Circle, a crypto finance firm, has intervened in the US SEC’s case against Binance, arguing that its stablecoins are not securities. Circle goes on to say that stablecoins benefit customers and the crypto economy as a whole.
Investors have been migrating away from stablecoins, the go-to crypto asset often seen as a safe haven for navigating the volatile world of digital currency. As leading stablecoins experience an exodus, what is causing investors to flee?
Coinbase CEO Brian Armstrong hinted yesterday that the global cryptocurrency exchange may soon join the growing stablecoin trend with ‘Flatcoin’. Armstrong said the new project could create a new wave of stablecoins, allowing people to “seamlessly transfer value to anyone in the world.
Fed Vice Chair Barr has provided an update on the central bank’s research into issuing a digital currency. He has also urged swift advances in stablecoin legislation.
Stablecoins, digital assets backed by real-world assets, can provide individuals an escape from high-inflation currencies. Brevan Howard Digital, a firm that provides support services for Stablecoin projects, helps high-inflation currency holders protect their wealth.
BlockFi is seeking to convert trade-only assets into stablecoins, according to a court filing. The company is asking a federal court to approve the move, which could provide more liquidity to digital asset holders.
The European Banking Authority EBA has proposed extra regulations for EU stablecoin issuers who rely on bank assets in reserve The draft states that all such issuers must meet strict standards to protect consumers from potential risks
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A lack of transparency and regulation around stablecoins is leaving crypto markets “highly dependent” on them, with TrustToken’s TUSD potentially posing risk, according to data and research platform Kaiko.