Mitsubishi UFJ Financial Group, Japan’s largest financial group, is working hard to take the lead in stablecoin development, launching a proprietary stablecoin project.On Wednesday, MUFG introduced its stablecoin platform called “Progmat Coin,” a blockchain-based system for issuing and managing stablecoins pegged on a 1:1 ratio to the Japanese yen.The platform aims to enable a … [Read more...] about Top Japanese bank MUFG introduces new stablecoin platform
Stablecoin
Users flock to Curve amid lack of stablecoin liquidity on major DEXs
In a Tweet posted by user @cryptotutor Friday, a screenshot appears to show a 27% spread between stablecoin Magic Internet Money (MIM) and USD Coin (USDC) trading pair on decentralized exchange, or DEX, Uniswap (UNI). Both have a theoretical peg of 1:1 against the U.S. Dollar."Magic Internet Money," joked cryptotutor, as he attempted to swap approximately $1 million in MIM but … [Read more...] about Users flock to Curve amid lack of stablecoin liquidity on major DEXs
A Former US Senator and Ambassador to China on the Need for Stablecoin Regulation
This episode is sponsored by Nexo, Abra and FTX US.Download this episodeThis week’s “Long Reads Sunday” reading is Max Baucus’ “The Urgent Need for Regulatory Clarity on Stablecoins.”See also: Strike App Won’t Support Bitcoin in Argentina“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and … [Read more...] about A Former US Senator and Ambassador to China on the Need for Stablecoin Regulation
OCC Chief Hsu Says Regulation Could Boost Stablecoin Innovation
Regulating stablecoin issuers like banks could encourage innovation in the crypto industry, according to top U.S. banking regulator Michael Hsu.Speaking at an event on Thursday, Hsu – the acting comptroller of the Office of the Comptroller of the Currency (OCC) – told attendees that increased regulations for the stablecoin industry could also make innovations … [Read more...] about OCC Chief Hsu Says Regulation Could Boost Stablecoin Innovation
Tether Freezes $160M of USDT Stablecoin on Ethereum Blockchain
Stablecoin issuer Tether froze three Ethereum addresses on Thursday, holding over $160 million worth of USDT, according to data from Etherscan.The three accounts will now not be able to move funds.In total, Tether has blacklisted 563 addresses on the Ethereum blockchain since November 2017, according to the Bloxy block explorer.Tether has said in the past that it regularly … [Read more...] about Tether Freezes $160M of USDT Stablecoin on Ethereum Blockchain