Stablecoins Push Forward With US Bank Testing Payments On Stellar

The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payments. The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins. Russia’s Central Bank Voices Opposition to Stablecoins Unlike the Ministry of Finance, the Central Bank of Russia (CBR) believes stablecoins are not intended for settlements, either within the country or abroad. The monetary authority said that the issuance and use of private stablecoins is....

The Ministry of Digital Transformation of Ukraine has picked the Stellar Development Foundation (SDF) to develop its central bank digital currency project (CBDC). Ukraine Picks Stellar Foundation to Develop Its Central Bank Digital Currency and National Virtual Asset Strategy According to the official announcement, both parties signed a “Memorandum of Understanding” to deploy Ukraine’s crypto strategy. The National Bank of Ukraine has been exploring CBDC’s for some time, there are reports on the matter since 2016. The agreement will also strengthen the....

Anclap expects to launch two more Stellar-based stablecoins for Chile and Colombia later this year. Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru, Cointelegraph en Español reports.Pegged to Peru’s official fiat currency, the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap’s network, including conversions to other fiat currencies as well as “any other digital asset,” the firm announced Saturday.Called the “digital sol,” the stablecoin is said to be 100% backed by....

ICICI Bank and three other financial services platforms have partnered with Stellar cryptocurrency platform to enable blockchain based fund transfer. The Indian fintech sector has lately been in the news a lot. In yet another milestone achievement, one of the leading banking institution — ICICI has partnered with Stellar blockchain platform. In the latest release, Stellar has announced partnerships with not one but four different entities across the world. In addition to ICICI Bank, other platforms include Coins.ph — a Philippines-based mobile financial services provider; Flutterwave — a....

Societe Generale-Forge, the digital assets subsidiary of French banking giant Societe Generale, has launched a EUR-backed stablecoin ($EURCV CoinVertible) on the Stellar network.  The move has the potential to reshape the landscape of stablecoins, offering enhanced compliance, cost-effectiveness, and scalability.  The $EURCV stablecoin is set to serve as a key tool for financial applications and […]