Tag: Stablecoin

South Korea Proposes Stablecoin Licensing in New Crypto Bill

Key Notes Min Byeong-deok from the South Korean Democratic Party has unveiled a new bill to establish a further crypto regulatory framework. The new bill aligns with the Virtual Asset Investor Protection Act, the existing crypto rule in South Korea. Stablecoin traction is growing globally, especially with the push for the GENIUS and STABLE Acts. South Korea has taken new steps to boost its crypto regulation with a new stablecoin bill. On Tuesday, Min Seok, a lawmaker from the Democratic Party in the region, unveiled the bill, which includes a…

SocGen’s SG-Forge Unit Unveils USD Stablecoin (USDCV) on Ethereum, Solana Blockchains

SG Forge, the cryptocurrency division of French bank Société Générale, plans to introduce a dollar-backed stablecoin on the Ethereum and Solana blockchains, the bank said on Tuesday. The USD CoinVertible (USDCV) will start trading in early July and involves Bank of New York Mellon acting as reserve custodian for the token. As crypto rules coalesce around the globe, pressure is mounting on banks to take part in the integration of fiat-pegged stablecoins into mainstream finance (TradFi). SocGen, something of a stablecoin pioneer with its euro-backed EURCV token, says it is…

Société Générale-Forge Launches USD-denominated Stablecoin

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Société Générale-Forge, the crypto subsidiary of French financial services company Société Générale, has launched a new US dollar-pegged stablecoin. According to a June 10 announcement, the stablecoin, dubbed USD CoinVertible (USDCV), will be issued on the Ethereum and Solana blockchains. United Kingdom-based financial services firm BNY will act as the custodian for the assets backing the stablecoin. The announcement follows the firm’s April 2023 launch of its euro-pegged stablecoin EUR CoinVertible (EURCV) for institutional customers. “After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar…

Kakao’s Blockchain Pledges Stablecoin and Its Payments App Pumps 30%

layer-1 blockchain Kaia has pledged to launch a South Korean won-based stablecoin following the Wednesday inauguration of President Lee Jae-myung, a left-leaning politician whose campaign included a series of crypto-friendly promises. Launching a won-based stablecoin is one of the crypto goals laid out during Lee’s campaign that set him apart from other crypto-friendly candidates. The issuance of stablecoins faces legal hurdles, as South Korea’s constitution grants exclusive authority over currency issuance to the central bank, the Bank of Korea. Kaia eyes won-based stablecoins in a domestic market with an improving…

Tether Fuels $2.5B Stablecoin Growth This Week

The stablecoin sector expanded by a full percentage point this past week, growing by $2.558 billion in total. Of that figure, a hefty $1.45 billion came directly from Tether’s USDT, continuing its lead role in the space. Stablecoin Market Swells by $2.5B in 7 Days As of now, data from defillama.com shows the stablecoin market […] Source CryptoX Portal

Report: Deutsche Bank Assesses Leveraging Stablecoin Tech or Consortium Role

Deutsche Bank AG is exploring stablecoins and tokenized deposits as large financial institutions increase digital asset investments. German Financial Giant Ponders Stablecoin Use and Token Deposits Bloomberg reports that Germany’s largest lender is evaluating stablecoin options, which could involve issuing its own token or joining an industry initiative, according to Sabih Behzad, Deutsche Bank’s head […] Source CryptoX Portal

Big Tech Companies like X Considering Stablecoin Adoption

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Growing momentum for United States stablecoin regulation is reportedly pushing major tech firms like Apple, X, and Airbnb to explore digital token integration According to a June 6 report from Fortune, at least four tech companies, including Apple, X, Airbnb and Google, are exploring stablecoins as a means to lower fees and improve cross-border payments. Each company is in a different stage of implementation, with Google perhaps the farthest ahead, having facilitated two stablecoin payments already. Payment infrastructure companies are playing a role. For instance, Airbnb has been talking with Worldpay…

Bitcoin market of 2025 driven by stablecoin regulation: Finance Redefined

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Despite a week of price consolidation for Bitcoin (BTC), emerging digital asset legislation may provide the next significant catalyst for the world’s first cryptocurrency. Upcoming stablecoin rules, such as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, may lay the foundation for a Bitcoin cycle top of over $150,000, according to Alice Li, investment partner and head of US at crypto venture capital firm Foresight Ventures. Meanwhile, venture capitalist (VC) interest has slumped. The number of VC deals closed recorded its lowest month of the year in…

Stablecoin Market Updates: Uber Prefers Stablecoins, Senate Bill to Get Bipartisan Support, Circle Debuts on NYSE

Key Notes Khosrowshahi emphasized the importance of stablecoin as a store of value, hinting that he prefers them over Bitcoin. Arizona Senator Ruben Gallego confirmed that the Senate’s stablecoin bill could garner support from up to 16 Democrats. Stablecoin issuer Circle made a strong NYSE debut, with shares opening at $69 and closing at $83, marking a 168% first-day gain. . Global ride-sharing giant Uber is now exploring the use of stablecoin to reduce costs in moving money cross-border. CEO Dara Khosrowshahi said that the company is still in the…

Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says

WASHINGTON, D.C. — As many as 16 Democrats may vote in favor of the Senate’s stablecoin bill when it gets to its final set of votes in the legislative body, Arizona Senator Ruben Gallego said Thursday. The “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act faced headwinds last month after Gallego led a group of Democrats against voting for cloture, a procedural hurdle that would advance legislation, citing concerns about consumer protection and other provisions. Ipagpatuloy Ang Kwento Sa Baba Within a week and a half,…