Tag: Stablecoin

Former CFTC Chairman Heath Tarbert Joins Stablecoin Issuer Circle as Chief Legal Officer

The appointment comes as a House committee weighs a stablecoin bill that would appoint the Federal Reserve as crypto issuers’ primary regulator, and increase oversight of token issuances. At the same time, federal regulators have executed enforcement actions against key crypto industry players such as Coinbase, which alongside Circle co-founded the Centre Consortium, a member-based organization that manages USDC issuances. Source

US House committee releases new stablecoin bill draft

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The United States House Financial Services Committee has released the third draft of the stablecoin bill presented by its chair, Representative Patrick McHenry. The latest draft of the bill is bipartisan and includes specific proposals from Republican and Democratic committee members.  The draft bill titled, The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem, was first proposed on June 8 and is expected to be discussed during the upcoming committee hearing on June 13. The bill’s latest version proposes the U.S. Federal Reserve as the key regulator…

New U.S. Stablecoin Bill Drafted by House Republicans as Compromise With Democrats

The panel’s chairman, Rep. Patrick McHenry (R-N.C.), has considered stablecoin legislation a priority since last year, before he took over the committee. When he won the gavel, he continued the work, though Democrats had complained that Republicans were re-writing the bill without their input. They later released their own version. The narrow scope of the bill and its past bipartisan support had been the strengths of the effort to date, but it’s not yet clear what Democrats think of the latest version. Source

Circle Rolls Out Support for $USDC Stablecoin on Arbitrum $ARB

Businesses that have an account with Circle can now access Arbitrum USDC and “readily swap USDC across supported chains – avoiding the costs and delays associated with bridging,” said Circle’s official Twitter account. Several key applications will support Arbitrum USDC like Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap, according to the announcement. Source

New Stablecoin Issuer Raft Is Eschewing Fiat for Its Financial Backing

While the biggest stablecoins, Tether’s USDT and Circle Internet Financial’s USDC, are backed by conventional assets like U.S. Treasurys, those backed instead by crypto assets have had mixed success. MakerDAO’s DAI, which is collateralized by a combination of Ethereum-based tokens, stablecoins and real-world assets such as U.S. government bonds, has accumulated about $4.6 billion of market capitalization. Meanwhile, Do Kwon’s UST – which was backed by his LUNA token – collapsed spectacularly a year ago. Source

Stablecoin risks and how to overcome them

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Given the rise in interest towards central bank digital currencies, their usage will continue to increase. This is despite the recent turmoil about the recent depegging of USDC or, much worse, the collapse of the TerraUSD (UST) stablecoin and its sister cryptocurrency LUNA. But with all this attention, it becomes increasingly important to understand what kind of risks you might face using CBDCs.  Stablecoins are digital currencies…

Stablecoin Issuer Circle to Launch USDC Natively on Arbitrum Next Week

The launch of USDC on Arbitrum will replace the currently circulating bridged version of USDC that comes from Ethereum. In an announcement on Thursday, June 1, stablecoin issuer Circle announced its plans to launch the native version of its USDC stablecoin on the Arbitrum blockchain network. USDC on Arbitrum As per the official announcement, Circle shall replace the existing version of USD Coin, which is an Ethereum-based token bridged to Arbitrum, with a native token that runs and resides on the Arbitrum network. The official blog post reads: “This will…