Tag: Stablecoin

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…

Huobi Global to delist ten trading pairs, including several linked to USDD stablecoin

Huobi Global Ltd. has announced plans to discontinue ten trading pairs, predominantly those associated with the USDD stablecoin, as part of their ongoing efforts to optimize user trading experiences. Renowned digital currency exchange Huobi Global Ltd. stated that it will discontinue ten specific trading pairs, primarily those connected to the USDD stablecoin. This stablecoin, issued by the TRON DAO Reserve, has significant backing from well-known digital asset entrepreneur Justin Sun. Huobi intends to delist trading pairs involving the ADA token of Cardano, SOL of Solana, APE of ApeCoin, MATIC of…

AAVE spikes 27%, whale accumulating ahead of GHO stablecoin mainnet launch

AAVE, the native governance token of Aave, a decentralized, multichain, and non-custodial lending and borrowing protocol, is up 27% as of June 25. The explosion of AAVE prices follow a lull and under-performance in the second half of the week when bitcoin and ethereum prices edged higher on improving trader sentiment and increasing institutional interest in some assets. AAVE pumping, whale accumulating When writing on June 25, AAVE is changing hands at $71, up 27% in the last 24 hours. Moreover, bulls have reversed all losses registered in June when prices plunged…

MUFG may issue stablecoin via Progmat blockchain platform

Mitsubishi UFJ Financial Group Inc., a prominent Japanese banking corporation, is currently in negotiations with several businesses about issuing stablecoins, a form of digital asset, through its blockchain platform Progmat. Japan’s banking giant, Mitsubishi UFJ Financial Group Inc. (MUFG), is believed to be in discussions with several companies, including those linked to major international stablecoins, about the prospective deployment of these digital assets via its blockchain platform, Progmat. The new Japanese legislation on stablecoins, one of the first among the world’s leading economies, mandates that only the country’s licensed banks,…

MUFG, Japan’s Largest Bank, to Issue Global Stablecoin via Progmat Blockchain

Since the regulatory issues have been covered and the law only permits trusted companies to issue the tokens, the move can help restore confidence in stablecoins and cryptocurrencies. Mitsubishi UFJ Financial Group (MUFG) is interested in using its Progmat blockchain platform for minting stablecoins and has been meeting with domestic and international companies for possible collaborations. The move is in response to Japan’s new stablecoin law that makes the country the first among the major economies to issue a clear stablecoin law. The law recognizes that stablecoins must be pegged…

Raft’s R Stablecoin Surges as Traders Embrace Liquid Staking Ether Products

The surge in Raft, an alternative stablecoin issuer, highlights the booming market for liquid staking tokens, which enable users to main liquidity, despite locking their ether to earn rewards for securing the Ethereum blockchain. The liquid staking sector has a combined TVL of more than $20 billion, putting it ahead of decentralized exchanges, lending platforms and bridging protocols as DeFi’s top dog. Source