Singapore central bank releases regulatory framework for stablecoins
The framework outlines requirements for stablecoin issuers to meet to be deemed as regulated by the Monetary Authority of Singapore. Go to Source
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Crypto highlighted as ‘novel and complex’ risk to US banks: FDIC report
The FDIC warns that uncertainty around crypto’s legal status, the likelihood of fraud and contagion present key risks to United States banks. Go to Source
Circle preps $1B war chest to deal with market threats from PayPal and others
Circle’s USDC stablecoin has dropped from $45 billion in circulation at the start of 2023 to just $26 billion as the summer winds down. Go to Source
Stablecoins could be key to upholding US dollar’s global reserve status: Report
In an opinion piece in The Wall Street Journal, Brian Brooks and Charles Calomiris claim that U.S. stablecoin legislation is crucial to re-dollarizing the world. Go to Source
US House Financial Services Committee leadership takes opposing sides on the PayPal stablecoin
Rep. Maxine Waters said she was “deeply concerned” about the PYUSD without a proper regulatory framework in place, while Rep. Patrick McHenry said it “hold[s] promise”. Go to Source
Binance drops majority of USD Coin reserves — Latest USDC news
This week’s episode of The Market Report explores the reasons why Binance let go of a majority of its USDC reserves and what it replaced them with. Go to Source
Obligatory license for stablecoins? What do the latest FSB guidelines mean
FSB starts from the definition of “global stablecoin”, which serves as a means of payment and storage and has the potential for adoption across multiple jurisdictions. Go to Source
Japanese startup to use stablecoins and CBDC to link Asian countries
Soramitsu is developing a cross-border payment system that uses Cambodia’s CBDCs and targets Japan, India, China and Southeast Asia. Go to Source
Bank of England will get more power in regulating stablecoins
The United Kingdom government could rebalance the power between the central bank of the country, Bank of England (BoE) and the principal financial regulator, the Financial Conduct Authority, in a former’s favor. Go to Source
Binance sold USDC for BTC & ETH after Silvergate bank collapse: PoR report
Binance’s depleting USDC reserves has become a hot topic in the crypto ecosystem, especially after Coinbase CEO’s quip during the company’s Q2 earning call. Go to Source