At least one state in the United States has proposed laws that would have far-reaching effects on the world of digital assets. In particular, a bill has been introduced in New York that would allow stablecoins to be used as payment for bail. If passed, Assembly Bill 7024 will update
Stablecoins have emerged from obscurity to become one of the most important digital asset sectors in the space. The stablecoin market now accounts for over 10% of crypto’s total valuation, with a market cap exceeding $130B. With over 100 stablecoins listed on Coinmarketcap alone, deciding where to allocate capital is
Tether, the world’s largest stablecoin provider, has once again made headlines with the freezing of another account. According to the report, another address on the Tron network, which contains a massive amount of USDT, got frozen. Already five accounts have frozen since the beginning of the year. Tether can block
Kevin O’Leary, the Canadian businessman known as Mr. Wonderful, stated that no new money is coming into Bitcoin and crypto from institutions until there’s regulation. In an interview with YouTuber Kevin, O’Leary stated that Bitcoin is locked in purgatory and has been trading between $17,000 and $30,000 for a long
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
