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US Government to Use USDC Stablecoin to Bypass Venezuela's Maduro
US Government to Use USDC Stablecoin to Bypass Venezuela's Maduro
Circle, which along with Coinbase issues the USDC stablecoin, is coordinating with the US government and Latin America crypto exchange Airtm to route aid for Venezuelan healthcare workers through the Latin American country's government in exile. The US Treasury and Federal Reserve releases seized funds to the exiled government’s account at a US bank. The exiled government then uses those funds to mint USDC. The USDC is then sent to Airtm Once the USDC stablecoins hit Airtm wallets, they go to Venezuela healthcare workers in the form of AirUSD, Airtm's own fiat-backed stablecoin. Recipients can then withdraw at banks, send the funds, or spend them online.
#Fintech#CryptoAssets#Stablecoins#Circle#USDC#Venezuela#DFC
·decrypt.co·
US Government to Use USDC Stablecoin to Bypass Venezuela's Maduro
Argentina and Brazil Get Their Own Stellar Stablecoins
Argentina and Brazil Get Their Own Stellar Stablecoins
Settle Network and Stellar are issuing two stablecoins in Latin America. The ARST is tied to the Argentine peso (ARS), while the BRLT is tied to the Brazilian real (BRL). The new stablecoins allow users to virtually send ARS and convert them to BRL in a matter of seconds, opening a new possibilities for international remittances and cross border payments.
#Fintech#CryptoAssets#Stablecoins#DFC
·decrypt.co·
Argentina and Brazil Get Their Own Stellar Stablecoins
Analysis of Stablecoins during the Global COVID-19 Pandemic
Analysis of Stablecoins during the Global COVID-19 Pandemic
This paper overviews stablecoin stability mechanisms, the current stablecoin market landscape, and the performance of major stablecoins during the 2020 financial market crisis due to the COVID-19 pandemic. Results from this analysis indicate that stablecoins’ performance during the financial crisis and, in particular, the market crash present a direct relation with their specific behavior attributed to different design aspects, including their popularity.
#Fintech#CryptoAssets#Stablecoins#DFC
·files.ifi.uzh.ch·
Analysis of Stablecoins during the Global COVID-19 Pandemic
Are pixie fairies behind Bitcoin’s latest bubble?
Are pixie fairies behind Bitcoin’s latest bubble?
Tethers are the main source of liquidity for unbanked crypto exchanges, which account for most of bitcoin’s trading volume. Currently, there are $18 billion (notional value) worth of tethers sloshing around in the crypto markets. And nobody is quite sure what’s backing them. Due to Tether’s lack of transparency, its failure to provide a promised audit, and the fact that the New York AG is currently probing the firm along with crypto exchange Bitfinex, its sister company, for fraud, a good guess is nothing. Tethers, many suspect, are being minted out of thin air.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·amycastor.com·
Are pixie fairies behind Bitcoin’s latest bubble?
Moneyness: Stablecoins as a route into Venezuela?
Moneyness: Stablecoins as a route into Venezuela?
Circle, an issuer of stablecoin USDC, belatedly announced that it had partnered with the opposition Guaidó government to deliver financial aid to Venezuelan health care workers. Circle says it helped to get million of dollars to Venezuelans by leveraging "the power of USDC...to bypass the controls imposed by Maduro over the domestic financial system, and stablecoins have now become a tool of US foreign policy. But if you pick through the transaction chain carefully, USDC's role was trivial and that leg of the transaction could have been done via Fedwire, the Federal Reserve's large value payment system.
#Fintech#CryptoAssets#Stablecoins#Venezuela#DFC
·jpkoning.blogspot.com·
Moneyness: Stablecoins as a route into Venezuela?
Facebook’s Libra currency to launch next year in limited format
Facebook’s Libra currency to launch next year in limited format
Facebook-led digital currency Libra is reportedly preparing to launch as early as January, in a single coin backed one-for-one by the dollar. The other currencies and the composite would be rolled out at a later point. Libra’s exact launch date would depend on when the project receives approval to operate as a payments service from the Swiss Financial Market Supervisory Authority. The Novi wallet was ready from a product perspective, but would not be rolled out everywhere initially, with the company prioritising half a dozen high-volume remittance corridors including the United States and some Latin American countries. Novi needed its own licence in each U.S. state, sand is till waiting on up to 10, including a New York Bitlicense.
