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Paxos received the in-principle approvals (IPAs) of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) to offer USD-backed stablecoins among other crypto services. In a bid to expand its crypto-related services in the Middle East, Paxos Trust Company LLC has announced that it has received the
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Wally Adeyemo, deputy secretary of the Treasury, said issuers outside the U.S. need to be forced to prevent abuse by terrorists. Source
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President-elect of Argentina Javier Milei ran on a promise of economic change. The shape of the transformation will only become known after his inauguration on Dec. 10, but stablecoins will play an important role in Argentinians’ financial lives no matter what happens, Ripio CEO Sebastián Serrano told Cointelegraph en Español.Argentina’s
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The Monetary Authority of Singapore (MAS) recently unveiled a regulatory framework aimed at enhancing the stability of single-currency stablecoins. The framework, according to Bloomberg, is set to be applicable to non-bank issuers of single-currency stablecoins linked to the Singapore dollar or any G10 currencies, provided their circulation surpasses S$5 million. Singapore’s
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Menon mentioned how Project Guardian, led by MAS and industry partners, is tokenizing foreign exchange, bonds, and funds to enhance global liquidity, streamline cross-border transactions, and improve operational efficiency in financial markets, with trials by major global banks. Original Source
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Stablecoins, cryptocurrencies designed to hold a stable value through a peg to an underlying asset, such as the U.S. dollar, have gained popularity for their potential to provide the flexibility of cryptocurrency without its price volatility. Their design — whether fiat-backed, as most are, or algorithmic (i.e. backed by other
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A recent report by the Bank for International Settlements raises concerns about stablecoins’ ability to maintain parity with their pegged assets, challenging their stability and reliability as a digital currency. In a recent report by the Bank for International Settlements (BIS), stablecoins, a type of cryptocurrency pegged to assets like the
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The Bank of International Settlements (BIS), a coalition of the world's central banks, criticized stablecoins as being "not a safe store of value" in its latest research report dated Nov. 8.In outlining its reasons, the BIS explained that from January 2019 to September 2023, fiat-backed stablecoins maintained their peg ratio
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For stablecoins to be able to be used as a means of exchange they should be able to maintain their value during the day, economists at the Bank for International Settlements said. Source
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The Financial Conduct Authority (FCA) on Monday published a discussion paper with proposals for a stablecoin regime. Though the country’s Conservative government has said it wants the U.K. to be a crypto hub and has managed to push through legislation that lets stablecoins be regulated as a means of payment,
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