Tag: Stablecoin

US stablecoin bill gets update ahead of Senate banking group vote

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US Senate Banking Committee is set to vote on a Republican-led stablecoin framework bill on March 13, after it was updated following consultation with committee Democrats. GOP Senator Bill Hagerty, one of the bill’s co-sponsors, said on March 10 that he introduced an update of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which would go to a Banking Committee vote on March 13. He added that the updated bill saw bipartisan consultation. The bill is co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, who is…

Bitcoin may benefit from US stablecoin dominance push

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The United States push to maintain the dollar’s global dominance through stablecoin adoption could have unintended benefits for Bitcoin, as the world’s largest cryptocurrency is emerging as a potential federal reserve asset. US Treasury Secretary Scott Bessent said the US government will use stablecoins to ensure that the US dollar remains the world’s global reserve currency during the White House Crypto Summit on March 7. “We are going to put a lot of thought into the stablecoin regime, and as President Trump has directed, we are going to keep the…

US housing dept mulls blockchain, stablecoin to pay and monitor grants: Report

The US Department of Housing and Urban Development is reportedly looking to experiment with using blockchain and a stablecoin for some of its functions. The department, whose duties include overseeing social housing, has so far discussed the possibility of using blockchain to monitor grants, ProPublica reported on March 7, citing a meeting recording, documents and three officials familiar with the matter.  Also discussed was the idea of experimenting with paying a HUD grantee using a stablecoin, which could first be tested in one of the department’s offices before being applied…

OCC Says Banks Can Engage in Crypto Custody and Certain Stablecoin Activities

Federally regulated banks can engage in a range of cryptocurrency activities without prior approval, The Office of the Comptroller of the Currency (OCC) said, in a new interpretive letter and statement. In a new interpretive letter, the OCC clarified that national banks and federal savings associations can legally provide crypto custody, conduct certain stablecoin-related activities, and run nodes. “The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” said Acting Comptroller of the Currency Rodney…

SBI’s crypto arm to support USDC as Japan softens stablecoin rules

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A cryptocurrency subsidiary of the Japanese financial conglomerate SBI is preparing to roll out support for Circle’s USDC stablecoin as local regulators soften stablecoin rules. On March 4, SBI VC Trade announced the completion of the first registration related to stablecoin transactions, enabling the firm to start processing USDC (USDC) transactions. After receiving full registration, SBI VC Trade expects to become one of the first financial platforms in Japan to offer cryptocurrency trading in USDC, the announcement noted. The platform plans to launch a USDC trading trial for selected users…

Stablecoin presence key to blockchain legitimacy, says ZachXBT

Crypto security analyst and Paradigm adviser ZachXBT said the circulation of stablecoins from major issuers such as Circle, Tether and Paxos should be a key metric in assessing the legitimacy of blockchain networks. His comments followed US President Donald Trump’s announcement on March 2 that certain digital assets would be included in the country’s strategic crypto reserves. Trump identified Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA) as the assets to be included in the reserves.  On March 3, ZachXBT argued that the presence of stablecoins issued…

Bitget Wallet Adds Aave Integration for Multi-Chain Stablecoin Staking

Bitget Wallet has integrated decentralized lending protocol Aave to allow users to stake USDT and USDC across five blockchain networks while retaining self-custody of assets. Aave Integration Enables Cross-Chain Stablecoin Staking on Bitget Wallet Bitget Wallet has integrated decentralized lending protocol Aave to allow users to stake USDT and USDC across five blockchain networks while […] Source CryptoX Portal

Hong Kong Powerhouses Unite: Standard Chartered, Animoca Brands, HKT to Pursue Stablecoin License

Standard Chartered Bank, Animoca Brands, and HKT have formed a joint venture to pursue a stablecoin issuing license from the Hong Kong Monetary Authority. ‘Digital Assets Here to Stay’ Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT recently agreed to form a joint venture to pursue a stablecoin issuing license from the Hong Kong […] Source CryptoX Portal

Coinbase Pays Aston Martin Aramco Sponsorship Entirely in USDC Stablecoin

Aston Martin Aramco Formula One Team has partnered with cryptocurrency platform Coinbase in a multi-year deal fully paid in USDC stablecoin, marking a first in Formula One history. USDC Stablecoin Fuels Landmark F1 Sponsorship Between Aston Martin Aramco and Coinbase The Aston Martin Aramco Formula One Team rebranded in 2021 under owner Lawrence Stroll, announced […] Source CryptoX Portal