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GENIUS stablecoin Bill allows for State regulation, but limits race to bottom
GENIUS stablecoin Bill allows for State regulation, but limits race to bottom
U.S. Senator Hagerty introduced the Bill for the U.S. Stablecoins (GENIUS) Act, in collaboration with co-sponsor Senators Tim Scott, Kirsten Gillibrand (Democrat) and Cynthia Lummis, aimed at regulating stablecoins by establishing clear issuance procedures and designating federal and state regulators based on the issuer's size. For example, the Bill allows state regulators to supervise payment stablecoins of under $10 billion. Reserve requirements would limit the type of backing collateral to commercial bank deposits, short-term Treasuries, repo and reverse repo involving short-term Treasuries, similar money market funds and central bank reserve deposits. https://www.hagerty.senate.gov/wp-content/uploads/2025/02/GENIUS-Act.pdf
#CryptoAssets#Fintech#Regulation#Stablecoins#DFC
·ledgerinsights.com·
GENIUS stablecoin Bill allows for State regulation, but limits race to bottom
Leverage and Stablecoin Pegs
Leverage and Stablecoin Pegs
The Journal of Financial and Quantitative Analysis will be publishing a paper by Gary Gorton and others on how stablecoins can maintain a constant price even though they face run risk and pay no interest. Stablecoin holders are compensated for stablecoin run risk because they can lend the coins to levered traders. Levered traders are willing to pay a premium to borrow stablecoins when speculative demand is strong. However, when speculative demand falls, stablecoin issuers can keep their debt trading at par only by moving to a safer portfolio or allowing redemptions. Stablecoin issuers will need to make these adjustments quickly to avoid the risk of collapse, which may cause disruptions in the markets they invest in, such as Treasuries, commercial paper, and repos. [Read more at SSRN]
#CryptoAssets#Fintech#Stablecoins#FinancialStability#DFC
·papers.ssrn.com·
Leverage and Stablecoin Pegs
Digital money and finance: a critical review of terminology
Digital money and finance: a critical review of terminology
By reviewing terminologies, this SUERF policy brief by Ulrich Bindseil and colleagues clarifies the essence of new technologies in the field of payments to facilitate ongoing discussions about their eventual merits and use cases. This is a shortened version of the following paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007868
#CBDC#CryptoAssets#ECB#Fintech#Stablecoins#Taxonomy#Tokenization#SmartContracts#DFC
·suerf.org·
Digital money and finance: a critical review of terminology
Thai government plans Baht stablecoin backed by gov bonds
Thai government plans Baht stablecoin backed by gov bonds
Thailand’s Ministry of Finance reportedly plans to issue 10 billion baht stablecoins backed by government bonds, initially newly issued ones, in October, 2025. However, it isn't clear whether these will be baht-pegged, or float with the value of the underlying bonds. If it is the latter, this is more like a tokenized bond, rather than a digital currency, scheme. From the press reports, it sounds more like the former, as the Minister of Finance reportedly spoke of them allowing a wider range of individuals to invest, and not just financial institutions or large investors. Also, he said that a central platform for secondary market trading is also being developed to facilitate easier buying and selling of the stablecoin, increasing market liquidity. https://www.nationthailand.com/business/economy/40045739
#Fintech#CBDC#Thailand#Tokenization#GovCoins#Stablecoins#DFC
·ledgerinsights.com·
Thai government plans Baht stablecoin backed by gov bonds
Money that machines trust
Money that machines trust
Just as the invention of APIs enabled software by allowing systems to communicate and operate autonomously, stablecoins are becoming the financial APIs of artificial intelligence. APIs enable software to seamlessly exchange data and execute tasks without human intervention. Similarly, stablecoins provide the liquidity, programmability and efficiency AI agents need to exchange value and execute transactions in a fully autonomous world. Stablecoins like USDC bring instant, secure and programmable money into the workflows of AI systems. Autonomous agents, operating on behalf of individuals or businesses, rely on fast and efficient monetary systems to optimize their performance. Together, AI and stablecoins are creating a foundation for “self-driving economies,” where value moves as seamlessly as data does today.
