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Curve Founder Proposes Venus Protocol Deployment on Ethereum Mainnet

by Blockchain NewsNovember 6, 2023

Curve Finance founder Michael Egorov has put forth a proposal to deploy the Venus Protocol on the Ethereum Mainnet, signaling a strategic expansion in the decentralized finance (DeFi) sector. This proposition, aimed at tapping into Ethereum’s substantial liquidity, also includes the integration of Curve’s native tokens crvUSD and CRV as collateral options, paired with a mutually beneficial rewards system.

Ethereum, recognized for its significant liquidity and the volume of on-chain transactions, presents a ripe environment for DeFi protocols. Curve, holding a pivotal position with a Total Value Locked (TVL) of $1.8 billion and a widely used stablecoin (crvUSD) with a supply of $130 million, is set to extend its influence by supporting pools with Venus assets on the Ethereum Mainnet.

The proposed deployment is poised to deliver several advantages: Enhanced visibility and brand recognition for Venus on a premier blockchain network. Additional adoption and utility for Curve’s crvUSD as a stablecoin within lending protocols. The establishment of liquidity pools that further integrate the offerings of both Venus and Curve.

Egorov details the potential for creating core and isolated pools on Venus, presenting specific supply and borrow caps to align with risk-managed approaches. A notable feature is the proposed liquidity mining incentive, which could see an injection of 500,000 CRV tokens to stimulate supply-side participation, with the aspiration of achieving a 10% Annual Percentage Rate (APR) over a span of 120 days.

The response within the community forum has been overwhelmingly positive, with leaders and members expressing strong support for the deployment. The enthusiasm underscores the community’s eagerness for cross-chain collaboration, acknowledging Ethereum’s high gas fees but valuing its considerable volume of transactions.

A gauge system within Curve’s DAO is highlighted as a mechanism to distribute rewards, emphasizing decentralized decision-making. Successful implementation hinges on community votes, with historical precedence showing favorable outcomes for such gauges.

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Alameda Research Minted Over $39 Billion USDT, Amounting to Nearly Half of Tether’s Circulating Supply

by Blockchain NewsOctober 10, 2023

A recent disclosure by Conor Grogan, Director at Coinbase, unveiled a noteworthy involvement of Alameda Research in the minting of Tether (USDT) tokens. Through meticulous on-chain data analysis, it was found that Alameda was responsible for minting a massive $39.55 billion of USDT. This figure represents roughly 47% of Tether’s circulating supply as of October 10, 2023. A prior report by Protoss had estimated the minting at around $36.7 billion, however, Grogan managed to update these figures by identifying additional wallets associated with the minting process.

Alameda’s Asset Management and USDT Minting

It was further revealed that the amount of minted USDT exceeded Alameda’s assets under management (AUM) at the pinnacle of the cryptocurrency market. This data was obtained from information submitted by Sam Bankman-Fried (SBF) to Forbes for their annual World’s Billionaires publication. The revelation implies a significant role played by Alameda in the USDT market, contributing vastly to the stablecoin’s circulating supply.

Redemptions and Offchain Coordination

The process of accurately determining redemptions remains challenging due to Tether’s offchain coordination of burns. Unlike other platforms, Tether lacks deposit addresses; hence entities send funds directly to the treasury for redemptions. Grogan speculated that assuming all USDT redemptions from FTX were from Alameda, they would have redeemed $3.9 billion USDT, with the majority transpiring over two days in May during an event termed the Luna implosion.

Public Reactions and Further Inquiries

The public’s reaction to these findings was mixed, with some individuals inquiring about the veracity of the corresponding deposits to Tether’s bank account against the minted USDT. Others questioned the methodology employed by Grogan in discovering the additional wallets, to which he responded by citing various sources including public information, court filings, and bankruptcy consolidations wherein the FTX estate was given key control of the Alameda accounts.

Insights from 2021 by Alameda’s Former CEO

In a discourse dating back to 2021, Sam Trabucco, the former CEO and crypto quant trader at Alameda Research, elaborated on USDT’s trading dynamics. Trabucco discussed the volatility of USDT’s premium over other stablecoins like USDC, attributing it to the complex creation and redemption process for USDT. He further explained how adept firms like Alameda could leverage these price deviations to align USDT’s price closer to $1, especially during instances where it diverged from this peg.

