The stablecoin is becoming a central part of cryptocurrency, and there has been much talk about regulation recently. There seems to be much floundering around, trying to get a handle on just how to do this.Read more
Stablecoin project Diem has distanced itself from its Facebook in response to Democrat Senators calling for the immediate cessation of the firm’s Novi crypto wallet.
Diem also claimed senior regulators had called it “the best-designed stablecoin project that the U.S. government had seen.”
In an Oct.
A bounty of up to $1 million has been offered up to anyone who can cast light on the precise backing of Tether’s reserves.Read more
The International Monetary Fund (IMF) has recently released its new Global Financial Stability Report, in which the entire chapter was dedicated to the discussion about financial stability challenges posed by the accelerating crypto adoption.Read more
Bloomberg published an article on Thursday rehashing ongoing concerns about Tether and its 1:1 reserves.
Per Tether’s website, every USDT token issued is fully backed by reserves, containing a mixture of reserve assets.
Abracadabra Money’s stablecoin Magic Internet Money (MIM) has surged past a $1 billion total supply this month as the project works to provide competition to MakerDAO.Read more
According to Bloomberg BW, stablecoin issuer Tether has extended billions of dollars in loans to Chinese companies.
The value of loans backing Tether’s stablecoin reserves could be a risk factor for the crypto industry.
A report published by Bank for International Settlements and IOSCO envisions a regulatory mechanism for stablecoins.
The report argues that stablecoins should be put under the purview of existing global payment standards.
Terra’s native savings protocol Anchor that offers high yield on stablecoins has reached a new milestone, recording $5 billion in total value locked (TVL).
On-chain demand for Terra (LUNA) is mainly generated by the top two protocols, Anchor and Mirror.
Circle, the company behind the world’s second-largest stablecoin USD Coin, has been subpoenaed by the U.S. Securities and Exchange Commission (SEC).
According to an Oct. 4 regulatory filing from Circle, the SEC issued an “investigative subpoena” from its Enforcement Division in July.