The collapse of terraUSD only added extra fuel to the fire of those saying the sector needs regulatory clarity, and fast. Source
US Stablecoin Law Could Actually Pass This Year, Lawmakers Say
Tag: Stablecoin
Circle to acquire Web3 platform Cybavo, bolstering its stablecoin adoption
Circle, a peer-to-peer financial services firm, has agreed to acquire Cybavo, a digital asset infrastructure platform. The deal will allow Circle to provide “infrastructure as a service” for firms wanting to develop on Web3. Developers will be able to work on their products without having to worry about digital asset security, operations, or blockchain infrastructure management. According to the Friday press release, Circle and CYBAVO intend to further promote the adoption of USD Coin (USDC) and Web3 applications while integrating technology deeply into their core product suite. Circle signed an…
Why Terra’s Fall Offers a Unique Opportunity to Create a Better Stablecoin Environment
The right approach, including a constructive dialogue with regulators, can restore trust in stablecoins, which are among the most revolutionary aspects of the crypto environment. Source
SEC Investigating Company Behind TerraUSD Stablecoin: Report
The SEC is reportedly investigating whether Terraform Labs violated federal investor protection laws in how it marketed TerraUSD (UST) and Luna. Source
Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network – Altcoins Bitcoin News
Circle, the issuer of the stablecoin usd coin (USDC), announced that the project is now supported on the Polygon network. The stablecoin with the second-largest market capitalization can now be withdrawn via a Circle Account and Circle APIs without the need for manual cross-chain bridge technology. Circle Reveals Polygon-Supported USDC Circle has revealed that usd coin (USDC) is now hosted on the Polygon network and the addition means USDC is now available via nine different blockchain networks. Polygon is a large crypto ecosystem with more than 19,000 decentralized applications (dapps)…
New York’s Crypto Regulator Publishes Formal Stablecoin Guidance
“As we think about stablecoins and this guidance, and this is something we have been working on before the events of last month, really our goal is to accomplish those things for the stablecoin market, the safety and soundness of institutions, stability of the marketplace and consumer protection,” she said. Source
Checkout.com launches 24/7 stablecoin settlement in partnership with Fireblocks
Global payment processor Checkout.com has launched a new stablecoin settlement system that will allow merchants to process crypto payments from their customers in real time — potentially widening the use cases of stablecoins within e-commerce. The stablecoin settlement system centers around Circle’s USD Coin (USDC), the second-largest stablecoin by market capitalization, and allows merchants to automatically convert USDC payments into fiat upon receipt. The service will be available to merchants around the clock, meaning payments will be settled on weekends and holidays in addition to regular business hours. The settlement…
How Passing a Stablecoin Bill Protects Crypto Investors
Friday, June 3rd, was a landmark event for the Japanese. The federal parliament successfully passed a law that legalized and regulated stablecoins. This event occurs a month after Terra’s UST stablecoin collapsed and caused multi-billion dollar losses in the crypto industry. Japan’s new bill is an example of how stablecoins can be utilized to uphold public trust, regulate the industry, and reduce financial crimes like fraud and embezzlement. Japan Legalizes Stablecoins Among the major economies in the world, Japan has become the first country to legalize and establish a framework…
Japan passes bill to limit stablecoin issuance to banks and trust companies
Japan is moving forward with legislation regarding the issuance of stablecoins i.e. digital assets with their value pegged to fiat currencies or stabilized by an algorithm. On June 3, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency Nikkei reported. The bill reportedly stipulates that the issuance of stablecoins is limited to licensed banks, registered money transfer agents and trust companies in Japan. The new legislation also introduces a registration system for financial institutions to issue such digital assets and provides measures against money…
Japan Passes Landmark Stablecoin Bill For Investor Protection: Report
Japan emerges as a precedent-setting nation by passing stablecoin regulation in the wake of the TerraUSD collapse. Source