BNY Mellon becomes Circle’s USDC reserve custodian
Stablecoin issuer Circle has announced BNY Mellon as the custodian of its USDC assets. BNY Mellon was founded in 1784 and is one of America’s oldest banks, with about $46.7 trillion in assets under custody or management globally. It acts as a one-stop-shop for clients who want to manage their money. BNY Mellon said it […]
United States Should Avoid Competition With China’s CBDC Surveillance Tools To Prevent A ‘Totalitarian Nightmare’—Jake Chervinsky
“We will not compete with China, which is an authoritarian dictatorship, by acting like an authoritarian dictatorship,” Jake Chervinsky stated. In its future introduction of a central bank digital currency, or CBDC, the United States should be careful to prevent a “totalitarian nightmare,” according to Jake Chervinsky, head of policy at crypto advocacy group the […]
Stablecoins: A General Overview Of What They Are, How They Work, And How To Buy Them
Stablecoins are created to remove price fluctuation associated with other kinds of cryptocurrency. They provide crypto users with more benefits, in terms of less volatility. Stablecoins are kinds of cryptocurrencies whose values are pegged to the value of real assets like the US dollar. These coins were developed as a tool of response to the […]
CFTC fines Tether and Bitfinex a combined $42.5 million
Tether and Bitfinex were fined $41 million and $1.5 million, respectively, by the Commodity Futures Trading Commission (CFTC) on Oct. 15, citing violations of a previous CFTC ruling. Tether, the company behind the eponymous stablecoin, only had sufficient cash reserves to underpin the dollar-pegged asset for 27.6% of the time during the 26-month period under […]
G7 leaders establish digital currency guidelines for central banks
This week, the Group of Seven (G7) advanced economies discussed central bank digital currencies (CBDCs), deciding that they should “do no harm” and adhere to strict guidelines. On Oct. 13, G7 finance officials gathered in Washington to discuss central bank digital currencies and adopted 13 public policy guidelines for their deployment. The G7 countries, which […]