Cryptocurrency Analysis and News Portal
Warren Buffett raised eyebrows this week when his firm, Berkshire Hathaway, upped its exposure to United States Treasury bills. If you’re one of the few remaining bulls out there, Buffett’s flight to safety is concerning because it signals that the Oracle of Omaha would rather get a 3% yield instead
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Stablecoin issuers like Tether (USDT) and Circle have accumulated a significant share in the United States Treasury market, outperforming major traditional finance players.Various stablecoin providers collectively held $80 billion worth of short-term U.S. government debt as of May 2022, according to a study by the investment bank JPMorgan, The Financial
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“Apparently, we'll have options for both banks and non banks,” Himes told CryptoX in an interview. He said Chairwoman Maxine Waters (D-Calif.) and the ranking Republican on the committee, Rep. Patrick McHenry (R-N.C.), have been working together on a narrow, stablecoins-only bill, and it’s expected to establish “standards for reserves”
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Since Terra began blowing up, DAI, a five-year-old overcollateralized stablecoin overseen by the MakerDAO community, has held its peg and carried out liquidations of collateral in an orderly fashion, which has been “a great test of the system,” said Luca Prosperi, a leader on lending oversight at MakerDAO. Original Source
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The EU bill would also tackle decentralized finance and bitcoin's energy use. Original Source
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Implications for the crypto markets could be far reaching as about 60% of bitcoin and ether exchanges are trades versus a stablecoin, and stablecoin lending has become an important part of centralised and decentralised finance (DeFi), the note added. DeFi is an umbrella term used for lending, trading and other
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Japan’s top financial regulator, the Financial Services Agency (FSA), is reportedly planning to propose legislation to restrict stablecoin issuance to banks and wire transfer companies. Crypto service providers involved in stablecoin transactions, including wallets, will also be brought under the financial regulator’s oversight. Japan to Tighten Stablecoin Regulation Japan’s Financial Services Agency
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According to the report, the legislation will also include steps to prevent money laundering via stablecoins by giving the agency additional oversight over intermediaries such as wallet providers, and also adding additional know-your-customer (KYC) measures. Original Source
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There is no denying the fact that the crypto market has grown from strength to strength over the course of 2021, as is best highlighted by the total capitalization of the industry recently hitting the $3-trillion mark, albeit for a relatively brief period of time. That said, stablecoins, a class of
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South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance.The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects
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