Tag: Stablecoin

Pakistan Mulls Rupee-Backed Stablecoin as Experts Warn of $25B Loss

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Pakistan is considering launching a rupee-backed stablecoin, as experts warn that delays in regulating digital assets could cost the country up to $25 billion in lost economic opportunities. Speaking at the Sustainable Development Policy Institute (SDPI) Conference on Friday, Pakistan Banks Association (PBA) President Zafar Masud said the nation could unlock $20–$25 billion in crypto-related growth, according to a report by local news outlet Daily Times. Masud pointed out the booming global stablecoin market, adding that Pakistan is “seriously considering a rupee-backed stablecoin” and that a Central Bank Digital Currency…

Canada Quietly Funds New Stablecoin Legislation in New Federal Budget

The budget introduces a massive deficit and still requires a vote of confidence from Parliament; otherwise, another federal election will be triggered. Canada’s New Budget Channels Resources into Developing Stablecoin Governance It’s hard to believe, but for much of 2025, Canada operated without a budget after its new Prime Minister, Mark Carney, narrowly won a […] Source CryptoX Portal

Japan’s FSA Backs Major Banks’ Joint Yen Stablecoin Rollout

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Japan’s financial regulator, the Financial Services Agency (FSA), endorsed a project by the country’s largest financial institutions to jointly issue yen-backed stablecoins. In a Friday statement, the FSA announced the launch of its “Payment Innovation Project” as a response to progress in “the use of blockchain technology to enhance payments.” The initiative involves Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation and its financial arm and Progmat, MUFG’s stablecoin issuance platform. The announcement follows recent reports that those companies plan to modernize corporate settlements and reduce transaction…

Cathie Wood Trims 2030 Bitcoin Bull Case Over Stablecoin Growth

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Amid this week’s crypto market correction, Ark Invest’s CEO and CIO, Catie Wood, has slashed her 2030 bullish forecast for Bitcoin (BTC), highlighting the global momentum of the stablecoin sector. Related Reading Stablecoins Overtake Part Of BTC’s Role On Thursday, Ark Invest’s CEO, Cathie Wood, joined CNBC’s “Squawk Box” to discuss Bitcoin’s price, her thoughts on stablecoins’ growth, and how her previous bullish forecast for the flagship crypto has evolved over the past year. In the interview, Wood underscored that the rapid rise of stablecoins is taking on a role…

Elixir sunsets deUSD stablecoin in reaction to Stream’s $93M loss

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Elixir said it will sunset its deUSD stablecoin after $75 million worth of the token became entangled in Stream Finance’s $93 million loss. Decentralized finance liquidity provider Elixir has pulled support for its synthetic stablecoin, deUSD, due to knock-on effects from Stream Finance’s $93 million loss earlier this week. Elixir said in an X post on Thursday that it has already successfully processed redemptions of 80% of all deUSD holders, which has triggered the stablecoin to depeg from the US dollar to 1.5 cents, CoinGecko data shows. Stream halted withdrawals…

USDX Stablecoin Breaks From Its $1 Peg, Sliding to $0.37

On Thursday, another stablecoin, this one dubbed ‘USDX’ from Stable Labs, took a nosedive off its $1 peg, skidding all the way down to $0.3736. The meltdown, some say, traces back to the Balancer exploit that left more than $100 million vanishing into the ether. USDX Springs a Leak After the Stream Finance debacle—where its […] Source CryptoX Portal

Cathie Wood Cuts Bitcoin Price Target from $1.5M to $1.2M Citing Stablecoin Growth

Key Notes Wood’s revised projection still anticipates 1,100% growth for Bitcoin over the next five years despite the reduction. Stablecoin market capitalization has reached $306 billion, outpacing Bitcoin’s growth by 2.14 times since 2020. Major tech companies including Google and Cloudflare have launched stablecoin-integrated platforms for payments and AI transactions. Cathie Wood, CEO of Ark Invest, has reduced her bullish price forecast on Bitcoin BTC $101 638 24h volatility: 2.5% Market cap: $2.03 T Vol. 24h: $62.01 B from $1.5 million to $1.2 million per coin. The five-year price prediction…

Concordium to Bring Age-Verified Stablecoin Payments to Over 75M Bitcoin.com Wallets Globally

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This content is provided by a sponsor. PRESS RELEASE. Concordium and Bitcoin.com have joined forces to bring age-verified, identity-anchored payments to millions of users globally. Concordium’s identity-first blockchain and native stablecoins will become accessible to Bitcoin.com’s multichain ecosystem, which includes top networks like Ethereum, Polygon, and BNB Smart Chain. The integration, which is currently in […] Original

Stablecoin yield debate: US Treasury gets conflicting advice on GENIUS Act

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While Coinbase insists that the US Treasury cannot override Congress’s intent on the GENIUS Act, banks continue to press for a blanket ban on stablecoin interest. The US Department of the Treasury is facing conflicting feedback from crypto companies and traditional banking groups over how to implement the GENIUS Act, the law that regulates stablecoin payments in the US. In a letter on Tuesday, Coinbase urged the Treasury to limit the ban on stablecoin interest payments exclusively to stablecoin issuers, while allowing it for non-issuers, such as crypto exchanges. Coinbase…