tldrdailynews.com logo
Tag

Stablecoins

All articles tagged with #stablecoins

Treasury Proposes GENIUS Act Rules to Tighten Stablecoin AML and Sanctions
business2 days ago

Treasury Proposes GENIUS Act Rules to Tighten Stablecoin AML and Sanctions

The U.S. Treasury’s FinCEN and OFAC issued a joint proposed rule to implement GENIUS Act provisions, proposing that permitted payment stablecoin issuers be treated as financial institutions under the Bank Secrecy Act and must adopt effective AML and sanctions‑compliance programs; the rule aims to curb illicit finance while enabling innovation in the payment stablecoin space and invites public comments ahead of publication in the Federal Register.

via U.S. Department of the Treasury (.gov)|
#aml#business#fincen
Stablecoin Yield Ban Would Offer Little Shield to Bank Lending, White House Says
economy2 days ago

Stablecoin Yield Ban Would Offer Little Shield to Bank Lending, White House Says

A White House analysis finds that prohibiting yields on stablecoins would have only a modest impact on bank lending. Baseline results show removing stablecoin yield increases lending by about $2.1 billion with a net welfare cost of $800 million (0.02% lending rise; 6.6 to 1 cost-benefit). Large banks would supply about 76% of the new lending, with community banks around 24% (~$500 million, 0.026%). Even under extreme, implausible assumptions, aggregate lending rises to at most $531 billion (4.4%), only if the stablecoin market expands sixfold and the Fed rethinks its monetary framework; community banks could still gain up to $129 billion (6.7%). The report concludes the yield ban would do little to protect bank lending while sacrificing potential consumer benefits from competitive yields.

via The White House (.gov)|
#bank-lending#clarity-act#economy
business25 days ago

Mastercard to Link On-Chain Payments with Fiat Rails via BVNK Buy

Mastercard announced a definitive agreement to acquire BVNK for up to $1.8 billion (including $300 million in contingent payments) to expand its digital-asset capabilities and connect fiat rails to on-chain payments. The deal aims to enable financial institutions to offer stablecoins and tokenized deposits across 130+ countries, combining BVNK’s cross-network infrastructure with Mastercard’s network for faster, interoperable value transfer across currencies and use cases like cross-border remittances, P2P and B2B payments. The transaction remains subject to regulatory review and is expected to close by year-end.

via Mastercard Investor Relations|
#acquisition#business#bvnk
politics1 month ago

Trump Signals Support in Banks-Crypto Bill Clash After Secret Coinbase Meeting

President Trump privately met Coinbase CEO Brian Armstrong before publicly backing the crypto firm’s position in a lobbying clash with banks over a stalled crypto-regulation bill. The dispute centers on whether exchanges can offer yield-bearing rewards on stablecoins, with banks seeking to ban such yields. White House mediation has yet to produce a deal, and the market structure bill remains stalled on Capitol Hill.

via Politico|
#banks#coinbase#crypto-regulation
politics1 month ago

Trump sides with crypto firms to push stalled crypto regulation through Senate

President Donald Trump accused Wall Street banks of blocking landmark cryptocurrency legislation and urged a deal with the crypto industry to move a stalled Senate market-structure bill. The core dispute revolves around whether exchanges should offer yield-bearing programs on stablecoins, with banks pushing to ban such yields and crypto firms seeking regulatory clarity. The White House is mediating the talks, and Trump privately backed Coinbase’s position after meeting its CEO, signaling support for allowing crypto rewards. While the administration hopes to resolve the disagreement, the bill’s passage remains uncertain as discussions continue past deadlines.

via Politico|
#banks#coinbase#crypto-regulation
Dollar-Pegged Coins Break Into Everyday Wallets, Global Study Finds
business1 month ago

Dollar-Pegged Coins Break Into Everyday Wallets, Global Study Finds

A global survey of 4,658 adults across 15 countries finds stablecoins, pegged to the dollar and totaling about $300 billion in market cap, are shifting from a trading tool to everyday money used for payments, payroll, and savings. Among crypto users, 54% held stablecoins in the past year and 56% plan to acquire more; freelancers earn roughly 35% of their income in stablecoins, and about three-quarters say it improves cross-border work. Holders allocate about one-third of their savings to crypto/stablecoins, with higher uptake in lower-income regions like Africa. About 52% have bought something specifically because a merchant accepts stablecoins, highlighting growing merchant acceptance. Regulators are moving to clarify rules, potentially accelerating adoption."

via The Block|
#business#cross-border#cryptocurrency
Prosecutors warn GENIUS Act could enable stablecoin fraud profits
business2 months ago

