Despite not having a stable economy upon which to build its national cryptocurrency, it is working diligently to have Petro seen as a viable cryptocurrency – although most indications are that it will never truly get off the ground.
According to media outlet, Brazil’s Deltec Bank & Trust may have been involved in a large money-laundering scheme that involves a Brazilian government official.
According to Russian media outlet, the state Duma’s Committee on Financial Markets announced that it is discussing creating a ruble-backed stablecoin in response to an increase in household debt.
The Financial Services Agency (FSA) has said that stablecoins are not virtual currencies under the definition provided in the Payment Services Act, in a statement that could have profound effects on how stablecoins are regulated in Japan.
Crypto exchange Bitfinex responds to rumors about its financial situation, showing it still has billions in cryptocurrency reserves.
Launched by London Block Exchange, the stablecoin will officially be known as LBXPeg. The currency will be tied to the value of the pound and backed by funds in an auditable UK bank account on a one-to-one basis.
The financial institution backing the stablecoin Tether is in dire need of funds, according to reports. And if it doesn’t get cash soon, Tether might be in unstable position.
Circle has created a new cryptocurrency—the USD Coin (USDC)—which is pegged to the US dollar and backed up by physical reserves of fiat held by company.
The founders of a $1 billion blockchain fund backed by the government of Hangzhou in China have announced plans for a new project that will launch a stablecoin backed by Japanese yen.
A study on the Gemini dollar (GUSD) reviewed the stablecoin’s smart contract code in an effort to demonstrate that a GUSD implementation can become frozen or non-transferable without notice.
The Gemini cryptocurrency exchange announced yesterday that it plans on establishing a stablecoin built on the Ethereum blockchain and backed by the U.S. dollar.