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AgAu.io: The Peer-To-Peer Electronic Money System
AgAu.io: The Peer-To-Peer Electronic Money System
"The company AgAu AG was founded in 2018 and borrowed its name from the merger of the two atomic symbols “Ag” (for Silver) and “Au” (for Gold). As AgAu we plan to issue digital tokens corresponding to the direct ownership of allocated silver and gold bullions in Switzerland. We aim to be the easiest way to transact the direct ownership of allocated and redeemable physical LBMA quality gold and silver. The precious metals are audited and secured in regulated private vaults outside the banking system."
#Fintech#CryptoAssets#Stablecoins#DFC
·agau.io·
AgAu.io: The Peer-To-Peer Electronic Money System
Moneyness: Does it make a difference if Tether lends out new USDt?
Moneyness: Does it make a difference if Tether lends out new USDt?
"Tether says in its terms of service that it only creates new stablecoin tokens, USDt, in acceptance for money. That is, to get $1 worth of USDt from Tether, you need to send it $1 in actual U.S. dollars. But in reality, Tether does not seem to be waiting for deposits to roll in before issuing new USDt. As the FT's Kadhim Shubber reports, it is directly lending new USDt out, much like how a bank puts new dollar IOUs into circulation by lending them out."
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·jpkoning.blogspot.com·
Moneyness: Does it make a difference if Tether lends out new USDt?
Tether’s bad month: CFTC, Bloomberg, Reggie Fowler
Tether’s bad month: CFTC, Bloomberg, Reggie Fowler
"As well as the settlement with the CFTC and a $41 million fine this month (covered here two days ago), everyone’s favourite stablecoin issuer, Tether Inc., had a front-cover story in Bloomberg Businessweek — confirming quite a few things that people like me have been saying over the past few years."
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·davidgerard.co.uk·
Tether’s bad month: CFTC, Bloomberg, Reggie Fowler
Questions remain on USDC's reserves
Questions remain on USDC's reserves
In August, Circle announced it would shift the assets backing its USDC stablecoin out of commercial paper and only invest in "cash and short US Treasuries." However, although its latest attestation shows this transition is complete, it is not classifying anything that matures in 90 days or less as CP (see below). Tether is already reporting at this level of granularity, disaggregating "cash and cash equivalents" into its component parts, so why can't Circle do the same?
#Fintech#CryptoAssets#Stablecoins#Circle#USDC#DFC
·twitter.com·
Questions remain on USDC's reserves
President’s Working Group on Financial Markets Releases Stablecoin Report
President’s Working Group on Financial Markets Releases Stablecoin Report
The US President’s Working Group on Financial Markets (PWG) released a report on stablecoins. It concluded that “the absence of appropriate [stablecoin] oversight presents risks to users and the broader system... and current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter. It called on Congress to create legislation to “require stablecoin issuers to be insured depository institutions, which are subject to appropriate supervision and regulation, at the depository institution and the holding company level.”
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·home.treasury.gov·
President’s Working Group on Financial Markets Releases Stablecoin Report
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
"We’ve spent months cataloguing and investigating every single USDT ever sent to and from Tether, across the eight blockchain and layers on which it currently exists: Omni (Bitcoin), Liquid (Bitcoin), Ethereum, Tron, Simple Ledger Protocol (Bitcoin Cash), EOS, Solana, and Algorand. Here’s what we found."
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·protos.com·
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
Run-Proof Stablecoins
Run-Proof Stablecoins
David Andolfatto explains how the theory of bank runs suggests that stablecoins might be rendered run-proof if their liabilities are properly designed. For example, a credible promise to suspend redemptions when redemption activity is abnormally high can serve to discourage runs. He describes how "smart contracts" could be used to bolster the credibility of the threat of suspending redemptions in the event of abnormal redemption activity, and may actually prevent any runs from occurring in the first place.
