2022 Events Cast 'Serious Doubts' on Stablecoins as Money: BIS Chief
Agustin Carstens, who has previously criticized stablecoins, said they do not benefit from the regulatory requirements and protections that apply to bank deposits. Source
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Stablecoins
How Hong Kong is Gearing Up to Regulate Stablecoins
Requiring foreign entities who have already issued stablecoins to set up a Hong Kong entity for issuing stablecoins might throw up complications. Source
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The fate of dollar-pegged stablecoins in question: Law Decoded, Feb. 13–20
New week, a new element of the crypto ecosystem is under attack. This time, the United States Securities and Exchange Commission (SEC) ordered Paxos Trust to stop issuing Binance USD (BUSD) — a dollar-pegged stablecoin. Paxos received a cease order from the New York Department of Financial Services (NYDFS).With no
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Many stablecoins fall short of coming regulatory recommendations, says FSB chair
Financial Stability Board (FSB) chair Klaas Knot has outlined how the organization plans to address key threats to financial stability this year in a Feb. 20 letter sent to the G20’s finance ministers and central bank governors. Crypto assets and decentralized finance (DeFi) had a prominent place on the list
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Existing Stablecoins Won’t Meet Forthcoming Global Standards: FSB
The Financial Stability Board's recommendations for regulating crypto and stablecoins are set to be released in July 2023. Original Source
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Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Days – Altcoins Bitcoin News
Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion
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Terra lawsuit a ‘roadmap’ to attack other stablecoins: Delphi Labs
The United States Securities and Exchange Commission’s (SEC's) lawsuit against Terraform Labs and its co-founder Do Kwon could be seen as an SEC “roadmap” to taking down other stablecoins, according to a lawyer.Gabriel Shapiro, general counsel at investment firm Delphi Labs, explained to his 33,800 Twitter followers on Feb. 16
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BIS-funded regulator to probe DeFi entry points like stablecoins
The Financial Stability Board (FSB), the financial regulator funded by the Bank for International Settlements (BIS), is pushing international regulations for decentralized finance (DeFi).On Feb. 16, the FSB issued a report on the financial stability risks of DeFi, highlighting major vulnerabilities, transmission channels and the evolution of DeFi.Despite providing many
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Tether USDT Stablecoin Gains $1 Billion as Paxos Burns Over $1.8B of Binance USD Stablecoins
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crypto industry will probably move to non-dollar stablecoins
The crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to a Feb. 14 statement on Twitter Spaces by Binance CEO Changpeng Zhao, also known as “CZ.”CZ gave the statement in answer to a
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