#AI#Fintech#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Money that machines trust
Stablecoins in cross-border remittances and the role of digital and financial literacy
Stablecoins in cross-border remittances and the role of digital and financial literacy
Telematics and Informatics (TAI) published a paper on the adoption and continuance intentions of blockchain-based stablecoins for cross-border remittances. Relying on survey data from 866 U.S.-based adults engaged in remittance activities, its findings reveal that digital and financial literacy independently increase the likelihood of stablecoin adoption, while their interaction synergistically enhances predictive accuracy. Demographic analysis indicates that stablecoin remittance users tend to be younger, more educated, and involved in higher-value transactions. Among the 26% of remittance users who adopted stablecoins, continuance intentions are primarily driven by satisfaction and perceived usefulness. This points to a cyclical dynamic, where meeting user expectations leads to greater satisfaction, which in turn reinforces the perceived usefulness of stablecoins. The results underscore the importance of promoting both digital and financial literacy, improving user experience, and effectively communicating tangible benefits to encourage the continued adoption of stablecoins for remittance transactions.
#CrossBorder#CryptoAssets#Stablecoins#Remittances#Fintech#DFC
·sciencedirect.com·
Stablecoins in cross-border remittances and the role of digital and financial literacy
Stablecoins 101: Behind crypto’s most popular asset
Stablecoins 101: Behind crypto’s most popular asset
Globally, stablecoins are gaining momentum as both a medium of exchange and a store of value, addressing gaps left by traditional currencies — particularly in regions with monetary instability and/or limited access to the U.S. dollar (USD). Businesses, financial institutions (FIs), and individuals are leveraging stablecoins for use cases ranging from international payments, to liquidity management, to protection against currency fluctuations. The ability to facilitate swifter, more cost-effective transactions compared to those of traditional financial systems has accelerated the adoption of stablecoins across the world.
#Chainalysis#CryptoAssets#Stablecoins#Fintech#DFC
·chainalysis.com·
Stablecoins 101: Behind crypto’s most popular asset
David Birch on the Year of the Stablecoin
David Birch on the Year of the Stablecoin
Stablecoins are of vital importance to next-generation financial services because they provide genuine competition to the payment systems of today, even in the US where the otherwise innovative financial system lags much of the world. American payment cards and banking apps work fine and give a safe and reliable service to customers, but the system is slow and expensive with costs rather unevenly distributed towards the less well off (who pay a lot to use what little money they have). More competition would be good for everyone.
#Fintech#Stablecoins#CryptoAssets#DFC
·dgwbirch.substack.com·
David Birch on the Year of the Stablecoin
Here a Coin, There a Coin, Everywhere a Stablecoin
Here a Coin, There a Coin, Everywhere a Stablecoin
The Federal Reserve Bank of Atlanta published an article on the growing use of stablecoins. It points to retailers like Overstock, Chipotle, Whole Foods, and GameStop now accepting them, Stripe enabling merchants to accept USD Coin (USDC). Regal Cinemas offering a 10% discount on tickets and concessions for USDC payments, and Travala letting users book travel services with USDC or USDT. Benefits to merchants include reduced transaction fees, immediate settlement, and attracting crypto-savvy customers. However, the article points to concerns over the stability of the assets backing them, regulatory uncertainty, and security vulnerabilities like cyberattacks, and stablecoins used in decentralized finance platforms facing risks such as smart contract failures and liquidity issues.
