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Canadian securities regulator CSA has clarified terms and conditions for stablecoin trading on exchanges. Crypto platforms and issuers have to adhere to set conditions before they are allowed to offer stablecoin related services. Several crypto exchanges, including Binance, exited Canada earlier this year following CSA’s new stablecoin guidelines. The Canadian Securities Administrators (CSA) has provided further guidance to the trading of Stablecoin s on crypto exchanges in the country. The update comes months after major exchanges, including Binance, halted operations in the country over regulator y developments. Canada clarifies stablecoin trading rules Although the CSA previously noted in an interim framework that stablecoins, which it terms as “value-referenced crypto assets,” may constitute securities or derivatives, its latest update include the acknowledgement that the asset is an important component of trading on crypto exchanges. ...

The head of the Coinbase, Brian Armstrong, believes that flatcoins could become the next iteration of stablecoins. In an interview with Yahoo Finance, he stated that flatcoins are “the next iteration of stablecoins.” Coinbase has not yet started development in this area, but they are “interested in it,” Armstrong added. “[The Flatcoin concept is] a new thing on the horizon. There’s a couple teams working on it.” Brian Armstrong, Coinbase CEO Armstrong considers this idea “the best form of money in the crypto space” compared to the current cryptocurrencies and stablecoins. “I also put out a blog post talking about some of the future ideas on the horizon. And a number of our venture investments might go into things like that. But I talked about flat coins, which is kind of the next iteration of stablecoins that’s more maybe linked to CPI or purchasing power.” Brian Armstrong, Coinbase CEO What is flatcoin? Flatcoins are decentralized stablecoins that, fo...

Stablecoins, such as USDC, could face a complex situation if a new national defense bill approved by the US Senate becomes law. The 2024 National Defense Authorization Act could introduce new KYC and anti-money laundering requirements that stablecoin issuers won’t be able to comply with. Berenberg analyst Mark Palmer explained that the amendment would require the U.S. Treasury Secretary to “establish examination standards for crypto assets” to help regulators ensure compliance with money laundering and sanctions laws. Palmer added that the identities of the stablecoin holders can be known only when the stablecoins are issued and redeemed. He said the new KYC law could directly impact the value and market cap of stablecoins like USDC. You might also like: USDT market cap rises, USDC declines The act’s impact on Coinbase Palmer explained that the 2024 National Defense Authorization Act could impact Coinbase negatively. He said the exchange “derived...

In the latest Ask-Me-Anything (AMA) session, Binance CEO Changpeng Zhao (CZ) disclosed the upcoming announcement of a new partner for an additional USD stablecoin alongside FDUSD.  He also shared insights about a small team working on algorithmic stablecoin s, expressed concerns over the lack of audit reports for USDT, and revealed Binance’s intention to collaborate with numerous stablecoin s to mitigate risk. And we're live! Tune in to our Twitter Space with @cz_binance below https://t.co/KzU2bmdgxG — Binance (@binance) July 31, 2023 Things can change very quickly Although the July 31 AMA covered several topics, the conversation around stablecoins garnered significant attention. CZ highlighted that the industry is seeing many issues with the different stablecoins saying, “I personally have not seen any audit reports from USDT,” making it kind of a “black box.” He also points to issues in regulation in New York, although he pointed to...

The issuer of the USDC Circle is reportedly exploring the possibility of launching a stablecoin in Japan following the implementation of new crypto regulations in the Asian nation. In an interview with CoinDesk, Jeremy Allaire, the co-founder and CEO of Circle, expressed his belief that Japan could become a significant market for stablecoin s, particularly if they gain widespread acceptance in cross-border trade. Allaire’s optimistic statement follows the implementation of Japan’s new regulations governing stablecoin issuance on June 1. You might also like: Valkyrie submits application for spot bitcoin ETF, partners with Coinbase While Allaire did not provide specific details about Circle’s potential stablecoin offering, he emphasized the company’s interest in forming partnerships within Japan, which is the world’s third-largest economy. In June 2022, Japan’s parliament passed a bill focused on stablecoin s, which mandates that these d...

Join Our Telegram channel to stay up to date on breaking news coverage The cryptocurrency division of Societe Generale has released Coinvertible, a stablecoin of its own. Because the stablecoin has legal support, its intended users can trust it. With the introduction of Coinvertible, the first institutional stablecoin implemented on a public blockchain, the aim to float a widely accepted stablecoin has taken a new direction. Societe Generale-Forge, a division of the French multinational banking behemoth in charge of its digital assets division, is the company behind Coinvertible. The Coinvertible stablecoin is supported by the Euro and protected by the Ethereum blockchain protocol, as stated by the major provider of financial services. Stablecoins, which are digital assets with stabilization mechanisms built on a solid banking-grade framework, will be a crucial component in boosting trust and confidence in the native crypto ecosystem. This issuance is a significant step in So...

With 70% of the Southeast Asian population under/unbanked, DeFi solutions have positioned themselves as catalysts for financial transformation. In one of the more striking early scenes from P.T. Anderson’s 2007 film, There Will Be Blood, there is a gas explosion that destroys the drilling rig set up by oil tycoon Daniel Plainview. Noticing one of his employees observing the situation dejectedly, Plainview rebukes the man, saying: “What are you looking so miserable about? There’s a whole ocean of oil under our feet. No one can get at it except for me!” Access to and possession of that oil would catapult Plainview, like it did many of his real-world counterparts, to the highest stratosphere of wealth. These days, rather than turning paupers into princes, oil more often serves as a means of transforming princes into the owners of the world’s biggest sports teams. But one can be forgiven for seeing parallels in the mania of that time and today’s focus on what is currently one of the most ...

Tether's USDT has seen its market capitalization rebound to nearly $70 billion as the SEC ordered Paxos to stop issuing BUSD, the third-largest stablecoin. The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs.  BUSD market cap drops by $2 billion The SEC asserts that BUSD, a U.S. dollar-backed stablecoin , is a security, noting that Paxos has violated investor protection laws by white-labeling it. Related:  Paxos ‘categorically disagrees’ with the SEC that BUSD is a security Since Feb. 13 when the news broke, the BUSD market cap has lost roughly $2 billion, down to around $14 billion as of Feb. 16 — the lowest since January 2022.  BUSD circulating supply. Source: Messari As Cointelegraph reported, Binance has seen its withdrawals and BUSD redemptions surge post-Paxos crackdown. USD Coin market cap...