The Monetary Authority of Singapore (MAS) is seeking feedback from Ripple and other firms on its proposed stablecoin regulations, with Ripple expressing support for regulatory guidelines on stablecoins issued within Singapore and urging for regulations to also cover those issued outside of the country. Circle Internet Financial, the issuer of the USDC stablecoin, shared similar sentiments and supported the MAS in creating additional regulations for stablecoin issuers.
Binance, the world's largest cryptocurrency exchange, caused confusion by mistakenly announcing on social media that euro transactions were no longer available, but it was clarified that euro transactions will continue until September 25th with Binance's banking partner in the region. However, the exchange is currently facing legal troubles and difficulties in various countries, making it challenging to find alternatives.
Binance US is reportedly reconsidering its decision to discontinue fiat on- and off-ramp services and is working on integrating new US dollar on-ramp solutions, potentially partnering with payment provider MoonPay to allow users to buy and sell cryptocurrencies in dollars.
Cryptocurrencies pegged to the dollar are posing a potential threat to Visa and PayPal, highlighting the potential in digital payments, although this trend is not yet reflected in the stock market.
Bitcoin and other cryptocurrencies remained stable on Wednesday after a significant decline, indicating a bearish trend supported by technical factors.
The head of Binance, Changpeng Zhao, is accused of using Bitcoin to support the price of Binance's BNB token amidst regulatory pressures, according to popular investors in the crypto community.
Bitcoin holds steady at $26,000 ahead of Jerome Powell's speech at Jackson Hole, while Binance reaches out to projects with low-liquidity tokens to enhance liquidity protection, and Num Finance introduces a Colombian peso-pegged token on the Polygon network.
Summary: Coinbase and Circle have dissolved the Centre Consortium due to regulatory clarity issues surrounding stablecoins, with Coinbase taking an equity stake in Circle and Circle assuming enhanced responsibilities for the USD Coin (USDC) stablecoin; Binance.US partners with MoonPay to use Tether (USDT) as its new "base asset" for transactions, while Binance faces challenges with fiat withdrawals in Europe; Shopify now accepts USDC payments on its platform, and Solana Pay plans to add additional altcoins; China launches a blockchain-powered data exchange with over 300 participating enterprises.
The US SEC has filed lawsuits against Binance and Coinbase, accusing them of various regulatory violations, leading to intense discussions about cryptocurrency classification as securities and causing a negative impact on the prices of many altcoins mentioned in the lawsuits.
Circle, the company behind the USD Coin (USDC), plans to expand the support for its stablecoin to six additional blockchains in the next two months, potentially making it the most widely accessible stablecoin and fueling its adoption in various industries.
Bitcoin and Ether remain stable as cryptocurrency investor sentiment remains cautious, although JPMorgan analysts report a slowdown in downward price momentum, and the Forkast 500 NFT Index gains after a surge in sales of Donald Trump's signature NFT collection following his arrest.
Crypto exchange Binance has announced plans to gradually wind down support for its Binance USD (BUSD) stablecoin, encouraging users to convert their holdings into other assets, including a newly listed stablecoin, First Digital USD (FDUSD). This decision aligns with Paxos' plans to end BUSD redemption by February 2024.
Stablecoins are designed to reduce crypto market volatility by tying their value to a reliable asset, providing investors with stability, transparency, and access to the financial system while minimizing risks.
Circle, the company behind the stablecoin USDC, faced a crisis when $3.3 billion of its reserves were stuck at Silicon Valley Bank, causing USDC to lose its $1 peg and lose market share to rival stablecoin Tether, revealing the challenges and shortcomings of Circle's ambitions to reshape the financial system with its dollar-backed token.
A joint policy paper by the IMF and FSB advises against blanket bans on cryptocurrency and instead recommends targeted restrictions and sound monetary policy to mitigate risks, highlighting that global stablecoins pose a greater risk to financial stability than other cryptocurrencies.
A policy paper prepared under India's G20 Presidency recommends licensing crypto service providers and implementing anti-money laundering standards in the sector, while cautioning against an outright ban on cryptocurrencies due to their borderless nature. The paper also addresses concerns about stablecoins and their potential impact on financial stability.
Bitcoin, Ethereum, and Dogecoin remained relatively stable as the global cryptocurrency market cap increased slightly, while the Financial Accounting Standards Board endorsed regulations for accounting fair values of companies' cryptocurrency holdings.
USDC stablecoin issuer Circle has responded to proposed changes to the EU's financial crime policies, expressing concerns about the lack of clarity in the terminology used and arguing that technology does not necessarily increase money laundering and terrorist financing risks.
Despite Visa's announcement and warnings from Binance's CEO, major cryptocurrencies such as Bitcoin and Ethereum are struggling in a bearish trend while a top Federal Reserve official expresses deep concern over the $120 billion stablecoin market.
Circle, the issuer of the USDC stablecoin, is focusing on Asia as it sees stablecoins as a way to improve cross-border payments for businesses in the region.
Binance.US is accused by the SEC of not cooperating in a probe and violating federal securities law by using a custody provider provided by its international arm, but the exchange claims that regulators are on a "futile fishing expedition" and asserts that customer assets are safe.
Binance.US faces continued legal struggles with the SEC, with accusations of noncooperation and low trading volume, while India works on crypto regulation and EU lawmakers vote in favor of a cryptocurrency tax reporting rule. Additionally, U.S. Representative Tom Emmer and co-sponsors reintroduce the CBDC Anti-Surveillance State Act to protect financial privacy.
