Stablecoins

Future of Digital Euro ‘Not Clear Yet,’ Former Eurogroup Official Says

<div class=”featured_image_container”> </div> <strong>Europe’s digital currency project has made some progress recently, with the Eurozone’s central bank moving to its next stage. Critics point, however, to the continuing lack of clarity around the design and purpose of the digital euro after a decade-long delay, if cryptocurrency is taken as a benchmark. </strong> Digital Euro to …

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Tether promises an audit in ‘months’ as Paxos claims USDT is not a real stablecoin

There will be an official audit of the world’s most popular stablecoin Tether within months according to the project’s general counsel. An audit for the world’s third-largest digital asset has been awaited for several years and increased regulatory pressure appears to have accelerated the process. In a rare mainstream media interview on CNBC, Tether CTO …

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Treasury Secretary Yellen Asks US Regulators Overseeing Crypto Assets to ‘Act Quickly’ to Regulate Stablecoins

<div class=”featured_image_container”> </div> <strong>U.S. Treasury Secretary Janet Yellen has asked the regulators overseeing crypto assets to “act quickly to ensure there is an appropriate U.S. regulatory framework in place” for stablecoins.</strong> U.S. Department of the Treasury’s Office of Public Affairs announced Monday the outcome of the meeting of the President’s Working Group on Financial Markets …

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Circle Publishes USDC Attestation, Reserve Report Reveals Segregated Accounts in USD-Denominated Assets

<div class=”featured_image_container”> </div> <strong>On July 20, the CEO of Circle Internet Financial LLC., Jeremy Allaire, published a blog post that explains the firm’s dollar-pegged stablecoin is backed by “prioritized trust, transparency, and accountability.” Allaire’s blog post follows a letter from the Centre Consortium’s accountant, Grant Thornton explaining that the stablecoin’s reserve account information matches the …

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Treasury secretary Yellen urges lawmakers to quickly introduce stablecoin guidelines

United States Treasury Secretary Janet Yellen has told financial regulators that the government must act quickly to establish a regulatory framework for stablecoins. The comments came at Monday’s meeting of the President’s Working Group on Financial Markets. The group discussed the rapid growth of stablecoins, revealing plans to issue regulatory recommendations in the coming months, …

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Report Claims Nayib Bukele’s Regime May Issue a Salvadoran Stablecoin

<div class=”featured_image_container”> </div> <strong>According to regional reports, El Salvador’s current leadership is in the midst of developing a stablecoin backed by the U.S. dollar. Meanwhile, others believe the stablecoin idea was scrapped now that Nayib Bukele’s government chose to leverage bitcoin. </strong> Some Say the Colón-Dollar Is Being Developed, Others Claim the Salvadoran Stablecoin Idea …

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US Treasury Secretary Yellen Outlines Plans to Regulate Stablecoins in Collaboration With the Fed, SEC, CFTC

<div class=”featured_image_container”> </div> <strong>U.S. Treasury Secretary Janet Yellen will convene a meeting with the Biden administration’s working group on financial markets to discuss stablecoin regulation. “In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for …

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Fed Chair Jerome Powell Says ‘You Wouldn’t Need Cryptocurrencies if You Had a Digital US Currency’

<div class=”featured_image_container”> </div> <strong>Federal Reserve Chairman Jerome Powell believes that there is no need for cryptocurrencies if there is a digital dollar. “I think that’s one of the stronger arguments in its favor,” he said. The Fed chair also insists that the U.S. is not in danger of losing its reserve currency status.</strong> Fed Chair …

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New Zealand’s Reserve Bank consulting public on a potential CBDC

The Reserve Bank of New Zealand says a central bank digital currency might be a “solution” to the ongoing reduction in the use of cash and that it will look more closely at the use of cryptocurrencies. The bank will open up public consultations regarding a CBDC and the emergence of new digital forms of …

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Boston Fed President Says the ‘Exponential Growth’ of Stablecoins Could ‘Disrupt’ Money Markets

<div class=”featured_image_container”> </div> <strong>Boston Federal Reserve president Eric Rosengren discussed stablecoins in a recent presentation on June 25. Rosengren stressed that stablecoins could be a “disruptor” to prime money market funds and the Boston Fed president remarked that the exponential growth of stablecoins is concerning.</strong> Rosengren: ‘We Should Be a Bit Concerned About Stablecoin Markets …

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