Circle discloses full breakdown of $55.7B USDC reserves
As of June 30, about 75.6% of Circle’s reserves were held in U.S. Treasuries and 24.4% were held in cash at regulated financial institutions. Go to Source Powered by WPeMatico
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UK’s government-backed Millicent Labs demos a retail full-reserve digital currency
The issuer says the currency avoids pitfalls of central bank digital currency and stablecoins while bridging blockchain and traditional financial technology. Go to Source Powered by WPeMatico
BIS committee and IOSCO issue guidance for regulation of stablecoin arrangements
The international organizations affirm the “same risk, same regulation” principle by extending decade-old rules to the rapidly expanding new financial technology. Go to Source Powered by WPeMatico
Picpay to Offer Cryptocurrency Services in Brazil to More Than 60 Million Customers
Picpay, one of the most popular payments fintech companies in Brazil, has announced that it will start including cryptocurrency services in its app. The company explained that these services will include the possibility of purchasing crypto and processing payments with crypto directly. Picpay follows the actions of companies like Nubank and Mercado Libre, which have … Read more
100-Year-Old Pennsylvania-Based Bank Approved to Leverage Makerdao’s Stablecoin Vault
Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, approved a governance proposal that provides “collateral integration from a U.S.-based bank.” The Makerdao governance proposal passed by a majority vote of more than 87%, and it gives the U.S. financial institution Huntingdon Valley Bank the means to leverage a stablecoin vault. Huntingdon Valley … Read more
G20 regulator to present global crypto rules in October 2022
The FSB seems more concerned with the crypto market given its recent turmoil and the “increasing interconnectedness with the traditional financial system.” Go to Source Powered by WPeMatico
KPMG to audit new pound-backed stablecoin GBPT
In terms of daily turnover, the British pound (GBP) is the fourth most traded fiat currency in the world, according to the Bank for International Settlements. Go to Source Powered by WPeMatico
Tether fortifies its reserves: Will it silence critics, mollify investors?
USDT is under attack from short sellers. Would they go away if only the company hired a Big Four accounting firm to audit its balance sheet? Go to Source Powered by WPeMatico
Terra crash highlights stablecoin risk to financial stability: ECB
A recent ECB report says stablecoins are not practical as a mode of payment and their current form isn’t fit for use in the real economy. Go to Source Powered by WPeMatico
Crypto Exchange Bitso Launches Remittance Service in Colombia
Bitso, a Mexican-based, Latam operating cryptocurrency exchange, announced it is launching a remittance service in Colombia. The company will now allow its customers in Colombia to send and receive remittances using dollar-pegged stablecoins on the platform. The exchange launched a similar service in Mexico last year in partnership with Circle. Bitso Expand Remittances Program to … Read more