Category: Stablecoins

US credit union regulator seeks industry input on decentralized finance and stablecoins

US credit union regulator seeks industry input on decentralized finance and stablecoins

The U.S. National Credit Union Administration’s governing board approved Thursday a request for information (RFI) that seeks to learn more from the credit union industry about their views and positions on digital assets, with a significant focus on decentralized finance or DeFi. The RFI notice invokes the topic of DeFi repeatedly, as well as digital […]

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Wyre Partners With Polygon to Offer USDC to Customers

Wyre, a blockchain payments provider, announced today that developers around the world are now able to provide USDC stablecoin to customers in the Polygon ecosystem. The feature was made possible through a partnership with Polygon. Wyre Integrates With Polygon Wyre said in a press release shared with CryptoPotato that the integration of its Checkout API […]

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

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

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. Digital Euro to ‘Feel Like a Prepaid […]

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Paxos takes aim at Circle and Tether, says 96% of its stablecoin reserves are cash or cash equivalents

Paxos takes aim at Circle and Tether, says 96% of its stablecoin reserves are cash or cash equivalents

In a July 21 blog post, Paxos revealed that its duo of stablecoins, Paxos Standard and Binance USD, are backed by 96% cash or cash equivalents. This contrasts with recent reports coming out of the other leading U.S. dollar-centric stablecoin operators, Tether and Circle — a comparison that Paxos invited in its post. Indeed, the […]

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Yuga Coin: Stablecoin concept backed by government debt secures U.S. patent

The Yuga stablecoin will be globally backed by treasury instruments of the respective country. It will also incorporate regulatory-approved identity verification standards. So far there’s been a lot of stablecoins pegged to fiat or less volatile assets like gold! For the first time ever, we shall have a stablecoin in the market backed by government […]

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

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

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. 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 (PWG) which Treasury […]

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

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

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 accompanying reserve account […]

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Circle reveals majority of USDC reserves are in cash and cash equivalents

Circle reveals majority of USDC reserves are in cash and cash equivalents

Circle revealed on Tuesday that the majority of the stablecoin USDC’s reserves are held in cash or cash equivalents. As per a breakdown of USDC reserves in an attestation report from mid-July, 61% of USDC is backed by cash and cash equivalents. The attestation report notes that “[c]ash includes deposits at banks and Government Obligation […]

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Yellen pushes US regulators to ‘act quickly’ on stablecoins during working group meeting

Yellen pushes US regulators to ‘act quickly’ on stablecoins during working group meeting

Per a readout from the U.S. Treasury Department on July 19, Secretary Janet Yellen urged the Presidential Working Group on Financial Markets (PWG) to act on stablecoin regulation. Yellen “underscored the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place,” the announcement explained. The PWG formally includes the Treasury, […]

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