STASIS Stablecoin Digest 06.03.2020
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Main page Digest, Fintech, Regulations, Startups, Crypto Market, Stablecoins
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8 March
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Regulation and monetary policy

Bank of England: Crypto Adoption Will Affect Credit Issuance

Jon Cunliffe, the deputy governor for Financial Stability at the central bank of England, the Bank of England (BoE), has said cryptos’ mass adoption can weaken or eliminate bank credit issuance.

The Marshall Islands' National Digital Currency Will be Based on Algorand

The Republic of the Marshall Islands (RMI), which in February 2018 reported about its intention to launch a national digital currency, has just provided further information on the development of the project.

The US Adds 20 New BTC Addresses to its Sanctions List

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has added 20 new bitcoin addresses to its sanctions list.

US Treasury Meets With Crypto Leaders to Discuss Industry Challenges

The United States Department of the Treasury met with prominent figures from the cryptocurrency space to discuss regulatory challenges.

German Regulator Clarifies Legal Status of Cryptocurrencies

The financial watchdog the German Federal Financial Supervisory Authority (also known as BaFin) has issued guidance in which clarified the status of digital assets.

Chicago Startup Fintank Aims to Launch a Crypto Self-Regulatory Organization

Chicago-based fintech startup FinTank aims to launch a national self-regulatory organization, or SRO, in the United States.

India Lifts Ban on Cryptocurrencies

India's Supreme Court has lifted the Reserve Bank of India's ban that prevented banks from offering their services to crypto-related companies.

Crypto Taxes a ‘Nightmare' — Congress Hears the Latest on Blockchain for Small Business

In a United States congressional meeting titled "Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses," one of the testifying witnesses called out current cryptocurrency taxation expectations for their overbearing complexity.

Estonia Grants Crypto License to Chilean Exchange

Estonia's Financial Intelligence Unit (FIU) has granted CryptoMarket, a popular Chile-based crypto trading platform, a license to offer crypto trading services.

South Korea Passes Amendment to Regulate Crypto

South Korea's National Assembly has passed an amendment that would officially bring cryptocurrencies under the country's legal system.

Competitors

Facebook Will Include National Digital Currencies in its Libra Project

Facebook will include national digital currencies in its Libra project, BNN Bloomberg reported citing several sources.

USDC Becomes the Second-largest Stablecoin After USDT

Cryptocurrency news revealed that USDC stablecoin is gaining traction, now in the second place by market capitalization between stablecoins after Tether (USDT). As of this writing, USDC market size is $463 million on Coinspace.

Analytics and opinions

BIS: No Central Bank Digital Currencies Focus on Cross-Border Payment

Cross-border payments do not appear to be a priority as countries all over the world to engage with their own digital currency projects, a new report says.

From Taxes to Transparency: The IRS Gets Schooled on Crypto

It is no secret that the United States Internal Revenue Service is working to cope with the unique challenges of taxing cryptocurrencies.

The US Dollar Could Fall Out of Favor If It Doesn't Go Digital, ING Economist Says

As multiple countries and entities weigh the validity of a central bank digital currency the physical United States dollar still sits in a place of dominance — but for how long?

"The dollar is the dominant currency today," ING economist Carlo Cocuzzo said on a panel at London Blockchain Week. Cocuzzo added that "90% of forex turnover is in dollars, so the U.S. stands to lose in this game."

Vitalik Buterin Sees Future in Decentralized Privacy Currency

With governments increasingly looking at launching their own digital currencies, you might worry that crypto just can’t compete with national financial infrastructures.

Welcome to Era of Stablecoins

Thanks in no small part to Facebook’s controversial Libra project, stablecoins have attained a great deal of interest in recent months and many questions have been thrown up about their place in the global financial system. How many stablecoins might exist within a few years? What are the benefits and risks to banks and central banks? What technical and regulatory standards would need to be applied to facilitate worldwide adoption?

New projects, partnerships, and investments

New Wallet From Stablecoin Issuer STASIS Syncs With Financial Institutions

Institutions can hedge against possible bank runs with a new wallet from euro-backed stablecoin issuer STASIS, which stores assets with financial intermediaries that have low-risk balance sheets.

DeFi Leader MakerDAO Partners With Simplex to Create a Dai Fiat On-Ramp

Major decentralized finance (DeFi) player MakerDAO (MKR) partnered with payment processor Simplex to create a fiat on-ramp for its Dai (DAI) decentralized stablecoin.

Japanese Marketing Firm Invests in Pantera Capital Crypto Fund

Ceres, a marketing firm based in Japan, has become the latest investor in the San Francisco-based blockchain and cryptocurrency hedge fund Pantera Capital.

BitGo Launches Its First Institutional Crypto Lending Service

As the cryptocurrency lending industry continues to grow, another major crypto company is getting into the business.

White Label Exchange Provider AlphaPoint Raises $5.6 Million

New York-based white label exchange provider AlphaPoint has raised a further $5.6 million from investors to help scale its exchange technology.

TrustToken Partnership With Gilded Injects Stablecoins Into Open Finance for Businesses

TrustToken and Gilded, an open finance platform for businesses, recently joined forces to bring TrustToken’s retinue of fiat-pegged stablecoins (e.g., TUSD, TGBP, THKD, TCAD, TAUD) to Gilded’s blossoming network of over 1,000 companies.

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