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South Korea’s presidential front-runner Lee Jae-myung has proposed a won-backed stablecoin to curb capital flight. South Korea’s Democratic Party leader Lee Jae-myung has proposed the creation of a stablecoin tied to the Korean won to prevent capital outflows and strengthen national financial sovereignty. Speaking during a recent policy discussion, Lee argued that a won-based stablecoin…
The US Senate voted 66-32 in a procedural vote to move forward the stablecoin-regulating GENIUS Act, which will head to a debate on the Senate floor. The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President…
Bitcoin is less than 5% away from making new all-time highs, and BTC futures markets look ready to support the rally. Key takeaways: Bitcoin buying in the spot and futures markets helped BTC price keep its upward momentum despite $170 million in margin liquidations. Weak stablecoin demand in China and the limited use of futures…
Coinbase faces a $400 million phishing bill after cybercriminals managed to bribe overseas support agents to expose the personal data of the exchange’s users. News broke on May 15 that Coinbase was the target of a $20 million extortion attempt after cybercriminals recruited overseas support agents to leak user data for social engineering scams. While…
A Fireblocks report shows 90% of institutions now use or plan to use stablecoins, with banks prioritizing cross-border payments and speed as key benefits. A new report from enterprise-grade digital assets platform Fireblocks shows that 90% of institutional players are either using or exploring the use of stablecoins in their operations. The report, published May…
Crypto industry observers in Canada are concerned that their industry is being left behind without a clear framework for stablecoins. The slow adoption of stablecoins in Canada has some local crypto industry observers concerned that the country is falling behind. The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022 after…
Wintermute joins at least eight other large crypto firms that announced their expansion to the US, banking on improved regulatory clarity for the Web3 industry. Wintermute, a London-based algorithmic crypto trading and market-making firm, has opened an office in New York as part of its expansion into the US. Wintermute announced the opening of its…
Despite restrictions in many developed markets, USDt still commands 61% of the total stablecoin market by circulating supply. Tether’s USDt (USDT) surpassed a $150 billion market capitalization for the first time on May 12, marking a new milestone amid growing stablecoin adoption. USDt’s circulating supply has expanded by over 36% in the past year, with…
With increasing government oversight, some crypto users may be forced to look for censorship-resistant stablecoins in the future. Censorship-resistant “dark stablecoins” could come in increasing demand as governments tighten their oversight of the industry. Stablecoins have been used for various groups to store assets due to a lack of government interference; however, with regulations pending,…
Stablecoins continue to attract attention from big tech firms and legacy financial institutions, reacting to demand from retail investors. Tech company Meta is reportedly exploring integrating stablecoin payments into its platforms after a three-year hiatus from cryptocurrencies, Fortune reported, citing sources familiar with the matter. The Facebook parent held talks with several crypto infrastructure firms…