The significant quantity of USDT minted by Alameda Research underpins the close relationship between large crypto trading firms and stablecoin operations. Grogan’s findings provide a glimpse into the intricate dynamics of USDT’s minting and redemption processes, illuminating the mechanisms that assist in maintaining the stablecoin’s peg to the US dollar.

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Tagged : Alameda Research / CIRCULATING SUPPLY / CONOR GROGAN / Cryptocurrency / Minting / News / REDEMPTIONS / Sam Trabucco / Stablecoin / Tether / USDT

Breaking: Visa Expands Stablecoin Settlement On Solana

by Blockchain NewsSeptember 5, 2023

Visa Inc. (NYSE: V), a global payments giant, has announced the expansion of its stablecoin settlement capabilities, according to Blockchain.News, incorporating the Solana blockchain and initiating pilot programs with merchant acquirers Worldpay and Nuvei.

A Leap in Cross-Border Settlements

Visa’s latest move aims to modernize cross-border money movement by leveraging stablecoins like Circle’s USDC. The company has already conducted live pilots, transferring millions of USDC between its partners over both the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized via VisaNet.

By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury,

said Cuy Sheffield, Head of Crypto at Visa.

Building on Previous Success

In 2021, Visa initiated a pilot program with Crypto.com, making it one of the first major payment networks to test stablecoin settlement on the issuance side. The pilot was successful in leveraging USDC and the Ethereum blockchain to receive payments from Crypto.com for cross-border volume on their live card program in Australia.

Before the pilot, Crypto.com Visa cardholders faced a days-long currency conversion process and costly international wire transfers for cross-border purchases. Now, Crypto.com can send USDC directly to a Visa treasury managed Circle account, reducing both time and complexity.

Expanding to Merchant Acquirers

While Visa’s treasury operation continues to test receiving funds on-chain from multiple issuer partners, the new settlement options enable Visa to send funds on-chain to acquirers like Worldpay and Nuvei. These acquirers serve a diverse range of sectors, including blockchain and crypto economy merchants such as on-ramp providers, games, and NFT marketplaces.

Stablecoins like USDC are cutting-edge payments technology that can enable online businesses around the world to accelerate their growth,

said Philip Fayer, Chair and CEO of Nuvei.

Solana’s High-Performance Capabilities

Visa’s decision to add support for Solana was driven by the blockchain’s high performance, seeing 400 millisecond block times and averaging 400 transactions per second (TPS), with surges to more than 2,000 TPS during peak demand. This makes Visa one of the first major payments companies to directly utilize Solana for live settlement payments between its clients.

Future Outlook

Visa’s work with Worldpay and Nuvei represents a significant stride in embracing the innovative potential of digital currencies. With an eye towards an increasingly digital financial landscape, Visa is forging ahead with new partnerships, aiming to be at the forefront of digital currency and blockchain innovation.

Stablecoins Gain Traction in Traditional Finance

The move by Visa comes amid increasing signs that traditional financial institutions are embracing stablecoins. On August 7, 2023, PayPal (NASDAQ: PYPL) announced the launch of its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), as reported by Blockchain.News, aimed at transforming payments in web3 and digitally native environments.

Furthermore, Tether, the issuer of the largest stablecoin USDT, now ranks 22nd in U.S. Treasury Holdings, surpassing countries like Mexico, Australia, and Spain. Tether Holdings Limited released its Q2 2023 assurance opinion, revealing that its excess reserves have increased by approximately $850 million, reaching a total of $3.3 billion. The company’s operational profits for April to June 2023 exceeded $1 billion, marking a 30% increase quarter over quarter.

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Tagged : Blockchain / News / Settlement / Solana / Stablecoin / USDC / Visa

Circle Introduces Native USDC on OP Mainnet: What It Means for the Ecosystem

by Blockchain NewsAugust 31, 2023

Circle has announced the upcoming launch of native USDC on the OP Mainnet. The announcement, part of Circle’s #StableSeptember series, outlines the benefits and changes that will accompany this development.

