Category: Stablecoins

Stablecoin Demand in 2021 Skyrockets, Fiat-Pegged Token Economy Nears $100 Billion

Stablecoin Demand in 2021 Skyrockets, Fiat-Pegged Token Economy Nears $100 Billion

While most cryptocurrency markets are down today in value, dollar-pegged stablecoins have seen significant demand during the last 24 hours. Currently, the entire market valuation of all the stablecoins in existence is roughly $96 billion. The Rise of Fiat-Pegged Stablecoins Crypto assets like bitcoin (BTC) and ethereum (ETH) can be volatile and this has caused […]

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Bank of England deputy governor says a CBDC is ‘probable’ if public money is to survive

Bank of England deputy governor says a CBDC is ‘probable’ if public money is to survive

Sir Jon Cunliffe, deputy governor of the Bank of England for stability, said Thursday that it “looks probable” that the United Kingdom’s central bank will issue a digital currency if public money is to survive the growing expansion of private alternatives. “We may not be there yet. But it looks probable in the UK that if we […]

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Tether reveals a breakdown of its reserves for first time since 2014 launch

Tether reveals a breakdown of its reserves for first time since 2014 launch

Stablecoin issuer Tether, for the first time since its launch in 2014, has revealed a breakdown of its reserves. The breakdown, shared with The Block on Thursday, is dated as of March 31, 2021. It shows that Tether held nearly 76% of its reserves in cash and cash equivalents and other short-term deposits and commercial […]

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Diem leaves Switzerland for US, announces plan to work with Silvergate on dollar-backed stablecoin

Diem leaves Switzerland for US, announces plan to work with Silvergate on dollar-backed stablecoin

On May 12, the Diem Association announced that it was abandoning its plans to register with Swiss financial watchdog FINMA and will be returning to the U.S. In addition to the relocation, Diem says it will register with the U.S. Financial Crimes Enforcement Network (FinCEN) and will partner with Silvergate Bank as an issuer for […]

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Mapping out Celo’s ecosystem

Quick Take Celo is a blockchain project that uses a mobile-first approach to empower individuals worldwide through access to financial services and the ability to send money to anyone with their mobile phones At the center of Celo’s network includes two native stablecoins, Celo Dollar and Celo Euro, which can be used for payments, savings, […]

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Revolut has enabled crypto withdrawals, phase one of its plan to go ‘full crypto’

Quick Take Revolut had to get partners comfortable before rolling out new crypto capabilities. In addition to working with Fireblocks, the digital bank has partnered with crypto analytics startup Elliptic. It is now looking ahead to adding more tokens and allowing crypto customers to earn income on their funds. This feature story is available to […]

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Digital Dollar Project to launch five CBDC pilots in the coming months

The Digital Dollar Project has committed to launching “at least” five pilot programs in the next year to test possible frameworks for a U.S. central bank digital currency (CBDC). A partnership with technology consultancy firm Accenture is funding the projects. J. Christopher Giancarlo, former chairman of the Commodities Futures Trading Commission (CFTC) co-founded the Digital Dollar […]

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Fed’s Vice Chair for Supervision Calls on Bank Regulators to Pay More Attention to Cryptocurrency

The Federal Reserve’s top supervisory official has called on bank regulators to pay more attention to cryptocurrencies and stablecoins. His comments followed a number of major banks announcing that they will be offering products based on cryptocurrencies, particularly bitcoin, to their clients. Bank Regulators Should Focus More on Cryptocurrency, Says Fed Supervisor The Federal Reserve’s […]

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