Tag: Stablecoin

Binance Rolls Out Zero-Fee Stablecoin But Hits Pause Soon After: Here’s Why

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First Digital USD (FDUSD), a newly introduced stablecoin scheduled to make its debut on Binance on Wednesday has now faced a halt due to technical difficulties. A Bumpy Start To The FDUSD Journey The expected listing of FDUSD on Binance was initially set for July 26, 2023. To incentivize traders, Binance planned to offer zero maker fees for all FDUSD trading pairs. However, due to technical issues encountered by the FDUSD pairs’ liquidity providers, the launch was postponed. Related Reading: Binance Pool’s Litecoin Hash Rate Falls 50%: What’s Next? Trading…

Binance lists new zero trading fee stablecoin, halts shortly after on technical issues

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The recently introduced stablecoin, FDUSD, which was scheduled to be listed on Binance on July 26, 2023, at 08:00 (UTC), enabling trading for FDUSD/BUSD and FDUSD/USDT spot and margin trading pairs has now been postponed to restart at 2023-07-26 14:00 (UTC) due to FDUSD pairs’ liquidity providers experiencing technical issues. Binance released a statement that it will halt trading for First Digital USD (FDUSD) on 2023-07-26 09:45 (UTC) and cancel all pending FDUSD orders, to ensure its users’ protection. First Digital Group announced the launch of the First Digital USD…

USD-backed stablecoin pilot project launched by Pacific island nation of Palau

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The government of Palau is set to begin a pilot project for a United States dollar-backed stablecoin on July 26. The new coin will be issued on XRP Ledger. The country will release the first Palau Stablecoins (PSCs) in the pilot project to government employees. This comes after several days of testing using volunteers to make purchases with various devices. The PSC, nicknamed the Kluk, possibly due to its bird logo, is the latest project to run on the Ripple CBDC Platform that debuted in May. Ripple claimed at that…

Wyoming seeks stable token commission head in first steps to establish state stablecoin

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Wyoming is beginning its work on the state’s stablecoin, or, as it’s called officially, the “stable token” project, by opening a job position for a head of the stable token commission. The potential executive will lead a team, responsible for making a proper legislative framework for the project.  The position was opened on the federal government’s website for civil jobs on July 20. The commission is seeking to hire an executive director, who would lead a team, comprised of the Wyoming Governor, State Auditor, State Treasurer and four “expert appointees”.…

European Union Stablecoin Issuers With Bank Assets Will Get Extra Regulation, Banking Authority Says

“Financial distress at one ART [asset-referenced token] or EMT [e-money token] issuer can materially increase the likelihood of distress at other issuers of crypto-assets or at other financial institutions given the network of contractual obligations in which issuers operate,” said the document, seen by CryptoX, referring to the two categories of stablecoin set out in MiCA whose value is tied to fiat currency or other assets. Source AssetsAuthorityBankBankingEuropeanExtraIssuersRegulationStablecoinUnion CryptoX Portal

Korean banks research stablecoin, CBDC alternative

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Several private banks in South Korea are studying the potential of tokenized deposits technology, an alternative both to private stablecoins and central bank digital currencies (CBDCs).  According to the report from Maeli Business News Korea, Hana Bank and Woori Bank, both private enterprises with headquarters in Seoul, showed interest in so-called “certificate of deposit” tokens (CDs). Essentially CDs are tokenized bank deposits, put on the blockchain. They can replace customary notes and deposits without disrupting the existing banking system. And, of course, CDs require identity verification of the same standards…

US FSC chairman eyes regulatory clarity for crypto, stablecoin ecosystems

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Representative Patrick McHenry, the chairman of the House Financial Services Committee (FSC), announced the markup of legislation aimed at providing regulatory clarity for the digital asset ecosystem. The committee will meet on July 26 to markup H.R. 4763, the Financial Innovation and Technology for the 21st Century Act; H.R. 4766, the Clarity for Payment Stablecoins Act of 2023; and H.R. 1747, the Blockchain Regulatory Certainty Act — among others. Out of the lot, the markup on clarity for stablecoin payments was introduced by McHenry, which aims to bring regulatory clarity…

Stablecoin dominance slides as market cap falls to near 2-year lows: CCData

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The market capitalization of stablecoins has hit the lowest level since August 2021 coming on the back of 16 consecutive months of decline, a new report says. Cryptocurrency analytics platform CCData released a report on July 20 saying the stablecoin market cap fell 0.82% from the start of the month until July 17, taking the sector’s market cap to $127 billion. Stablecoin market dominance took a slight fall and is currently at 10.3%, dropping from 10.5% in June. Our latest Stablecoins & CBDCs Report is now live! Key Highlights:✔️16-month fall…

South Korean Shinhan Bank completes stablecoin remittance pilot with Asian partners

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South Korea’s Shinhan Bank has completed its second proof-of-concept using stablecoins for international remittances. Siam Commercial Bank’s SCB TechX unit and an unnamed Taiwanese financial institution also participated in the project. The project carried out real-time settlement and foreign exchange integration with the banks’ national currencies on the Hedera network. The project was compatible with the Ethereum Virtual Machine (EVM), opening it up to use by a host of other stablecoins. Shinhan Bank conducted its first proof-of-concept project in November 2021 in conjunction with South Africa’s Standard Bank, although that…