Native USDC: A New Standard for the Optimism’s OP Mainnet

According to the official blog post dated [insert date of the blog post], USDC issued by Circle will become the “official form of USDC for the [OP Mainnet] ecosystem.” This move is expected to gradually replace the currently circulating bridged USDC liquidity originating from Ethereum.

The introduction of native USDC is poised to enhance the OP Mainnet’s financial infrastructure, potentially attracting more institutional investors and fostering greater liquidity. However, it remains to be seen how this will impact the broader stablecoin market and whether native USDC will become the de facto standard for the OP Mainnet.

Key Features and Benefits

The native USDC will offer OP Mainnet users several advantages:

Dollar-Backed Stability: The stablecoin is fully reserved and redeemable at a 1:1 ratio for US dollars.

Institutional On/Off-Ramps: The new form of USDC will facilitate easier access to institutional-level financial mechanisms.

Technical Details

Token Symbol for Bridged USDC from Ethereum: USDC.e

Token Address for Bridged USDC: 0x7f5c764cbc14f9669b88837ca1490cca17c31607

Token Symbol for Native USDC: USDC

Token Address for Native USDC: 0x0b2C639c533813f4Aa9D7837CAf62653d097Ff85

Transition and Liquidity

Circle and Optimism will collaborate to ensure a smooth transition of liquidity from the Ethereum-bridged USDC (now renamed as USDC.e) to the native USDC. The OP Mainnet bridge will continue to operate as usual, with no immediate changes planned.

Ecosystem Expansion

Circle has been strategically expanding its USDC ecosystem across various platforms. In addition to the OP Mainnet, Circle has also minted native USDC on Coinbase’s Base, Solana, and primarily on Ethereum.

Recently, Circle entered into a partnership with Mercado Pago, Latin America’s largest fintech company, to meet the growing demand for trusted digital dollars in Chile. This collaboration aims to provide millions of users with access to USDC for seamless transactions.

Serving as a store of value akin to fiat USD, Circle has released a comprehensive guide detailing how to transfer USDC to Phantom, which is Solana’s premier web and mobile wallet.

Furthermore, Circle has introduced the Cross-Chain Transfer Protocol (CCTP), enabling the exchange of native USDC between supported networks such as Ethereum, Arbitrum, and Avalanche.

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Tagged : CIRCLEUSDC / Ethereum / FINANCIAL INFRASTRUCTURE / LIQUIDITY / News / OP MAINNET / Stablecoin

Breaking: Key US House Committee Leaders Challenges Federal Reserve on Stablecoin

by Blockchain NewsAugust 28, 2023

The House Financial Services Committee’s top brass, including Chairman Patrick McHenry (NC-10), Vice Chairman French Hill (AR-02), and Chairman of the Oversight and Investigations Subcommittee, Bill Huizenga (MI-04), have formally expressed their concerns to the Federal Reserve Board (Fed) regarding its recent regulatory moves on payment stablecoins.

In a letter addressed to Fed Chairman Jerome Powell, the trio voiced their objections to the Fed’s recent supervision and regulation letters, specifically “Creation of Novel Activities Supervision Program” (SR 23-7) and “Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens” (SR 23-8), both issued on August 8, 2023. The committee members believe these actions could potentially undermine the progress Congress has made in establishing a regulatory framework for payment stablecoins.

The letter highlights Congress’s understanding of the need for regulatory clarity in the digital asset ecosystem, emphasizing the “Clarity for Payment Stablecoins Act” as a bipartisan effort to provide such clarity. However, the Fed’s issuance of SR 23-7 and SR 23-8, shortly after the Committee’s endorsement of the aforementioned act, has raised eyebrows.

The committee members argue that the Fed’s actions, particularly through SR 23-7 and SR 23-8, seem to deter banks from issuing payment stablecoins or even participating in the stablecoin ecosystem. They further assert that the “Novel Activities Supervision Program” under SR 23-7 appears to impose additional regulatory burdens on banking institutions engaging with crypto-assets. This, combined with previous policy statements and decisions by the Fed, could lead to an implicit prohibition on banks’ involvement in the digital asset ecosystem.

Furthermore, the committee members pointed out that the Fed did not follow the notice and comment process as mandated by the Administrative Procedure Act when issuing SR 23-7 and SR 23-8. They view this as an attempt by the Fed to set policy without being accountable to market participants and the public.

