XRP Will Not Become A Stablecoin For Banks After AMM Launch: Expert
In the wake of Ripple’s announcement regarding the integration of an Automated Market Maker (AMM) into the XRP Ledger (XRPL), the community has been abuzz with speculation and debate. Central to this discourse is the potential transformation of XRP in light of this update, particularly in regard to its classification and function as a digital asset. Ripple’s Chief Technology Officer, David Schwartz, previously hailed this update as the most significant for XRPL, raising expectations among stakeholders. Additionally, at the recent Swell conference, Ripple revealed plans to....
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A group of U.S.-based banks is launching their own stablecoin, USDF. The stablecoin will be issued by the USDF Consortium, which will allow its members (financial and banking institutions) to issue USDF. The proposed stablecoin will be the first currency of its kind to be minted by FDIC-insured institutions and compliant with the recommendations on the use of stablecoins made by the president’s working group.
USDF Consortium to Launch Stablecoin
The USDF consortium, a membership-based group of banks, is launching the first bank-minted stablecoin, also called USDF.....
The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks and federal savings associations can now hold reserves for stablecoin issuers in the country. According to the OCC’s interpretive letter, reserve accounts can either be funded through deposits from stablecoin issuers or deposits from individual stablecoin holders. It stressed that banks can hold such reserves provided that ”the issuer has sufficient assets backing the stablecoin in situations where there is a hosted wallet.” The letter responds to questions....
Ripple Labs is on the verge of receiving approval from New York’s top crypto regulator for its new stablecoin, RLUSD. According to a Fox Business report, the New York Department of Financial Services (NYDFS) is expected to greenlight the stablecoin, with a potential launch date set for December 4. Ripple Set To Launch RLUSD Stablecoin […]
Pro-crypto organization Coin Center is pushing against a new legislative bill targeted at regulating stablecoin use and operations. In a public statement released on Friday, the US-based advocacy group heavily criticized the Lummis-Gillibrand Payment Stablecoin Act, describing it as “unconstitutional” and anti-innovation. Related Reading: ‘Ethereum Wins Big’ With New US Stablecoin Draft Bill: Expert Latest […]
The OCC published guidance allowing U.S. banks to work with stablecoin issuers. Meanwhile, the ECB thinks the term stablecoin can be "misleading."