All posts tagged: Stablecoins

Meta Said to Consider Stablecoin Use for International Creator Payouts

Meta Said to Consider Stablecoin Use for International Creator Payouts

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Meta is exploring the use of stablecoins to manage payouts for international creators, according to a report. Meta CEO Mark Zuckerberg’s firm is said to be in discussions with crypto firms as part of the company’s plans to begin using stablecoins in partnership with a number of crypto firms. For now, these discussions are said to be at a preliminary stage. Stablecoins are crypto assets that are pegged to reserved assets like fiat currencies in a 1:1 ratio. Considered safer than other digital assets in terms of exposure to market volatility, stablecoin values are derived from the underlying assets. Tether (UDST) and Circle (USDC) are two of the largest stablecoins available in the market as of May 9. Meta initiated stablecoins-related discussions with the crypto players earlier this year, according to a Fortune report that cites five unnamed sources aware of the company’s plans. The publication states that the Facebook parent firm is still in “learn mode”. As part of its plans, the company may integrate these stable tokens with Instagram to issue creator payouts …

Mastercard Partners OKX, Nuvei to Launch Payment Ecosystem for Stablecoins

Mastercard Partners OKX, Nuvei to Launch Payment Ecosystem for Stablecoins

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Mastercard has announced a payment ecosystem allowing buyers and merchants to make and receive payments using stablecoins. The US-based card payment giant teamed up with Seychelles-headquartered OKX crypto exchange to launch a new card, while another partnership with Canadian payment processing firm Nuvie will allow businesses to accept stablecoin payments. Stablecoins are crypto assets that derive their values from underlying reserved assets like a fiat currency – which shields them from extreme market volatility and makes them usable for day-to-day payments. Tether (USDT) and Circle (USDC) are examples of stablecoins, both of which are pegged to the US dollar and maintain their values in a 1:1 ratio with the US dollar. Mastercard says through its new system, stablecoin settlements will be made available at over 150 million merchant locations globally. Mastercard Enables Stablecoin Payments via OKX Card Mastercard said that stablecoins are bringing efficiency and programmability to payments, disbursements, and remittances. It also said that banks and fintech firms are increasingly ramping up their efforts to explore stablecoin-related services. As part of this ecosystem development, …

PayPal Rewards Programme for PYUSD Stablecoin Holders Launched in Bid to Boost Adoption

PayPal Rewards Programme for PYUSD Stablecoin Holders Launched in Bid to Boost Adoption

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PayPal will start offering rewards to PYUSD stablecoin holders in a bid to boost its adoption and use in the coming months. Bloomberg was first to report on PayPal’s plans, stating that PYUSD users will be able to earn 3.7 percent annually on their holdings once this initiative is rolled out. Later, PayPal CEO Alex Chriss confirmed the development on X (formerly known as Twitter). The US-based online payments giant launched its PYUSD stablecoin in 2023, pegged to the US dollar. The rewards for PYUSD holders will be provided in the form of the stablecoin itself, Jose Fernandez da Ponte, the company’s senior vice president and general manager of blockchain, told Bloomberg. These rewards will be paid to PYUSD holders on a monthly basis. PayPal’s CEO said that the company wants customers to experience the utility scope of stablecoins with the new rewards programme. “Stablecoins have the power to reshape the future of commerce by combining innovation, stability, and accessibility. Now, we’re making PayPal and Venmo the most rewarding way to hold PYUSD. With our …

USDC-Issuer Circle Plans Payment Network to Process Transactions via Stablecoins

USDC-Issuer Circle Plans Payment Network to Process Transactions via Stablecoins

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Circle is planning to launch an international payments network that will allow large corporations to complete settlements via stablecoins. The issuer of the USDC stablecoin released a whitepaper this week detailing possible ways in which stablecoins can upgrade the global payment systems. This system is dubbed the Circle Payments Network (CPN). It has been designed to function as a protocol layer within a digital settlement system with support for stablecoins like USDC, EURC, and more in the future. With the CPN, Circle aims to offer a cross-border payment solution that is cost effective, swift, compliant, and transparent. It could be of significant help to global suppliers, small merchants, content creators, and remittance recipients. “CPN is transparent, secure, scalable infrastructure for financial institutions. Circle has built a rigorous governance framework for CPN that requires participating financial institutions to meet global Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, along with economic sanctions requirements,” the US-based company said in its whitepaper. The system will offer billing services, credit services, compliance services, risk and fraud services, …

What is Hong Kong’s Stablecoins Bill and How Could It Become Law?

What is Hong Kong’s Stablecoins Bill and How Could It Become Law?

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Hong Kong is moving swiftly to regulate stablecoins, signalling their potential integration into the region’s financial systems. Regulators have drafted a ‘Stablecoins Bill’ that sets forth mandates and restrictions for stablecoin issuers and advertisers. The bill outlines the necessary steps to ensure consumer protection for individuals engaging with stablecoins—crypto assets pegged to reserved assets, such as fiat currencies, to maintain price stability amid market fluctuations. Hong Kong’s Stablecoins Bill was recently submitted to the Legislative Council, marking its first reading. After passing this stage, the bill will undergo two more readings by regulators before becoming law. Each reading will involve thorough discussions, assessments, and any necessary revisions, according to a report by CoinTelegraph. What Does the Bill Entail? The first draft of Hong Kong’s Stablecoin Bill was published in the official Gazette earlier this month. The bill outlines stricter licensing requirements for stablecoin issuers in the region. Violations of these licensing and approval regulations could result in fines of up to $50,000 (roughly Rs. 42.6 lakh) and prison sentences of up to two years. The …

