Zimbabwe’s Central Bank Governor, John Mangudya, has announced that the country will soon introduce a gold-backed digital currency to stabilize the local unit, which has been continuously depreciating against the US dollar. The move is expected to enable small investors to exchange their money for digital tokens to hedge against
The crypto market’s leading stablecoin provider, Tether (USDT), reached a market capitalization of around $81.5 billion on Thursday. It is the highest point of its market capitalization since Terra’s collapse in May 2022. USDT is just $2 billion behind to surpass its all-time high of $83.4 billion, which it reached
EUR CoinVertible, a euro-pegged stablecoin, has been released by Societe Generale-Forge (SG-Forge). It is a regulated subsidiary of the French banking corporation Societe Generale. The stablecoins are for use by eligible institutional customers. On April 20, SG-Forge announced the launch of a new stablecoin that would be based on the
The widespread use of the stablecoin scenario led to Israel’s central bank keeping an eye on Central Bank Digital Currency (CBDC) development. The Bank of Israel (BOI) says it is creating an action plan for the potential issuance of a CBDC, a “Digital Shekel known as SHAKED.” But the report
USB is a decentralized, Bitcoin backed stablecoin that’s dollar pegged using a new approach to retain its peg by shorting Bitcoin through a perpetual swap. Stabolut, a startup working on a global payment system, announced the launch of its decentralized stablecoin USB today though its been in development since May
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
