The Financial Stability Board paper focused on what it refers to as global stablecoins, which are stablecoins that could be widely used as a means of payment or store of value across multiple jurisdictions.
The FSTB and the HKMA conducted the consultation in 2023, and they will release the results “soon” as stablecoin regulations in Hong Kong take shape.
Circle secured an EMI license from France's banking regulator, while rival Tether continues to avoid discussions about whether its stable will ever join this Euro party.
The policy, moving Italy further towards the standards laid out by MiCA, also designates Italy's central bank and market watchdog, Consob, as the authorities overseeing digital asset activities.
A press release hailed the launch of a campaign targeting Tether, which called USDT "a so-called stablecoin that is commonly used by the world's worst actors."
Most lawmakers now believe that digital assets should be regulated in some form or another, and, as Dr. Michael Huertas suggests, stablecoins appear to be at the top of the agenda.
The Public Security Bureau in Chengdu, China, recently announced the disruption of a “huge underground bank” that used Tether’s USDT token as “a medium to provide illegal services to customers.”
The Gillibrand-Lummis bill intends to distinguish Tether and Circle as lawmakers look to allow state non-depository trust companies to issue stablecoins with market caps below $10 billion.
As criminals become more innovative, the chances of rogue individuals taking advantage of "cryptos" in funding their ideologies increase, forcing the Treasury to call for tools to combat the issue.
U.S. Fed Chair Jerome Powell insists he's not plotting to unleash a CBDC, while a new study says concerns about BTC and other digital currency tokens ever serving as global currency are overblown.
Circle Internet Financial, the issuer of the USDC stablecoin, said it was immediately halting new mints of USDC on Tron and would halt all support for USDC on Tron by February 2025.
Circle's CEO said some digital asset firms claim to abide by the govt's AML/CFT standards but do otherwise while warning about "offshore" entities posing a "challenge to U.S. dollar dominance."
