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US multinational megabank Wells Fargo & Co. (NYSE:WFC) has revealed plans to launch a US dollar-linked stablecoin that will run on the company’s first blockchain platform. The “Wells Fargo Digital Cash” The service, dubbed “Wells Fargo Digital Cash,” is a tokenized dollar that will be used in internal settlement across the firm’s
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Over the course of the past few weeks, the global cryptocurrency community bore witness to two major announcements related to stablecoins — with the first being the launch of Paxos’s gold-backed Ethereum token, PAX Gold (PAXG), and the other being the release of Binance’s cryptocoin backed by the United
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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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Switzerland’s Financial Market Supervisory Authority (FINMA) has published a stablecoin-focused supplement to its existing guidelines for initial coin offerings (ICOs).In a news release published on Sept. 11, FINMA takes note of the steadily proliferating issuance of stablecoins since mid-2018, as well as confirming that the Geneva-based Libra Association had
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The popular stablecoin issuer, Tether (USDT), has announced that it plans on launching a new stablecoin, CNH₮, backed by the offshore Chinese yuan. CNH₮ will run on top of the Ethereum blockchain as an ERC-20 token.In a blog post, Tether stated that CNH₮ represents a further expansion of the organization’s
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The cryptocurrency space has had its fair share of controversies throughout the course of its short existence, and one of the biggest ones to date is the one related to stablecoins. There are plenty of stablecoins in circulation these days, but the most controversial one so far is Tether, and
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One of the biggest disruptions to the crypto space this year has been the announcement of Libra from the tech giant Facebook (NASDAQ:FB) back in July. The white paper published by the company about its cryptocurrency resulted in a lot of chaos and eventually led to turmoil in the crypto
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Social media giant Facebook, which is currently trying to get regulatory approval for its Libra stablecoin project, reportedly shared details regarding the project’s proposed backing reserves.According to a report by Bloomberg on Sept. 9, Facebook told United States senators about the backing reserves for the stablecoin — a type
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Stablecoin firm Tether announced the launch of a new stablecoin tied to the offshore Chinese yuan dubbed CNHT.According to an announcement on Sept. 9, Tether CNHT is pegged to the offshore yuan and available as an ERC-20 token on the Ethereum blockchain. The new currency joins Tether’s other stablecoins
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Social media giant Facebook has hired two more lobbyists to aid the release of its forthcoming Libra stablecoin.As Bloomberg reported on Sept. 5, lobbying disclosures filed earlier this week revealed that William Hollier, the president of legislative and regulatory counseling firm Hollier Associates LLC, began lobbying for Facebook on
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