#CryptoAssets#Fintech#Stablecoins#UnitedStates#DFC
·atlantafed.org·
Here a Coin, There a Coin, Everywhere a Stablecoin
Taiwan FSC proposes law allowing banks to issue stablecoin
Taiwan FSC proposes law allowing banks to issue stablecoin
The Taiwan Financial Supervisory Commission reportedly wants to introduce a draft law that would allow banks to issue their own stablecoins that will be jointly managed by the Taiwan central bank. "Chairman of the Taiwan FSC, Peng Jinlong, stated that stablecoins will be used as a bridge that connects the gap between fiat currencies and cryptocurrencies, making it easier for investors to access the crypto trading market. In the case of Taiwan, stablecoins issued by local banks will be pegged to the new Taiwan dollar instead of the U.S. dollar." https://money.udn.com/money/story/5613/8508618
#CryptoAssets#Fintech#Stablecoins#Taiwan#Regulation#DFC
·crypto.news·
Taiwan FSC proposes law allowing banks to issue stablecoin
Circle buys largest tokenized MMF issuer, Hashnote
Circle buys largest tokenized MMF issuer, Hashnote
USDC stablecoin issuer Circle has acquired Hashnote, the issuer of the largest tokenized money market fund (TMMF), USYC. Circle intends to fully integrate USYC with USDC, offering seamless 24/7/365 access between TMMF collateral and USDC. The deal is bolstered by a strategic partnership with institutional crypto trader DRW via its subsidiary Cumberland, which incubated Hashnote. Cumberland will expand its institutional-grade liquidity and settlement capabilities in USDC and USYC, where permitted. https://www.circle.com/pressroom/circle-announces-acquisition-of-hashnote-and-usyc-tokenized-money-market-fund-alongside-strategic-partnership-with-global-trading-firm-drw
#Circle#Fintech#Stablecoins#USDC#Tokenization#CryptoAssets#MMFs#DFC
·ledgerinsights.com·
Circle buys largest tokenized MMF issuer, Hashnote
Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024
Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024
Chainalysis projects that the total volume of illicit crypto transactions for 2024 could surpass $51 billion, of which 63% involved stablecoins. This is part of a broader ecosystem trend in which stablecoins also occupy a sizable percentage of all crypto activity, due to their wide array of practical use cases in a range of markets. The upside from a financial integrity perspective, is that stablecoin issuers can and do freeze funds if they are made aware of their use by illicit actors. For example, Tether has frozen addresses of concern linked to scams, terrorist financing, and sanctions evasion, which can make stablecoins a poor tool for the transfer of value by illicit actors. Nonetheless, despite these ecosystem-wide trends, some forms of crypto crime, such as ransomware and darknet market sales, remain BTC-dominated. https://www.chainalysis.com/blog/2025-crypto-crime-report-introduction/
#Chainalysis#CryptoAssets#CyberCrime#Stablecoins#Fintech#DFC
·news.bitcoin.com·
Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024
National Bank of Kazakhstan considering supporting CBDC-backed stablecoins
National Bank of Kazakhstan considering supporting CBDC-backed stablecoins

The National Bank of Kazakhstan (NBK) is now focusing on stablecoins backed by Digital Tenge — a concept that mirrors the idea of a synthetic central bank digital currency (CBDC). This approach essentially represents e-money fully reserved with liquidity in a Digital Tenge wallet, offering a secure and reliable foundation for digital transactions. Furthermore, the NBK will aim to extend the opportunity of stablecoin issuance to a broader range of players, including non-bank entities, fostering inclusivity and innovation across the ecosystem.

#Fintech#CBDC#Stablecoins#CryptoAssets#Kazakhstan#sCBDC#DFC
·linkedin.com·
National Bank of Kazakhstan considering supporting CBDC-backed stablecoins
Stablecoins in the MiCA Regulation
Stablecoins in the MiCA Regulation
This work offers a legal analysis of stablecoins. The pivotal legal framework for stablecoins under Europe's Markets in Crypto-Assets Regulation (MiCA). Despite its presence in MiCA, stablecoins lack a specific legal definition therein. The Regulation’s classification is based on whether crypto assets aim to stabilise their value relative to other assets. This paper focuses on the in-depth examination of the two subcategories of the Regulation that fall under the umbrella of stable crypto assets: asset-referenced tokens and electronic money tokens. It delves into their unique characteristics, including their vocation for stability and, in turn, the intriguing differences between the two subcategories.