Prosecutors warn GENIUS Act could enable stablecoin fraud profits

New York prosecutors say the GENIUS Act, the bipartisan stablecoin bill, falls short on forcing issuers to return stolen funds and could let stablecoin firms like Tether and Circle profit from fraud; they cite the ability to freeze funds and earn interest on reserves, claiming about $1 billion in 2024 profits for each firm and millions currently held frozen, while critics warn it lacks consumer protections.

via CNN|
#business#circle#genius-act
Bitcoin-Dollar Synergy Takes Center Stage as Warsh Named Fed Chair
cryptocurrencies2 months ago

Bitcoin-Dollar Synergy Takes Center Stage as Warsh Named Fed Chair

President Trump’s pick to lead the Fed, Kevin Warsh, has crypto markets weighing a bitcoin–dollar dynamic: he’s praised bitcoin as “gold for anyone under 40” while also signaling a hawkish policy stance and maintaining ties to stablecoins and early bitcoin ETFs. The nomination sparked a price dip in bitcoin, but Warsh’s comments suggest crypto could inform policy and fit into broader discussions about stablecoins and CBDCs, all set against a backdrop of rising debt and questions about monetary dominance. It’s early to discern his exact policy path until he resumes duties at the Fed.

via Gizmodo|
#bitcoin#central-bank-digital-currency#cryptocurrencies
Stablecoins as a lifeline: Venezuelans flock to USDT amid crisis
world2 months ago

Stablecoins as a lifeline: Venezuelans flock to USDT amid crisis

Amid political turmoil and hyperinflation in Venezuela, residents rushed to convert bolívares into USDT to preserve savings, send remittances, and pay for goods. The surge in demand pushed USDT prices above $1 on some exchanges, highlighting liquidity gaps and risks, while analysts note stablecoins can act as a real-time safety rail in unstable economies—and potentially increase capital outflows that pressure the local currency.

via CNBC|
#bolivar#hyperinflation#stablecoins
Crypto Dip Hits Pause as US Regulation Hurdle Delays Bill
business2 months ago

Crypto Dip Hits Pause as US Regulation Hurdle Delays Bill

Bitcoin hovered around $95,700 after a daily decline as the Senate Banking Committee postponed a hearing on the Digital Asset Market Clarity Act following Coinbase’s withdrawal of support; Coinbase CEO Brian Armstrong called the bill worse than the status quo, citing issues such as a ban on tokenized stocks and limits on stablecoin rewards. Ethereum and XRP also slipped. Despite the delay, crypto markets have been resilient and are awaiting clearer regulatory direction, though an immediate breakthrough remains unlikely.

via Barron's|
#bitcoin#business#coinbase
politics2 months ago

Fresh talks loom as Senate delays crypto bill amid Coinbase backlash

Senate Banking Chair Tim Scott postponed a markup of a sweeping cryptocurrency bill after Coinbase opposed the latest version, underscoring a key impasse over whether exchanges can offer yield-bearing stablecoin rewards. Lawmakers vow to keep negotiating a compromise palatable to both banks and crypto firms, aiming to provide regulatory clarity on token securities and commodities; leaders like Mark Warner and Cynthia Lummis say there is a path forward, though negotiations are expected to stretch into February.

via Politico|
#coinbase#cryptocurrency-regulation#legislative-markup
BoA CEO warns trillions could shift to yield-bearing stablecoins if allowed to pay interest
policy2 months ago

BoA CEO warns trillions could shift to yield-bearing stablecoins if allowed to pay interest

Bank of America CEO Brian Moynihan warned that a Treasury Department study suggests up to $6 trillion of U.S. bank deposits could migrate into stablecoins if interest-bearing stablecoins aren’t restricted, potentially shrinking banks’ deposit bases and raising wholesale funding costs. The report comes as lawmakers rush to finalize a crypto bill that would ban interest on stablecoins unless tied to activities like staking or liquidity provision, amid lobbying from banks and crypto firms and concerns about financial surveillance.

via The Block|
#bank-of-america#deposits#policy
politics2 months ago

Scott delays Senate crypto bill markup as industry pushes back

Senate Banking Chair Tim Scott postponed a scheduled markup of landmark cryptocurrency legislation after pushback from Coinbase and other crypto firms, signaling uncertain bipartisan support. Coinbase CEO Brian Armstrong argued the draft would worsen the status quo and could undermine CFTC authority while raising concerns about stablecoin rewards, prompting questions about amendments that banks want. With lawmakers from both parties negotiating changes, it’s unclear when Scott will reconvene the markup, though Senator Cynthia Lummis pressed for continuing work on the bill.

via Politico|
#coinbase#cryptocurrency-legislation#politics