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BIS Innovation Hub Project Pyxtrial request for quotation
BIS Innovation Hub Project Pyxtrial request for quotation
In February 2023, the Bank for International Settlements (BIS) Innovation Hub published its 2023 workplan that included Project Pyxtrial, aimed at building a stablecoins monitoring platform to ensure that the backing assets at least match the stablecoin issuance. That was the last I heard of it, but I just came across a request for quotation (RFQ) that was published in August 2023 for “visionary partners with outstanding experience and technological capabilities to join [the London Centre] to design and build prototypes of the data reporting pipeline. The RFQ was supposed to have closed in September 2023 and the work started in October.
#Fintech#CryptoAssets#Stablecoins#Regulation#BIS#DFC
·bis.org·
BIS Innovation Hub Project Pyxtrial request for quotation
More than 90% of stablecoin transactions aren’t from real users
More than 90% of stablecoin transactions aren’t from real users
More than 90% of stablecoin transactions aren’t coming from genuine users, according to VISA and Allium Labs. Their new metric strips out transactions initiated by bots and large-scale traders to isolate those made by real people. Out of about $2.2 trillion in total transactions in April 2024, just $149 billion originated from “organic” payments activity. https://visaonchainanalytics.com/
#Fintech#CryptoAssets#Stablecoins#DFC
·bloomberg.com·
More than 90% of stablecoin transactions aren’t from real users
PayPal’s new stablecoin on Solana will offer ‘confidential transfers’
PayPal’s new stablecoin on Solana will offer ‘confidential transfers’
PayPal’s PYUSD stablecoin, which previously had only been available on Ethereum, has been deployed on Solana which offers “confidential transfers” as an optional feature. When enabled, it would allow merchants to provide confidentiality for transaction amounts to their consumers while maintaining visibility for regulatory purposes. According to PayPal, it chose the Solana blockchain for its high speeds with extremely low costs. https://solana.com/news/pyusd-paypal-solana-developer https://newsroom.paypal-corp.com/2024-05-29-PayPal-USD-Stablecoin-Now-Available-on-Solana-Blockchain,-Providing-Faster,-Cheaper-Transactions-for-Consumers
#Fintech#CryptoAssets#Ethereum#Solana#PayPal#Stablecoins#PYUSD#Privacy#DFC
·cointelegraph.com·
PayPal’s new stablecoin on Solana will offer ‘confidential transfers’
Tether launches USD-pegged gold-backed Alloy stablecoin
Tether launches USD-pegged gold-backed Alloy stablecoin
Tether is launched Alloy (aUSD₮), a stablecoin pegged to the U.S. dollar overcollateralized by Tether Gold (XAU₮). Users can mint aUSD₮ by depositing XAU₮ as collateral through a process managed by Ethereum-compatible smart contracts. The aUSD₮ smart contract ensures transparency by keeping track of all collateral and minted tokens, using price oracles to constantly evaluate the Mint to Value (MTV) ratio.
#Fintech#CryptoAssets#Stablecoins#Tether#Gold#DFC
·tether.io·
Tether launches USD-pegged gold-backed Alloy stablecoin
Circle is First Global Stablecoin Issuer to Comply with MiCA
Circle is First Global Stablecoin Issuer to Comply with MiCA
Circle, the issuer of USDC and EURC, has become the first global stablecoin issuer to achieve compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. This was enabled by the company’s attainment of an Electronic Money Institution (EMI) license (’agrément en qualité d'établissement de monnaie électronique) from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Of the top 10 stablecoins by market capitalization, only USDC is currently MiCA-compliant.
#Fintech#CryptoAssets#Stablecoins#Circle#Europe#Regulation#DFC
·circle.com·
Circle is First Global Stablecoin Issuer to Comply with MiCA
Paxos approved to issue stablecoins in Singapore
Paxos approved to issue stablecoins in Singapore
Paxos received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity to offer digital payment token services as a Major Payments Institution. The approval enables Paxos to issue stablecoins in line with MAS’s upcoming stablecoin framework. With the approval, Singapore becomes the third market, alongside the United States and United Arab Emirates, that Paxos and its related entities are authorized to issue stablecoins. Paxos has selected DBS Bank, Southeast Asia’s largest bank by assets, as its primary banking partner for cash management and custody of stablecoin reserves.