#Stablecoins#Regulation#CryptoAssets#Fintech#Europe#DFC
·link.springer.com·
Stablecoins in the MiCA Regulation
Regulating Stablecoins in the European Union
Regulating Stablecoins in the European Union
This work describes the main features of those stalbecoins. Current rules seek to provide legal certainty for issuers of stablecoins in the UE (by imposing a common set of provisions applicable to all of them regarding their authorisation, governance requirements, etc.), give appropriate protection for holders of those crypto assets (by regulating their rights against issuers, the rules applicable to crypto-asset white papers or the marketing communications), or address potential financial stability and monetary policy risks that could arise from their use as a means of exchange (by monitoring or restricting the issuance).
#CryptoAssets#Fintech#Regulation#Stablecoins#Europe#DFC
·link.springer.com·
Regulating Stablecoins in the European Union
Why everyone is wrong about stablecoins
Why everyone is wrong about stablecoins
According to Christian Catalini, network effects in the stablecoin market are likely to be much weaker than most anticipate, and it’s far from a winner-take-all environment. In fact, stablecoins may function as loss leaders and, without essential complementary assets, could even become a losing venture. And relying solely on reserve interest isn’t a sustainable way to monetise a stablecoin, and issuers will need to start competing with their own customers. While industry insiders often cite liquidity as the primary reason only a few stablecoins will dominate, the truth is far more complex.
#Fintech#Stablecoins#CryptoAssets#DFC
·omfif.org·
Why everyone is wrong about stablecoins
Ripple partners with Chainlink to boost RLUSD stablecoin in DeFi markets
Ripple partners with Chainlink to boost RLUSD stablecoin in DeFi markets
Ripple has partnered with Chainlink, a decentralized oracle network, to improve the adoption and utility of its Ripple USD (RLUSD) stablecoin in decentralized finance (DeFi) applications. The collaboration will provide price feeds for RLUSD on Ethereum and the XRP Ledger, which aim to support cost-effective transactions and DeFi use cases for the enterprise-grade stablecoin. https://ripple.com/ripple-press/ripple-adopts-the-chainlink-standard-to-further-rippleusd-utility-and-access-in-defi/
#Ripple#Stablecoins#CryptoAssets#Chainlink#DeFi#Fintech#RLUSD#DFC
·cointelegraph.com·
Ripple partners with Chainlink to boost RLUSD stablecoin in DeFi markets
Ubyx and stablecoin ubiquity
Ubyx and stablecoin ubiquity
Citibank's Tony McLaughlin has founded a new venture called Ubyx Inc. with the goal of stablecoin ubiquity. Ubyx makes stablecoins ubiquitous through acceptance at traditional financial institutions, neo-banks and fintechs all around the world. In doing so it strengthens the stablecoin ecosystem for users, issuers, accepting institutions and regulators. Stablecoin users will be able to deposit their stablecoins into their bank account, simpler than paying in a physical cheque. Stablecoin issuers will be able to access a global network of stablecoin acceptance through regulated financial institutions. And financial institutions will b able to offer a new payment option to their clients and be part of the public blockchain revolution.
#Fintech#CryptoAssets#Stablecoins#DFC
·ubyx.xyz·
Ubyx and stablecoin ubiquity
Digital tool sheds light on stablecoin flows and regulation
Digital tool sheds light on stablecoin flows and regulation
The Cambridge Centre for Alternative Finance (CCAF) updated its Cambridge Digital Money Dashboard (CDMD), offering new insights into the geographical flows of stablecoins, as well as regulatory overviews for a wider set of jurisdictions. This new update was made possible through a joint work with Chainalysis, a blockchain data platform specializing in on-chain data analytics for investigations and compliance.
