Tag: Stablecoin

Stablecoin Legislation Must Respect the Dual-Banking System

To be sure, the dual-banking system itself at present is far from federalism perfected, and state and federal jurisdiction over banks does overlap in important ways; state-chartered banks that are members of the Federal Deposit Insurance Corporation and/or the Federal Reserve System, for example, face additional federal supervision. But such federal bank supervision makes even less sense for stablecoin issuers, which ultimately provide a payment tool (tokens designed to maintain a 1:1 peg with the U.S. dollar), not banking services. Source

Stripe reintroduces crypto payments via USDC stablecoin

At the company’s Global Internet Economy conference on Thursday, Stripe revealed its decision to reintroduce support for crypto payments. During the final keynote session, titled The Future of Payments, Stripe’s president, John Collison, highlighted the company’s previous involvement with cryptocurrency, noting that their experience with crypto dates back a long time. Collison referenced the company’s earlier venture into Bitcoin (BTC) support in 2018, which was discontinued due to underutilization. Collison expressed enthusiasm about the reintroduction, stating that Stripe is excited to bring back crypto to accept payments but only wanted…

Stripe Brings Back Cryptocurrency Payments Via Circle’s USDC Stablecoin

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S&P Global Report: New Legislation Could ‘Boost’ US Stablecoin Landscape

According to a report from S&P Global Ratings, the introduction of the Lummis-Gillibrand Payment Stablecoin Act on April 17, 2024, promises to significantly reshape the U.S. stablecoin market. Authored by Mohamed Damak and Andrew O’Neill, the report outlines the potential for enhanced regulatory clarity and increased institutional adoption. S&P Global Ratings Analyzes Impact of New […] Source CryptoX Portal

Tether’s (USDT) Stablecoin Dominance May Wane Following Proposed U.S. Regulation: S&P

“An approval of the stablecoin bill would accelerate institutional blockchain innovation, in particular for tokenization or digital bond issuances involving on-chain payments,” O’Neill said, adding that the “growth of institutional use cases for stablecoins would create opportunities for banks as stablecoin issuers and may also reduce tether’s dominance in the global stablecoin market.” S&P said that USDT is issued by a non-U.S. entity and therefore is not a permitted payment stablecoin under the proposed bill. This means that U.S. entities can’t hold or transact in it, which could reduce USDT’s…

The Ever-Dwindling Chances for a Stablecoin Law

Last week, U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a joint bill addressing how stablecoins could be regulated in the country. It’s the latest effort to try and get something done in the U.S. legislative front – but is it enough? Source