Mitsubishi UFJ Trust is set to issue a stablecoin as a means of payment in aiming to bring about instant settlement of securities transactions. Source
Japan's Biggest Bank to Issue Yen-Pegged Stablecoin for Settlement: Report
Tag: Stablecoin
Stablecoin Economy Continues to Balloon as USDC’s Market Cap Crosses $50 Billion – Altcoins Bitcoin News
As the entire lot of 12,333 digital currencies hovers just above $1.8 trillion in value, the stablecoin economy has recently swelled to $178.8 billion or 9.9% of the entire crypto economy. Out of the top five stablecoins, usd coin (USDC) saw its market capitalization jump the most, increasing 18.9% during the last 30 days. The 18.9% increase has pushed USDC’s market capitalization above the $50 billion mark. USDC Market Cap Rises Above $50 Billion, Stablecoin Represents 2.83% of the Crypto Economy’s USD Value Stablecoins continue to grow in 2022, as…
New gold-based stablecoin by trading giant Mitsui reportedly on the way
Japanese trading house Mitsui is reportedly planning to issue a cryptocurrency pegged to gold, local news agency Nikkei Asia reported Friday. Called ZipangCoin (ZPG), Mitsui’s new digital currency will reportedly be issued as early as February and will be available to retail investors through cryptocurrency exchanges. The stablecoin will be linked to gold prices at yen-denominated prices by Mitsui from the London Metal Exchange, with one ZPG valued equivalent to one gram of gold and guaranteed by Sumitomo Mitsui Banking. According to the report, the new gold stablecoin will be…
Silvergate Capital Purchases Diem Operations to Develop Own Stablecoin – Bitcoin News
Silvergate Capital, an investment firm that is the parent company of the Silvergate Bank, acquired the technology and assets of Diem, the formerly Facebook-backed stablecoin payment system. The payment totaled $182 million. The technology and assets acquired will reportedly be used for the launch of a Silvergate branded stablecoin. Silvergate Purchases Diem Operations Silvergate Capital, a payments services company, has acquired Diem, a stablecoin payments system originally put in motion by Facebook (now Meta), to integrate it into its operations. The announcement was made on January 31st, when…
Federal Reserve Bank of NY Lays Out Possible Stablecoin Scenarios
Because the stablecoins would effectively act like a pass-through central bank digital currency, their pegs – fixing the price to $1, for example – would come with guaranteed stability. In times of financial panic, however, large migrations of regular commercial bank deposits into narrow bank stablecoins could disrupt lending and could increase the Fed’s balance sheet to accommodate the demand from stablecoin issuers. Source
How Facebook’s ambitious stablecoin project came to an end
On Jan. 31, Meta, formerly known as Facebook, announced that it was pulling from its stablecoin project, Diem, formerly known as Libra. Intellectual property and other assets related to the operations of the Diem Payment Network were to be sold to Silvergate Capital Corporation, essentially meaning the end to Mark Zuckerberg and his corporations’ stablecoin aspirations, at least in their current shape. This also marks the end of a once-groundbreaking initiative that was revealed in 2019 with a promise to bring a global alternative to fiat money to Facebook’s 2-billion-strong…
Silvergate’s Acquisition of Diem’s Assets Positive for Stablecoin Launch, Analysts Say
CryptoX – Cryptocurrency Analysis and News Portal Silvergate Capital’s planned stablecoin could benefit from the distribution and potential partnerships with Diem Association members and other money service providers, Wedbush analysts said in a note following news of the crypto firm’s deal to buy assets of Meta’s Diem. Source The post Silvergate’s Acquisition of Diem’s Assets Positive for Stablecoin Launch, Analysts Say appeared first on CryptoX. CryptoX Portal
Silvergate’s Acquisition of Diem’s Assets Positive for Stablecoin Launch, Analysts Say
Silvergate Capital’s planned stablecoin could benefit from the distribution and potential partnerships with Diem Association members and other money service providers, Wedbush analysts said in a note following news of the crypto firm’s deal to buy assets of Meta’s Diem. Source
‘Pay’ Product Looks to Boost Stablecoin Payments on Solana
Cryptocurrency’s original use-case – payments – are getting a boost on the Solana blockchain. New software co-developed by Solana Labs intends to help merchants accept crypto payments over the Solana network. Checkout.com, Circle and Citcon are supporting “Solana Pay,” which debuted Tuesday with integrations with FTX and ecosystem wallets Phantom and Slope. The software development kit (SDK) takes crypto in and spits crypto out. Obvious, maybe – but a notable difference from some of the market’s better-known crypto-to-fiat rails. Virtually every merchant paid with a “crypto credit card” sees their…
Mark Zuckerberg’s stablecoin project Diem officially shuts down
Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of major efforts to move forward with the initiative. Announcing the news on Monday, Diem CEO Stuart Levey confirmed that Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation. The Diem Association and its subsidiaries will start winding down operations “over the coming weeks,” Levey said. The association, however, is still confident that Diem’s ideals will continue to thrive even after Meta…