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·ft.com·
Facebook’s Libra currency to launch next year in limited format
'Basis Cash' Launch Brings Defunct Stablecoin Into the DeFi Era
'Basis Cash' Launch Brings Defunct Stablecoin Into the DeFi Era
Basis Cash (BAC) is based on the stablecoin Basis that had $133 million in funding before U.S. securities regulators stepped in and the team behind it returned everything in late 2018. Like most stablecoins, BAC is pegged to the U.S. dollar, so one BAC should be equal to the crypto equivalent of one USD. Basis Cash’s price will be managed by two other crypto assets: Basis Bonds and Basis Shares. 50,000 BAC will be distributed over a five-day period (10,000 per day) to folks that deposit DAI, yCRV, USDT, SUSD and/or USD into its smart contract.
#Fintech#CryptoAssets#Stablecoins#DeFi#DFC
·coindesk.com·
'Basis Cash' Launch Brings Defunct Stablecoin Into the DeFi Era
Libra Rebrands to 'Diem' in Anticipation of 2021 Launch
Libra Rebrands to 'Diem' in Anticipation of 2021 Launch
The Libra Association is changing its name to Diem to denote "a new day" for the project, as it gears up for the potential 2021 launch of a single, dollar-pegged stablecoin. The organization also finalized its leadership team, which includes Dahlia Malkhi as chief technology officer, Christy Clark as chief of staff, Steve Bunnell as chief legal officer and Kiran Raj as executive vice president for growth and innovation and deputy general counsel. Diem also recommitted to not proceeding until it has received regulatory approval, including a payment systems license for the operational subsidiary from the Swiss Financial Market Supervisory Authority (FINMA). https://www.diem.com/en-us/updates/diem-association/
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·coindesk.com·
Libra Rebrands to 'Diem' in Anticipation of 2021 Launch
Visa Partners With Ethereum Digital Dollar Startup That Raised $271 Million
Visa Partners With Ethereum Digital Dollar Startup That Raised $271 Million
Visa is connecting its global payments network of 60 million merchants to the U.S. Dollar Coin (USDC) developed by Circle Internet Financial on the ethereum blockchain. The digital currency is now valued at $2.9 billion. While Visa itself won’t custody the digital currency, effective immediately, the partnership will see Circle working with Visa to help select Visa credit card issuers start integrating the USDC software into their platforms and send and receive USDC payments.
#Fintech#CryptoAssets#Stablecoins#USDC#VISA#DFC
·forbes.com·
Visa Partners With Ethereum Digital Dollar Startup That Raised $271 Million
US Bill Would Require Stablecoin Issuers to Get Bank Charters
US Bill Would Require Stablecoin Issuers to Get Bank Charters
A new U.S. Congressional bill would require prospective stablecoin issuers to obtain a banking charter, and notify and obtain approval from the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the appropriate banking agency 6 months prior to its issuance. Such issuers would also be required to conduct an ongoing analysis of any systemic risk; and have FDIC insurance or maintain reserves at the Federal Reserve for easy conversion back into U.S. dollars, on demand. https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·coindesk.com·
US Bill Would Require Stablecoin Issuers to Get Bank Charters
Crypto’s New Villain: Meet the Legal Scholar Behind the STABLE Act
Crypto’s New Villain: Meet the Legal Scholar Behind the STABLE Act
Rohan Grey, the legal scholar who helped draft the controversial Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act with Congresswoman Rashida Tlaib, wants you to know that he cares about anonymous digital cash—but he’s not about to give a free pass to those who he believes pose a systemic risk to the US monetary system.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·decrypt.co·
Crypto’s New Villain: Meet the Legal Scholar Behind the STABLE Act
US Financial Services Chair Tells Joe Biden to Rescind OCC Crypto Guidance
US Financial Services Chair Tells Joe Biden to Rescind OCC Crypto Guidance
U.S. Representative Maxine Waters, who chairs the House Financial Services Committee, wants President-elect Joe Biden to rescind or monitor all of the crypto-asset-related guidance issued by the Office of the Comptroller of the Currency (OCC). She called on Biden to rescind guidance by the OCC that national banks may hold stablecoin reserves as a service to bank customers, along with similar guidance that allowed federally chartered banks and federal savings associations to provide crypto-asset custody services for customers. https://financialservices.house.gov/uploadedfiles/120420_cmw_ltr_to_biden.pdf
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·coindesk.com·
