NBH Bank and New York Community Bank have conducted the first USDF transaction over the Provenance Blockchain. NBH Bank minted the newly introduced stablecoin and sent it to a customer of New York Community Bank as part of a test run.USDF is a stablecoin offered by the USDF Consortium, a group of FDIC-backed banks that announced its formation last week. “We expect our … [Read more...] about FDIC-Backed Banks Send Stablecoins in USDF First
Stablecoins
Advisers, Pay Attention to Stablecoins
As stablecoins become an attractive option for clients, the Registered Investment Advisor (RIA) industry needs to adapt in order to integrate this new technology into the existing infrastructure. Advisers need to educate themselves today to prepare for a future filled with stablecoins. Source link … [Read more...] about Advisers, Pay Attention to Stablecoins
The Urgent Need for Regulatory Clarity on Stablecoins
Asset-backed stablecoins are digital currencies that are issued against traditional fiat currencies held on a 1:1 peg. In theory, one U.S.-dollar-backed stablecoin should be equal to one U.S. dollar. However, as we’ve seen in the case of tether, this is not always the case. In fact, many popular stablecoins are backed by a similar combination of cash and commercial paper, which … [Read more...] about The Urgent Need for Regulatory Clarity on Stablecoins
Why Brazilians Are Turning to Stablecoins Like Tether
Amid record inflation and a constant devaluation of their local currency, Brazilians are turning to cryptocurrencies and, in particular, stablecoins as never before.According to Receita Federal, the Brazilian tax authority, between January and November 2021, locals traded $11.4 billion in stablecoins and almost tripled the total traded in 2020. Stablecoins also traded $10.8 … [Read more...] about Why Brazilians Are Turning to Stablecoins Like Tether
Hong Kong Monetary Authority Issues Discussion Paper on Crypto Assets and Stablecoins, Seeks Views on Approach
"The approach has taken into account, among other things, the international recommendations, the market and regulatory landscape locally and in other major jurisdictions, and the characteristics of payment-related stablecoins," the announcement says. To facilitate the stakeholders in sharing their views, the HKMA has highlighted certain issues in the form of questions and … [Read more...] about Hong Kong Monetary Authority Issues Discussion Paper on Crypto Assets and Stablecoins, Seeks Views on Approach