Tag: Stablecoin

Euro Coin: Circle Launches Stablecoin on Avalanche Blockchain to Facilitate Fast & Efficient Payment Systems

USDC stablecoin issuer Circle recently launched Euro Coin on the Avalanche protocol to exploit the network’s blazing transaction speed.  Circle has launched a euro-based stablecoin on the Avalanche blockchain to deliver prompt and efficient payments and financial services. The Euro Coin (EUROC) launch is the first of a series of anticipated multi-chain launches to aid developers and users. According to Circle’s team, Euro Coin availability on Avalanche increases liquidity and provides users an additional transactional option alongside USD Coin (USDC). Last year, Circle launched EUROC as a regulated stablecoin backed 100% by euro reserves. Each…

Ripple launches CBDC and stablecoin issuance platform

Ripple, a leading crypto solutions company, has introduced the Ripple CBDC Platform, a comprehensive solution for central banks, governments, and financial institutions to issue their own central bank digital currencies (CBDCs) and manage the lifecycle of fiat currencies. Barely 24 hours after purchasing a controlling stake in Metaco, a Swiss-based firm specializing in tokenization and digital asset custody, Ripple, the fintech firm in charge of the XRP altcoin, has launched a new stablecoin and CBDC issuance platform. With over 90% of countries actively exploring CBDCs to enhance financial inclusion and…

Stablecoin issuers have spent over $1.3M lobbying Congress since 2022

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Stablecoin issuers including Tether, Circle, and others have spent well over a million dollars lobbying lawmakers on Capitol Hill since the start of 2022, according to recent data. Stablecoins have become the center of attention in Washington DC recently as pressure mounts to roll out a regulatory framework for dollar-pegged digital assets. Tether uses the law offices of Michael Jason Lee for its lobbying efforts which are carried out through FTI Government Affairs, a consulting firm with bipartisan connections. According to public interest outlet ProPublica, Tether has spent around $600,000 since…

US House stablecoin hearing focuses on competing bills for regulation

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State versus federal regulation was a key issue in the hearing on stablecoins in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoins. There were two draft bills under consideration by the subcommittee. The Republican bill was published in April ahead of a hearing on stablecoin in the Financial Services Committee. Ranking member Maxine Waters later introduced a competing draft based…

USDC Stablecoin Issuer Circle Moves $8.7B to Repo Agreements Amid Risk of U.S. Default

Overnight repo transactions are effectively short-term collateralized loans. The borrower is selling a security – in this case, U.S. Treasurys – for cash, and agrees to buy back the collateral the next day for a slightly higher price. What’s really happening, though, is that big institutional investors with cash to spare are parking that with Wall Street dealers that need funding. Source

Stablecoin Issuer Tether Reveals Plan to Allocate Profits Into Bitcoin

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Tether, the stablecoin enterprise, has revealed its intention to devote 15% of its profits to bitcoin. The firm’s announcement comes on the heels of Tether’s recent attestation report, which emphasized the company’s possession of bitcoin reserves worth $1.5 billion. Tether’s Strategic Shift: Profits to Fuel Bitcoin Acquisition Tether, the company behind the crypto economy’s largest stablecoin asset, has unveiled its strategic vision to acquire bitcoin (BTC) using its profits. “Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing bitcoin (BTC),” the…