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PayPal introduces its own stablecoin that's pegged to the US dollar
Almost three years after PayPal started supporting cryptocurrency for all US accounts, the fintech company has launched its own stablecoin that's pegged on the US collar.
Terra blockchain founder Daniel Shin indicted in South Korea
South Korean authorities announced today that they indicted the co-founder of Terraform Labs, the company that develops and manages the blockchain payment platform Terra. According to Bloomberg, Daniel Shin and nine others linked to Terra now face multiple charges, including violations of capital markets law, which regulates the nation’s securities and financial markets.
USDC stablecoin breaks dollar peg following Silicon Valley Bank collapse
The abrupt collapse of Silicon Valley Bank has affected the value of USD Coin, the world’s fifth-largest cryptocurrency.
SEC charges Terraform Labs over alleged 'multi-billion dollar' crypto fraud
The SEC has charged Terraform and its CEO for allegedly running a 'multi-billion dollar' crypto fraud scheme.
Senators introduce bipartisan bill to regulate crypto assets
A bipartisan Senate bill would create a full regulatory framework for cryptocurrency and other digital assets.
PayPal confirms it's exploring the launch of its own stablecoin
It might be called "PayPal Coin," and it will reportedly be backed by the US dollar.
US regulators aim for greater legal clarity surrounding cryptocurrency
US banking regulators have shared their cryptocurrency priorities for 2022, including more clarity on the legality of digital assets.
The US may crack down on 'stable' cryptocurrencies
US regulators are mulling a crackdown on stablecoins like Tether over concerns they actually destablize the economy.
Visa will allow some transactions to be settled with cryptocurrency
Support for the USDC stablecoin will streamline crypto-based payments.
Facebook's Libra currency will get half its backing from the US dollar
Facebook was quick to promise that its Libra cryptocurrency would have the stability of real-world money behind it, but whose money will dominate? It's now particularly clear. Facebook sent a letter to German politician Fabio De Masi explaining that the US dollar will represent 50 percent of the backing for Libra. The remaining support will come from the euro (18 percent), Japanese yen (14 percent), British pound (11 percent) and Singapore dollar (7 percent). If you were hoping for currency representation from more parts of the world, you'll be disappointed.
New York state approves two dollar-based cryptocurrencies
Today, New York approved the first digital currencies that are tied to the US dollar, called "stablecoins." These cryptocurrencies avoid the price volatility of their brethren by being pegged to stable assets. The digital currencies in question, from Gemini Trust Company and Paxos Trust Company, are available to trade on their respective exchanges. It's a good sign that cryptocurrency is maturing.