#Fintech#CryptoAssets#Stablecoins#SmartContracts#DFC
·andolfatto.blogspot.com·
Run-Proof Stablecoins
Built to Fail: The Inherent Fragility of Algorithmic Stablecoins
Built to Fail: The Inherent Fragility of Algorithmic Stablecoins
This Article argues that algorithmic stablecoins are fundamentally flawed because they rely on three factors which history has shown to be impossible to control. First, they require a support level of demand for operational stability. Second, they rely on independent actors with market incentives to perform price-stabilizing arbitrage. Finally, they require reliable price information at all times. None of these factors are certain, and all of them have proven to be historically tenuous in the context of financial crises or periods of extreme volatility.
#Fintech#CryptoAssets#Stablecoins#DFC
·wakeforestlawreview.com·
Built to Fail: The Inherent Fragility of Algorithmic Stablecoins
CSBS Model Money Transmission Modernization Act
CSBS Model Money Transmission Modernization Act
"The Model Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. The law was approved in full by the CSBS Board of Directors in August 2021. As we move forward, CSBS will work to ensure that implementation among states is as uniform as possible, as states may require legislation, regulation or guidance changes to adopt the provisions contained in the law. Please refer to the materials below for the model law language. "
#Fintech#Payments#Regulation#Stablecoins#eMoney#UnitedStates#DFC
·csbs.org·
CSBS Model Money Transmission Modernization Act
Stablecoin Advocates Make Their Case to U.S. Banking Regulators
Stablecoin Advocates Make Their Case to U.S. Banking Regulators
Members of the USDF Consortium met with senior officials of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. about how to issue a regulatory-compliant stablecoin. The group’s approach is purportedly consistent with the recommendations of the President’s Working Group that stablecoin be issued only by insured depository institutions. The Consortium’s USDForward (USDF) stablecoin would be issued, and backed, by dollar deposits at U.S. banks. The USDF Consortium is an association formed by Figure Technologies, JAM FINTOP, and a group of FDIC-insured banks. USDF is currently being used on the Provenance Blockchain in a limited scope to facilitate the real-time, bilateral settlement of transactions.
#Fintech#Stablecoins#CryptoAssets#Regulation#DFC
·bloomberg.com·
Stablecoin Advocates Make Their Case to U.S. Banking Regulators
Are US regulators about to get tough on crypto?
Are US regulators about to get tough on crypto?
U.S. federal bank regulatory agencies issued a statement summarizing their interagency crypto-asset "policy sprints" and providing a roadmap of future work related to crypto-assets. It summarizes the agencies' plan to provide greater clarity throughout 2022 on whether certain crypto-related activities conducted by banking organizations are legally permissible, and related expectations for safety and soundness, consumer protection, and compliance with existing law and regulations. The focus includes crypto-asset safekeeping and traditional custody services, ancillary custody services including staking, facilitating crypto-asset lending and distributed ledger technology governance services, facilitation of customer purchases and sales of crypto-assets, loans collateralized by crypto-assets, issuance and distribution of stablecoins, and activities involving the holding of crypto-assets on balance sheet.
#Fintech#CryptoAssets#Stablecoins#Regulation#UnitedStates#DFC
·federalreserve.gov·
Are US regulators about to get tough on crypto?
Japanese banks to test digital currency
Japanese banks to test digital currency
A consortium of 74 Japanese firms, including the country's three mega-banks, said it aims to launch a yen-based digital currency in fiscal 2022 after beginning trials in coming months. The digital currency, tentatively called "DCJPY", will be backed by bank deposits and use a common platform to speed up large-scale fund transfers and settlement among companies. Crypto exchange DeCurret, which is leading the consortium, published a progress report and white paper.