Stablecoin Issuer Tether Moves Into Tokenising Stocks and Bonds

Stablecoin Issuer Tether Moves Into Tokenising Stocks and Bonds

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Tether Holdings Ltd., the world’s largest digital asset company, is getting into the tokenisation of stocks, bonds, funds and commodities. The platform Hadron by Tether, launched Thursday, will allow users to convert assets into products ranging from stablecoins that are pegged to fiat to digital tokens backed by commodities or other forms of collateral. The British Virgin Islands-registered company is targeting businesses and governments as customers, Tether said in a statement. Turning assets into tokens can allow them to be traded quicker and at a lower cost. The assets can be traded on blockchains by transferring them from one cryptocurrency wallet to another. These potential advantages led Wall Street companies like BlackRock Inc., JPMorgan Chase & Co. and Franklin Templeton to offer tokensed money market and mutual funds over the past couple years. Stablecoins, a form of crypto token pegged to another asset, use reserves to support their value. They are integral to the way crypto markets operate, acting as a less volatile alternative for traders looking to swap between digital assets and to store …

UK Government Plans to Bring New Rules for Stablecoins, Crypto Staking in Next Six Months

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The UK government plans to get new rules governing stablecoins and staking services for cryptoassets approved by lawmakers within the next six months as pressure ratchets up to deliver on specific proposals ahead of an impending general election. Economic Secretary to the Treasury Bim Afolami, speaking at an industry event hosted by Coinbase in London on Monday, said the government was “pushing very hard” on making legislation happen. “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable,” Afolami said. The Treasury first pledged in October to provide more clarity on specific areas of crypto by some point in 2024. That commitment followed an earlier consultation on fiat-backed stablecoins — digital tokens that use reserves of assets to maintain a one-to-one value with a traditional currency like the dollar or pound — and the passing of the larger Financial Services and Markets Act last summer. Market observers like blockchain analytics firm Elliptic have said they expect to see …

Bitcoin Opens with Small Gains, Stablecoins Join ETH and SOL in Seeing Losses

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Bitcoin opened with a small gain of 0.59 percent on Wednesday, January 11. While the profit was minor, Bitcoin did manage to retain its recently risen price point. The oldest crypto asset is currently priced at $17,385 (roughly Rs. 14.2 lakh). In terms of numbers, Bitcoin’s value rose by $195 (roughly Rs. 15,952) in the last 24 hours. However, the overall crypto price charts reflected reds next to a bunch of cryptocurrencies. Ether forged its own trajectory rather than tailing behind Bitcoin. ETH value dropped by 0.23 percent bringing its price to $1,327 (roughly Rs. 1.08 lakh), showed the crypto price tracker by Gadgets 360. Rallying behind Bitcoin with small gains, both meme coins Shiba Inu and Dogecoin made a mark. Profits were further recorded by Tron, Avalanche, Wrapped Bitcoin, Monero, and Elrond. Comparatively lesser talked-about cryptocurrencies including Zcash, Iota, SushiSwap, and BrainTrust also emerged among profit-making altcoins. The overall crypto market valuation spiked by 0.75 percent in the last 24 hours. At the time of writing, the global crypto market cap stood at $855.68 …

BTC, ETH Alongside Stablecoins Bag Small Gains, Losses Strike Few Altcoins

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The larger part of the crypto price chart indicated greens next to majority cryptocurrencies on Tuesday, January 3. With a minor gain of 0.27 percent, Bitcoin opened trading at the price point of $16,668 (roughly Rs. 13.7 lakh). The oldest ever cryptocurrency maintained a similar momentum on international exchanges such as Coinbase, CoinMarketCap, and Binance as well. In the last 24 hours, BTC grew by $98 (roughly Rs. 8,105) from its price of $16,570 (roughly Rs. 13.7 lakh) that it opened with, yesterday. Ether bagged slightly bigger gains than Bitcoin. ETH price rose by 1.09 percent to trade at $1,213 (roughly Rs. 1 lakh), the crypto price tracker by Gadgets 360 showed. Stablecoins such as Tether, USD Coin, Ripple, and Binance USD — opened with small profits. They were further joined by other profit-minting altcoins including Binance Coin, Cardano, Polygon, Litecoin, Polkadot, Tron, Solana, Uniswap, and Avalanche. Dogecoin and Shiba Inu also outgrew their respective loss-spells to spike with minor gains. The overall crypto market valuation grew by 0.94 percent in the last 24 hours. …

BTC Opens at $16,570, ETH Joins Stablecoins in Recording Losses: First Monday of 2023

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The first Monday of 2023 did not open with quite the sparkle for the crypto market. Bitcoin, on January 2, barely grew with a 0.13 percent gain. At the time of writing, BTC values hovered around the price point of $16,570 (roughly Rs. 13.7 lakh). The first ever cryptocurrency to have ever existed maintained values around the similar price point on both, national as well as international exchanges. The reason why BTC, along with a big bunch of altcoins, opened with losses today is because traders put a halt stamp on their activities during the holiday season. “The price is attempting to move above the resistance at $16,600 (roughly Rs. 13.7 lakh). If buyers are able to maintain their momentum, the price of Bitcoin may rise above $16,700 (roughly Rs. 13.8 lakh) in the coming week,” Edul Patel, CEO and co-founder of Mudrex told Gadgets 360. Ether reeled-in a loss of 0.05 percent on Monday, showed the crypto price tracker by Gadgets 360. ETH is currently trading at $1,195 (roughly Rs. 98,855), which is just …