Chairman of the House Financial Services Committee, Patrick McHenry has been aggressively working to protect laws governing digital assets because he believes that organisations like the Federal Reserve, the Treasury, and the IRS are undermining these laws. He criticised the Notice of Proposed Rulemaking on the requirements for reporting digital assets that was released by the Internal Revenue Service (IRS) and the U.S. Department of the Treasury on August 26, 2023 as a result of the Infrastructure Investment and Jobs Act. He referred to this as yet another effort by the Biden government to damage the American digital asset ecosystem and encouraged the government to work together with Congress to provide clear laws for the sector.

Widespread criticism has been levelled at the Treasury and IRS’s proposed rules, which would require brokers to disclose sales and swaps of digital assets made by their clients. The Tax Law Centre at NYU Law has also voiced its worries and warned of possible financial repercussions over the delay in adopting these measures.

In conclusion, as the ecosystem for digital assets develops, the struggle between Congress and regulatory agencies highlights the need for a well-defined strategy that protects both consumers and market players while ensuring the industry’s expansion.

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Tagged : Federal Reserve / FRENCH HILL / News / PATRICK MCHENRY / Stablecoin / THE HOUSE FINANCIAL SERVICES COMMITTEE

Singapore’s MAS Unveils Stablecoin Regulatory Framework

by Blockchain NewsAugust 15, 2023

The Monetary Authority of Singapore (MAS) has unveiled its finalized regulatory framework for stablecoins. This development follows a public consultation in October 2022 and a parliamentary inquiry on 20 March 2023 regarding MAS’ stance on cryptocurrency trading risks and stablecoin development. Senior Minister in charge of MAS, Mr. Tharman Shanmugaratnam, emphasized the consultation papers’ intent to reduce consumer risks from cryptocurrency trading and ensure stablecoin value stability. The consultation period, which concluded on 21 December 2022, saw MAS receiving extensive feedback.

Stablecoins, as defined by MAS, are digital payment tokens that aim to maintain a consistent value against one or more specified fiat currencies. When properly regulated, these tokens can act as a reliable medium of exchange, especially for the “on-chain” purchase and sale of digital assets.

The new framework will be applicable to single-currency stablecoins (SCS) that are pegged to the Singapore Dollar or any G10 currency and are issued within Singapore. Key requirements for issuers of such SCS include:

Value Stability: SCS reserve assets will have specific requirements related to their composition, valuation, custody, and audit. This is to ensure a high degree of value stability.

Capital: Issuers are mandated to maintain a minimum base capital and liquid assets. This is to mitigate the risk of insolvency and facilitate an orderly cessation of operations if required.

Redemption at Par: Issuers are obligated to return the par value of SCS to holders within a five-day window from a redemption request.

Disclosure: Issuers must offer transparent disclosures to users. This includes details on the SCS’s value stabilizing mechanism, rights of SCS holders, and the audit outcomes of reserve assets.

Furthermore, only those stablecoin issuers that meet all the stipulated requirements can apply to MAS for their stablecoins to be officially recognized and branded as “MAS-regulated stablecoins”. This distinction will help users differentiate between MAS-regulated stablecoins and other digital payment tokens.

Any misrepresentation of a token as an “MAS-regulated stablecoin” could result in penalties, which might range from financial fines to imprisonment for individuals. Such entities or individuals may also be added to MAS’ Investor Alert List. MAS advises users to be well-informed of the risks when dealing with stablecoins that fall outside of their regulatory purview.

Ms. Ho Hern Shin, Deputy Managing Director (Financial Supervision) at MAS, commented on the framework’s objectives, stating that it is designed to “facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems.”

Globally, there’s a discernible trend towards stricter regulations for cryptocurrencies and stablecoins.

The Taiwan Financial Supervisory Commission (FSC) has drafted guidelines to oversee virtual asset platforms. Although not yet finalized, the draft encompasses thirteen principles, accompanied by relevant appendices. These guidelines are anticipated to be publicized in September 2023.

