Bitget is now bringing USD and EUR virtual accounts to over 100 million users, converting incoming bank transfers into stablecoins. Each new account comes with a personal USD or EUR account number, according to a press release shared with CryptoPotato. This means deposits can arrive through ACH, Fedwire, SEPA, or SWIFT and convert automatically to […]
The US Office of the Comptroller of the Currency (OCC) has finalized its rules for implementing the GENIUS Act. The rule covers requirements for permitted payment stablecoin issuers, foreign issuers under the OCC’s jurisdiction, as well as certain custody activities handled by entities supervised by the agency. Reserve backing, redemption, and risk management are among […]
Japan’s transport and tourism minister, Tatsunori Ibayashi, told a parliamentary committee on October 21 that the government would consider using stablecoins to refund consumption tax to foreign visitors. Nothing has been approved, but the remark links yen-backed tokens to a payment problem that begins on November 1, when tourists start paying tax up front. What […]
Milwaukee-based Fiserv announced on October 1 that its digital asset platform is live with financial institutional clients, and Bank of North Dakota’s Roughrider Coin is the first product running on it. The dollar-backed stablecoin settles on Solana and gives more than 90 banks and credit unions in the state a new way to move money […]
More than half of Americans would use stablecoins if they came with bank-level fraud protection and deposit insurance, Visa said in a study released on Wednesday. The numbers were 36% without those safeguards and 56% with them. Those safeguards were hypothetical, and Visa’s release notes that no stablecoin carries deposit insurance today. The same scenario […]
The Federal Reserve has proposed two rules to help establish oversight for stablecoin issuers under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The proposals were announced by the central bank on Thursday and opened for public comment. Stricter Stablecoin Oversight The first proposal would require payment stablecoin issuers supervised by the […]
The Trump administration is reportedly considering an initiative to promote dollar-denominated stablecoins overseas. The goal, according to a Bloomberg report citing people familiar with the plans, is to protect the dollar’s place as the world’s reserve asset and to raise demand for US Treasuries, which stablecoin issuers typically hold as reserves. Joint Ventures and Federal […]
DBS and Citi settled a US dollar cross-border payment between Singapore and New York on September 5 using tokenized deposits on SWIFT’s shared ledger, clearing the transfer in minutes over a weekend when a conventional payment can take up to two business days. The banks used tokenized deposits, commercial-bank money issued on a blockchain, with […]
South Korea’s Financial Services Commission unveiled a phased roadmap on September 4 for converting stocks, bonds and investment funds into blockchain-based tokens, with the earliest phase due to start in February 2027 once an amendment to the Electronic Registration Act takes effect. The plan links the country’s securities market to a stablecoin payment system that […]
PayPal has reported $486.4 billion in total payment volume for the second quarter on July 28, up 10% year over year. It also confirmed a reorganization that hands crypto its own division inside the company. The unit, Payment Services & Crypto, sits alongside Checkout Solutions & PayPal and Consumer Financial Services & Venmo. In the […]