PayPal USD Stablecoin Holds Strong with Full Asset Backing, Says Paxos Report
Stablecoin provider Paxos has disclosed its first transparency report for Ethereum-based stablecoin, PayPal USD (PYUSD), affirming the full asset backing of the coin. The report unveils that as of August 31, 2023, the total assets overseen in PayPal USD custody are at par or surpass the total token balance, registering at $44.4 million with a […]
Citi Survey Reveals Rising Momentum for CBDCs in Accelerating Settlements
Escalating approval of Central Bank Digital Currencies (CBDCs) receives reinforcement from ongoing domestic trials and transnational endeavours in diverse jurisdictions, according to a study conducted by the prominent banking institution, Citi. In the context of discussions aiming to truncate local financial settlement cycles within the forthcoming five years, the majority of securities firms are setting […]
Palau’s Inaugural Blockchain Summit: Building on Ripple’s CBDC Partnership and Web3 Innovation Drive
The picturesque island nation of Palau is setting the stage for its inaugural event, the Palau Blockchain Summit. This summit signifies Palau’s stride into the realm of blockchain technology, with a focus on accelerating the nation’s digital transformation. By embracing various Web3 initiatives and collaborating with industry leaders, Palau aims to position itself as a […]
Japanese Startup Soramitsu Harnesses CBDCs and Stablecoins for Cross-Border Payments
Japanese Blockchain startup, Soramitsu, is embarking on a venture that involves harnessing stablecoins and central bank digital currencies (CBDCs) to forge connections among various Asian nations. Soramitsu’s initiative revolves around a cross-border payment system tailored for Asian countries. The company plans to integrate Cambodia’s CBDC and fiat-pegged stablecoins into its payment network, with a specific […]
Bank of Korea Selects Three Regions for Central Bank Digital Currency Pilots
The Bank of Korea has taken a significant step forward in its plans to develop a central bank digital currency (CBDC) by narrowing down its choices for pilot testing. According to a report from a local South Korean media outlet, the bank has chosen three regions as candidates for the “private target CBDC test bed”: […]
Palau Government Launches US Dollar-Backed Stablecoin Pilot on XRP Ledger
On July 26, the government of Palau will commence a pilot project for a new United States dollar-backed stablecoin, set to be issued on the XRP Ledger. The Palau Stablecoin (PSC), also known as the Kluk, will be initially distributed to government employees after undergoing testing with volunteers making purchases using various devices. The PSC […]
Russia Embraces Digital Ruble: President Putin Signs CBDC Law for Central Bank-Backed Currency
Today, President Vladimir Putin of Russia officially signed the digital ruble bill into law, granting the country’s central bank the authority to issue its own digital currency. The digital ruble, a concept that the Bank of Russia has been carefully considering, will be integrated into the payment ecosystem alongside traditional methods, as outlined in the […]
European Banking Authority (EBA) urges swift implementation of stablecoin standards
The European Banking Authority (EBA) has recently emphasised the urgent need for the early adoption of standardised regulations for stablecoins. In an effort to address potential risks and foster stability within the digital asset market, the EBA is pushing for a swift implementation of comprehensive guidelines. With the rapid growth of stablecoins, which are cryptocurrencies […]
MiCA’s stablecoin transaction cap stifles crypto adoption, say lawyers
Source: Cointelegraph Stablecoin use could be “stifled” by daily transaction caps in the European Union’s Markets in Crypto-Assets (MiCA) legislation, with some calling for the framework to be revised. On May 31, MiCA was signed into law, which paved the way for the world’s first regulatory guidance on cryptocurrencies to come into effect. The legislation was received […]
Crypto-friendly DBS Bank launches digital yuan payment tool
Source: Cointelegraph Cryptocurrency-friendly bank DBS is cooperating with mainland China on the development of a new payment solution for the digital yuan, also known as e-CNY. DBS Bank China officially announced on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency (CBDC). The new service […]