New Crop of ‘Regulated’ Stablecoins are Trading at a Premium to Tether | CCN
"Now, as these new tokens begin to achieve liquidity on cryptocurrency exchanges, it appears as though the controversy surrounding tether — which heretofore has been the primary USD proxy on exchanges not authorized to list physical fiat currencies — is causing USDT to trade at a discount to its more intensely-regulated counterparts."
Tether Collapse Could Bring Bitcoin Black Friday - Tether USD (Cryptocurrency:USDT-USD) | Seeking Alpha
"It is my opinion that Tether is a scam. Let's talk about why. A majority of cryptocurrency trading on exchanges is taking place in Tether. If Tether fails, it could usher in a rare buying opportunity for Bitcoin investors seeking an entry point."
ECB may need to take bigger role to promote instant payments: Mersch | Reuters
Europe needs a wide-reaching, cheap and instant retail payment system to stop overseas competitors taking this market and the European Central Bank should consider taking a bigger role in the field, ECB board member Yves Mersch said on Wednesday.
The Crypto Stable Coins That YOU Need to Know About | Medium
"For those of you who are confused over the recent introduction of more stable coins, I don’t blame you. It seems like everyone is throwing their ideas into the hat. So, let me break them down for you to make it a little simpler."
Another Stablecoin: U.K. Exchange Launches GBP-Pegged Cryptocurrency | CCN
The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis.
"In common with a bank, Monzo does provide demand deposits (it previously offered prepaid cards). Last year, it began offering customers current accounts and, according to its reports as of the end of February, had £71.3m of deposits on the liabilities side of its balance sheet. The assets side of the balance sheet, however, tells a very different story. Monzo’s deposits are held in overnight accounts at the Bank of England. In fact, as of its latest report, Monzo held £97m at the Bank of England, much more than the sum of its total deposits. This implies that a large portion of equity funding the company has received is currently sitting at the central bank."
Marshall Islands Goes Ahead with State-Backed Crypto Plans Despite IMF Warning • Live Bitcoin News
The Pacific country of the Marshall Islands will be proceeding with its previously reported plan of launching its own virtual currency, without the blessing of the International Monetary Fund.
"It seems to me that the old curse of a full-reserve bank, the necessity that it charge customers a recurring fee to recoup its high costs, has finally been reversed. In addition to providing a full range of transactional services, a full-reserve bank should finally (in theory, at least) be able to provide depositors with interest. "
Now That The HKMA Faster Payment System is Live, What Does it Mean For Hong Kong? - Fintech Hong Kong
In an effort to push Hong Kong towards a cashless society, the HKMA Faster Payment System was launched earlier this month. To date 21 banks and 10 digital wallet have signed up for the system which includes well known names likes of Citibank, Hang Seng Bank, DBS, TNG Wallet, Alipay, WeChat Pay and Octopus.
Shining light on The State of Stablecoins | Blockchain
The State of Stablecoins report takes a detailed look for the first time at the strengths, trade-offs and concerns associated with all 57 active stablecoins, including both live and pre-launch projects, using a new data set that includes previously non-public information.
Ukrainian National Bank Considering Launching State Digital Currency Tied to Local Fiat | Coin Telegraph
The National Bank of Ukraine (NBU) is considering launching a state-owned digital currency based on blockchain, local news outlet Vesti Ukraine reported Tuesday, September 25.
Goldman Sachs-backed Circle launches USDC stablecoin crypto - Business Insider
Circle, the crypto company backed by Goldman Sachs, on Wednesday became the first official issuer of a new cryptocurrency pegged to the dollar. Circle will allow people to "tokenize" dollars by depositing them through an online gateway. Depositors will be given USDC — US dollar coins — in exchange.
Chart of the Week: The Digital Divide in Asia | IMF
While the Internet has reached most people in Brunei Darussalam, Malaysia, and Singapore, more than 70 percent of people in Cambodia, Indonesia, Lao P.D.R., and Myanmar remain offline and can’t fully participate in the digital economy. High-speed broadband is even more scarce. ASEAN trails China, Japan, and Korea. Singapore is the sole exception.
Nations never experience year-over-year declines in cash in circulation. Sweden (which I wrote about here, here, and here) is one of the rare exceptions. India is another, but this was due to its notorious botched demonetization attempt (which I wrote about here, here, here, and here). But now the UK seems to be joining this small group of outliers.
IRTI Partners With Ateon and Settlemint to Develop Blockchain Based Financial Product
"The Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank Group, signed an agreement with Ateon to build a block-chain based product that can potentially be used to support development and financial inclusion in IDB member countries. Ateon, a member of Alhamrani Group of Companies in Saudi Arabia, will work on this project in partnership with Settlemint, a Belgium-based software company with extensive experience in designing blockchain applications for financial institutions. The three parties will be working on a first-of-its-kind use case using blockchain's smart contracts to crate Sharia'a complaint financial products to support the development of IDB member countries."
