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The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. Blockchain infrastructure firm Paxos has announced plans to issue a US dollar-backed stablecoin for its customers in Singapore. The initiative comes after
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The company’s first bitcoin-linked stablecoin will have to fare better than its other stablecoin products if it wants to succeed in the long term. Stably’s stablecoin in the ethereum ecosystem, called StableUSD (USDS) has only 752 holders and a market cap of $264,000, per etherscan – basically irrelevant when compared
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BTG Pactual, one of Latin America's largest investment banks, has introduced a dollar-backed stablecoin through its crypto platform Mynt. Source
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Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms.Speaking before the Texas Work Group on Blockchain Matters in Austin on Friday, Beck suggested limiting the issuance of U.S. dollar-backed
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The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities. According to a DFS statement, it is the first regulator in the United States to impose such expectations on a stablecoin issuer.The requirements in the guidance concern redeemability,
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In an announcement on Wednesday, VersaBank said it plans to launch a digital currency called VCAD, which will reportedly be backed by Canadian dollars deposited with the bank. The Canadian bank claimed that VCAD would effectively be "the first digital currency to represent a fiat currency" issued and backed by
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USDC is being added to its third blockchain: Stellar.Announced Thursday during the Stellar Development Foundation’s quarterly review call, the addition of the dollar-backed stablecoin seeks to bolster Stellar’s standing as a cross-border payments network.“We are focused on creating equitable access to the financial system by building a global network that
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Binance’s new dollar-backed stablecoin, BUSD, created in partnership with the Paxos Trust Company, will be made available for trading on the cryptocurrency exchange as of Sept. 16. Announced on Thursday at CoinDesk’s Invest: Asia conference, Paxos co-founder Rich Teo
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Crypto exchange Binance is launching a dollar-backed stablecoin in the U.S. Moreover, the new Binance USD (BUSD) has received the blessing of the New York Department of Financial Services (NYDFS). The exchange announced Thursday that NYDFS had approved the
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