XRP Ledger enters the MiCA era with its first fully compliant euro stablecoin, unlocking institutional-grade euro payments, stablecoin utility, and real-world asset tokenization. MiCA-Compliant Euro Stablecoin Hits XRP Ledger Ripple shared on May 22 that Schuman Financial’s euro-backed stablecoin, EURØP, has become the first to launch on the XRP Ledger (XRPL) in full compliance with […] Source CryptoX Portal
Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry. According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed…
The world’s largest crypto exchange by trading volume is adding support for an asset linked with President Donald Trump’s new decentralized finance project, World Liberty Financial (WLFI). In a new announcement, Binance says it will add support for the stablecoin World Liberty Financial USD (USD1), a dollar-pegged digital asset managed by the crypto asset manager BitGo. “Binance is excited to announce that World Liberty Financial USD (USD1) will be added to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, and Binance Margin [on May 22nd].” USD1, which was designed to keep…
It’s early days for the global dollar (USDG), a stablecoin that debuted in November, but a thousand firms could join the group that helps popularize the token in return for a share of the yield earned on reserve assets, according to crypto exchange Kraken, one of the founding partners. USDG, whose other backers include trading platform Robinhood (HOOD), stablecoin issuer Paxos, crypto investor Galaxy Digital and crypto bank Anchorage Digital, recently welcomed 19 new joiners, many of them crypto native firms. Banks and large traditional finance firms are also lining…
David Sacks, US President Donald Trump’s top adviser on crypto and artificial intelligence, said the administration expects the stablecoin bill to clear the Senate with bipartisan backing. “We have every expectation now that it’s going to pass,” Sacks told CNBC on May 21, following a key procedural vote that saw 15 Democrats join Republicans to clear the filibuster threshold. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is the most advanced federal effort yet to establish a legal framework for dollar-pegged digital assets. Sacks said the bill…
Key Notes Stablecoin market capitalization is reaching the $250 billion mark. David Sacks hinted at a trillion-dollar opportunity with the GENIUS Act. 15 democrats joined the republicans in supporting the stablecoin regulation. . The cryptocurrency market is seeing yet another bullish momentum, and investors are pouring funds into stablecoins before buying volatile assets. According to data from CoinMarketCap, the total value of stablecoins is close to an all-time high of $250 billion, thanks to the steady rise since January. Tether’s USDT is leading the pack with a $152.4 billion market…
Key Notes Hong Kong regulators will prioritize expanding real-world stablecoin use cases in retail, cross-border trade, and peer-to-peer transactions. The framework mandates fiat-backed stablecoins, ensuring strong regulatory standards and market confidence. The stablecoin legislation complements Hong Kong’s broader push for Web3 development, alongside new cryptocurrency staking regulations. In a major step towards becoming the global Web3 hub, the Hong Kong Legislative Council passed the “Stablecoins Bill” in its third reading. Interestingly, the decision came just a day after the US stablecoin bill, known as the GENIUS Act, advanced to the…
US Senate Democrats are getting flak after they helped move stablecoin legislation ahead for discussion on the Senate floor. On May 19, 16 Democratic senators broke from the party line to pass a motion to invoke cloture, which will now set the bill up for debate on the Senate floor. Some of the same Democrats had held up the bill in early May when they withdrew support, citing corruption concerns over President Donald Trump’s cryptocurrency dealings. The bill’s opponents hailed lawmakers’ refusal to support it but were soon taken aback…
Key Notes South Korean presidential candidate favours won-backed stablecoin. The stablecoin is expected to reduce capital flight in the country. Lee Jae-myung also plans to establish a system that enables greater institutional participation in cryptocurrency. South Korea’s presidential candidate from the Democratic Party, Lee Jae-myung, has announced plans to support the development of a stablecoin pegged to the Korean won. This proposed won-backed stablecoin aims to curb capital flight and strengthen the country’s financial sovereignty. Jae-myung emphasized that introducing such a stablecoin would allow the Korean economy to retain more…
Key Notes Democratic Senators who previously opposed the bill, including Mark Warner, Adam Schiff, and Ruben Gallego, have shifted their stance to support it. The GENIUS Act outlines strict AML/KYC protocols, mandates 1:1 reserves backed by USD. Following the Senate’s debate and vote, the GENIUS Act will move to the House of Representatives. On May 19, the US Senate managed to successfully move ahead with the stablecoin bill, or the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS ACT), with a 62-32 procedural vote. The long-awaited crypto regulation…