#Fintech#CryptoAssets#Stablecoins#Japan#DFC
·finextra.com·
Japanese banks to test digital currency
Setting Standards for Stablecoin Reserves
Setting Standards for Stablecoin Reserves
This paper, co-authored by Diem's Chief Economist Christian Catalini, proposes that stablecoin issuers should comply with the capital and liquidity standards encoded in the Basel accords, and put aside appropriate capital buffers to mitigate credit risk, market risk, and operational risk. Furthermore, stablecoin issuers should hold appropriate liquidity to mitigate sudden redemptions and outflows. Compliance could be achieved with a balance sheet centered around short-maturity, high-quality, and liquid assets such as 3 months or less marketable government securities.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·papers.ssrn.com·
Setting Standards for Stablecoin Reserves
What is the Value Proposition of Stablecoins for Financial Inclusion?
What is the Value Proposition of Stablecoins for Financial Inclusion?
A new World Economic Forum white paper investigates the benefits and limitations of stablecoins for supporting financial inclusion in historically excluded or underserved populations. It concludes that, overall, stablecoins do not present features or capabilities that significantly reduce barriers to financial inclusion compared to pre-existing options, once accounting for consistent legal and compliance requirements. Stablecoins are subject to many of the same adoption and inclusion hurdles as other forms of retail finance, such as reliable internet and electricity, digital and financial literacy, and government identity documentation.
#Fintech#CryptoAssets#Stablecoins#FinancialInclusion#DFC
·www3.weforum.org·
What is the Value Proposition of Stablecoins for Financial Inclusion?
WhatsApp launches cryptocurrency payments pilot in the US
WhatsApp launches cryptocurrency payments pilot in the US
Meta's WhatsApp has launched a pilot that lets a “limited number” of people in the US send and receive money instantly from within a chat using Pax Dollars (USDP) stablecoins. The feature is powered by Meta's Novi, digital wallet launched as a pilot six weeks ago. There are no fees for sending or receiving money, no limits on how often payments can be sent, and no fees to keep a balance in a Novi account or to withdraw it to a linked bank account.
#Fintech#CryptoAssets#Stablecoins#Paxos#Facebook#Novi#DFC
·theverge.com·
WhatsApp launches cryptocurrency payments pilot in the US
SEBA Bank Launches Regulated Gold Token to Enable Digital Ownership of Physical Gold
SEBA Bank Launches Regulated Gold Token to Enable Digital Ownership of Physical Gold
Swiss digital asset banking platform SEBA is offering a stablecoin backed by physical gold for any-time on-demand delivery of the physical metal. It was developed in conjunction with Argor-Heraeus, a leading service provider in the precious metal industry, and aXedras, a blockchain-based precious metal platform.
#Fintech#CryptoAssets#Stablecoins#Tokenization#Commodities#DFC
·seba.swiss·
SEBA Bank Launches Regulated Gold Token to Enable Digital Ownership of Physical Gold
Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?
Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?
Alexis Goldstein, Director of Financial Policy, Open Markets Institute testified before the US Senate Committee on Banking, Housing, and Urban Affairs on how stablecoins work, how they are used, and their risks. "There are many investor, national security, and usability concerns with both algorithmic and asset-backed stablecoins. Congress should continue to examine if there are regulatory gaps that require new legislation to ensure consumer and investor protection as it relates to stablecoins, and regulators should continue to monitor stablecoins and ensure compliance with existing laws."
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·banking.senate.gov·
Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?
Terra's UST Flips DAI to Become Fourth-Largest Stablecoin
Terra's UST Flips DAI to Become Fourth-Largest Stablecoin
Terra’s U.S. dollar-pegged stablecoin UST is now the #4 stablecoin on the market (about $9 billion) but it's very different from the three that sit above it. Tether's USDT ($77 billion), USD Coin's USDC ($42 billion) and Binance's BUSD ($15 billion) are run and managed by centralized entities, and the assets that back them (reportedly 1:1) are also centralized. However, UST is a decentralized stablecoin backed by other cryptocurrencies. Terra itself is a layer 1 smart contract-enabled network built using the Cosmos software developer kit, and UST is minted by users by “burning” (destroying) LUNA, Terra’s native token responsible for paying transaction fees and participating in governance. DAI, the #5 stablecoin (just under $9 billion), is also cryptocurrency backed.
