In a landmark move bridging traditional banking and blockchain technology, Vantage Bank and Custodia Bank have jointly launched Avit—the first U.S. bank-backed stablecoin built on the Ethereum network. Announced on March 25, Avit operates as an ERC-20 token and is fully backed 1:1 by U.S. dollars, marking a significant step toward regulatory-compliant digital asset integration...
Trump Administration Shifts Focus From CBDCs to Stablecoins With Donald Trump now sworn in as the President of the United States, the prospects for a central bank digital currency (CBDC) in the country appear effectively extinguished. Throughout his campaign, Trump voiced staunch opposition to CBDCs, promising in New Hampshire in 2024 to “never allow the...
Tether, the issuer of the world’s largest stablecoin, USDt (USDT), has announced it will discontinue support for its euro-pegged stablecoin EURt (EURT). The company made the official announcement on Nov. 27, advising users to redeem their EURt holdings within the next year. Tether will no longer support EURt on any blockchain, and the minting of...
Launched in 2023, PayPal USD (PYUSD) is a dollar-backed stablecoin issued by Paxos Trust Company, a US-regulated crypto custodian. As an Ethereum-compatible ERC-20 token, PYUSD competes in the stablecoin market alongside industry giants such as Tether (USDT) and Circle’s USD Coin (USDC). However, despite PayPal’s significant efforts to broaden PYUSD’s accessibility, the stablecoin remains far...
Tether, the largest stablecoin provider in the digital asset industry, has announced plans to introduce a new stablecoin pegged to the United Arab Emirates dirham (AED). The move is part of a collaboration with UAE-based Phoenix Group and Green Acorn Investments, aiming to create a digital representation of the dirham currency that is fully backed...
The Aptos Foundation has announced the launch of Ondo Finance’s yield-bearing stablecoin, the Ondo US Dollar Yield (USDY), on the Aptos blockchain. This stablecoin, backed by United States Treasury securities, will be available for non-US residents using the Aptos blockchain. USDY has not yet been registered under the Securities Act in the US. Stablecoin issuers...
The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have announced plans for a new regulatory framework for stablecoin issuers, following broad public support and feedback from stakeholders. On July 17, these financial institutions released conclusions on creating local stablecoin-related legislation, based on a two-month public consultation period that...
The impending launch of the European Union’s Markets in Crypto-Assets (MiCA) regulation is expected to significantly boost the adoption of Euro-backed stablecoins. According to a recent report by Kaiko Research, the MiCA guidelines, set to take effect by the end of June, will provide much-needed regulatory clarity for stablecoins, encouraging their use within the EU....
Senators Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming have introduced new legislation aimed at regulating the stablecoin market. The bill, known as the Lummis-Gillibrand Payment Stablecoin Act, was reported by Bloomberg on Wednesday, April 17. It seeks to establish clear regulations for payment stablecoins, which are dollar-pegged digital assets used for transaction...
The Hong Kong General Chamber of Commerce (HKGCC) has made a proposal to introduce Chinese yuan-linked stablecoins, aiming to invigorate the region’s financial system. This suggestion is part of a broader set of recommendations aimed at enhancing Hong Kong’s economic environment and tackling manpower shortages. The HKGCC’s proposal includes the potential issuance of stablecoins pegged...