US Financial Services Chair Tells Joe Biden to Rescind OCC Crypto Guidance
Warning of the Dangers Posed by the Shadow Payment System and Shadow Digital Money
Warning of the Dangers Posed by the Shadow Payment System and Shadow Digital Money
A payments revolution has prompted a proliferation of shadow digital money. This money is unsound. It is not insured by the government, nor is it backed by safe assets. Federal regulation is needed to guarantee safety and soundness, to restore full monetary control to the Federal Reserve, and to prevent a race to the bottom between competing state and federal regulatory regimes. The OCC should recommend that Congress enact new legislation that requires MSBs to back their monetary liabilities 1:1 with bank deposits. With this change, innovation in payments would be just that—innovation in payments—and not also unauthorized and unsound money issuance.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·papers.ssrn.com·
Warning of the Dangers Posed by the Shadow Payment System and Shadow Digital Money
Exclusive: Facebook faces lawsuit over crypto project's new name
Exclusive: Facebook faces lawsuit over crypto project's new name
Facebook could be in hot legal water after rebranding its upcoming crypto project to Diem — a name already taken by a London fintech. Finance app Diem is threatening to sue Facebook and its partners for copying the name, telling Sifted it is preparing to take action. The Diem app allows consumers to sell their possessions instantly, rather than waiting for bidders on eBay; offering a digital pawnbroker of sorts. Users also get their own DIEM debit cards and accounts, creating what the company calls a ‘Bank of Things.’
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·sifted.eu·
Exclusive: Facebook faces lawsuit over crypto project's new name
Would the STABLE Act Make Running an Ethereum Node Illegal?
Would the STABLE Act Make Running an Ethereum Node Illegal?
The plain text of the Stable Act presents the bizarre possibility, one which is apparently intended by the drafters, that node operation on any unlicensed chain that supported any stablecoin contracts would be unlawful and, pursuant to 12 U.S. Code § 1833a, would be subject to fines of up to $1,000,000. Criminal penalties might also be possible. This post deals with this point.
#Fintech#CryptoAssets#Stablecoins#Regulation#Ethereum#DFC
·coindesk.com·
Would the STABLE Act Make Running an Ethereum Node Illegal?
Euro stablecoin launched on Stellar by one of Europe’s oldest banks
Euro stablecoin launched on Stellar by one of Europe’s oldest banks
Germany's Bankhaus von der Heydt (BVDH) has issued a Euro stablecoin (EURB) on the Stellar network with the collaboration of Bitbond, a German tokenisation and digital asset custody technology provider. With the go-live on Stellar, Bitbond also integrates the stable coin into the securitization platform developed for BVDH, including the automatic mining and burning of tokens. The Federal Financial Supervisory Authority (BaFin) has already provided their approval for Bitbond to issue tokenized bonds on Stellar.
#Fintech#CryptoAssets#Stablecoins#Stellar#Tokenization#DFC
·cointelegraph.com·
Euro stablecoin launched on Stellar by one of Europe’s oldest banks
JPMorgan just conducted a blockchain-based repo transaction using its eponymous JPMCoin
JPMorgan just conducted a blockchain-based repo transaction using its eponymous JPMCoin
JPMorgan executed a blockchain-based repo transaction using its JPMCoin wholesale stablecoin and atomic trade settlement that links the two legs of the transaction to ensure that the transfer of one asset occurs if and only if the transfer of the other asset also occurs. "The repo market provides a widely used form of secured financing, however, current operational limitations prevent the meaningful use of such financing to meet intraday liquidity needs. Using blockchain enables borrowers and lenders to execute shorter-term, intraday repo transactions with real-time, simultaneous transaction settlement, creating new ways to access intraday liquidity." https://www.businesswire.com/news/home/20201210005155/en/J.P.-Morgan-Executes-Intraday-Repo-Transaction-Using-Blockchain
#Fintech#CryptoAssets#JPMCoin#Stablecoins#DFC
·theblockcrypto.com·
JPMorgan just conducted a blockchain-based repo transaction using its eponymous JPMCoin
JPMorgan Using Blockchain to Move Billions in Repo-Market Trades
JPMorgan Using Blockchain to Move Billions in Repo-Market Trades
The first live trades JPMorgan conducted were between the bank’s broker-dealer and banking units, using the Onyx blockchain platform. In a test environment, JPMorgan has also traded with Goldman using Bank of New York Mellon Corp. as the triparty agent. Goldman is expecting to join Onyx for intraday repo trading as soon as January.