The ongoing legal battle between Binance and the SEC has taken a surprising turn as the SEC's request for access to Binance.US's systems was rejected, resulting in a temporary surge in Bitcoin price and a potential window of three weeks for Bitcoin bulls.
Stablecoin issuer Circle Internet Financial has expanded its euro-pegged stablecoin EURC to the Stellar blockchain, allowing for enhanced European remittance corridors and cross-border payments.
A new report by the Federal Reserve Banks of Boston and New York concludes that stablecoins, such as Tether and USD Coin, have similar vulnerabilities as money market funds and could potentially inject instability into the broader financial system.
Bitcoin and other cryptocurrencies remained stable or slightly increased in value despite market turbulence, raising questions about the stability of Bitcoin.
Stablecoin issuer Circle argues that stablecoins tied to other assets shouldn't be subject to financial trading laws, intervening in the SEC's case against Binance. Valkyrie begins buying ETH futures contracts, becoming the first U.S. ETF to offer exposure to Ether and Bitcoin futures under one wrapper. Coinbase receives regulatory approval in Bermuda to list perpetual futures for users outside the U.S., following its acquisition of a license to operate a spot exchange in April. Addresses holding at least 0.1% of bitcoin's supply have seen strong net inflows throughout Q3, indicating growing interest from organic buyers.
Stablecoin issuer Circle Internet Financial has released Perimeter Protocol, an open-source smart contract codebase that allows for the development of tokenized credit markets, enabling various credit use cases such as invoice factoring, payroll advances, instant settlement, and credit trading for institutional investors. This move comes as the tokenization of real-world assets gains momentum, with tokenized assets predicted to grow to a $5 trillion market in the next five years. Circle aims to leverage the protocol to enhance the utility of its stablecoin USDC and Euro-pegged token EURC in decentralized finance (DeFi) credit platforms.
Bitcoin and gold are expected to thrive amidst fiscal problems in the US economy and a potential pivot from the Federal Reserve, according to macro investor Luke Gromen. Gromen also suggests that the launch of a gold-backed currency by the BRICS alliance may weaken the US dollar as the world's reserve currency.
Tokenization, the process of linking assets to crypto tokens on a blockchain, is gaining prominence and attracting attention from regulators and financial firms as it offers investors access to previously inaccessible markets, improved liquidity, and greater efficiency, although it also introduces potential financial stability concerns and risks of transmitting shocks between crypto and traditional financial markets.
Asian currencies against the dollar remained relatively stable, with minimal changes observed in the latest rates, according to data compiled by Reuters.
The market capitalization of stablecoins has dropped by 35% in the past 18 months due to factors such as reduced retail participation, surging US treasury yield, and high opportunity cost, with only a few stablecoins like USDT remaining resilient and dominant in the market. The decline is attributed to traditional finance rates exceeding crypto-native yields, and the market share decline of US-native stablecoins is seen as a result of U.S. regulation hostility. Stablecoins are considered the "killer app" of the crypto industry, comprising a significant portion of settlement activity on public blockchains. The trend is expected to reverse when there is revived interest in crypto trading, steady interest rate cuts, and a pro-crypto regulatory environment.
Polygon-based stablecoin Real USD (USDR) plummeted to $0.51 after its treasury, exclusively holding a $6.2 million insurance fund and backed by TNGBL token, was drained of DAI, indicating its inability to liquidate large amounts due to low trading volume.
The stablecoin USDR, issued by Tangible, lost its peg to the U.S. dollar and decreased in value by 50% in just a few hours due to concerns about its asset reserves.
Real estate-backed stablecoin USDR lost its peg to the U.S. dollar due to a rush of redemptions, causing a drain on liquid assets and resulting in a price drop to $0.53 per coin, but the project team assures that real estate holdings and digital assets will still support redemptions.
Digital currencies, particularly payment stablecoins, have the potential to upgrade America's financial system and benefit families and businesses by making transactions easier, faster, and cheaper, but this can only be achieved if Washington passes stablecoin legislation that prioritizes financial stability and consumer safety.
Binance.US users can no longer withdraw dollars directly from the platform, instead they must convert funds to stablecoin or other digital assets to be withdrawn, as the exchange updates its terms of use amidst regulatory scrutiny from the SEC.
Cryptocurrency exchange Binance.US has updated its terms of service, indicating that direct withdrawals in USD are no longer supported, and users may need to convert their dollars to stablecoins or other digital assets to withdraw funds.
The U.S. unit of cryptocurrency exchange Binance has temporarily suspended dollar withdrawals from its platform, prompting customers to convert their funds into stablecoin or other digital assets for withdrawal.
Cryptocurrency exchange Coinbase has argued in a legal brief that tokens are not securities and that the Securities and Exchange Commission (SEC) has exceeded its regulatory authority, as it seeks to have a lawsuit from the SEC dismissed. Coinbase contends that tokens traded on its platform do not meet the criteria for "investment contracts" and that the SEC is violating the Major Questions Doctrine. The outcome of the case will determine whether certain cryptocurrencies are considered securities and whether Coinbase failed to register with the SEC.
Bitcoin and other cryptocurrencies remained stable amidst stock market upheaval, as investors speculate that digital assets now serve as a safe haven during geopolitical uncertainties.
Japan has become a trailblazer in stablecoin regulation, with a new law taking effect in June, but the country's example also shows that regulating stablecoins is not easy due to the challenges of ensuring both security and profitability.
