Concerns that crypto stablecoins will harm US banks by cannibalizing banking deposits are ill-placed and don’t consider the real-world uses of the tokens, according to Coinbase researchers. “The ‘stablecoins will destroy bank lending’ narrative ignores reality,” Coinbase policy chief Faryar Shirzad said on Wednesday. “Most stablecoin demand comes from outside the US, expanding dollar dominance
FairsquareLab announced today that it has signed a strategic Memorandum of Understanding with Chainlink to push forward cross-border stablecoin interoperability. The agreement names Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as a key technology partner for Phase 2 of Project PAX, a FairsquareLab-led initiative that brings together major financial institutions in South Korea and Japan to pilot
Lamborghini and TON Blockchain Foundation collaborate with Motorverse to propel the next stage of digital culture of the cars and automotive industry. The collaboration is a combination of an actual car company and an expandable blockchain technology that forms a seamless bridge between the physical car ownership and ownership in the online metaverse. The new
Uphold to launch digital asset-backed loans starting December U.S.-based crypto firm Uphold has proposed crypto loans in XRP, ETH, USDC and BTC. Service rollout. Uphold announced plans to introduce digital asset-backed loans in December, beginning with a Florida launch. On October 28, Uphold revealed plans to launch digital asset-backed loan services beginning in December, starting
Jamaicans have rushed to download Jack Dorsey’s decentralized peer-to-peer messaging app Bitchat as the fatal Hurricane Melissa continues to rip through the Caribbean. Bitchat — which uses Bluetooth mesh networks for internet-free, encrypted communication — is now the second-most downloaded app on the Apple App Store and Google Play in Jamaica, offering a lifeline for
Asian and Pacific(APAC) jurisdictions chart divergent digital currency development paths. Some are advancing central bank digital currencies while others embrace private stablecoins. Hong Kong completed its e-HKD pilot program on October 28, while Japan’s JPYC stablecoin surpassed 50 million yen within 48 hours. South Korea warned about depegging risks, and Australia clarified stablecoin regulatory requirements
Securitize, a real-world asset tokenization platform, has unveiled a tokenized fund designed to give investors access to AAA-rated collateralized loan obligations onchain. The fund is being developed in partnership with global investment bank BNY Mellon. According to Wednesday’s announcement, BNY will safeguard the fund’s underlying assets, while a subsidiary of the bank will manage the
Consensys, the blockchain software company behind the MetaMask wallet, plans to go public and has chosen JPMorgan Chase and Goldman Sachs as lead underwriters for its initial public offering, Axios reported Wednesday. The listing would mark one of the most significant public debuts yet by a firm building the infrastructure of Ethereum ETH$4,027.87, the world’s
Key Takeaways Over $300 million was liquidated in the crypto markets due to volatility triggered by the Federal Reserve Chair’s FOMC speech. Lower interest rates may push investment into cryptocurrencies and other alternative assets. The crypto market faced $300 million in liquidations in the past hour as Federal Reserve Chair Jerome Powell delivered remarks during
Cryptocurrency firms have been rushing to issue initial public offerings (IPO) this year; however, they’ve not all been winners for investors who get in when these stocks are finally offered publicly. Among five firms analyzed by Protos — Circle, Galaxy Digital, Bullish, Gemini, and eToro — only two of them — Circle and Galaxy Digital