STASIS Stablecoin Digest 22.03.2020
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22 March
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Regulation and monetary policy

Sweden’s Central Bank Wants to Host Innovation Hub for Digital Currencies

The Riksbank, Sweden’s central bank that started testing its own central bank digital currency (CBDC) in February, wants to host the digital currency innovation hub by the Bank for International Settlements (BIS).

Russia to Ban Crypto Turnover

Russia may prohibit the issuance and turnover of cryptocurrencies, iHodl Russia reports citing Alexei Guznov Director, Legal Department, Bank of Russia.

China’s Digital Yuan Is an Economic Cyberweapon, and the US Is Disarming

Regulators and lawmakers worry that a digital currency from Facebook will compete with established national currencies. They’ve responded by seeking legislation to quash innovation with regulation banning Big Tech from finance.

Cryptocurrency Custodian BitGo Expands Crypto Insurance Policy

Cryptocurrency custodian BitGo now offers insurance for the assets it holds in excess of its $100 million coverage limit.

Clearing Houses Give Mixed Reactions to EU Crypto Regulations

An industry association of Europe’s clearinghouses said they’re in favor of a single classification that covers all crypto assets across the bloc. The EU is developing a broader push on how to handle the cryptocurrency industry, and clearinghouses will bear more of the burden.

Hawaii Launches Digital Currency Sandbox to Attract Crypto Firms

The governor’s office of Hawaii revealed its new ‘Digital Currency Innovation Lab’ on March 17 — a blockchain and cryptocurrency incubator developed through collaboration between the state’s Department of Commerce and Consumer Affairs, Division of Financial Institution (DFI), and the Hawaii Technology Development Corporation (HTDC).

Zimbabwe U-Turns on Crypto, Looking to Stabilize Local Economy

The Reserve Bank of Zimbabwe, the country’s central bank, is considering a regulatory sandbox for crypto companies in an apparent change from its previous anti-cryptocurrency stance. The proposed sandbox is reportedly part of a broader agenda by authorities in Zimbabwe to revamp the nation’s financial sector, which has seen massive hyperinflation since 2007.

Analytics and opinions

Stablecoins Gain Market Share Amid Crypto Bloodbath

While most cryptocurrencies have seen their market capitalization slashed over the past month, the market meltdown has seen stablecoins ascend the market cap rankings. As of press time, six stablecoins currently reside among the top 50 crypto assets by capitalization.

Less Than 1% of Australians Used Crypto to Pay for Services in 2019

While some Australian authorities recognize cryptocurrencies as a form of investment, digital assets like Bitcoin (BTC) are apparently not very popular as means of payment in the country.

Stablecoins Continue Growing Amid Cryptocurrency Crisis

The recent outbreak of Covid-19 has turned the whole financial system upside down. Markets crashed in Europe, cryptocurrency prices declined rapidly, and economics around the world were severely affected. However, the recent decline in cryptocurrencies has prompted many stablecoins to rise in the market cap ranking; six cryptocurrencies have risen to be in the top 50.

Transaction Speed and Profitability Are Linked in Crypto

Crypto markets move at the speed of light, but many financial institutions today are still using cumbersome cold storage and hardware wallets — the most well-known digital asset security methods — to secure their coins. However, institutions are realizing that these methods are simply too slow to be practical for day-to-day use, and that using them in 2020 risks falling behind market pace. For financial institutions working with crypto, increasing transaction speed by adopting new storage and transfer tech will be the path toward accelerating profitability in 2020.

BitMEX Report: Issuance of CBDCs May Lead to Inflation

A March 18th post by BitMEX Research discusses the two approaches governments can take with regards to the issuance of a Central Bank Digital Currency (CBDC) and the ramifications for the economy.

Report: Top Blockchain Use Cases Are in Payments, Security and Settlements

In its recent blockchain in banking report, Business Insider Intelligence indicated that financial institutions have mostly deployed the tech to improve payments, securities settlement, fraud detection security and trade finance.

Key Government Figure Says Japan Needs a Digital Yen — and Fast

Even amid the financial turmoil caused by the coronavirus outbreak, countries are continuing to consider the adoption of a central bank digital currency (CBDC).

New projects, partnerships, and investments

Bakkt Attracts $300M Series B Investments

A cryptocurrency-focused custody platform and tool for the purchase, sale & storage of bitcoin (EXANTE: Bitcoin) Bakkt has announced it raised an additional $300 million of investments from investors including Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, and Pantera Capital.

MakerDAO Considering USDC Collateral Support For Enhanced Liquidity

MakerDAO, a leading player in the decentralized finance sector, is facing liquidity risk in an uncertain market. The MakerDAO community is considering adding support for USDC, the cryptocurrency associated with Circle, as an alternative collateral to help bear this risk, according to a community thread on March 16.

Bakkt to Allow Users to Pay With Cryptos in Starbucks

Crypto platform Bakkt has just announced the users of its Bakkt Cash app will soon be able to use it to pay with cryptos in Starbucks.

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