Tether's Impact on Bitcoin Price Not 'Statistically Significant,' Study Finds - CoinDesk
The issuance of tether (USDT), the controversial cryptocurrency tied to the U.S. dollar's value, has had no meaningful impact on the price of bitcoin, an academic study has found.
Stablecoins could be the link between crypto and securities finance – Finadium
"The New York Department of Financial Services (NYDFS) approved two “stablecoins” this week for trading. Stablecoins are cryptocurrency that are pegged to a fixed value, for example the US dollar. This could connect the dots between cash securities finance trades, blockchains and smart contracts."
"Attacking cash costs is a crucial battle in the war on cash. Banks in all markets should take decisive steps to cut the costs of their cash operations: streamlining processes, eliminating excess cash stock, and optimizing distribution networks. In the long term, banks, industry associations, and regulators should focus on pursuing a national utility for cash handling. Northern Europe is leading the charge. While the need to lower fixed costs is more urgent in vanguard countries with higher share of electronic payments, emerging and mature economies have a unique opportunity to leapfrog and reap big gains in efficiency and customer satisfaction."
Palestinian officials hope to launch e-currency in 5 years | Reuters
[May 12, 2017] Palestinian officials planned to launch a digital-only currency called the Palestinian pound within five years, according to Azzam Shawwa, head of the Palestine Monetary Authority (PMA), speaking in May 2017. The initiative aimed to safeguard against potential Israeli interference, as Palestinians lacked their own currency and used euros, U.S. dollars, Israeli shekels, and Jordanian dinars. The bitcoin-style e-currency would bypass practical obstacles since printing physical currency would require Israeli clearance for entry into Palestinian territories. The 1994 Paris Protocol gave the PMA central bank functions but prohibited currency issuance and granted Israel veto power over Palestinian currency, making the digital approach a potential workaround. The currency plans were part of a broader five-year strategy to establish a recognized central bank with the necessary economic backbone including reserves, gold, and oil, though other options like maintaining the multi-currency status quo remained under consideration.
Ukraine Wants A National Digital Currency, Not Its Own Cryptocurrency | Coin Telegraph
"The National Bank of Ukraine (NBU) has said it is “considering” introducing a digital version of its national currency, the hryvnia, that is not based on Blockchain, at least for now. The central bank reported in a Facebook post Thursday Jan. 11 that it is studying “new and innovative technologies” as part of the country’s so-called Cashless Economy project, of which the potential e-hryvnia is a part."
BBVA Research » Central Bank Digital Currencies in LatAm
We identified the most relevant factors for the implementation of a CBDC in LatAm, under different designs. We concluded that the region could benefit more from the adoption of a CBDC than developed countries. However, the existence of costs associated with implementation casts uncertainty on where it will be adopted first.
Swiss Crypto Startup Eidoo Announces Token Tied to the Price of Gold - CoinDesk
"Eidoo has become the latest cryptocurrency startup to seek to create a more stable token by tying it to the price of gold. The Switzerland-based startup says the ERC-20-compatible token, dubbed the ekon, will sit alongside its multicurrency wallet and decentralized exchange. But perhaps more notably, each token will be redeemable for one gram of 99.9 percent fine gold, which the startup says will be stored in its vaults and audited every 90 days."
Tether Transactions Resume Following Incident with Omni API | CCN
"Tether (USDT), the eighth-largest cryptocurrency and the second most-traded coin behind bitcoin, is functioning as normal following an incident with the engine that feeds data from the underlying Omni protocol to the platform’s hosted node services. For approximately eight hours on Monday, tether transactions appeared to be frozen, and in fact were — at least for the many users who do not operate full nodes."
Binance to [Beta] Launch Singapore Fiat Crypto Exchange Tomorrow | CCN
"Binance is set to unveil a fiat currency exchange that will be based in Singapore. This was revealed by CEO Changpeng Zhao over the weekend while speaking at the Cumberland Summit, a blockchain event in Singapore. Zhao further revealed that the new exchange is currently under an invitation-only beta testing phase."
Blockchain Study: Gemini Custodian is Able to Alter or Reverse Gemini Dollar Transactions | Coin Telegraph
The implementation of the recently launched Gemini dollar (GUSD) stablecoin can be completely changed by a Gemini custodian every 48 hours, according to a study authored by blockchain researcher Alex Lebed and crypto consultant Alexey Akhunov, published on Medium on September 11.
Stablecoins are, as some would like to say, the “Holy Grail” of cryptocurrencies. They promise to offer the stability of fiat currencies while maintaining the censorship-resistant features of cryptocurrencies. With the recent string of announcements¹ from stablecoin companies, we’ve decided to take a look at the growing asset class.
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