Meanwhile, officials in Hong Kong have expressed their commitment to implementing stablecoin regulations by 2024 and are concurrently reviewing rules pertaining to crypto derivatives

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Tagged : Mas / News / REGULATORY FRAMEWORK / SCS / Singapore / Stablecoin

Breaking: PayPal Launches Stablecoin PYUSD

by Blockchain NewsAugust 7, 2023

On August 7, 2023, PayPal (NASDAQ: PYPL) announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), aimed at transforming payments in web3 and digitally native environments. The announcement was made in San Jose, California, and marks a significant step in bridging the gap between fiat and digital currencies.

PayPal USD: Features and Functionality

PayPal USD is designed to contribute to the opportunities that stablecoins offer for payments. It is 100% backed by U.S. dollar deposits, short-term U.S Treasuries, and similar cash equivalents. The stablecoin is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company.

Starting from the announcement date and rolling out in the coming weeks, eligible U.S. PayPal customers who purchase PayPal USD will be able to:

Transfer: PayPal USD between PayPal and compatible external wallets.

Send: person-to-person payments using PYUSD.

Fund purchases: with PayPal USD by selecting it at checkout.

Convert: any of PayPal’s supported cryptocurrencies to and from PayPal USD.

PayPal’s CEO, Dan Schulman, emphasized the need for a stable instrument that is digitally native and easily connected to fiat currency like the U.S. dollar, stating, “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”

Profit of Stablecoin

Stablecoins have proven to be quite profitable, and PayPal’s entry into this market is indicative of its potential. According to Tether, the issuer of USDT, its operational profits for April to June 2023 are over $1 billion, marking a 30% increase quarter over quarter.

As a traditional payment giant, PayPal can hardly ignore the huge market of stablecoin, and its launch of PayPal USD reflects a strategic move to capitalize on this growing and lucrative sector.

Building Bridges: Fiat and Web3

PayPal USD will be available to consumers, merchants, and developers to seamlessly connect fiat and digital currencies. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be accessible to a large and growing community of external developers, wallets, web3 applications, and exchanges.

The stablecoin is designed to reduce friction for payments in virtual environments, facilitate fast transfers of value, enable direct flows to developers and creators, and foster continued expansion into digital assets by major brands. It will be compatible with the web3-specific ecosystem from day one and will soon be available on Venmo.

Transparency and Regulation

PayPal USD is issued by Paxos Trust Company, a fully licensed entity subject to regulatory oversight by the New York State Department of Financial Services. In June 2022, PayPal was issued a BitLicense by NYDFS.

Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. Beginning in September 2023, Paxos will publish a public monthly Reserve Report for PayPal USD, outlining the instruments composing the reserves. A third-party attestation of the value of PayPal USD reserve assets will also be issued by an independent accounting firm, conducted in accordance with standards established by the American Institute of Certified Public Accountants (AICPA).

Conclusion

PayPal’s launch of its U.S. dollar stablecoin marks a significant milestone in the integration of traditional finance with the emerging digital economy. By providing a transparent, redeemable, and regulated stablecoin, PayPal is positioning itself at the forefront of the digital payment revolution, leveraging its decades-long experience in payments to bridge the gap between fiat and web3. The introduction of PayPal USD reflects the growing trend of financial institutions embracing blockchain technology and digital assets, offering new possibilities for consumers, merchants, and developers alike.

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Tagged : News / PayPal / PYUSD / Stablecoin / USDT

TrueUSD Partners with Alchemy Pay to Facilitate Direct Crypto Purchases in 173 Countries

by Blockchain NewsAugust 4, 2023

Alchemy Pay, a leading fiat-crypto payment gateway founded in Singapore in 2017, has partnered with TrueUSD (TUSD), a transparent stablecoin fully backed by the USD. Alchemy Pay connects crypto with traditional fiat currencies, offering solutions such as On & Off Ramp, NFT Checkout, Crypto Card, and Crypto Payments, supporting payments in 173 countries.

This collaboration will offer Alchemy Pay’s On-Ramp solution, making TUSD directly purchasable from Alchemy Pay’s Ramp page. Users from 173 countries can now acquire TUSD using fiat currencies, marking a seamless entry into the TrueUSD ecosystem.

