The UK government plans to get new rules governing stablecoins and staking services for cryptoassets approved by lawmakers within the next six months as pressure ratchets up to deliver on specific proposals ahead of an impending general election. Economic Secretary to the Treasury Bim Afolami, speaking at an industry event…
PayPal‘s stablecoin is likely to succeed where Facebook‘s failed, thanks to the payment giant’s standing in Washington and policymakers’ greater understanding of the issues in the last three years. PayPal this month said it was launching PayPal USD, a crypto token pegged to the US dollar, making it the second…
Binance said in a tweet on Monday it would swap 750 million tether-tron token pairs for tether-ether in an attempt to maintain the stablecoin‘s liquidity. The move comes amid renewed regulatory scrutiny at the world’s largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including…
Most investments coming to cryptocurrencies are aimed at diversifying the financial portfolios of individual as well as institutional investors. Tether has become the latest company from the Web3 world to have decided to invest some of its business profits into purchasing cryptocurrencies to strengthen and diversify its reserves. The issuer…
Stablecoin USDC’s issuer Circle said its chief strategy officer’s Twitter account was hacked on Wednesday, after the account posted a link appearing to offer holders of the stablecoin USDC a “one-time bonus” of free cryptocurrency. The Twitter account of Dante Disparte, Circle‘s chief strategy officer, sent a series of tweets…
PayPal Holdings Inc. is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner in the project faces a probe by the New York State Department of Financial Services. PayPal had hoped to debut the stablecoin, which will be backed one for one by the…
Silvergate Capital, a crypto bank holding company, has decided to delay the launch of its long-awaited stablecoin, CEO Alan Lane said during the company’s third-quarter earnings call on Tuesday. California-based Silvergate Capital, the parent of Silvergate Bank, announced it was working on its own payments-focused stablecoin in January after acquiring…
The United Nation’s development arm, UNCTAD, believes that banks should be banned from holding crypto while suggesting that developing countries should implement extensive restrictions on the usage of cryptocurrencies, given the risks they pose to tax collection. The UN Conference on Trade and Development (UNCTAD), in a series of reports…
Sam Bankman-Fried, head of one of the largest cryptocurrency exchanges, FTX, said he and his company still have a “few billion” on hand to shore up struggling firms that could further destabilise the digital asset industry, but that the worst of the liquidity crunch has likely passed. Bankman-Fried, 30, who…
Tether, the world’s largest stablecoin, said on Friday it had cut its commercial paper holdings by around 58 percent as part of an earlier commitment to reduce its exposure to riskier assets. Stablecoins — a variety of cryptocurrencies designed to keep a steady value — are in sharp focus after…
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