Today’s payment system needs modernizing. With appropriate guardrails and ongoing dialogue between public and private sectors on both risk and responsible innovation, blockchain-based technology has the potential to solve real problems.
The recent collapse of cryptocurrency Terra is another reason to question why stablecoin regulation has been such a challenge in the US, says Noah Qiao, an attorney with Kirkland & Ellis. He says the answer may lie in stablecoins’ mixed uses. He proposes that single-use stablecoins could be a way to capture greater institutional adoption.
Circle Internet Financial, issuer of the dollar-pegged stablecoin USD Coin (USDC), is launching a new euro-pegged stablecoin Euro Coin (EUROC) on June 30th. Developers can already integrate with the Euro Coin smart contract, and institutional users can access EUROC on the launch date upon creating a free Circle account.
Dr. Thomas Moser, of the Swiss National Bank’s (SNB) regarding the potential competition between private sector stablecoins and government CBDCs, Dr. Moser is confident that both types of digital currency can coexist because CBDCs perform only very basic functions, while stablecoins can be tailored for many other uses.
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While the U.S. is still working to regulate cryptocurrency in the country, Japan has taken measures of its own for stablecoins. The country passed a stablecoin bill late last week that could change the entire crypto landscape. Article continues below advertisement.
London-based Checkout.com said Tuesday that it will settle payments for its merchants 24/7 using stablecoins in a move that pushes the fintech startup into the cryptocurrency ecosystem.
Cryptocurrency markets have suffered major setbacks in recent months. The combined values of cryptocurrencies have fallen by more than half since they peaked at about $3 trillion in November 2021.
ANZ is moving forward with its Aussie dollar pegged stablecoin, A$DC.
A$DC enables users to buy and sell cryptos or NFTs without having to convert into and out of US dollars.
Tokenised assets have the potential to deliver greater efficiency, speed, transparency and value.
The Australian and New Zealand Banking Group (ANZ) wants to extend the usage of its cash-backed stablecoin, A$DC, amid demand for access to it from its institutional customers.