to the announcement, Polkadot USDC is natively issued on Polkadot Asset Hub, a…

Tether Co-Founder William Quigley Sizes Up PayPal’s Stablecoin Ambitions

The payments world is blanketed by financial intermediaries, each extracting a toll for their services. Creating a stablecoin involves PayPal buying a basket of currencies and holding these yen, euros, rupees, won and so on in banks across the world. Once PayPal tokenizes the currency backed by those bank deposits, it has a private, multicurrency money supply that exists outside the global banking system and is free of any third-party toll collectors, Quigley explained. Source

Binance Begins Process Of Axing BUSD Stablecoin

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Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were…