TrueUSD (TUSD) is the first USD pegged stablecoin with live on-chain attestations by independent third-party institutions. It has been listed on over 100 trading platforms and is live on 10+ mainstream public chains, including Ethereum, TRON, Avalanche, BNB Chain, Fantom, and Polygon. TUSD is attested in real-time by The Network Firm LLP, an independent CPA firm, and integrated with Chainlink’s Proof of Reserve to secure minting and ensure transparency and reliability. TUSD was granted statutory status as an authorized digital currency and medium of exchange in the Commonwealth of Dominica on October 7th, 2022.

Alchemy Pay’s Commitment to Crypto Adoption

Alchemy Pay’s network, with over 300 fiat payment channels across 173 countries, is dedicated to simplifying the crypto onboarding experience. The company’s efforts in obtaining licenses to operate payment services in countries like Canada, Indonesia, and Lithuania demonstrate its proficiency in the crypto payment industry.

The Ramp provided by Alchemy Pay integrates effortlessly with platforms such as DeFi protocols, NFT marketplaces, and exchanges. It enables easy crypto purchases using credit and debit cards, mobile wallets, and bank transfers. Additionally, Alchemy Pay’s Ramp offers a user-friendly offboarding experience, supporting transactions to bank accounts in more than 50 fiat currencies through remittance partners.

TrueUSD’s Transparency and Accessibility

TrueUSD is recognized for its 24-hour live on-chain attestation, prioritizing transparency, security, and stability. After integrating with Chainlink, TUSD became the first USD-backed stablecoin to utilize Proof of Reserves for secure minting. It is now natively available on various blockchains, including BNB Chain, Ethereum, TRON, and Avalanche, and has expanded to other public chains.

This integration between TrueUSD and Alchemy Pay may signify a substantial step in fostering greater connectivity between everyday people and the thriving crypto industry. By bridging the gap between fiat and crypto, it opens new avenues for users and contributes to the broader acceptance and utilization of cryptocurrencies.

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Tagged : Alchemy Pay / Crypto / FIAT-CRYPTO / News / Stablecoin / Trueusd / Tusd

TrueUSD Partners with Alchemy Pay to Facilitate Direct Crypto Purchases in 173 Countries

by Blockchain NewsAugust 4, 2023

Alchemy Pay’s Commitment to Crypto Adoption

TrueUSD’s Transparency and Accessibility

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Tagged : Alchemy Pay / Crypto / FIAT-CRYPTO / News / Stablecoin / Trueusd / Tusd

FSB Releases High-Level Recommendations for Global Stablecoin Regulation

by Blockchain NewsJuly 18, 2023

The Financial Stability Board (FSB) has published a comprehensive report outlining key recommendations for the regulation, supervision, and oversight of global stablecoin (GSC) arrangements. The report aims to address potential financial stability risks posed by GSCs at both the domestic and international level.

The FSB emphasizes the need for authorities to possess and utilize the appropriate powers and tools to regulate, supervise, and oversee a GSC arrangement and its associated functions and activities effectively. This includes the issuance, redemption, and stabilization of the value of the coins; transfer of coins; and interaction with coin users for storing and exchanging coins.

The report also underscores the importance of comprehensive oversight of GSC activities and functions. It recommends that authorities apply regulatory, supervisory, and oversight requirements consistent with international standards to GSC arrangements based on their functions and risks.

In the context of increasing globalization and interconnectedness of financial markets, the FSB highlights the critical role of cross-border cooperation, coordination, and information sharing among authorities. This cooperation is seen as essential to ensure comprehensive regulation, supervision, and oversight of a GSC arrangement across borders and sectors.

The FSB also calls for GSC arrangements to have a comprehensive governance framework with clear and direct lines of responsibility and accountability for all functions and activities within the GSC arrangement.

Although the report focuses on financial stability risks, it acknowledges that it does not cover other important issues related to stablecoins, including anti-money laundering, data privacy, cybersecurity, consumer and investor protection, market integrity, competition policy, taxation, and monetary policy.

To tackle these issues, the FSB suggests a comprehensive supervisory and regulatory framework for GSC arrangements.

The FSB’s recommendations are intended to be flexible to accommodate the wide variety of regulatory frameworks potentially applicable to GSCs around the world.

The FSB also plans to conduct a review of the implementation of these recommendations by the end of 2025 to determine whether further review or action is necessary.

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Tagged : FSB / GLOBAL STABLECOIN REGULATION / News / Stablecoin