#Fintech#CryptoAssets#Stablecoins#JPMCoin#DFC
·bloomberg.com·
JPMorgan Using Blockchain to Move Billions in Repo-Market Trades
Digital Asset Market 2021: The Year of the Institutional Investor?
Digital Asset Market 2021: The Year of the Institutional Investor?
According to Caitlin Long, three factors will contribute to a meaningful increase in institutional investment in cryptoassets in 2021. The first is the post-"halving" Bitcoin bull market, which happens every four years after Bitcoin’s inflation rate is cut in half, according to its pre-set algorithms. Another factor is the continued significant investment in institutional custody infrastructure to digital assets of all types. The third factor is the explosion of velocity of US dollar stablecoins as financial transactions went increasingly digital around the world, which will continue in 2021 when bank-issued versions will come into the market.
#Fintech#CryptoAssets#Institutionalization#Stablecoins#Bitcoin#DFC
·finopsinfo.com·
Digital Asset Market 2021: The Year of the Institutional Investor?
Facebook’s Crypto Testnet Averages 6 Transactions Per Second
Facebook’s Crypto Testnet Averages 6 Transactions Per Second
Facebook’s Diem/Libra testnet has been live for over a month as the Libra Association prepares for the next stage with broader participation among members. The latest update from the blockchain explorer finds the network performing at an average of six transactions per second (TPS), with the highest reported figure of 24 TPS. In comparison, Bitcoin and Ethereum blockchains execute close to four and 13 TPS, respectively. On the other hand, VISA support 1,700 transactions each second.
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·cryptobriefing.com·
Facebook’s Crypto Testnet Averages 6 Transactions Per Second
SatoshiPay to Become First User of German Bank’s Euro Stablecoin
SatoshiPay to Become First User of German Bank’s Euro Stablecoin
SatoshiPay investor Blue Star Capital, the payments firm plans to integrate the regulatory complaint EURB euro-backed stablecoin into its DTransfer cross border money transfer service. German Bankhaus von der Heydt (BDVH) in partnership with Bitbond, has introduced EURB on the Stellar network. Bitbond was responsible for the development and integration of EURB, and BDVH provides its banking infrastructure and regulatory framework. EURB is the first fiat asset directly backed by a banking institution on Stellar and will allow instant money transfer on blockchain.
#Fintech#CryptoAssets#Stablecoins#CrossBorder#Payments#DFC
·polaris.brighterir.com·
SatoshiPay to Become First User of German Bank’s Euro Stablecoin
Circle Confirms Freezing USDC on Law Enforcement's Requests
Circle Confirms Freezing USDC on Law Enforcement's Requests
The Centre Consortium has blacklisted USDC addresses in response to law enforcement requests. Centre said it complies with all binding court orders that have appropriate jurisdiction over the organization. USDC runs on the Ethereum network, and a transaction on Etherscan indicates that, in the past, Centre has called “blacklist(address investor)” functions on addresses, essentially freezing all coins on them. When an address is blacklisted, it can no longer receive USDC and all of the USDC controlled by that address is blocked and cannot be transferred on-chain.
#Fintech#CryptoAssets#Stablecoins#FinancialIntegrity#USDC#DFC
·coindesk.com·
Circle Confirms Freezing USDC on Law Enforcement's Requests
The Unintended(?) Consequences of the STABLE Act
The Unintended(?) Consequences of the STABLE Act
The recently introduced STABLE Act aims to ban any stablecoin that is not issued by a federal bank, whether it is issued by a state-regulated trust company, like Gemini Dollars, a consortium of state-licensed money transmitters like USDC, or by an Ethereum-based smart contract like Dai. The logical consequence is that if any person is running software that validates Dai or other stablecoin smart contracts (the Ethereum network client) they will, themselves, be violating the law unless they are a chartered bank. Hence, bhis bill would have the effect of also destroying the larger Ethereum network and any other smart-contract-enabled public blockchain as necessary collateral damage.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·coincenter.org·
The Unintended(?) Consequences of the STABLE Act
Paxos, Firm Powering PayPal's Crypto Service, Raises $142M
Paxos, Firm Powering PayPal's Crypto Service, Raises $142M
Paxos raised about $142 million from its series C round of funding from investors including Paypal. The New York-based company, which provides blockchain-based services to financial institutions and operates a cryptocurrency exchange, has raised more than $240 million in funding so far. Paxos has also submitted an application to the U.S. Office of the Comptroller of the Currency to become a federally regulated bank. It already has a trust charter and a number of other regulatory certifications.
