Meta plans to shutter its Novi digital wallet on Sept. 1

The move comes amid a broad downturn in the cryptocurrency market and new scrutiny on stablecoins. It’s the last remnant of the Diem project, formerly known as Libra, that Facebook kicked off some years ago. Meta plans to shutter its Novi digital wallet on Sept. 1, just eleven months after the company formerly known as Facebook debuted it, according to CNBC. The company announced the upcoming closure on Novi’s website, informing customers that […]

Circle announces a fully-reserved, Euro-backed stablecoin. Euro Coin will initially launch on the Ethereum blockchain starting on June 30.

Circle Internet Financial, a global internet finance firm and issuer of USD Coin (USDC), today announced that it is preparing to issue a fully-reserved, euro-pegged stablecoin from the United States called Euro Coin (EUROC). „Available June 30, Euro Coin is a regulated, euro-backed stablecoin issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most trusted digital […]

The Luna collapse showed us that regulated crypto is the future

Understanders say “What did we say?” after the cryptocurrency Luna collapsed. But the Luna collapse was good for the future of crypto, writes Jens Glasø. The CEO of Spenn Technology gave a keynote speech at Banking 4.0. After Luna crashed, the discussion about crypto has flared up sharply. For many, Luna became a new proof that crypto is too unstable to play an important role in the financial system. For me, it […]

What’s next when stablecoins are no more stable? Crypto crash: Stablecoin collapse sends tokens tumbling.

The combined market value of all crypto-currencies is now reportedly $1.12trillion, about a third of its November value, with more than 35% of that loss coming this week. Bitcoin value drops by almost 60% since November peak! Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called „stablecoin” with it, according to BBC. The Terra Luna token fell from a high of $118 […]

Crypto firms continue to clash with governments over regulations. „If crypto firms don’t bend to regulatory demands, governments can back these as widespread payment options instead.” – says GlobalData

In response to the news that crypto business leaders are objecting to EU proposals to regulate cryptocurrencies, including requiring crypto firms to disclose transaction details; Amrit Dhami, Associate Analyst in the Thematic Research team at GlobalData, comments: “Anonymity is big within the world of cryptocurrency, from the anonymous crypto wallets to the creative pseudonyms of crypto and NFT creators. It’s a big selling point for consumers who don’t want their transactions […]

Worldpay becomes first global merchant acquirer to offer direct USD Coin settlement, driving digital currency adoption to businesses to be pilot merchant for Worldpay’s USDC settlement offering. A leader in Card-to-Crypto processing, Worldpay provides services for 4 of the top 5 cryptocurrency exchanges. USDC is one of the fastest growing dollar digital currencies redeemable 1:1 for U.S. dollars. Financial technology leader FIS® announces that its Worldpay from FIS business will be the first global merchant acquirer to offer merchants the ability to receive settlement directly in USD Coin (USDC), a […]

Over 80% of central banks are considering launching a central bank digital currency or have already done so – PwC report

It is estimated that more than 80% of central banks are considering launching a central bank digital currency (CBDC) or have already done so, according to the 2022 PwC CBDC Global Index, that analyzes and ranks the leading retail and wholesale CBDC projects. Retail CBDC projects (digital currencies designed for public use) have reached greater maturity levels than wholesale projects (digital currencies used by financial institutions that have accounts with […]

Government sets out plan to make UK a global cryptoasset technology hub

The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment. . Stablecoins to be brought within regulation paving their way for use in the UK as a recognised form of payment. . Announcement part of a series of measures to make the UK a global hub for cryptoasset technology […]

Romanian Central Bank approves Elrond acquisition of e-money institution Twispay

The Romanian Central Bank, in a landmark decision with implications for the evolution of digital finance in Europe, has approved the acquisition of Twispay by Elrond. Twispay is a financial institution licensed to provide payment services and to issue electronic money in accordance with the legislation in force and with the authorization received from the National Bank of Romania. Moreover, Twispay is a principal member of Visa (for issuing Visa […]

US banks form consortium for a stablecoin launch

The USDF Consortium™ (the Consortium), an association of FDIC-insured financial institutions, launched with a mission to build a network of banks to further the adoption and interoperability of a bank-minted stablecoin (USDF™), which will facilitate the compliant transfer of value on the blockchain, removing friction in the financial system and unlocking the financial opportunities that blockchain and digital transactions can provide to a greater network of users. USDF is a bank-minted alternative […]