Tag: Stablecoin

Fed, BOE officials share continuing interest in CBDCs, stablecoin regulation

boss

The Federal Reserve Board continues to research a central bank digital currency (CBDC), or at least adjacent technologies, Vice Chair Michael Barr said on Oct. 27. He also touched on stablecoins at the Economics of Payments XII Conference, where his English colleague Sir Jon Cunliffe made his last speech as deputy governor of the Bank of England (BOE). The Fed’s research is currently focused on “end-to-end system architecture,” such as ledgers and tokenization and custody models for an intermediated CBDC, Barr said in Washington. Barr repeated the Fed mantra of…

Cardano Founder Debunks Rumors Of Stablecoin Djed’s Shutdown

boss

In a definitive response to swirling rumors regarding the possible discontinuation of the Djed stablecoin, Charles Hoskinson, founder of Cardano, firmly stated that not only will the project continue, but it will also receive a significant upgrade. “No, we aren’t dropping Djed. We are supercharging the team,” he announced. Cardano Developer IOG Doubles Down On Djed Djed, an overcollateralized stablecoin by Input Output Global (IOG) and COTI has been under scrutiny due to its unique financial mechanism recently. Specifically, the stablecoin uses Cardano’s ADA token as a reserve, aiming to…

Despite U.S. House Gridlock, Senator Gillibrand Bullish on Stablecoin Bill, Illicit Finance Legislation

“As mainstream finance moves into this space, I think people in Congress are going to see we can’t have our head in the sand anymore,” Lummis said at the same event on Tuesday, suggesting that some lawmakers will be more comfortable with the representatives of traditional financial firms. “When they come into the room where the party’s happening,” she said of the TradFi people, “they bring a lot of people with them.” Source

Stablecoin market escaping US regulatory oversight: Chainalysis

boss

The United States government may be losing regulatory oversight of the stablecoin market, according to a new report by blockchain research firm Chainalysis. Stablecoin activity has been increasingly occurring through entities that aren’t licensed in the United States, Chainalysis stated in its latest North America cryptocurrency report released on Oct. 23. According to Chainalysis’ findings, the majority of stablecoin inflows to the 50 biggest cryptocurrency services have shifted from U.S.-licensed services to non-U.S.-licensed services since spring 2023. As of June 2023, about 55% of stablecoin inflows to the top 50…

The US Risks Its Position as a Stablecoin Leader

Far too often, regulators, policy makers, and commentators have looked at potential stablecoin regulation and assessed the risks relative those presented by the institutions facilitating these traditional forms of payments. I believe that stablecoins do not present more or less risk, but rather different risks. In one sense, the fully-backed nature of stablecoins can help mitigate against systemic risk and make supervision of their holdings far simpler for regulators than traditional banks. On the other hand, stablecoins present unique operational risks based on their underlying technology and use in new…

What is USDT? All About Tether Stablecoin Cryptocurrency

boss

USDT, also known as Tether, has become an integral part of cryptocurrency markets since its launch in 2014. Pegged 1:1 to the US dollar, it is the most widely used stablecoin with a market capitalization of over $83 billion as of October 2023. But it is also controversial, with opaque reserves and questions around its long-term viability. Here is an in-depth look at how USDT works, its importance in crypto, and the risks it presents. What is USDT? Overview of Tether Stablecoin Cryptocurrency At its core, Tether functions as a…

Fed governor Bowman doubles down on CBDC skepticism, likes stablecoin no better

boss

Federal Reserve Board governor Michelle Bowman shared her views on financial innovation in a speech at Harvard Law School on Oct. 17. Bowman has spoken several times on the topic, and her position seems to be growing more bearish.  Bowman spoke at length about central bank digital currency (CBDC) and stablecoin. She also considered “unified ledger” technology and distributed ledger technology as a bridge between existing systems, as well as ways to improve existing technology. She repeated questions she has raised before about the need for such innovations and suggested…

Genesis Ordered to Comply With Subpoenas Linked to Do Kwon’s Terra Stablecoin TerraUSD

Rakoff is also grappling with how to extract information from Kwon in connection with the case. Kwon’s lawyers have argued he can’t come to the U.S. as he is serving a jail sentence in Montenegro for possession of a fake passport, but “the laws of physics do not make it impossible for him” to be deposed, Rakoff said in a September order, warning that Kwon wouldn’t be allowed to make any declaration in the case without having been available for cross-questioning. Original Source complyGenesisKwonsLinkedOrderedStablecoinSubpoenasTerraTerraUSD CryptoX Portal

The Stablecoin Bill Is a Vital Upgrade for US Financial Plumbing

Today, digital currencies are poised to upgrade America’s decades-old financial plumbing, bolster the U.S. dollar, and make it easier, faster, and cheaper for families and businesses to send, spend, lend, and exchange their money. But this can happen only if Washington unites behind payment stablecoin legislation that puts financial stability and consumer safety first. Source