Saudi Arabia exits China-backed mBridge CBDC project: FT

Saudi Arabia has left mBridge, a cross-border CBDC platform that has drawn scrutiny from US policymakers, according to the Financial Times. Saudi Arabia has withdrawn from mBridge, a China-backed cross-border digital currency project designed to enable direct transactions between central banks, according to the Financial Times. SAMA, Saudi Arabia’s central bank, joined mBridge as a…

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Circle launches Bitcoin-backed USDC borrowing for institutional clients

Circle is bringing Bitcoin-backed borrowing to institutional clients, allowing them to tap BTC holdings for USDC liquidity without selling their Bitcoin. Stablecoin issuer Circle has launched a Bitcoin-backed borrowing service for institutional clients, allowing eligible Circle Mint customers to use BTC as collateral to borrow USDC through onchain lending markets. The service, called Digital Asset-Backed…

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