STABLECOIN DIGEST 24.01.2020

Regulation and monetary policy

New EU AML Compliance Laws Could Disrupt the Crypto Industry

https://cointelegraph.com/news/new-eu-aml-compliance-laws-could-disrupt-the-crypto-industry?utm_source=Telegram&utm_medium=social

On Jan. 10, the European Union’s 5th Anti-Money Laundering Directive (5AMLD), was officially signed into law. The legislation will give sweeping powers to compliance organizations and law authorities. However, aside from tracking dirty money to offshore paradises, the law brings about a series of restrictive demands on crypto companies in a way never seen before.


South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies

https://cointelegraph.com/news/south-korea-considers-imposing-a-20-income-tax-on-cryptocurrencies?utm_source=Telegram&utm_medium=social

South Korea’s Ministry of Economy and Finance is considering imposing a 20% tax on income from cryptocurrency transactions.


Davos: Giancarlo’s Digital Dollar Project Will Focus on Benefits of a US CBDC

https://cointelegraph.com/news/davos-giancarlos-digital-dollar-project-will-focus-on-benefits-of-a-us-cbdc?utm_source=Telegram&utm_medium=social

The former chairman of the United States Commodity Futures Trading Commission (CFTC) has some new remarks regarding his Digital Dollar initiative, speaking in Davos. On Jan. 22, Ex-CFTC chairman J. Christopher Giancarlo confirmed that the Digital Dollar project will consider the advantages of a United States’ central bank digital currency (CBDC), according to written remarks for a Davos event hosted by industry media outlet The Block.


India Central Bank Says It Hasn’t Banned Crypto

https://cointelegraph.com/news/india-central-bank-says-it-hasnt-banned-crypto?utm_source=Telegram&utm_medium=social

The Reserve Bank of India (RBI) said regulated entities cannot offer crypto assets in the country, but that does not equate to an overall digital asset ban.


World Economic Forum Debuts Framework for Central Bank Digital Currency

https://cointelegraph.com/news/world-economic-forum-debuts-framework-for-central-bank-digital-currency?utm_source=Telegram&utm_medium=social

The World Economic Forum (WEF) — together with some of the world's major central banks — has created a central bank digital currency (CBDC) policymaker toolkit.


Deloitte Approves Gemini Crypto Exchange in High-Level Security Evaluation

https://cointelegraph.com/news/deloitte-approves-gemini-crypto-exchange-in-high-level-security-evaluation?utm_source=Telegram&utm_medium=social

U.S.-based crypto exchange and custodian Gemini has finished a SOC 2 Type 2 evaluation, proving the operation’s security.

Competitors

Tether Claims to Be Okay With Merger of Class-Action Lawsuits Against It

https://cointelegraph.com/news/tether-claims-to-be-okay-with-merger-of-class-action-lawsuits-against-it?utm_source=Telegram&utm_medium=social

Currently facing multiple lawsuits, cryptocurrency stablecoin issuer Tether (USDT) received a request from prosecutors asking for consolidation, combining three lawsuits into one, which Tether has not denied.


A look into the growth of USDC

https://www.theblockcrypto.com/genesis/53623/a-look-into-the-growth-of-usdc

Quick Take

  • Launched in 2018, USDC has experienced early success

  • The stablecoin currently makes up 5% of total fiat-backed stablecoin trading volume on exchanges and roughly 3% on decentralized exchanges

  • Excluding USDT, USDC makes up 70% of total fiat-backed stablecoin trading volume


Paxos Standard Token Trading 0.3% Lower Over Last Week (PAX)

https://slatersentinel.com/news/2020/01/24/paxos-standard-token-trading-0-3-lower-over-last-week-pax.html

Paxos Standard Token (CURRENCY:PAX) traded 0.2% higher against the US dollar during the 24-hour period ending at 7:00 AM E.T. on January 24th. In the last week, Paxos Standard Token has traded down 0.3% against the US dollar.


Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins

https://finance.yahoo.com/news/paxos-launches-automatic-conversions-between-160125436.html

Paxos announced Tuesday a new feature allowing customers to automatically wire transfer funds from their bank accounts into either Paxos Standard or Binance USD stablecoins. Conversely, any PAX or BUSD sent to the designated address will be automatically wired back to the individual’s bank account in USD.

