Legislation outlining a legal framework for payment stablecoins has been introduced by US Senators Kirsten Gillibrand and Cynthia Lummis. The Lummis-Gillibrand Payment Stablecoin Act, which the two senators announced on April 17, had been in the works for some months and was scheduled to be unveiled in 2024. Prohibiting “unbacked,
In an effort to gain market share in the next five years, Ripple, the issuer of XRP, has revealed intentions to establish a stablecoin backed by the US dollar. The goal is to compete with Tether and Circle. Preceding the release, which details plans for the stablecoin initially issued on
Users may now fund international Xoom transfers using PayPal USD (PYUSD), the company’s dedicated stablecoin linked to the U.S dollar. This is a new feature that Xoom, a PayPal cross-border money transfer service, has introduced. Xoom customers in the US will not be charged any transaction fees by PayPal when
The first Japanese stablecoin backed by bank deposits was introduced by Hokkoku, a provincial bank in Japan. This move caused quite a stir. Concerned Japanese crypto aficionados are weighing the benefits and drawbacks of the new development. Furthermore, the stablecoin’s functionality is under scrutiny. The success of their Tochituka app,
Toronto, Canada, March 8th, 2024, Chainwire Conflux Network, the only regulatory compliant public blockchain in China, today announces its pivotal role in assisting the successful beta-testing of the Hong Kong Dollar (HKD)-backed stablecoin, AxHKD. Built by local fintech company AnchorX, the stablecoin will be launched on Conflux Network initially, followed
An approval process issue in the Stablecoin protocol Seneca’s smart contract allowed an exploiter to access around $6.4 million in digital assets. Seneca has offered a 20% bounty to the person or people responsible for this exploit. The stablecoin protocol vulnerability was reported by many blockchain security organizations on February
This year, new capital is flooding into the crypto market, driving optimism and speeding up the growth of the stablecoin sector. According to CoinMarketCap, the entire market capitalization of stablecoins surpassed $140 billion in February. According to DefiLlama, this is the most amount seen since December 2022. Stablecoins are digital
Within the next half-year, lawmakers in the UK want to enact new regulations on cryptocurrency staking and stablecoins. The government is striving aggressively to adopt the new law before this year’s general election, according to Bloomberg, which Economic Secretary to the Treasury Bim Afolami said at a Coinbase-hosted crypto event
According to Federal Reserve governor Christopher Waller, the dollar’s position as a worldwide reserve currency may be being solidified by the widespread use of stablecoins denominated in U.S dollars in the decentralized finance (DeFi) space. Waller said at a central banking-focused conference on February 15 that the U.S. dollar is
New Zealand’s central bank governor Adrian Orr has voiced serious worries about digital assets, particularly stablecoins. Furthermore, he emphasized that fiat-pegged stablecoins cannot be considered a replacement for actual fiat currency. Reserve Bank of New Zealand Governor Adrian Orr warned about stablecoins’ seeming stability, calling them “the biggest misnomers” and
