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Stablecoin

  • Regulation

    U.S. Treasury prepares to recommend stricter regulation on stablecoins

    The U.S. Treasury is preparing a raft of recommendations for stricter oversight of Tether and other stablecoins, as unnamed insiders say the department has identified the greatest risks posed by the tokens, according to a recent Bloomberg report. Fast facts Making sure investors are able to transfer money in and out of tokens is a […]

    Lachlan Keller

  • Regulation

    SEC chair says most cryptocurrencies including stablecoins are securities

    In his testimony before the Senate Banking Committee, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said that Coinbase lists “dozens of tokens that may be securities.” Fast facts In response to Senator Pat Toomey’s questions about whether cryptocurrencies classify as securities, Gensler said “very many” of the cryptocurrencies, including stablecoins, are in […]

    Monika Ghosh

  • Regulation

    Reserve Bank of Australia posts CBDC job position

    Amid the country’s ongoing Senate inquiry into crypto regulation, the Reserve Bank of Australia has posted a job advertisement for a position within its central bank digital currency research team. Fast facts A successful applicant would join a new cross-disciplinary team to research “whether there is a case for a CBDC in Australia, and if […]

    Lachlan Keller

  • Regulation

    Former India central bank chief says cryptocurrencies have a ‘potential future’

    While India’s parliament considers a potential nationwide ban on all private virtual currencies, a former governor of India’s central bank says some cryptocurrencies have a “potential future” in the global economy. Raghuram Rajan, ex-governor of India’s central bank and former chief economist at the International Monetary Fund, made his comments at a Reuters Global Markets […]

    Monika Ghosh

  • Regulation

    USDC to be 100% backed by cash, US Treasuries

    Circle, issuer of the world’s second-largest stablecoin USDC, has announced plans to be 100% backed by cash and short-term U.S. Treasuries by September. The company’s most recent attestation showed USDC’s US$22.2 billion supply was backed by only 61% “cash and cash equivalents.” Fast facts Circle had indicated earlier in the month that it wishes to […]

    Lachlan Keller

  • Regulation

    USDC issuer Circle to become full-reserve digital currency bank

    Amid a period of increasing regulatory interest in stablecoins, Circle, the digital payment company that issues USDC, the world’s second-largest stablecoin , has announced plans to become a full-reserve national digital currency bank in the U.S. Fast facts In a company blog post, CEO and co-founder Jeremy Allaire said the company was prepared to operate […]

    Lachlan Keller

  • Crypto Trading and Strategies

    OKEx parent’s USDK stablecoin revenue dives almost 90%

    OKG Technology Holdings, the parent company of crypto exchange OKEx, suffered an 89.8% year-on-year slump in revenue from operating Ethereum stablecoin USDK, its FY 2021 annual report shows. Fast facts Its USDK revenue was just HK$159,000 (US$20,470). Currently, USDK, which launched in 2019, has a market cap of US$28.68 million and a circulating supply of […]

    Ningwei Qin

  • Regulation

    Stablecoins promise much, but can they deliver?

    As issuer Circle prepares to list and China sounds the alarm over speculation, the mood among regulators is mixed, despite stablecoins' clear appeal to investors.

    Michelle Lim