Fidelity Predicts Interest Rate Cuts Could Boost DeFi, Stablecoins
Fidelity, an asset manager, predicts that a forthcoming interest rate reduction by the Federal Reserve of the United States could reignite the interest of major institutions in decentralized finance (DeFi) and stablecoins, assuming the infrastructure continues to advance through 2024. In its 2024 Digital Assets Look Ahead report, published on January 13, Fidelity stated that […]
CBN Announces Launch of cNGN Stablecoin in February
In its regulatory sandbox, the Central Bank of Nigeria (CBN) has authorized the Africa Stablecoin Consortium (ASC) to pilot the cNGN stablecoin. The release date for the new stablecoin is February 27, 2024. The ASC, an association of Nigerian banks and fintech operators, stated in a blog post that the cNGN stablecoin adheres to the […]
Hong Kong Enforces Strict Stablecoin Regulation
According to experts, Hong Kong’s stablecoin regulation’s stringency surpasses Singapore’s and may endanger significant players such as Tether (USDT) and USD Coin (USDC). According to a report by the South China Morning Post, Chengyi Ong, the Head of APAC Policy at Chainalysis, considers the proposed regulation for stablecoins in Hong Kong to be more stringent […]
Nigeria to Launch Compliant Naira Stablecoin in 2024
A group of banks, fintechs, and blockchain startups in Nigeria are creating cNGN, the first regulated Naira stablecoin. The new Naira stablecoin, cNGN , will be regulated and consortium-based. Unlike other stablecoin drafts, cNGN would be owned by Nigerian banks and be legal money, with a 1:1 peg to NGN. Sources close to Forbes claim […]
Hong Kong to Oblige Stablecoin Issuers to Obtain Licence
The government of Hong Kong has suggested approving and controlling fiat-pegged stablecoins (FRS). The paper states that stablecoins will be available for purchase by retail investors through the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA), but that the issuers of these coins will need to receive a unique […]