#Fintech#CryptoAssets#Paxos#Stablecoins#DFC
·coindesk.com·
Paxos, Firm Powering PayPal's Crypto Service, Raises $142M
Empty Set Dollar: An experiment in decentralised, composable, oracle-driven stablecoins
Empty Set Dollar: An experiment in decentralised, composable, oracle-driven stablecoins
The recently launched Empty Set Dollar (ESD) stablecoin is built to be the reserve currency of decentralised finance. It sidesteps the centralisation risk of USDC, USDT, and TUSD, avoids AMPL and BASED’s death spirals, the 100+ percent collateralisation requirements of sUSD & DAI, and, most importantly, it integrates perfectly with existing DeFi protocols. The ESD protocol expands on the work of Basis.io, which voluntarily shut down before launch due to regulatory pressure on the team. https://www.emptyset.finance/
#Fintech#CryptoAssets#Stablecoins#DFC
·medium.com·
Empty Set Dollar: An experiment in decentralised, composable, oracle-driven stablecoins
The curious case of Tether: a complete timeline of events
The curious case of Tether: a complete timeline of events
Tether follows the I.O.U. model, where virtual coins are supposed to represent actual money and be redeemable at any time. It all sounds well and good, but for one thing: There is no evidence to suggest Tether is fully backed. More troubling, the issuance of tethers correlates with the rapid run up in price of bitcoin from April to December 2017 when bitcoin peaked at nearly $20,000. If authorities were to step in and freeze the bank accounts underlying tether, it is hard to guess what impact that could have on crypto markets at large. See Amy Castor's timeline of events that reveals a full picture of the controversy surrounding Tether and Bitfinex.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·amycastor.com·
The curious case of Tether: a complete timeline of events
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
Can an algorithmic stablecoin truly achieve long-term viability? Will algorithmic stablecoins always be subject to extreme expansionary and contractionary cycles? Which vision of an algorithmic stablecoin is more compelling: a simple rebasing model or a multi-token “seigniorage” system (or something else entirely)? This article seeks to explore some of these fundamental issues, both from first principles reasoning and by drawing on some empirical data from recent months.
#Fintech#CryptoAssets#Stablecoins#DFC
·insights.deribit.com·
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
U.S. Warns Crypto Stablecoins on Money Laundering, Risk Controls
U.S. Warns Crypto Stablecoins on Money Laundering, Risk Controls
The President’s Working Group on Financial Markets provided an initial assessment of key regulatory and supervisory considerations for participants in significant retail stablecoin arrangements with a U.S. nexus. Stablecoins should be designed to be resilient enough to handle large-scale redemptions, including ensuring a 1:1 reserve ratio and adequate financial resources to absorb losses and meet liquidity needs. Their backers should also be able to obtain and verify the identities of all parties conducting transactions, including those involving so-called unhosted wallets. https://home.treasury.gov/news/press-releases/sm1223
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·bloomberg.com·
U.S. Warns Crypto Stablecoins on Money Laundering, Risk Controls
Dynamic Set Dollar
Dynamic Set Dollar
The Dynamic Set Dollar (DSD) is a fully decentralized stablecoin that unlike centralized coins, e.g. USDT, has no 1:1 backing through a centralized USD treasury. To be highly capital efficient it does not use any collateral, like the main competitors DAI or sUSD. The voluntary elastic supply mechanic is different from Ampleforth (AMPL) and Based (BASED). It is inspired by Empty Set Dollar (ESD), yet responds faster to market demand through more frequent epochs, extended supply caps, and a modified supply extension/contraction formula. https://dsd.finance/
#Fintech#CryptoAssets#Stablecoins#DFC
·dynamicsetdollar.medium.com·
Dynamic Set Dollar
Dynamic Set Dollar faces “massive test” as stablecoin falls as low as $.27
Dynamic Set Dollar faces “massive test” as stablecoin falls as low as $.27
Dynamic Set Dollar and its DSD token is an algorithmic stablecoin project designed to — eventually — track the United States Dollar on a 1-1 ratio with DSD. During expansionary cycles, such as one that led DSD as high as $3 per token last week, users are rewarded with freshly-printed “rebased” tokens for providing liquidity. So far, the market seems to think Dynamic Set Dollar clears the bar. After hitting a low of $.27 earlier today, DSD has been climbing steadily since.
#Fintech#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Dynamic Set Dollar faces “massive test” as stablecoin falls as low as $.27