#Fintech#CryptoAssets#Stablecoins#Paxos#Singapore#Regulation#DFC
·paxos.com·
Paxos approved to issue stablecoins in Singapore
SocGen Forge awarded e-money license for EURCV stablecoin
SocGen Forge awarded e-money license for EURCV stablecoin
Societe Generale – Forge was awarded an Electronic Money Institution (EMI) license by France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR), making its EURCV stablecoin compliant with the EU Markets in Crypto-Assets (MiCA) regulations that came into force on June 30, 2024. To date there hasn’t been a huge amount of EURCV activity. The current EURCV balance is €11.1 million, with one wallet holding a €10.3 million balance and Bitstamp just under €600,000. https://www.sgforge.com/stablecoin-elevation/
#Fintech#CryptoAssets#Stablecoins#France#Europe#Regulation#DFC
·ledgerinsights.com·
SocGen Forge awarded e-money license for EURCV stablecoin
The facts about MiCA stablecoin caps
The facts about MiCA stablecoin caps
The EU is saying if you want to use stablecoins to buy crypto and do DeFi stuff, have at it. But if you want to use stablecoins to pay for goods and services like your coffee or your rent, then you need to use Euro (or other EU currency) stablecoins. The limits are really about monetary sovereignty.
#Fintech#CryptoAssets#Stablecoins#Regulation#Europe#DFC
·ledgerinsights.com·
The facts about MiCA stablecoin caps
MiCAR's Influence on Stablecoins: Industry Insights and Implications
MiCAR's Influence on Stablecoins: Industry Insights and Implications
The Digital Euro Association (DEA) published a paper that dissects the Markets in Crypto-Assets Regulation (MiCAR) and its transformative impact on the stablecoin landscape. It explores the diverse regulatory approaches to stablecoins across major jurisdictions and how MiCAR might serve as a model for global regulation. The paper discusses the potential market opportunities MiCAR offers for stablecoin issuers, including enhanced consumer trust, clearer regulatory guidance, and increased access to the European market. Also, it covers the significant challenges stablecoin issuers face under MiCAR, from stringent compliance requirements to operational and technological strains, and how these hurdles might impact smaller issuers and market dynamics.
#Fintech#CryptoAssets#Stablecoins#Regulation#Europe#DFC
·blog.digital-euro-association.de·
MiCAR's Influence on Stablecoins: Industry Insights and Implications
What stablecoins can learn from history's currency pegs
What stablecoins can learn from history's currency pegs
The challenges faced by stablecoins are not entirely new – a deep dive into 334 historical currency pegs – when a country's central bank or government fixes the exchange rate for its currency – since 1800 reveals valuable lessons. Our analysis of this unique dataset covering more than 300 currency pegs since 1800 found that only 14% of currency pegs survived, with the median lifespan of failed or discontinued pegs ranging from 8-10 years. Among the remaining 51%, 30% were stopped, 6% joined the euro system and only 14% survived. Successful pegs were more often found in smaller, autocratic nations or oil-exporting economies with robust financial backing.
#Fintech#CryptoAssets#Stablecoins#DFC
·weforum.org·
What stablecoins can learn from history's currency pegs
Basel Committee publishes final disclosure framework for banks' cryptoasset exposures and targeted amendments to its cryptoasset standard
Basel Committee publishes final disclosure framework for banks' cryptoasset exposures and targeted amendments to its cryptoasset standard
The Basel Committee on Banking Supervision published its final disclosure framework for banks' crypto-asset exposures and targeted amendments to its crypto-asset standard published in December 2022. The disclosure framework includes a set of standardized tables and templates covering banks' crypto-asset exposures to enhance information availability and support market discipline. The targeted amendments include clarified criteria for stablecoins to receive a preferential regulatory treatment. https://www.ledgerinsights.com/basel-crypto-rules-receive-minor-updates-no-permissionless-blockchain-changes/
#Fintech#CryptoAssets#Stablecoins#Regulation#BIS#DFC
·bis.org·
Basel Committee publishes final disclosure framework for banks' cryptoasset exposures and targeted amendments to its cryptoasset standard
HKMA Proposes Rules for 'Fiat-Referenced' Stablecoins
HKMA Proposes Rules for 'Fiat-Referenced' Stablecoins
The Hong Kong Monetary Authority (HKMA) is looking to roll out a comprehensive regulatory framework for fiat-referenced stablecoin (FRS) issuers. This comes alongside a proposal for legislation. The new regime would require foreign FRS issuers to establish a physical presence in Hong Kong, require that issuers custody reserves at Hong Kong banks, and prohibit issuers from paying interest to holders. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/07/20240717-3/
#Fintech#CryptoAssets#Stablecoins#Regulation#HongKong#DFC
·decrypt.co·
HKMA Proposes Rules for 'Fiat-Referenced' Stablecoins
Preventing financial crime in crypto-assets: Identifying evolving criminal behavior
Preventing financial crime in crypto-assets: Identifying evolving criminal behavior
Elliptic published its 2024 typologies report on the nexus between crypto-assets and financial crime. This year’s report is designed to equip compliance teams and law enforcement with the practical insights needed to continue to detect new financial crime risks with success. The report includes case studies and insights on the convergence of AI and crypto-assets and how it is impacting criminal activity, the increasing use of stablecoins in financial crime typologies including pig butchering scams and sanctions evasion activity, and major law enforcement and regulatory actions with additional case studies.
