Corporate clients can take advantage of more efficient Japanese Yen-backed payment solution, with instant settlement in digital wallets as opposed to the traditional market T+2 experienced in the underlying asset. In the beginning, GYEN and ZUSD will be traded against the US Dollar and Bitcoin. The company said it will include additional pairs in the…
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WFE has expressed its belief that regulators should cooperate to share information on global stablecoing and crypto-assets and issues on the trading platforms. To address customer protection and market integrity, a formalised co-ordinated approaches to enforcement and oversight in general need to be developed. Nandini Sukumar, Chief Executive Officer of the WFE said: We support…
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Jon Cunliffe, the deputy governor for the financial stability of the Bank of England (BoE), warned that the rise of crypto economy may ultimately weaken or even eliminate bank credit issuance. In a speech at the London School of Economics on 28 February, Cunliffe predicted that implementation of stablecoins on social media platforms may lead…
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Russia is moving forward with testing stablecoins, as The Bank of Russia has started testing these pegged to real assets set in regulatory sandbox. The head of the central bank, Elvira Nabiullina, commented that the bank does not assume that stablecoins will eventually replace money or function as payment means. What the Bank of Russia…
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The Libra “coals” are heating up again. The Bank for International Settlements (BIS), the central bank for all other central banks, is concerned about the Libra Project. At its behest, it has arranged for a major meeting to take place between representatives from Facebook’s Libra executive team and officials from 26 central banks across the…
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The largest cryptocurrency exchange Binance is now launching a new USD-pegged stablecoin in the U.S. The more exciting news is that the new coin, called BUSD, has been approved by the New York Department of Financial Services or NYDFS. The other partner on the project is Paxos Trust Company. The Binance stablecoin will be pegged…
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As a stablecoin, Tether has clout in the market, as it should since it is by far the largest version of this “special use” type of token. The “USDT” reportedly has reserves to the tune of $3.5 to $4 billion, many multiples higher than its closest competitor. Skeptics have accused its management team of cavalierly…
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And now there are two contenders for the “2019 Crypto Hubris Award”, as if Libra needed a competitor to spur it on to victory or to smash it flat in defeat. Binance, the world’s largest crypto exchange by volume, in its infinite wisdom has decided to join the race to assist the un-banked masses of…
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Taringa! is a Latin American social networking company that has 27 million users. This social networking giant is launching a stablecoin rewards system with the help of two strong partners: the e-wallet provider Airtm and MakerDAO. The information comes from an official press release from the company’s website. The company revealed its new product in…
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Critics of Bitcoin have often pointed to its price volatility as an issue and reason why it could never be considered a secure “store of value”, but a Wall Street veteran of 22 years, Caitlin Long, has built an intellectual argument, which posits that, by design, the world’s favorite cryptocurrency provides systemic stability versus price…
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