#Fintech#CryptoAssets#Stablecoins#Chainalysis#DFC
·jbs.cam.ac.uk·
Digital tool sheds light on stablecoin flows and regulation
Hong Kong Government publishes Stablecoins Bill (John Ho)
Hong Kong Government publishes Stablecoins Bill (John Ho)
The Hong Kong Government has published in the Gazette the Stablecoins Bill, which seeks to put in place a regulatory regime for issuers of fiat-referenced stablecoins (FRS) in Hong Kong. The Bill aims to enhance the regulatory framework for virtual asset activities (VAs), by addressing the potential financial stability risks posed by FRS, ensuring adequate user protection, and harnessing the potential benefits of VAs and their underlying technologies. https://www.gld.gov.hk/egazette/english/gazette/file.php?year=2024&vol=28&no=49&extra=0&type=3&number=31
#Fintech#CryptoAssets#Stablecoins#Regulation#HongKong#DFC
·linkedin.com·
Hong Kong Government publishes Stablecoins Bill (John Ho)
NY regulator approves Ripple’s RLUSD stablecoin
NY regulator approves Ripple’s RLUSD stablecoin
Ripple Labs CEO Brad Garlinghouse reported that the New York Department of Financial Services (NYDFS) has approved the firm’s RLUSD stablecoin. Testing of RLUSD, which will be "complementary and additive" to Ripple's XRP, began on the XRP ledger and Ethereum mainnets in August 2024. https://x.com/bgarlinghouse/status/1866571228464460215
#Fintech#CryptoAssets#Ripple#XRP#Stablecoins#Regulation#UnitedStates#RLUSD#DFC
·cointelegraph.com·
NY regulator approves Ripple’s RLUSD stablecoin
Central bank money as a catalyst for fungibility: the case of stablecoins
Central bank money as a catalyst for fungibility: the case of stablecoins
A paper co-written by a European Central Bank (ECB) staffer suggests required fungibility conditions for reserve asset-backed stablecoins issued by different issuers on different platforms. These include interoperable payment and settlement technologies, payment settlement finality, and seamless stablecoin convertibility into the quasi-ultimate means of payment (e.g., central bank money). Also, issuers should have sufficiently strong liquidity and capital positions to meet redemption obligations, including to cover potential variations in liquid off-chain asset price volatility.
#Fintech#CryptoAssets#Stablecoins#DFC
·papers.ssrn.com·
Central bank money as a catalyst for fungibility: the case of stablecoins
The real story behind the death of Meta’s Libra: A “political kill”?
The real story behind the death of Meta’s Libra: A “political kill”?

David Marcus, the former head of Diem (formerly Libra) at Meta, posted the chain of events that led to the death of the Diem blockchain-based payment network that was announced in 2019. According to his timeline, after two years of negotiations with regulators, they got to the cusp of approval by the U.S. Federal Reserve (Fed) of a limited rollout. However, the Fed got “cold feet” about the project, allegedly on warnings from Treasury Secretary Janet Yellen that it would be “political suicide” to approve it. Shortly thereafter, letters went out from U.S. government authorities to all the regulated Diem’s partners to expect a high level of scrutiny on all payment activities. At that point, partners started to dropped their support and Diem eventually folded in 2022. Marcus’s statements come after allegations of tech founders being debanked as part of the U.S. authorities’ “Operation Chokepoint 2.0”. https://decrypt.co/293947/operation-chokepoint-2-0-crypto-founders-silenced-by-secret-debanking

#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#Regulation#Diem#UnitedStates#DFC
·x.com·
The real story behind the death of Meta’s Libra: A “political kill”?
Huobi Cryptocurrency Exchange Launches Derivative Market
Huobi Cryptocurrency Exchange Launches Derivative Market
In October, Huobi announced the creation of what it calls a “stablecoin solution.” The project, known as HUSD, consists of Huobi’s own stablecoin asset which investors can use as a go-between to interact with four U.S. dollar-backed stablecoins currently listed on the exchange. HUSD will also be tradeable against other cryptocurrencies, beginning with controversial stablecoin Tether (USDT), followed by Bitcoin (BTC) and Ethereum (ETH).
