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Japan recommends against algorithmic backing in stablecoins

After passing its landmark legislation on stablecoins in June, Japanese regulators are considering complementing it by restricting the algorithmic backing of stablecoins. The intention comes as a recommendation from the Financial Service Agency (FSA) and was repeated by the country’s Vice Minister for International Affairs, Tomoko Amaya. During his speech on

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Tether vs. USD Coin on-chain data reveals two very different stablecoins

USD Coin (USDC), a stablecoin issued by the U.S.-based Circle Financials Ltd, is taking the lead over its top rival, Tether (USDT), when it comes to institutional adoption, according to on-chain data.USDC daily transfer volumes are higherThe market capitalization of USDC tokens in circulation comes to be around $44 billion

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Major stablecoins destabilized as market volatility and redemptions surge

Plunging cryptocurrency prices are not the only consequence of this week’s FTX-induced crypto contagion. Significant market volatility this week induced by the collapse of the FTX exchange has impacted stablecoins with many of them de-pegging temporarily.According to CryptoQuant senior analyst Julio Moreno, nearly all leading stablecoins have experienced some level of

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Canada to examine crypto, stablecoins, and CBDCs in new budget

The Canadian federal government is set to launch a consultation on cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) as revealed in its new mini-budget.The government's “2022 Fall Economic Statement” released on Nov. 3 by Deputy Prime Minister Chrystia Freeland works as a fiscal update in conjunction with its main

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Gibraltar Will Focus on Stablecoins and DeFi Lending After Market Turmoil

Gibraltar Financial Services Commission (FSC) wants to bring decentralized finance lending and stablecoins into “sharp focus,” William Gracia, Head of distributed ledger technology (DLT) and markets at the FSC said at the country's affair on Tuesday. Gibraltar was hosting an event in central London to celebrate the progress of blockchain

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