#Fintech#CryptoAssets#Stablecoins#CyberCrime#Elliptic#DFC
·elliptic.co·
Preventing financial crime in crypto-assets: Identifying evolving criminal behavior
Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in EMDEs - Financial Stability Board
Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in EMDEs - Financial Stability Board
The Financial Stability Board (FSB) published a report that explores potential factors driving the higher level of activities related to foreign currency-pegged stablecoins in emerging market and developing economies (EMDEs), the associated financial stability risks and regulatory challenges, and provides considerations to address them. EMDEs may be exposed to macro-financial risks arising from the use of foreign currency pegged global stablecoins, which can increase financial stability risks by destabilizing financial flows and straining fiscal resources.
#Fintech#CryptoAssets#Stablecoins#Macrofinancial#EMDEs#FSB#DFC
·fsb.org·
Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in EMDEs - Financial Stability Board
UAE Central Bank introduces new Stablecoin regulations
UAE Central Bank introduces new Stablecoin regulations
The UAE Central Bank (CBUAE) approved a framework for stablecoin regulation on June 14, 2024, which allows only dirham-backed stablecoins to be used for payments. Other crypto-assets will be restricted to trading, investment, and corporate treasury purposes while foreign stablecoins will only be permitted for purchasing specific virtual assets like non-fungible tokens (NFTs). The new law mandates that no entity can issue a payment token without submitting a white paper to the central bank for approval. Banks are not directly permitted to issue payment tokens but can do so through subsidiaries or affiliates, provided they meet licensing and regulatory requirements. The new framework is set to commence in June 2025. https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation#:~:text=No%20Person%20shall%20perform%20any,perform%20such%20Payment%20Token%20Service
#Fintech#CryptoAssets#Stablecoins#Regulation#UAE#DFC
·coinjournal.net·
UAE Central Bank introduces new Stablecoin regulations
FINMA publishes guidance on stablecoins
FINMA publishes guidance on stablecoins
The Swiss Financial Market Supervisory Authority (FINMA) published guidance on the issuance of stablecoins. It provides information on aspects of financial market law that arise in relation to stablecoin projects and the impact of such projects on the supervised institutions. The guidance also draws attention to the increased risks in the areas of money laundering, terrorist financing and the circumvention of sanctions. In particular, the identity of all persons holding the stablecoins must be adequately verified by the issuing institution or by appropriately supervised financial intermediaries. In other words anonymous transfers are prohibited.
#Fintech#CryptoAssets#Stablecoins#Regulation#Switzerland#DFC
·finma.ch·
FINMA publishes guidance on stablecoins
Stablecoins and money market funds: Less similar than you think
Stablecoins and money market funds: Less similar than you think
The Centre for Economic Policy Research (CEPR) posted an article by several Bank for International Settlement (BIS) and European Central Bank (ECB) staffers that explores the reactions of stablecoin capitalization and money market fund assets under management (AUM) to crypto-asset market and US monetary policy shocks. Following a crypto shock, the money market fund AUMs barely budge whereas stablecoin capitalization drops significantly. After a monetary policy tightening, prime money market fund AUMs rise while stablecoin market capitalization substantially declines. As monetary policy tightens, crypto prices fall, the market turns bearish, and investors demand less stablecoins for speculative purposes. This brings into question the role of stablecoins as a crypto safe haven from either crypto or monetary policy and traditional financial market shocks.
#Fintech#CryptoAssets#Stablecoins#MMFs#UnitedStates#DFC
·cepr.org·
Stablecoins and money market funds: Less similar than you think
Digital money and finance: a critical review of terminology
Digital money and finance: a critical review of terminology
A couple of European Central Bank (ECB) staffers, including Director General of Market Infrastructures and Payments Ulrich Bindseil, posted a paper that proposes a new approach to clarifying the essence of new payment technologies. It puts forward an etymology of key concepts and reviews terminology and definitions, in the hope of facilitating ongoing discussions about the eventual merits of, and use cases for, such technology. On the basis of the analysis, the paper identifies a number of issues with the emerging key digital payments and decentralized financed (DeFi) vocabulary, including central bank digital currency (CBDC), crypto-assets, smart contracts, stablecoins, tokenization, and wholesale (as used in the CBDC context). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007868
#Fintech#CBDC#CryptoAssets#Stablecoins#Tokenization#SmartContracts#Taxonomy#ECB#DFC
·linkedin.com·
Digital money and finance: a critical review of terminology
10 years of stablecoins: Their impact, what we know
10 years of stablecoins: Their impact, what we know
This paper highlights the growth and importance of stablecoins since they were launched 10 years ago. We outline their impact on the cryptocurrency ecosystem as well as the financial system as a whole, while also summarising the main findings in the literature. Finally, we outline future research directions.
