In its Beige Book report, compiled by the Boston Fed and released minutes ago, the Fed said the U.S. economy grew slightly from late May to early July. However, the overall economic outlook was assessed as neutral to slightly pessimistic. In the report, only two of the Fed’s 12 districts indicated that they expect an
Snail Games (SNAL), a publicly-traded video game studio, said on Tuesday that it is mulling the development of its own U.S. dollar stablecoin. The company is evaluating the technical, legal, and financial hurdles to issuing a proprietary stablecoin, according to a press release. To support the effort, Snail retained George Cao, founder of the crypto
Bank of America (BofA) is preparing to enter the stablecoin market, CEO Brian Moynihan said Wednesday, adding that the bank has already laid the groundwork and expects to act when the time is right. “We feel both the industry and ourselves will have responses,” Moynihan said during the lender’s second quarter investor call. “We’ve done
Crypto asset manager Bitwise said it is improving transparency for its spot bitcoin BTC$119,111.73 and ether (ETH) exchange-traded funds, rolling out third-party proof-of-reserves verifications through U.S. accounting company The Network Firm. The process, which is already live, replaces Bitwise’s prior practice of publicly listing nearly 90 wallet addresses on its websites. Instead, The Network Firm
The U.K. government on Tuesday said it intends to enable the wholesale market to identify the best distributed ledger technology (DLT) use cases as well as roll out tokenization solutions. The country wants DLT – the blockchain technology that underpins crypto – to be utilized across different sectors in wholesale financial markets and create cross
The governor of the Bank of England, Andrew Bailey, wrote a letter to the G20 yesterday stating that the Financial Stability Board (FSB) — the forum’s financial overseer, which Bailey was appointed to head in April — is assessing the role of stablecoins in payments and settlements as a top priority. To the point: an
With the expected passage of the GENIUS Act this week, the $260‑billion stablecoin market is on the cusp of becoming a formally regulated part of the U.S. financial system. The next step is institutional, bringing the time‑tested model of clearinghouses into the world of tokenized money. Why clearing matters Traditional clearinghouses, formally called central clearing
U.S. President Donald Trump’s rhetoric toward Fed Chair Jerome Powell appeared to stoke volatility in the crypto market on Wednesday, as investors weighed whether he could soon fire the official. The price of Bitcoin rose as high as $119,500, then fell to around $119,000—yet it’s up even higher now to $119,650, currently up 2% over
US President Donald Trump plans to fire Fed Chair Jerome Powell soon, according to a senior White House official. It was also learned that Trump brought up this possibility in his meeting with Republican members of Congress last night. While the majority of lawmakers attending the meeting supported this move, the official noted that Trump
U.S. stocks traded slightly higher on Wednesday as investors digested strong earnings results from major banks and the latest producer price index data. The Dow Jones Industrial Average and S&P 500 were up 140 points and 0.16% respectively, while Nasdaq Composite hovered at the flatline with 0.04%. Slight upticks in the blue-chip and benchmark indices