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The largest stablecoins have all endured periods of turmoil in the last few months. In February, New York state regulators ordered Paxos to halt minting Binance USD (BUSD), the third largest stablecoin at the time. Next month, the collapse of Silicon Valley Bank (SVB) temporarily froze a sizable portion of
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The number two at the Indian central bank said that stablecoins are beneficial to economies such as the U.S. and Europe, to whose currencies the stablecoins may be linked. But in a country like India, they could potentially replace the use of the rupee in the local economy, Sankar said,
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Although Allaire views stablecoins as a superior option to CBDCs, he said the two are complimentary. “If central banks are going to upgrade their own systems to move away from legacy technology into more modern distributed ledger technology, that’s great,” he told SCMP. “There’s a whole bunch of things that
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Andrew Bailey, a Bank of England (BOE) governor, delivered a speech July 10 in which he moved smoothly from the central bank’s efforts to control inflation and maintain public trust in financial institutions to why cryptocurrencies are not money. Instead of cryptocurrencies and stablecoins, he would prefer “enhanced digital money.”The spate of
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Federal Reserve Chairman Jerome Powell reiterated the need of robust central-bank oversight in the ongoing development of stablecoin regulations by the House Financial Services Committee. Powell further disclosed that the Federal Reserve’s staff has been actively
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Federal Reserve Chairman Jerome Powell argued for the need for strong central-bank oversight in stablecoin regulations being crafted by lawmakers in the House Financial Services Committee. Source
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Initially, the bill covered only stablecoins. However, it was amended to include all cryptos and regulated activity. The bill (FSMB) that proposes the regulation of stablecoin and crypto regulation in the UK has been approved by the second chamber of the Houses of Parliament, the House of Lords. The UK government is moving
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About 2% of global money supply, via stablecoins and CBDCs, could be tokenized over the next five years, which is about $3 trillion, the report said. Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied As the crypto market’s volatility continues, the total stablecoin market capitalization declined by 0.25% over the past 24 hours, with an average price change of 0.71%. The downward movement comes after the largest stablecoin by market cap,
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