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  • PayPal Unveils Ethereum-Based Stablecoin PYUSD
    by on August 7, 2023 at 4:58 pm

    Silicon Valley's prominent payments titan, PayPal, has taken a measured step into the realm of stablecoins, in collaboration with Paxos. This newly minted digital token, christened PayPal USD or PYUSD, is poised to play a pivotal role in PayPal's U.S. customer offerings. The coin's issuance is underpinned by the Ethereum blockchain and fortified by a blend of U.S. dollar deposits, short-term Treasuries, and akin cash equivalents.

  • Stablecoin Bill Advances Amidst White House Opposition
    by on July 29, 2023 at 3:40 pm

    In a noteworthy development within the U.S. Congress, a long-awaited stablecoin bill made significant progress as it graduated from the House Financial Services Committee. However, the advancement of the Republican-backed bill was marred by a partisan clash and objections from the White House, leaving the committee chair, Patrick McHenry (R-N.C.), lamenting the missed opportunity for a bipartisan deal.

  • Lummis and Gillibrand Target Stablecoins in Sweeping Proposal
    by on July 13, 2023 at 11:37 am

    A new crypto oversight bill reintroduced by Senators Cynthia Lummis and Kirsten Gillibrand is making waves in the U.S. Senate. The bill proposes that crypto exchanges be overseen by the Commodity Futures Trading Commission (CFTC) rather than the U.S. Securities and Exchange Commission (SEC). Additionally, it calls for all stablecoin issuers to be regulated depository institutions. This bill represents a significant effort to establish U.S. regulation for the crypto industry and addresses the division of oversight between the SEC and CFTC.

  • FSB Urges Global Action on Global Stablecoin Regulation at G20
    by on July 13, 2023 at 10:21 am

    In preparation for the upcoming G20 Finance Ministers and Central Bank Governors meeting in India, Klaas Knot, Chair of the Financial Stability Board (FSB), has highlighted the recent banking turmoil and the FSB's commitment to learning valuable lessons from these events. In a letter addressed to the G20 officials, Knot emphasized the importance of addressing risks associated with crypto-assets and global stablecoin arrangements, as well as providing updates on efforts to tackle climate-related financial risks.

  • E-money Token Issuers Urged to Anticipate MiCA Rules
    by on July 12, 2023 at 12:10 pm

    E-Money Token (Stablecoin) issuers have been advised to proactively prepare for the forthcoming regulations set by the European Union, according to the European Banking Authority (EBA). Although the rules of the Markets in Crypto Assets (MiCA) framework will officially come into effect in June 2024, the EBA emphasised the importance of early preparation to protect consumers and avoid disruptions for companies. The MiCA regulation includes provisions on governance, reserve requirements, and licensing for crypto wallet providers and exchanges.