Tag: Stablecoin

Nigerian Blockchain-Based Payment Startup, Ivorypay, Partners With Stablecoin Issuer, Tether

A Nigerian startup specializing in blockchain-based payments and remittances has entered into a partnership arrangement with the stablecoin issuer Tether. The arrangement is expected to extend the benefits of stable digital transactions to a larger number of consumers and businesses across the African continent. Ivorypay, Tether Partnership Aims to Boost User Confidence Ivorypay, a Nigerian [โ€ฆ] Source CryptoX Portal

New Stablecoin Bill Faces Criticism for Stifling Innovation and Breaching First Amendmentย 

A new bill co-sponsored by Senators Cynthia Lummis and Kirsten Gillibrand, aimed at regulating stablecoins, has drawn criticism for potentially stifling innovation and breaching First Amendment rights. The bill includes a provision that bans all โ€œalgorithmic payment stablecoins,โ€ which could have significant implications for software developers and the broader tech community. Lummis-Gillibrand Stablecoin Bill Criticized [โ€ฆ] Source CryptoX Portal

Top Crypto Exchange Binance Converts $1,000,000,000 Secure Asset Fund From Bitcoin and BNB to Stablecoin USDC

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Binance has converted all of the crypto in its $1 billion emergency insurance fund into the stablecoin USDC. The top global crypto exchange established the โ€œSecure Asset Fund for Usersโ€ (SAFU) in 2018 to protect Binance users from โ€œextreme situations.โ€ The fund has typically attempted to maintain a balance worth $1 billion, though fluctuating crypto prices have impacted the value of its holdings over the years. In late 2022, the fund held $700 million worth of Binance USD (BUSD) and BNB, as well as $300 million worth of Bitcoin (BTC).…

U.S. Senators Lummis, Gillibrand Take on Stablecoin Legislation With New Bill

The bill created a $10 billion limit for non-depository trust institutions to be able to issue payment stablecoins. Once the issuer exceeds that amount, it must be “a depository institution that has been authorized as a national payment stablecoin issuer,” the bill’s text said. At present, the largest U.S.-based stablecoin issuer, Circle (with $33 billion in outstanding (USDC)), is not a depository trust institution. The next largest, Paxos, does have a limited purpose trust charter through the New York Department of Financial Services, though its market cap falls well below…

Crypto-Skeptic Sen. Sherrod Brown Is Open to Advancing Stablecoin Legislation, Bloomberg Reports

Congress has for years struggled to get any new laws passed for cryptocurrencies, providing greater clarity sought by both critics and proponents of digital assets. Stablecoin legislation may, nonetheless, be the lowest-hanging fruit given that stablecoins strongly resemble other regulated products like money-market funds, and there’s a strong incentive to create guardrails since they own important conventional assets like U.S. Treasuries. Source

UK to implement new crypto, stablecoin legislation by Q3

The British government plans to introduce new regulations for stablecoins and other crypto services, such as staking, exchange, and custody, by mid-year. Economic Secretary Bim Afolami announced this at the Innovate Finance Global Summit this week. He emphasized the rapid progress being made to establish a comprehensive regulatory framework and said the government is quickly advancing the legislation that will finalize the new regulatory proposals.ย  Once implemented, this legislation will bring various cryptocurrency operations, including exchanges and custodial services, under regulatory oversight for the first time. ๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿšจ๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿšจ๐Ÿ‡ฌ๐Ÿ‡ง ๐—Ÿ๐—ข๐—ก๐——๐—ข๐—ก ๐—œ๐—ฆ ๐—ฅ๐—˜๐—”๐——๐—ฌ…