#Fintech#CryptoAssets#Stablecoins#Terra#DAI#DFC
·decrypt.co·
Terra's UST Flips DAI to Become Fourth-Largest Stablecoin
PayPal Explores Launch of Own Stablecoin in Crypto Push
PayPal Explores Launch of Own Stablecoin in Crypto Push
PayPal is exploring the launch of its own stablecoin as part of its cryptocurrency push. Evidence of the company’s exploration into building a stablecoin was first discovered in PayPal’s app by developer Steve Moser. Hidden code and images show work on what is dubbed a “PayPal Coin.” The code indicates such a coin would be backed by the U.S. dollar. A PayPal spokeswoman said that the images and code inside of the PayPal app stemmed from a recent internal hackathon.
#Fintech#CryptoAssets#Stablecoins#PayPal#DFC
·bloomberg.com·
PayPal Explores Launch of Own Stablecoin in Crypto Push
Hong Kong Monetary Authority - Discussion Paper on Crypto-assets and Stablecoins
Hong Kong Monetary Authority - Discussion Paper on Crypto-assets and Stablecoins
The Hong Kong Monetary Authority (HKMA) released a Discussion Paper that lays out its thinking on the regulatory approach for crypto assets, particularly payment-related stablecoins. Members of the public and the industry are welcome to submit their responses before March 31, 2022.
#Fintech#CryptoAssets#Stablecoins#DFC
·hkma.gov.hk·
Hong Kong Monetary Authority - Discussion Paper on Crypto-assets and Stablecoins
USDF Consortium™ Launches to Enable Banks to Mint USDF Stablecoins
USDF Consortium™ Launches to Enable Banks to Mint USDF Stablecoins
The USDF Consortium, an association of FDIC-insured financial institutions, launched, with a mission to build a network of banks to further the adoption and interoperability of a bank-minted USDF stablecoin. USDF will be minted exclusively by U.S. banks and will be redeemable on a 1:1 basis for cash from a Consortium member bank. The Consortium's founding bank members include New York Community Bank, NBH Bank, FirstBank, Sterling National Bank, and Synovus Bank.
#Fintech#CryptoAssets#Stablecoins#UnitedStates#DFC
·prnewswire.com·
USDF Consortium™ Launches to Enable Banks to Mint USDF Stablecoins
FDIC-Backed Banks Send Stablecoins in USDF First
FDIC-Backed Banks Send Stablecoins in USDF First
NBH Bank and New York Community Bank have conducted the first USDF transaction over the Provenance Blockchain. NBH Bank minted the newly introduced stablecoin and sent it to a customer of New York Community Bank as part of a test run. USDF is a stablecoin offered by the USDF Consortium, a group of FDIC-backed banks that announced its formation last week.
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
FDIC-Backed Banks Send Stablecoins in USDF First
5 Reasons Why You Should Buy Terra
5 Reasons Why You Should Buy Terra
"Terra is a layer-1 blockchain platform that supports smart contracts and enables the creation of various stablecoins. It aims to serve as a base layer for the fintech ecosystem. These stablecoins are stabilised by algorithms and are used for payment purposes. They run on a seigniorage mechanism."
#Fintech#CryptoAssets#Stablecoins#Terra#DFC
·coinjournal.net·
5 Reasons Why You Should Buy Terra
Mark Zuckerberg Stablecoin Project Diem Considers Selling Off Remaining Assets
Mark Zuckerberg Stablecoin Project Diem Considers Selling Off Remaining Assets
The Meta Platform-backed Diem Association is reportedly weighing a sale of its assets as a way to return capital to its investor members. Diem is in discussions with investment bankers about how best to sell its intellectual property and find a new home for the engineers who developed the technology, cashing out whatever value remains in its once-ambitious Diem coin venture. The Association struck an arrangement with Silvergate Capital to issue Diem, but resistance from the U.S. Fed apparently dealt the effort a final blow.
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·bloomberg.com·
Mark Zuckerberg Stablecoin Project Diem Considers Selling Off Remaining Assets