STASIS Stablecoin Digest 05.04.2020
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5 April
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Regulation and monetary policy

BIS Calls for Central Bank Digital Currencies Amid Coronavirus Pandemic

The Bank of International Settlements (BIS) has issued a report arguing in favor of central bank digital currencies (CBDCs) and digital payments amid the COVID-19 pandemic.

Bank of France to Examine CBDC

The Banque de France, which is the central bank of France, has issued an official statement in which it called for applications to experiment with the use of a "digital euro issued for interbank settlements."

Japanese Regulations on Crypto ‘Likely to Help the Market to Mature’

A new report has found strict regulations in Japan are likely to benefit new players in the long term.

Russia Delays Crypto Law due to Coronavirus Pandemic

Even though the work on the digital financial assets bill has been completed, the approval of the bill will be delayed until the end of Spring due to the coronavirus pandemic, said Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov.

Europe’s Vision On Central Bank Digital Currency Offers Cautionary Lessons For Cryptocurrency

The European Central Bank released, a few months ago, a little-noticed working paper on how it sees central bank digital currency fitting in with its financial system.

FATF: US is not Complying With Our Crypto Recommendations

The Financial Action Task Force (FATF) has said the United States is not fully complying with its recommendations regarding cryptocurrencies.

SEC Postpones Decision on Overstock-Affiliated Security Token Exchange

The United States Securities and Exchange Commission is seeking more feedback and more time before it decides whether to approve the launch of the Boston Security Token Exchange (BSTX).

As Malta Delays Regulatory Clarity, Fewer Firms Remain on ‘Blockchain Island’

It seems that Malta is becoming both less popular among and less populated with crypto firms. The European Union country attracted dozens of industry players in 2018 on the back of the "blockchain island" agenda championed by the local government, but the relevant framework has not yet proven to be effective.

Competitors

Tether Adds $60 Million to its Inventory, USD Stablecoin Supply Rises over $2.5 bln

The stablecoin supply of cryptocurrencies has been in a strong uptrend in March 2020. Last night, $60 million was added to the inventory of Tether, as the firm prepares for issuance of more USDT.

Tether Prints over a Billion USDT in March, Rising Demand or Exchange Run?

This demand for USD is coming from over-the-counter (OTC) flow, primarily from Asia, and people selling BTC converted into USDT to hedge positions and to reduce risk. Another thing worth noting is margin USDT which drives some of this demand and requires the funds to be kept in USDT.

Analytics and opinions

Why Ethereum Should Go Mobile

Mobile applications are the future, and they’re increasingly showing promise over desktop and web technologies. Today, we spend 42% of our time online using mobile devices rather than computers, a massive transition from 10 years ago.

The stablecoins have recorded a volume of transactions record in the first quarter

The Stablecoin do not know the crisis. At the moment the whole financial market is in sharp decline, the volume of transactions of stablecoins saves a new record, increasing 8% in the first quarter of 2020.

Blockchain Head at European Commission Explains Usefulness of DLT

The head of the digital innovation and blockchain unit at the European Commission (EC), Pēteris Zilgalvis, explained the concise benefits of distributed ledger technology (DLT) in an interview to The Banker, a subsidiary of the Financial Times. In the interview, published on April 3, Zilgalvis talked about the benefits and challenges of the technology.

UnionBank Head Foresees the End of Physical Cash

Edwin Bautista, president and chief executive of UnionBank of the Philippines, has forecast that the coronavirus outbreak will drive banks to shift towards digital currencies, leaving physical cash behind.

Traditional Traders Show Growing Interest in Crypto

A survey published on March 31 revealed that senior trading executives believe that large companies in the business would be interested in taking advantage of the recent crypto plunge, particularly Bitcoin (BTC).

Zero Interest Rates Could Hamper the Stablecoin Business

With the recent collapse in U.S. interest rates, the stablecoin industry is in for a rough ride. Some stablecoin issuers may have to rejig their business models over the next few months. The weakest of them may have to close shop.

USD Stablecoins Are Surging, but Zero Interest Rates Complicate Business Model

The last 30 days have been historic by any meaning of the word. The coronavirus is shaking up life as we know it, and has already caused unprecedented dislocations in both the traditional financial markets and the crypto market.

Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs

While most digital assets have been suffering, stablecoins have been surging since the market downturn in mid-March and tether (USDT) is capturing more than 70% of BTC trades today. Besides tether, a wide range of other dollar-pegged cryptocurrencies have also benefited this month, as the market valuation of eight different stablecoins combined is well over $7 billion.

Why Stablecoins Are Booming During the COVID-19 Pandemic

The global economy is facing an unprecedented meltdown. No part of the global economy has been left unscathed by the COVID-19 pandemic. While most financial markets have been facing weeks of a meltdown, some asset classes have grown due to the crisis. One of these asset classes is USD-backed stablecoins.

New projects, partnerships, and investments

Coinbase Invests $1 Million in DeFi Projects UniSwap and PoolTogether

Coinbase continues to ramp up its support for decentralized finance (DeFi) applications, announcing a fresh $1.1 million investment via its USDC Bootstrap Fund for two projects in the field.

Amid Widespread Privacy Coin Delistings, Bitstamp Considers Zcash Support

The prospective listings comprise Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar Lumens (XLM), Paxos Standard (PAX), 0x (ZRX), USD Coin (USDC), and Zcash.

ShapeShift Adds Support for Fiat Purchase

Switzerland-based cryptocurrency exchange ShapeShift has added support for debit cards for its US users.

Coinbase-Backed Crypto Rating Council Lists IOTA, BAT, and USDC

USDCoin, a major stablecoin project backed by major crypto companies like Coinbase and Circle, is ranked at 1.00. This indicates that the token should not be considered a security. USDC is not the only U.S. dollar-pegged stablecoin defined in the CRC’s asset ratings list. Dai (DAI), another stablecoin project, scored an identical 1.00.

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