A hearing titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation” will be held by the US House Committee on Financial Services next week. The usefulness of stablecoins as a payment alternative may be the focus of the hearing. Users’ and the economy’s overall vulnerability is another issue
Andrew Bailey, the Governor of the Bank of England (BoE) commented that the Stablecoins should be regulated just like commercial bank money and Central Bank Digital Currency (CBDC) won’t be ruled away. This is termed with respect to the country that has started exploring digital pound issuance. Bailey said that
Texas wants a digital currency that can be traded for gold and cash, while other US authorities have proposed introducing a Central Bank Digital Currency (CBDC) managed by the Federal Reserve, which could be manipulated in the same ways as the dollar. Senator Bryan Hughes submitted Senate Bill 2334, and
Tether Holdings Ltd. has never had direct access to the U.S. financial system. The firm was able to find a way in for some time by collaborating with Signature Bank. It has been claimed that the firm directed its cryptocurrency customers to use the Signet transaction platform to wire dollars
With the debut of its stablecoin pegged to the U.S. dollar, major Brazilian investment bank BTG Pactual keeps adding new cryptocurrency services. Using the bank’s custody services, BTG Pactual is getting ready to introduce the BTG Dol, a new stablecoin tied to the U.S. dollar at a 1:1 ratio. On
Q1 2023 goes down as the period that recorded significant recoveries in the cryptocurrency market. Bitcoin, Ethereum, and other altcoins displayed astounding rallies amid bank runs and Fed’s regulatory crackdown. Out of them all, stablecoins captured the major attention. The USDC brief depegging, due to Silicon Valley Bank (SVB) collapse,
USD Coin (USDC) stablecoin outflows have exceeded $10 billion since March 10. Investors feel that Circle’s USDC stablecoin, with many of them switching to Tether, has reached its 22-month high in market share. When the regulators shuttered the critical reserve banking partner, Silicon Valley Bank, the U.S. payments firm Circle
The leading global payment provider Mastercard is launching the Stablecoin wallet collaborating with the Australian stablecoin platform, Stables. On March 20, Mastercard announced the collaboration. And It’s an attempt to allow the retail customer to use the stablecoin transaction in the APAC region. At the time of launch, Stables only
A recent update from the Circle team regarding USDC operations guarantees the removal of backlogs. Additionally, a request for redemption of USDC has also been made, at the EOD of the U.S. banking sector on March 15th. Update: As of close of U.S. banking operations Wednesday, March 15, we have
The second largest stablecoin USD Coin (USDC) depegged from its $1 parity owing to the shutdown of the US banking giant Silicon Valley Bank on Friday. The failure of this largest bank is registered as the worst banking crash since the 2008 financial crisis. The custom of crypto firms depositing
