US banking associations request to eliminate the stablecoin yield ‘gap’ in the GENIUS Act
Banking Groups Urge Regulators to Address Stablecoin Loophole Several banking organizations, led by the Banking Policy Institute (BPI), are pushing for regulators to close a loophole they believe would allow stablecoin issuers and their affiliates to offer interest or yields on stablecoins, which they refer to as stubcoins. In a letter addressed to Congress, BPI […]
Paxos intensifies efforts to obtain a US bank license as stablecoin regulations develop
Paxos Trust Company Pursues National Trust Bank Charter Paxos Trust Company, the firm behind PayPal’s PyUSD stablecoin, has applied to transform its limited covered trust charter in New York into a US National Trust Bank Charter. This move comes as Paxos revives efforts that lapsed in 2023. If the application receives approval, the Office of […]
Stablecoin companies such as Circle and Tether are buying more Treasuries than many nations. Here’s how this might change the U.S. economy.
Stablecoins are the latest trend on Wall Street, making their leap from the niche world of crypto into mainstream US finance, especially after Congress passed related legislation in July. This shift has really ignited interest, with banks and large corporations eager to get involved with the technology. These digital assets, which typically maintain a 1:1 […]
KakaoBank intends to take a proactive role in the stablecoin market, according to reports.
Kakao Corporation, a major player in South Korea’s banking sector, is reportedly ramping up its plans to offer stubcoin services. This comes in response to a shift in regulations following the election of President Lee Jae-myeong, known for his pro-crypto stance. Kakaobank’s Chief Financial Officer, Kwon Tae-Hoon, mentioned that the company is exploring various approaches […]
GENIUS Act examined for banning stablecoin yields as traditional finance tokenization grows
US Genius Act and Its Impact on Stablecoins The recently passed US Genius Act has garnered considerable attention as a significant advance for Stablecoin adoption. Yet, its main provisions may undermine the attractiveness of the digital dollar when stacked against money market funds. This shift raises concerns about whether the legislation was influenced by the […]
FIS and Circle to Assist Financial Institutions in Utilizing USDC Stablecoin
FIS has announced a partnership with Circle to enable financial institutions to trade using the USDC stablecoin. This collaboration integrates FIS’s infrastructure solutions with Circle’s stablecoin technologies, as stated in a press release on July 28. This partnership aims to facilitate domestic and cross-border payments for US financial institutions using USDC. Jim Johnson, co-president of […]
Interactive Brokers Looks into Launching a Stablecoin
Interactive Brokers Ventures into Stablecoin Services Trading firm Interactive Brokers is set to expand its presence in the cryptocurrency sector by introducing its own Stablecoin. As reported by Reuters, the firm plans to allow traders to use its Fiat Page cryptocurrency for funding securities accounts. Additionally, Interactive is working on integrating support for popular cryptocurrency […]
Wyoming’s Stablecoin Promoted as Yield-Generating Option to CBDC Regulation
Simply put Wyoming’s stable token, WYST, isn’t designed to generate yields immediately, but it has the capacity to allow that functionality in the future, according to Wyoming Senator Chris Rothfuss. The Wyoming Blockchain Selection Committee has pushed for the issuance of WYST to avoid acting as a political or financial gatekeeper. While the Genius Act […]
Anchorage Digital and Ethena Labs Introduce the First Stablecoin in the U.S. That Meets GENIUS Act Requirements
Just a few days after the Genius Act was approved, Anchorage Digital Labs and Ethena Labs have teamed up to launch the U.S. version of the Offshore USDTB Stablecoin. This digital currency will be the first Stablecoin to roll out under the new regulations established by the recently passed bill. Ethena Labs will issue the […]
Lightning Network may capture 5% of stablecoin transactions by 2028, according to Voltage CEO.
Experts in the industry believe that the Lightning Network, a Layer-2 scaling solution for Bitcoin, is boosting both retail and institutional adoption. They predict that the usage of Stablecoins could see a substantial increase over the next few years. In a recent conversation with Cointelegraph, Graham Krizek, CEO of Voltage, a provider of Lightning Network […]