The signing of the GENIUS Act into law established the first comprehensive regulatory framework for US-issued stablecoins. Supporters argue it will enhance trust, drive mainstream adoption and bolster the dollar’s status as the global reserve currency. With stablecoins now gaining traction in global finance, the GENIUS Act could also prove a boon for the developing … Read more
Hong Kong's rules for stablecoin issuers took effect on Friday as the government pursues its ambitions for the crypto sector. The special administrative region of China has taken steps in recent years to strengthen its position in the industry en route to realising its goal of becoming a hub for crypto and Web3 in Southeast … Read more
Clearpool, a decentralized credit marketplace, unveiled a suite of products to finance payments, targeting fintech firms processing cross-border transfers and card transactions. The products include stablecoin credit pools for payment finance (PayFi) and cpUSD, a permissionless token that generates yield from short-term lending to payment providers. “What many overlook is that while stablecoins settle instantly, … Read more
Stable, developer of a new blockchain built around Tether’s USDT, said it raised $28 million in a seed round led by Bitfinex and Hack VC. Other backers include Franklin Templeton, Castle Island Ventures and KuCoin Ventures, alongside angel investors like Tether CEO Paolo Ardoino and Braintree founder Bryan Johnson. The Stable blockchain, described as a … Read more
AllUnity, a joint venture between DWS, Galaxy and Flow Traders, has launched EURAU, a euro-denominated stablecoin approved under Germany’s new crypto regulations. EURAU is claimed to be the first euro-backed stablecoin to be issued under the EU’s Markets in Crypto-Assets Regulation (MiCAR) and licensed as electronic money by Germany’s BaFin. The token, issued on Ethereum … Read more
The Hong Kong Monetary Authority (HKMA) released guidance on Tuesday for stablecoin licensing, outlining strict capital, reserve, governance and technology standards for issuers seeking to operate in the city’s regulated digital asset market. The guidance also covered rules on money laundering and transitional measures for issuers of existing stablecoins. Stablecoins are digital assets that are … Read more
Widespread use of U.S. dollar-denominated stablecoins in the European Union (EU) for payments or settlement could damage the European Central Bank's control over monetary conditions, an ECB adviser said. If U.S.-backed stablecoins, digital assets that are backed by the dollar, gain traction for use in the EU, the effect could be similar to the impact … Read more
Zodia Markets, the crypto trading firm majority-owned by Standard Chartered (STAN), has raised $18.25 million led by Pharsalus Capital. The Series A funding round will be used to support Zodia's international expansion effort and further develop its stablecoin payments services, according to an announcement on Monday. Zodia is aimed at financial institutions, offering them a … Read more
MetaMask, the Ethereum-based crypto wallet, is offering its users the ability to earn interest on their stablecoins thanks to a new partnership with decentralized lending protocol Aave. The feature, called Stablecoin Earn, gives MetaMask’s million-plus users access to yield on USDC, USDT and DAI without leaving their wallet. The earnings come from Aave’s lending infrastructure, … Read more
Hong Kong-based cryptocurrency exchange OSL Group has raised $300 million in an equity sale. OSL, which was the first exchange to win a license from the Hong Kong Monetary Authority (HKMA), said it will use the new capital to develop new business initiatives, such as building payment and stablecoin services. Hong Kong will start allowing … Read more