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In the key principles of its upcoming regulatory framework, the Hong Kong Monetary Authority (HKNA) didn’t find a place for algorithmic stablecoins. Instead, the chief financial regulator will demand all stablecoin issuers back up their values with underlying reserve assets at all times.On Jan. 31, the HKNA issued the consultation
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The annualized percentage yield from providing stablecoin liquidity on Curve's 3pool, also known as DeFi's savings bank account, is nearly 250 basis points less than the yield on the 10-year U.S. Treasury note. Source
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Credit rating firm Moody's is allegedly developing a scoring system for stablecoins, with analysis for up to 20 digital assets, Bloomberg reported on Jan. 26, citing unnamed sources. The system, which appears to be in the early stages of development, will evaluate and rate the quality of the attestations of stablecoin reserves,
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The move comes as the quality of stablecoin reserves continues to receive scrutiny. Original Source
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The chief executive of credit card giant Visa remains confident that blockchain-powered solutions can be integrated into its services and offerings to power the next generation of payments.Speaking on a call at Visa’s annual stockholder meeting on Jan. 24, outgoing CEO Al Kelly — who will officially step down on
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There is no law that bans U.S. banks from issuing paper or digital private banknotes, American Institute for Economic Research economist Thomas Hogan argues. Source
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Japan’s new regulations allowing investors to trade using stablecoins like Tether (USDT) are expected to be adopted no later than in June 2023, according to a local financial authority.The Financial Services Agency (FSA) of Japan is working on lifting the ban on the domestic distribution of stablecoins, planning to allow
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The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based digital assets in foreign trade. Company Behind China’s Blockchain Push Aims to Make Stablecoins and State Coins
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A Hong Kong-based blockchain company has launched a digital payments system aimed at bridging the gap between stablecoins and Central Bank Digital Currencies (CBDCs). Red Date Technology, the blockchain infrastructure firm which is also leading one of China’s blockchain efforts, launched the Universal Digital Payment Network (UDPN) on Jan. 19 during
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“Recent MakerDAO governance discussions have raised concerns about GUSD’s heavy reliance on the PSM and Gemini holding GUSD reserves at Silvergate,” Riyad Carey, an analyst of digital-asset research firm Kaiko, wrote in a report earlier this month, referring to Silvergate Bank, a crypto bank that saw a large outflow of
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