Analytics and opinions

How Real World Use Cases Will Drive Crypto Growth in 2020

https://cointelegraph.com/news/how-real-world-use-cases-will-drive-crypto-growth-in-2020?utm_source=Telegram&utm_medium=social

In reflecting on the history of cryptocurrencies over their lifetime, there’s one pattern that immediately jumps out. Each successive wave of interest in the cryptocurrency space has been galvanized by new developments in the ecosystem. In particular, two significant catalysts were the rise of crypto exchanges and the initial coin offerings craze.


Circle’s Jeremy Allaire: Asset Tokenization Will Go Mainstream in Two Years

https://cointelegraph.com/news/circles-jeremy-allaire-asset-tokenization-will-go-mainstream-in-two-years?utm_source=Telegram&utm_medium=social

Jeremy Allaire, CEO of crypto payments firm Circle, projected that in the next two or three years the securitization of assets through tokenization will become much more realistic.


Japanese Ex-Central Banker: Libra Spurred Us to Take CBDCs Seriously

https://cointelegraph.com/news/japanese-ex-central-banker-libra-spurred-us-to-take-cbdcs-seriously?utm_source=Telegram&utm_medium=social

The former head of payments and settlements at the Bank of Japan (BOJ) says Facebook’s Libra galvanized central banks globally to look seriously into digital currency issuance.


OKEx at Davos: Blockchain Best Placed to Meet the Needs of the Unbanked

https://cointelegraph.com/news/okex-at-davos-blockchain-best-placed-to-meet-the-needs-of-the-unbanked?utm_source=Telegram&utm_medium=social

Major cryptocurrency exchange OKEx is at the 50th World Economic Forum Annual Meeting in Davos this week, promoting blockchain technology as a new motor for the global financial system.


BIS: No Evidence of Mass Transition From CBDC Research to Pilots and Experiments

https://cointelegraph.com/news/bis-no-evidence-of-mass-transition-from-cbdc-research-to-pilots-and-experiments?utm_source=Telegram&utm_medium=social

A new survey from the Bank of International Settlements (BIS) revealed that only 10% of central banks are likely to issue a central bank digital currency (CBDC) for the general public in the short term.


Facebook and Calibra’s David Marcus: The Problem of Global Unbanked Is “Unacceptable”

https://cointelegraph.com/news/facebook-and-calibras-david-marcus-the-problem-of-global-unbanked-is-unacceptable?utm_source=Telegram&utm_medium=social

At the World Economic Forum panel discussing digital currencies, the conversation topics included Central Bank Digital Currencies (CBDCs). Calibra’s David Marcus highlighted that regardless of the nature of digital currency, these discussions are key to innovate cross-border payments and solve the issue of the unbanked.


MIT Research Group Calls Crypto a Testing Ground for a Central Bank Digital Asset

https://cointelegraph.com/news/mit-research-group-calls-crypto-a-testing-ground-for-a-central-bank-digital-asset?utm_source=Telegram&utm_medium=social

MIT’s crypto and distributed ledger tech research group, the Digital Currency Initiative, recently explained that a central bank digital currency (CBDC) will eventually use some of the concepts and technology currently at play in the experimental crypto space.


The Prospect of Building a New International Monetary System Is Getting Real

https://finance.yahoo.com/news/prospect-building-international-monetary-system-203007499.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKie_JMPycewvi8mrGYMCoRu0uSHXvkqZJ4bVDhwbvyKVJ41vTc7un4nU8aiRLTCCZwlPoIYv3jkAHjF3qeJtNQmhadgjiAsVea7iRzydzlD8b_qRHD5GHHeJhnkpsSSd-NX-bD9nM8Ru1yUVt6yButQoHlEHBfBJKW2R4VIvmsg

When world leaders gather in Davos next week, they’ll confront an essential question: Can they seize the opportunity generated by years of innovative blockchain development to reshape the global economic order in a way that creates wealth and value for people around the world? 


Can the 2020 Stablecoins Finally Bring Competition to Tether?

https://themerkle.com/can-the-2020-stablecoins-finally-bring-competition-to-tether/

The question is whether they can be more successful than those stablecoins launching in 2019.

With the likes of USD Coin taking another stab, Binance’s own BUSD, and Saga’s SGD, the opportunities are virtually limitless. 


4 Reasons Why 2020 Will Be The Year Of The Stablecoin

https://www.globalbankingandfinance.com/4-reasons-why-2020-will-be-the-year-of-the-stablecoin/

As we embark on a new decade for blockchain, it is worth reflecting on how far we’ve come. The biggest movements of 2019 revolved around institutional involvement in the space with industry giants such as Facebook and JP Morgan dipping their toes in the water, Decentralized Finance (DeFi) booming, monumental growth in fintech more generally and, of course, a wave of potential Central Bank Digital Currencies (CBDCs) growing in prospect.

