STABLECOIN DIGEST [07.06.2019]
Regulation and monetary policy
Bundesbank Chief Warns on Risks of Central Bank Digital Currencies
https://www.coindesk.com/bundesbank-chief-warns-on-risks-of-central-bank-digital-currencies
The head of Germany’s central bank has said central bank digital currencies could destabilize financial systems and worsen bank runs.
Egypt Lays Out Path for a Crypto Future With Draft Law
The Central Bank of Egypt (CBE) announced that it is working on a draft law for crypto-related activities.
Marshall Islands Shuns USD, Goes Full Crypto with National Cryptocurrency
https://www.ccn.com/marshall-islands-goes-full-crypto-national-cryptocurrency
The Marshall Islands has announced that it will be launching an independently monitored cryptocurrency system for use across the country.
Crypto-assets cannot be called currencies, despite heavy trading
http://www.the-japan-news.com/news/article/0005792493
The yen, dollar and other currencies have the backing of governments or central banks. Crypto-assets have no specific issuers or official guarantee of value and their prices violently fluctuate. It is also difficult to use them as a means of payment. It is an appropriate decision to distinguish between crypto-assets and currencies.
EU: Malta Needs to Improve Readiness to Respond to Cryptocurrency Crime
The European Union has told Malta it needs to improve the resources it has to fight potential financial crime as a result of cryptocurrency popularity.
The CEO of state-owned Russian bank Sberbank has officially confirmed the institution’s decision to not develop crypto-related services
The CEO of state-owned Russian bank Sberbank has officially confirmed the institution’s decision to not develop crypto-related services.
Japan Hopes to Set Global Crypto Law Benchmark With Latest Regulatory Update
The Japanese House of Representatives amended two cryptocurrency-related laws, the Payment Services Act and the Financial Instruments and Exchange Act, which will come into effect in April 2020.
Brazilian State-Owned Bank Funds Documentary via Its Own Ethereum-Based Token
A Brazilian state-owned bank is reportedly funding a documentary film through its own ether-based stablecoin.
Israeli Supreme Court Rules in Favor of Cryptocurrency Exchange in Bank Dispute
The Supreme Court of Israel has declared that Leumi Bank cannot block the cryptocurrency exchange Bits of Gold’s account on the grounds of regulatory concerns.
New Stablecoin Token to Launch Across 14 Major World Banks
https://beincrypto.com/new-stablecoin-token-to-launch-across-14-major-world-banks/
Mainstream banking heavyweights are joining forces to create a Bitcoin-like stablecoin token for cross-border transactions.
Blockchain's Appeal Is Limited for Retail Banks, McKinsey Says
Retail banks have been slower to embrace blockchain technology and face greater challenges in reaping its potential benefits than their more adventurous counterparts in the investment-banking world, according to new research from McKinsey & Co.
UBS-Led Group to Launch Blockchain-Based Trade-Settlement Platform
A group of financial firms led by UBS Group AG plans to start using a bitcoin-like token to settle cross-border trades, one of the biggest developments yet in the effort to make use of nascent blockchain technology.
Reserve Bank of India Denies Knowledge, Involvement in Draft Bill to Ban Crypto Entirely
The Reserve Bank of India (RBI) has denied having any knowledge or involvement in a draft government bill that would ban cryptocurrencies.
Thailand’s Largest Commercial Bank Retracts Tweet Indicating Plans to Use Ripple’s XRP
Siam Commercial Bank (SCB), Thailand’s largest commercial bank, has denied it plans to start using Ripple’s XRP token, contrary to earlier indications.
Malaysia Begins Approving Crypto Exchange Registrations
https://news.bitcoin.com/malaysia-approving-crypto-exchange-registrations/
Malaysia’s securities commission has begun registering cryptocurrency exchanges after it started regulating the crypto space earlier this year.
Analytics and opinions
Blockchain after the Hype
https://www.avenir-suisse.ch/en/publication/blockchain-after-the-hype/
It would facilitate tokenized securities trading if the National Bank and major players in the industry were to drive the development of a Swiss franc token.
