STABLECOIN DIGEST 29.03.2020

Regulation and monetary policy

European CCPs Call for Single EU Classification of Digital Assets

https://theindustryspread.com/european-ccps-call-for-single-eu-classification-of-digital-assets/

The European Association of CCP Clearing Houses (EACH) has responded to the European Commission Public Consultation “On an EU framework for markets in crypto-assets”. The entity underlined the need for a single EU classification of digital assets, the importance of CCP’s activities, and the necessity of a gradual regulatory approach.


In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked

https://cointelegraph.com/news/in-covid-19-stimulus-us-congress-eyes-digital-dollar-to-send-aid-to-the-unbanked?utm_source=Telegram&utm_medium=social

Amid contentious debate over the massive stimulus package in response to the coronavirus pandemic, Democrats in the United States House of Representatives look to implement the digital dollar to streamline payments to U.S. citizens outside of the traditional financial system.


Russian Ministry Wants to Test Crypto and Blockchain in Regulatory Sandboxes

https://cointelegraph.com/news/russian-ministry-wants-to-test-crypto-and-blockchain-in-regulatory-sandboxes?utm_source=Telegram&utm_medium=social

Amid regulatory uncertainty for cryptocurrencies in Russia, a federal ministry introduced legislation that would legalize crypto and blockchain within a special regulatory environment. The Ministry of Economic Development of the Russian Federation has reportedly prepared a draft law that would allow the testing of cryptocurrency and blockchain developments within a special regulatory sandbox.


Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures

https://news.bitcoin.com/crisis-cash-shortages-bank-closures/

Amid the coronavirus outbreak, the South Korean government approved a revision to the Act on Reporting and Using Specified Financial Transaction Information at a cabinet meeting on March 17, the Financial Services Commission (FSC) announced. The bill passed National Assembly on March 5, as news.Bitcoin.com reported.


Digital Dollar And Digital Wallet Bill Surfaces In The U.S. Senate

https://www.forbes.com/sites/jasonbrett/2020/03/24/digital-dollar-and-digital-wallet-legislation-surfaces-in-the-us-senate/#16fc21713866

A bill has surfaced in the Senate called the ‘Banking For All Act’, sponsored by the Ranking Member of the Senate Banking Committee, U.S. Senator Sherrod Brown (D-OH). In the press release, Senator Brown lays out the details of his bill as well as how he looks forward to urging his colleagues to include it as part of the coronavirus economic stimulus package.


Turning A Crisis Into An Opportunity, China Gets One Step Closer to CBDC

https://cointelegraph.com/news/turning-a-crisis-into-an-opportunity-china-getting-one-step-closer-to-cbdc?utm_source=Telegram&utm_medium=social

As central banks around the world are cutting interest rates to zero and taking aggressive action against the economic recession due to the coronavirus pandemic, China’s central bank is accelerating its central bank digital currency (CBDC) plan.


Global Stablecoins May Be Subject to Securities Regulation, Says IOSCO

https://www.coindesk.com/global-stablecoins-may-be-subject-to-securities-regulation-says-iosco
The International Organization of Securities Commissions (IOSCO) thinks global stablecoin initiatives might be subject to securities laws, according to a new report.


Europe leads institutional crypto-adoption as concerns continue to hold market back

https://eng.ambcrypto.com/europe-leads-institutional-crypto-adoption-as-concerns-continue-to-hold-market-back/

The emergence of digital currencies like Bitcoin and other altcoins has given birth to numerous opportunities in the traditional and crypto-community. However, many institutions have been reluctant to embrace the world of digital assets, says a recent study. The research report released by Acuiti, in partnership with Bitstamp and CME Group, revealed that current adoption rates remain very low.


IOSCO Board Unveils Report Detailing Stablecoins and Securities Regulations

https://cointelegraph.com/news/iosco-board-unveils-report-detailing-stablecoins-and-securities-regulations?utm_source=Telegram&utm_medium=social

The board of the International Organization of Commissions, or IOSCO, recently unveiled a write-up on stablecoins as they may overlap with current market regulations, including securities laws.  

Competitors

How MakerDAO’s Stablecoin Survived the Crash, Smart Contract Bugs and Full Decentralization

https://www.coindesk.com/how-makerdaos-stablecoin-survived-the-crash-smart-contract-bugs-and-full-decentralization
In the aftermath of the so-called "Black Thursday" crash from several weeks ago, MakerDAO's "DAI" ethereum backed dollar pegged stablecoin came untethered and was, for a time at least, functionally insolvent.




