Hong Kong's financial regulators have taken a significant step towards regulating the stablecoin industry by releasing consultation conclusions on a proposed licensing regime for stablecoin issuers. This move is part of the city's broader legislative effort to transform and regulate its digital asset sector. On Wednesday, July 17, the Hong ...
Tether and XREX Group, a regulated, blockchain-enabled financial institution, have partnered to improve the technology used to monitor and regulate stablecoin transactions and make it harder for them to be used for illegal purposes. The USDT stablecoin issuer announced a strategic investment of $18.75 million in the Group. According to ...
Two United States Senators have proposed new legislation to regulate stablecoin cryptocurrencies and clarify their role in the country's financial landscape. On Wednesday, April 17, Bloomberg reported that Senator Kirsten Gillibrand of New York and Senator Cynthia Lummis of Wyoming jointly introduced the Lummis-Gillibrand Payment Stablecoin Act in their latest ...
Binance has officially announced its plans to gradually discontinue support for Binance US Dollar stablecoin (BUSD). The move confirms prior speculations that the exchange would do so following Paxos's announcement to halt the issuance and redemption of the stablecoin. In its official statement on August 31, 2023, Binance noted that ...
In a decisive move that underscores the growing influence of cryptocurrencies in the financial landscape, PayPal has taken the plunge into the world of stablecoins. On August 7, 2023, PayPal announced its entry product into the world of cryptocurrencies: the PayPal USD (PYUSD) stablecoin. This new stablecoin derives its value ...
Utopia Labs is revolutionizing cryptocurrency payments for businesses with the introduction of its groundbreaking service, USDC stablecoin bank transfers. This solution enables companies worldwide to seamlessly transfer USDC to any U.S. bank account, addresses a significant hurdle in the crypto space, and unlocks new business possibilities. Announcing USDC Bank Transfers ...
Aave has successfully launched GHO, an algorithmic stablecoin pegged to the US dollar, on the Ethereum mainnet. The launch follows a positive response from its community of users on its proposal for developing the token. Let's GHO! Congrats to the @AaveAave community on the Mainnet Launch. https://t.co/vI7JbMLYb4 — GHO (@GHOAave) ...
The Reserve Bank of New Zealand (RBNZ) has announced its commitment to intensify monitoring of stablecoins and the crypto-assets sector within the country. However, the central bank has clarified that it will not be implementing a regulatory framework at this time. In a statement released on June 30, 2023, Ian ...
Sturdy Finance has reopened its stablecoin market after a recent attack on its website made it shut down a few days ago. The DeFi protocol announced on June 16, 2023 that the stablecoin market is now accessible again, and users have regained access to their funds. Sturdy Finance assured its ...
Hong Kong's financial authorities are taking proactive steps to establish comprehensive regulations for the stablecoin market by the end of 2024. The Hong Kong Monetary Authority (HKMA) recently completed a public consultation aimed at gathering feedback and proposals on stablecoin regulations. The consultation focused on key areas such as issuance, ...