New projects, partnerships, and investments

Swiss-Regulated Digital Asset Bank Plans $95M Capital Raise

https://cointelegraph.com/news/swiss-regulated-digital-asset-bank-plans-95m-capital-raise?utm_source=Telegram&utm_medium=social

Seba, a young Swiss-based digital asset bank holding regulatory licensing, looks to attempt a secondary capital raise to garner over $95 million in additional funds.


WisdomTree Grows a Stablecoin Today to Nurture a Crypto ETF Tomorrow

https://cointelegraph.com/news/wisdomtree-grows-a-stablecoin-today-to-nurture-a-crypto-etf-tomorrow?utm_source=Telegram&utm_medium=social

The news that WisdomTree, a major asset manager with $63.8 billion in assets under its belt, plans to launch a regulated stablecoin — pending approval from the United States Securities and Exchange Commission — could be a significant development.


Turkish City Developing Crypto and Blockchain Solutions for Public Services

https://cointelegraph.com/news/turkish-city-developing-crypto-and-blockchain-solutions-for-public-services?utm_source=Telegram&utm_medium=social

Konya, the city of the world-famous poet Rumi, might not come to mind when talking about technology, especially blockchain and cryptocurrencies. As one of the major cultural centers of Turkey, Konya is known for its rich history, gorgeous mosques, and historical sites. 


Six Major Central Banks to Collaborate on Digital Currency Research

https://cointelegraph.com/news/six-major-central-banks-to-collaborate-on-digital-currency-research

The central banks of Canada, the United Kingdom, Japan, European Union, Sweden and Switzerland created a group with the Bank for International Settlements (BIS) to jointly research central bank digital currencies (CBDC).


Venezuelan Team Working on Bitcoin Mesh Network Based on Offline Radios

https://cointelegraph.com/news/venezuelan-team-working-on-bitcoin-mesh-network-based-on-offline-radios?utm_source=Telegram&utm_medium=social

A Venezuelan team is developing Locha, a decentralized mesh network that doesn’t rely on the internet to transact with Bitcoin (BTC). The system, based on radio waves, was born in response to frequent electricity and internet outages in Venezuela.


Huobi Debuts Crypto Brokerage as Its Institutional Arm Grows 400% Since Q3 2019

https://cointelegraph.com/news/huobi-debuts-crypto-brokerage-as-its-institutional-arm-grows-400-since-q3-2019?utm_source=Telegram&utm_medium=social

Major cryptocurrency exchange Huobi is launching its first licensed digital asset brokerage, Huobi Brokerage.


Singapore Gov’t, Mastercard and Mitsubishi Form Alliance to Digitize Trade

https://cointelegraph.com/news/singapore-govt-mastercard-and-mitsubishi-form-alliance-to-digitize-trade?utm_source=Telegram&utm_medium=social

The Singapore government, along with an array of the world’s major financial and manufacturing companies, has formed an alliance to promote the adoption of digital technologies in trade and commerce.


Hong Kong and Thailand Pilot DLT-Based Project for Cross-Border Payments

https://cointelegraph.com/news/hong-kong-and-thailand-pilot-dlt-based-project-for-cross-border-payments?utm_source=Telegram&utm_medium=social

Hong Kong and Thailand’s central banks have stepped closer to implementing a joint central bank digital currency (CBDC) for cross-border payments.


Celsius to Begin Offering Compounding Interest on Crypto Deposits

https://cointelegraph.com/news/celsius-to-begin-offering-compounding-interest-on-crypto-deposits?utm_source=Telegram&utm_medium=social

Cryptocurrency lending and borrowing platform Celsius announced that it would be implementing compounding interest on cryptocurrencies deposited in its wallet, starting Feb. 1. The announcement came with a number of other updates in a Twitter AMA (ask me anything) with founder Alex Mashinsky on Jan. 22.


Tether Launches Gold-Backed Stablecoin and Begins Trading on Bitfinex

https://cointelegraph.com/news/tether-launches-gold-backed-stablecoin-and-begins-trading-on-bitfinex?utm_source=Telegram&utm_medium=social

Tether is now supporting a gold-backed stablecoin, Tether Gold (XAU₮), according to a Jan. 23 press release. One token represents ownership of one troy fine ounce of physical gold, currently worth approximately $1,550.

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