Tag: Stablecoin

Circle launches USDC stablecoin on Mercado Pago in Chile

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Fintech company Circle announced a partnership with Mercado Libre on Aug. 29 to bring the USD Coin stablecoin to Mercado Pago. 1/ The largest fintech in LATAM, @mercadopago, part of Mercado Libre, the Amazon of LATAM with 200M users, is rolling out support for USDC in key markets, starting with Chile. Momentum for USDC and digital dollars building around the world! https://t.co/3mNQxXvNUC — Jeremy Allaire (@jerallaire) August 29, 2023 Referring to Mercado Libre as “the Amazon of LATAM with 200M users,” Circle CEO Jeremy Allaire posted a thread on X…

US House Financial Services members scold Fed’s Powell for stablecoin bill obstruction

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The Federal Reserve is seemingly running interference with congressional efforts to regulate stablecoins, according to a letter recently sent to Fed Chairman Jerome Powell. The letter came from Chairman of the U.S. House of Representatives Financial Services Committee Patrick McHenry and subcommittee chairs French Hill and Bill Huizenga. The legislators were objecting to two Fed letters: SR 23-7 on the Novel Activities Supervision Program and SR 23-8 titled “Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens.” They wrote: “We are concerned that…

Top US Crypto Exchange Coinbase Adds PayPal’s Dollar-Backed Stablecoin PYUSD to Listing Roadmap

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Coinbase has placed PayPal’s new stablecoin on its listing roadmap, meaning the exchange’s users could soon trade the digital asset. The stablecoin, called PayPal USD (PYUSD), aims to maintain a 1:1 peg with the US dollar and is built on Ethereum (ETH). PayPal unveiled the asset earlier this month and said it is “backed by secure and highly liquid assets.” The payment giant’s customers can buy and sell PYUSD through the PayPal app and website and convert it to other crypto assets like Bitcoin (BTC). The blockchain-focused firm Paxos Trust…

Colombian peso-backed stablecoin debuts on Polygon with yield benefits

Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America. Num Finance, a Latin America-based stablecoins issuer, has introduced its latest stablecoin, nCOP. This new digital asset, pegged to the Colombian peso, is now live on Polygon.  The company claims nCOP will offer users an 8% yield. Num Finance aims to offer digital financial tools to the people of Latin America for their everyday financial needs. As an overcollateralized stablecoin, nCOP promises stability and heightened…

Num Finance launches Colombian peso stablecoin on Polygon

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Argentina-based Num Finance has announced it has gone live with a n stablecoin pegged to the Colombian peso, the company announced Aug. 24 in an X post. The stablecoin — called nCOP — is an overcollateralized, Polygon-based stablecoin and is aimed at the remittance market.  Colombia receives over $6.5 billion a year in remittances, Num stated in a blog post. Remittances are one of the key use cases for stablecoin. The nCOP logo. Source: Num Finance The nCOP incorporates the “Num yield feature,” which allows user rewards to be paid…

Coinbase invests in stablecoin operator Circle

Coinbase (COIN), a US-based cryptocurrency exchange, has secured a minority stake in a payment company Circle.  This collaboration comes as both entities take the significant step of dissolving their Centre Consortium partnership, which had been instrumental in the issuance of USD Coin (USDC), currently ranked as the world’s second-largest stablecoin. An updated agreement According to Fortune, this updated agreement was made on Monday, Aug. 21, which comes as a response to regulatory uncertainty and potential competition from stablecoins, including Tether and now PayPal’s new stablecoin, PYUSD. USDC was originally launched…