This paper highlights the growth and importance of stablecoins since they were launched 10 years ago. We outline their impact on the cryptocurrency ecosystem as well as the financial system as a whole, while also summarising the main findings in the literature. Finally, we outline future research directions.
#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·sciencedirect.com·
10 years of stablecoins: Their impact, what we know
Wyoming is trying to beat the Fed to a digital dollar
Wyoming is trying to beat the Fed to a digital dollar
Wyoming will launch a stablecoin in the first quarter of 2025, backed by short-term U.S. Treasury securities, to give individuals and businesses a faster and cheaper way to transact while creating a new revenue stream for the U.S. state. The state plans to issue the token to an exchange so the exchange can issue it to the retail user. There will be a "buffer" in the reserves to account for any potential deviations and full transparency to establish and maintain public trust. Wyoming plans to use several different public blockchains, although it hasn't specified which ones. https://stabletoken.notion.site/Wyoming-Stable-Token-Commission-a24290df29cd4eaa897c6d628b007930
#Fintech#CBDC#Stablecoins#Wyoming#GovCoins#DFC
·cnbc.com·
Wyoming is trying to beat the Fed to a digital dollar
Birri Gubba Nation to launch a sovereign digital currency
Birri Gubba Nation to launch a sovereign digital currency
The Birri Gubba Nation, an Australian indigenous sovereign nation, has signed a memorandum of understanding (MOU) with Sovereign Wallet, to establish a comprehensive national digital identity system to serve as account addresses for sovereign digital currency. Sovereign Wallet is a blockchain technology company that developed the MetaMUI CBDC Cloud Service for creating digital currencies, which the Yidinji Nation, another Australian indigenous nation, used to launch its Yidindji Dollar (SYD) in 2022. The Birri Gubba Nation national identity and digital currency systems are set to go live in September 2024. If it is structured like the Yidindji Dollar, it will be pegged to the Australian dollar (AUD), although the mechanism hasn’t been revealed.
#Fintech#CBDC#Subsovereign#Stablecoins#Australia#MetaMUI#DFC
·coindesk.com·
Birri Gubba Nation to launch a sovereign digital currency
Stablecoins: Backed Enough for the Future. » Brave New Coin
Stablecoins: Backed Enough for the Future. » Brave New Coin
Since stable coins were first proposed as a less volatile arm of cryptocurrency their intended role has expanded far beyond an instrument for pure arbitrage to the lofty realm of a global currency ‘Holy Grail’. The race is truly now on to build the first institutionally adopted, universally accepted stable coin, with Tether rivals TrueUSD, Havven, USDCoin and Stronghold all joining the fray. But are stable coins being used in enterprise for any practical purposes or are they just a conduit for trading on the crypto markets?
#CBDC#Bitcoin#Stablecoins#DFC
·bravenewcoin.com·
Stablecoins: Backed Enough for the Future. » Brave New Coin
Indian Crypto Exchanges Pivot to Stablecoin to Bypass Central Bank Ban - CoinWire
Indian Crypto Exchanges Pivot to Stablecoin to Bypass Central Bank Ban - CoinWire
Stablecoin, a cryptocurrency pegged to a stable asset, has been increasingly gaining traction in India, as more domestic cryptocurrency exchanges add TrueUSD (TUSD) and Tether (USDT) to their trading platforms, in an effort to minimize the impact of the previously imposed cryptocurrency ban by the Reserve Bank of India (RBI).
#Bitcoin#CBDC#Stablecoins#DFC
·coinwire.com·
Indian Crypto Exchanges Pivot to Stablecoin to Bypass Central Bank Ban - CoinWire
Bitcoin buster? The search for a more stable cryptocurrency - BBC News
Bitcoin buster? The search for a more stable cryptocurrency - BBC News
"Cryptocurrencies - digital tokens known as cryptos for short - have investors in the grip of a gold rush fever, with billions being traded every day. Prices fluctuate wildly, making them high-risk investments. But could a more stable, less volatile crypto persuade us to think of digital money less as a speculative investment and more as a mainstream "smart" currency?"
#Bitcoin#CBDC#Stablecoins#Tokenization#DFC
·bbc.co.uk·
Bitcoin buster? The search for a more stable cryptocurrency - BBC News
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Union Bank, which has concentrated increasingly on blockchain this year, said issuing its so-called “Union Bank Payment Coin (UBPC)” was a further step towards becoming a “full-service blockchain investment bank.” UBPC will act as a stable coin, the institution explained, and will have fiat currencies “such as the Swiss franc” as its backing.
#Bitcoin#CBDC#Stablecoins#DFC
·cointelegraph.com·
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Block by Block: Stablecoins - The Block
Block by Block: Stablecoins - The Block
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.
#Bitcoin#CBDC#AltCoins#Stablecoins#DFC
·theblockcrypto.com·
Block by Block: Stablecoins - The Block