Research: China Leads World in Tether Trading Volumes in 2019
https://cointelegraph.com/news/research-china-leads-world-in-tether-trading-volumes-in-2019
Chinese cryptocurrency exchanges facilitate 60% of all stablecoin tether (USDT) trading globally.
Existing Projects
TrustToken Partners With Binance to Enable In-Exchange TUSD Minting and Redeeming
As a result of the partnership, Binance users now will be able to buy TUSD for zero fees and redeem it for fiat currency.
Russia’s Massive Oil Industry Considers Using Facebook’s Global Coin
https://www.ccn.com/russian-oil-industry-facebook-global-coin
Facebook’s Global Coin might soon be used to value barrels of oil, according to one wide-ranging article about the impact of technology on the Russian economy.
Facebook plans June 18th cryptocurrency debut. Here’s what we know
https://techcrunch.com/2019/06/06/facebook-libra-launch/
It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics, according to a source who says multiple investors briefed on the project by Facebook were told that date.
Stably Issues USDS.B on Binance Chain
https://medium.com/stably-blog/stably-issues-usds-b-on-binance-chain-33816fd44767
Stably issues USDS.B, the first stablecoin to be launched on Binance Chain.
Reserve Finds a Staunch Ally in 7Mobile CEO Alex Thomson-Payan
Reserve announced a partnership with 7Mobile Africa, the largest importer of mobile phones in Angola.
USDQ is listed on BTC-Alpha with more stablecoins from Q DAO ecosystem to follow, such as KRWQ, CNYQ, JPYQ
BTC-Alpha has listed USDQ, a fully decentralized stablecoin. USDQ and KRWQ are newcomer stablecoins that enable to collateralize Bitcoin and generate fiat-pegged stablecoins.
MakerDAO finally lowers its stability fee as Dai overshoots peg
https://cryptoslate.com/makerdao-lowers-stability-fee-dai/
MakerDAO token holders voted to decrease the stability fee on the Dai stablecoin by 2 percent to 17.5 percent.
Constant announces support for the Stably stablecoin (USDS) on its fully-secured peer-to-peer lending platform
Constant (myconstant.com), a decentralized P2P lending platform, announced that customers can now invest with StableUSD (USDS).
USDC Ecosystem Spotlight: USDC broadens DeFi footprint as value transferred on-chain surpasses $10B
Compound, Dharma, dYdX, Liquidity Network and Coinbase Commerce announced the integration of USDC into their platforms.
FACEBOOK WILL REPORTEDLY CHARGE NODES $10 MILLION TO RUN GLOBALCOIN
https://bitcoinist.com/facebook-crypto-nodes-10-million-globalcoin/
Facebook, is reported to announce its cryptocurrency later this month. ‘GlobalCoin’, as the upcoming digital currency is touted, is intended to enable users to store, trade, and exchange it through Facebook applications including WhatsApp and Messenger.
New projects, partnerships, and investments
Biggest Crypto Exchange Takes on Tether With Own Stablecoins
Binance could issue its first stablecoin within several weeks.
Binance Cryptocurrency Exchange Testing British Pound Stablecoin
Binance is apparently testing a British pound stablecoin on its native blockchain.
BitMEX Ventures Invests in Crypto Exchange Licensed by Philippines Central Bank
BitMEX Ventures has invested in a crypto exchange licensed by the central bank of the Philippines.
Facebook Plans Outside Foundation to Govern Cryptocurrency
https://www.theinformation.com/articles/facebook-plans-outside-foundation-to-govern-cryptocurrency
Facebook plans to cede control of its forthcoming cryptocurrency to outside backers, a move meant to encourage trust in the digital payment system and reassure financial regulators.
CertiK to partner with OKLink ahead of USDK launch
https://medium.com/certik/certik-to-partner-with-oklink-ahead-of-usdk-launch-d6291f3229e4
CertiK announced a security partnership with OKLink as it launches USDK, its new StableCoin.