Tag: Stablecoin

China could benefit from yuan stablecoin over its CBDC

China has long since closed its doors to decentralized cryptocurrencies, but Circle CEO Jeremy Allaire believes that stablecoins could play a role in the proliferation of China’s digital yuan. Allaire, who heads up the issuer of dollar-backed stablecoin USD Coin (USDC), suggested that a renminbi (RMB) based stablecoin might be China’s best bet of driving adoption of its national currency in an interview with the South China Morning post. “If eventually the Chinese government wants to see the RMB used more freely in trade and commerce around the world, it may…

China could benefit from yuan stablecoin over its CBDC — Circle CEO

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Although China has closed its doors to decentralized cryptocurrencies, Circle CEO Jeremy Allaire believes that stablecoins could play a role in the proliferation of China’s digital yuan. Allaire, who heads up the company behind the United States dollar-backed stablecoin USD Coin (USDC), suggested that a yuan-based stablecoin might be China’s best bet for driving the adoption of its national currency in an interview with the South China Morning Post. “If eventually the Chinese government wants to see the RMB [yuan] used more freely in trade and commerce around the world,…

Aave DAO to Vote on Gho Stablecoin Deployment on Ethereum

Aave is a lending and borrowing platform that allows users to earn yields on their pledged tokens. The gho token can be minted by users against a diversified set of crypto assets. GHO holders will continue to earn interest on the supplied collateral, just as in other lending transactions on Aave, which means ghost in Finnish. Source

MiCA’s stablecoin transaction cap stifles crypto adoption, say lawyers

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Stablecoin use could be “stifled” by daily transaction caps in the European Union’s Markets in Crypto-Assets (MiCA) legislation, with some calling for the framework to be revised. On May 31, MiCA was signed into law which paved the way for the world’s first regulatory guidance on cryptocurrencies to come into effect. The legislation was received positively by many in the crypto industry, but one of the more controversial measures introduced is the $219 million (200 million euro) cap on daily transactions for private stablecoins such as Tether (USDT) and Circle’s…

Circle Considers Issuing Stablecoin in Japan Under New Rules

Stablecoin issuers will have to abide by tough rules. Stablecoins must be pegged to the yen or other legal tender and guarantee holders the right to redeem them at face value. Only licensed financial institutions like licensed banks, registered money transfer agents and trust companies will be able to issue stablecoins. Source

Advocates call for Hong Kong govt stablecoin to compete with Tether and USD Coin

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Crypto and blockchain advocates have authored a report calling for the Hong Kong government to issue a stablecoin pegged to the region’s dollar, which could challenge the dominance of Tether and USD Coin. According to an English translation of a July 3 report provided by Chinese crypto reporter Colin Wu, four individuals tied to financial innovation proposed the government issue an HKDG (Hong Kong Dollar Government) stablecoin to support its leadership efforts in the digital economy. Wang Yang, vice president for institutional advancement at Hong Kong University of Science and…

UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law

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Italy’s central bank calls for framework to prevent stablecoin runs

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Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released Markets, Infrastructures and Payment Systems report for June 2023 has called on regulators to apply the same financial conduct standards to stablecoin issuers in the industry. #Bankitalia #26June Alessandra #Perrazzelli discussed about the evolving regulatory landscape for #DigitalAssets at @pointzeroforum Panel “State of Global Digital Asset Regulation: Navigating Opportunities in an Evolving Landscape”#PZF2023 #PointZeroForum @sif_sfi @elevandi pic.twitter.com/Jm0OBeifZh —…

RBI lists risks of stablecoin for developing economies, calls for global regulation

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Stablecoin has a lot of potential to harm emerging markets and developing economies, the Reserve Bank of India (RBI) claimed in its latest Financial Stability Report, released June 28. The report listed six threats that stablecoin presents. The RBI has been a steadfast critic of cryptocurrency, but it was particularly articulate about the problems it sees with stablecoin “from an EMDE [emerging markets and developing economies] perspective.” It listed six specific problems, even though: “The lack of authenticated data and inherent data gaps in the crypto ecosystem impede a proper…