Why Circle’s (USDC) Is Best Placed To Challenge Tether’s (USDT) Stablecoin Dominance

https://coingape.com/why-circles-usdc-is-best-placed-to-challenge-tethers-usdt-stablecoin-dominance/
Could the developments witnessed on USDC in 2020 push the stablecoin towards narrowing the $3.5 billion dollar gap?

Analytics and opinions

Blockchain Africa Conference: Education Is Key Crypto Adoption Driver

https://cointelegraph.com/news/blockchain-africa-conference-education-is-key-crypto-adoption-driver?utm_source=Telegram&utm_medium=social

Cryptocurrencies have seemingly taken a backseat due to a concerted focus on blockchain technology in Africa, but there is still a growing interest and demand for trading on the continent. This was one of the main takeaways from the Blockchain Africa conference held in Johannesburg in the middle of March 2020. 


China and UK’s Planned Digital Currencies Appear to Have Little in Common

https://cointelegraph.com/news/china-and-uks-planned-digital-currencies-appear-to-have-little-in-common?utm_source=Telegram&utm_medium=social

As major central bank digital currency (CBDC) projects develop apace, it is becoming clear that not all digital coins will look, or even function the same way.


Alipay Patents Reveal More Details About China's Forthcoming CBDC

https://cointelegraph.com/news/alipay-patents-reveal-more-details-about-chinas-forthcoming-cbdc?utm_source=Telegram&utm_medium=social

In the past month, Chinese payments platform Alipay has disclosed a number of patents relating to and revealing more details of China’s planned central bank digital currency (CBDC), the digital yuan.


Will Stablecoins Be the New International Currency?

https://www.cryptonewsz.com/will-stablecoins-be-the-new-international-currency/
Digital currencies like stablecoins are getting increased attention from governments and international communities alike. Let’s take a look at why this is the case.


Coin Metrics Report Shows Stablecoin Transfer Value Hit $444 Million

https://cointelegraph.com/news/coin-metrics-report-shows-stablecoin-transfer-value-hit-444-million?utm_source=Telegram&utm_medium=social

According to Coin Metrics data, stablecoins gained market share, spreads on spot and futures markets widened, and transfer fees spiked as people rushed to deposit coins. Crypto holders may have been turning to stablecoins in an attempt to preserve their capital while the market experienced a major downturn.


Can CBDC Help Recover From Coronavirus Recession And Lead To Bitcoin?

https://cryptonews.com/exclusives/can-cbdc-help-recover-from-coronavirus-recession-and-lead-t-6152.htm

There is a general consensus that the global economy is heading for a sharp recession. The economic output will contract, but there are, at least, certain innovations that can be implemented to mitigate the situation.


Stablecoins Will Have to Adapt to Survive Coronavirus Recession

https://cryptonews.com/exclusives/stablecoins-will-have-to-adapt-to-survive-coronavirus-recess-6151.htm

Stablecoins are facing new challenges. With USD interest rates hitting 0% and US Treasury yields turning negative, it's becoming increasingly hard to earn a profit simply by holding USD in reserve or by purchasing US Treasury bills. While some stablecoins operate using alternative business models, those stablecoins which rely on such rates and yields for their revenues are now in a serious bind.


Tone Vays Says Proposed Digital USD Is Nothing New

https://cointelegraph.com/news/tone-vays-says-proposed-digital-usd-is-nothing-new?utm_source=Telegram&utm_medium=social

Markets trader and YouTuber, Tone Vays, says the United States’ digital dollar proposal is no different than the current system, except for its ties to the country’s federal reserve. 

New projects, partnerships, and investments

Retail Investors Can Now Use Paxos Gold as Collateral Against Loans

https://cointelegraph.com/news/retail-investors-can-now-use-paxos-gold-as-collateral-against-loans?utm_source=Telegram&utm_medium=social

Crypto-lending platform Nexo has today, March 25, opened up the option of using PAX Gold (PAXG) as collateral against its loans to retail investors. A pilot scheme in late 2019 was limited to institutional clients and purportedly saw immediate demand for its gold-backed credit lines.


Swiss Crypto Bank Sygnum Launches Digital Swiss Franc (DCHF)

https://coinfomania.com/sygnum-crypto-bank-launches-digital-swiss-franc/
Swiss regulated digital assets bank, Sygnum, is launching a digital version of the Swiss franc (DCHF), designed to increase transaction efficiency and ease between other digital assets and fiat currencies, according to a report on Monday.


Pioneering Crypto Bank Launches CHF-Backed Stablecoin

https://cointelegraph.com/news/pioneering-crypto-bank-launches-chf-backed-stablecoin

Pioneering Swiss crypto bank Sygnum unveiled a stablecoin pegged to the Swiss franc on March 20. Sygnum's ‘DCHF’ “settlement token” is backed 1:1 by funds held with the Swiss National Bank.

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