#CryptoAssets#Stablecoins#Derivatives#AltCoins#DFC
·cointelegraph.com·
Huobi Cryptocurrency Exchange Launches Derivative Market
Bitfinex Launches Tether-Settled Perpetual Contracts Based on European Equities
Bitfinex Launches Tether-Settled Perpetual Contracts Based on European Equities
Crypto-asset exchange Bitfinex has launched tether (USDT)-settled perpetual contracts that track two European equity market indices (STOXX Europe 50 and Germany 30). Each contract offers up to 100x leverage and will be settled in stablecoin tether (USDT). A perpetual contract is similar to a traditional futures contract, but has no expiry and mimics a margin-based spot market. The perpetual contracts will be open for trading 24/7, unlike equity exchanges which are open for business for a limited number of hours, five days a week.
#Fintech#CryptoAssets#Derivatives#Futures#Stablecoins#Tether#DFC
·coindesk.com·
Bitfinex Launches Tether-Settled Perpetual Contracts Based on European Equities
Moneyness: Some thoughts about the resilience of decentralized stablecoins
Moneyness: Some thoughts about the resilience of decentralized stablecoins
"If a decentralized blockchain protocol is worried about being shut down by the authorities, how can it defend itself? A recent discussion surrounding MakerDAO explores this question. MakerDAO (or just Maker) issues the Dai stablecoin, of which there are around $7 billion in circulation. Rune Christensen, the founder of Maker, sees a precedent for a clampdown on Maker in the US Treasury's recent sanctions on Tornado Cash, a mixer. He worries that the authorities may try to shut down Maker by seizing its assets, specifically its real-world assets, or "RWA." To counter this threat, Christensen suggests that Maker turtle into what he calls phoenix stance:"
#Stablecoins#DAI#MakerDAO#Derivatives#Futures#Fintech#DFC
·jpkoning.blogspot.com·
Moneyness: Some thoughts about the resilience of decentralized stablecoins
Are interest rate swaps the next frontier of decentralized finance (DeFi)?
Are interest rate swaps the next frontier of decentralized finance (DeFi)?
Decentralized finance (DeFi) is expanding into the world of interest rate swaps (IRS), a derivative instrument for exchanging fixed and variable interest rates, which account for more than $1 quadrillion in exchanged value per annum in traditional finance. DeFi firm Voltz Labs has launched a non-custodial automated market making (AMM) IRS trading platform based on the Aave and Compound DeFi USDT, USDC, DAI and ETH lending markets. However, IRS AMMs are challenged by DeFi markets' lack of fixed-rate products off which to price swaps. (Traditional markets offer both variable- and fixed-rate products.)
#Fintech#CryptoAssets#Stablecoins#DeFi#AMMs#Derivatives#DFC
·voltz.xyz·
Are interest rate swaps the next frontier of decentralized finance (DeFi)?
Tether to Shutter Euro Stablecoin as Key MiCA Deadline Looms
Tether to Shutter Euro Stablecoin as Key MiCA Deadline Looms
Tether will discontinue support for its EUR₮ euro stablecoin. As such, Tether has ceased minting EUR₮, with the last acquisition request processed in 2022, and new EUR₮ issuance requests are no longer accepted. Holders of EUR₮ on all blockchains should redeem their holdings by November 27th, 2025. In any case, there has been little demand for EUR₮ with only $27 million market capitalization, versus Circle's EURC $90 million and Stasis Euro's $130 million, and Tether's USDT's $132 billion (according to CoinGecko). Also, EUR₮ is not compliant with the European Union's Markets in Crypto-Assets Regulation (MiCA) which comes into force at the end of 2024. Under it, stablecoin issuers will be required to hold at least 60% of reserve assets in European banks, whereas Tether prefers to invest the bulk of its stablecoin reserves in short-term marketable government securities. https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/
#Stablecoins#CryptoAssets#Tether#Regulation#Fintech#Europe#DFC
·coindesk.com·
Tether to Shutter Euro Stablecoin as Key MiCA Deadline Looms