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In his farewell address as Deputy Governor of the Bank of England (BOE), Sir Jon Cunliffe delved into the evolution of payment solutions, both past and future. Meanwhile, Vice Chair Michael Barr of the Federal Reserve Board spoke on October 27 about the ongoing research into a central bank digital currency (CBDC) or related technologies. These discussions took place at the Economics of Payments XII Conference, where both Sir Jon Cunliffe and Vice Chair Barr shared their insights. Vice Chair Barr shed light on the Federal Reserve’s current focus, which revolves around the “end-to-end system architecture,” encompassing ledgers, tokenization, and custody models for an intermediated CBDC. He emphasized the necessity of a congressional mandate before a digital dollar could become a reality, but he also highlighted the importance of learning from domestic and international experiments to guide responsible innovation. While Vice Chair Barr’s remarks may seem uncontrov...

Stablecoin activity has been increasingly occurring through entities that aren’t licensed in the United States, according to Chainalysis. The United States government may be losing regulatory oversight of the stablecoin market , according to a new report by the blockchain research firm Chainalysis. Stablecoin activity has been increasingly occurring through entities that aren’t licensed in the United States, Chainalysis stated in its latest North America cryptocurrency report released on Oct. 23. According to Chainalysis’ findings, the majority of stablecoin inflows to the 50 biggest cryptocurrency services have shifted from U.S. licensed services to non-U.S. licensed services since spring of 2023. As of June 2023, about 55% of stablecoin inflows to top 50 services were going to non-U.S. licensed exchanges, the report stated. Share of stablecoin inflows to U.S. licensed vs. non-U.S. licensed exchanges between July 2022 and June 2023. Source: Chainalysis The study suggested that the ...

Terraform Labs has implored the presiding judge to grant its motion, compelling Citadel Securities to disclose their trading data. Terraform alleges that Citadel Securities played a pivotal role in the catastrophic depegging incident of USTC in May 2022. Terraform Labs, under the leadership of Do Kwon, once again points an accusatory finger at Citadel Securities, alleging their participation in a coordinated and intentional scheme that led to the depegging of TerraUSD (UST) stablecoin in 2022. On the 10th of October, Terraform Labs initiated legal action by filing a motion in the United States District Court in the Southern District of Florida, seeking the disclosure of documents pertaining to Citadel Securities’ trading activities in May 2022, during the critical period when TerraUSD Classic (USTC) lost its peg. Terraform Labs argues that the depegging disaster of May 2022, when the asset plummeted from $1 to $0.02, was not the result of algorithmic instability but rather the...

Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America. Num Finance, a Latin America-based stablecoin s issuer, has introduced its latest stablecoin , nCOP. This new digital asset, pegged to the Colombian peso, is now live on Polygon.  The company claims nCOP will offer users an 8% yield . Num Finance aims to offer digital financial tools to the people of Latin America for their everyday financial needs. As an overcollateralized stablecoin, nCOP promises stability and heightened security to users, facilitating borderless transactions. The firm claims the new stablecoin will help more people access financial services in the area by offering them an easy way to send and receive remittances.  Additionally, the company has integrated a yield feature into the new nCOP stablecoin, enabling users to earn rewards when they hold the asset. “Colombia presents a unique op...

Binance crypto exchange has announced support for direct deposit and withdrawal of the USDC stablecoin via the Arbitrum network. Arbitrum USDC deposits and withdrawals  Following the integration of USD Coin (USDC) on the Arbitrum One network, on June 16, Binance, the world’s largest bitcoin (BTC) trading venue, has added support for direct USDC deposits and withdrawals via the Arbitrum network. However, it is important to note that Binance users can only initiate withdrawals for USD Coin (USDC) on the Arbitrum One network once there are sufficient deposits. Binance will not notify users separately regarding the opening of withdrawals.  Binance urges users to select the right chain when deposit ing/withdrawing USDC to avoid inconveniences.  You might also like: Arbitrum rallies to become top trending coin on CoinMarketCap Arbitrum functions as a secondary layer on the Ethereum blockchain. It aims to address the challenges of slow transaction speeds, limit...

Terraform Labs is the founder of US Dollar Terra (UST), an algorithmic stablecoin that lost its peg in May 2022. Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged that the company had violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by operating the stablecoin, UST, as a “Ponzi scheme.” Three Arrows Capital (3AC) Co-Founder Su Zhu posted the dismissal to Twitter, saying: Curious how long it will take cryptonative media to report on this sudden voluntary dismissal of class action against Luna foundation and Luna investors pic.twitter.com/8SyMhB4u4g — Zhu Su (@zhusu) January 10, 2023 Su Zhu had previously claimed that the bankruptcy of 3AC was partially caused by UST’s collapse. The lawsuit was dismissed “without prejudice,” meaning that the plaintiff has the option to refile it in t...