Tag: Stablecoin

Mastercard Partners Australian Fintech Stables to Enable Stablecoin Payment

The collaboration between both entities to enhance USDC payment might attract some forms of skepticism owing to the Fear, Uncertainty, and Doubt (FUD) surrounding Circle, USDC, and the exposure to the three US banks that collapsed in the past week. American multinational financial services firm Mastercard Inc (NYSE: MA) has entered into a strategic partnership with Stables, an Australian fintech startup to help advance stablecoin adoption in the APAC region. As reported by CoinTelegraph, the partnership will see users of the Stables platform make payments for goods and services using…

Mastercard to settle transactions for stablecoin wallet in APAC

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Global payment provider Mastercard is launching a stablecoin digital wallet integration with the Australian stablecoin platform Stables. Mastercard and Stables on March 20 announced a collaboration to allow retail customers in the Asia-Pacific (APAC) region to spend their stablecoins anywhere Mastercard is accepted. The collaboration involves a stablecoin-only wallet built by Stables, coming with a payment card supported by Mastercard. The payment card enables users to save and spend the USD Coin (USDC) stablecoin by converting the digital currency into fiat and settling on Mastercard’s network. The card will be…

The Banking Crisis Has Been Good for Stablecoin Experimentation

If you balk at the idea of a crypto-based tool like stablecoins essentially functioning like a “proxy” central bank digital currency (CBDC), as host Ryan Sean Adams suggested, making Allaire smile, then you’re likely not alone. Stablecoins may be the bridge between crypto and the real economy, but they should also retain some of the aspects that make crypto crypto, beyond 24-hour access and a different transaction settlement mechanism. Censorship resistance is all but impossible if crypto nuzzles close to the banking system. Source

Circle CEO Says Stablecoin Issuer Seeks to Save Crypto from Banks

Circle CEO Jeremy Allaire to save crypto following the collapse of some major mainstream banks, including Silicon Valley Bank.  Circle CEO Jeremy Allaire recently disclosed that the USDC stablecoin issuer wants to save crypto from fallen banks. In an interview, Allaire touched on the adjustments the peer-to-peer payments technology company made following Silicon Valley Bank’s recent collapse. According to the Circle CEO, around $3.3 billion worth of funds was in transit from Silicon Valley to BNY Mellon. Allaire also questioned the narrative suggesting the protection of the mainstream banking system from digital currencies.…

KuCoin Plays Lead Role in Funding Round for Yuan Stablecoin Issuer CNHC

Leading exchange KuCoin participated in a $10 million funding exercise for CNHC to support stablecoin adoption. KuCoin recently led a $10 million funding initiative for offshore Chinese yuan stablecoin issuer CNHC. This investment by the leading crypto exchange’s investment is part of a broader scheme to support stablecoins. In addition to KuCoin’s investor IDG Capital, the CNHC funding round also saw participation from other leading industry investors, including Circle. Execs Weigh In on KuCoin-CNHC Development Commenting on KuCoin’s involvement in the CNHC funding round, the exchange’s chief investment officer and KuCoin Ventures lead,…

USDC Issuer Circle Updates Its Community on Its Stablecoin Operations

As unveiled by Circle, it has started processing its redemption through a new banking partner after it was able to access the funds worth $3.3 billion locked up in Silicon Valley Bank. Circle, the American startup behind the world’s second-largest stablecoin, USDC has revealed details about its operation to its community. As revealed in a blog post published on March 14, Circle said it has resumed its regular operations including the redemptions of the USDC stablecoin. The previous week marked a significant period for Circle as it not only got…

KuCoin Has Closed a $10M Funding Round Into CNHC. But Is the Offshore Yuan Right for a Stablecoin?

“This investment in CNHC is part of KuCoin Ventures’ broader strategy of investing in the Web3 infrastructure in the APAC region,” Justin Chou, chief investment officer of KuCoin and lead at KuCoin Ventures, said in a statement. “Hong Kong has a well-established traditional finance ecosystem. With the regulation and new policy for next-generation digital assets, Hong Kong has a real opportunity at becoming the new crypto center of the world.” Source 10MClosedCNHCfundingKuCoinOffshoreStablecoinYuan CryptoX Portal

KuCoin leads $10M funding for Chinese yuan stablecoin issuer

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The investment arm of major cryptocurrency exchange KuCoin is moving to support new stablecoin initiatives by backing a Chinese yuan-pegged stablecoin issuer. KuCoin Ventures has led a $10 million investment into stablecoin issuer and blockchain-based payment service provider known as CNHC. Announcing the news on March 16, KuCoin Ventures said that the funding round included some prominent industry investors, including KuCoin’s investor IDG Capital and Circle Ventures, the investment arm of the USD Coin (USDC) issuer, Circle. KuCoin chief investment officer and KuCoin Ventures lead Justin Chou told Cointelegraph that…