Stablecoin

Small practices are still mired in paper. Fiserv has joined banks such as JPMorganChase and Citizens in applying new third party transaction technology to the tricky sector.

FRNT is designed to streamline government disbursements while acting as a lure for digital financial services firms.

The Swedish financial institution will sell future buy now/pay later originations to Nelnet. Also, RBC and BMO may sell their payments joint venture; and other news in the global payments and fintech roundup.

Senate Banking Committee Chairman Tim Scott, R-S.C., asked crypto firms to keep spending in elections, and said that they "literally" put Bernie Moreno, Sherrod Brown's successor in Ohio, in the Senate.

Well-regulated stablecoins will open the door to a wide range of financial activities, including 24/7 global markets for any asset class imaginable. Traditional banks should take note.

The GENIUS Act would allow Special Purpose Depository Institutions, which are state-chartered uninsured banks, to expand to other states without the approval of state bank regulators, a provision that's now drawing criticism from consumer advocates and banking lobbyists.

Stablecoin issuers often use Treasury bills as backing reserves. That could put pressure on other parts of the financial system if the industry continues at its current growth trajectory.

Citigroup's new treasury partnership with Payoneer and JPMorganChase's deposit token are pressuring banks to quickly come up with a "vision," according to payment experts.

Noelle Acheson pulls the bill that would ban the Federal Reserve from issuing a central bank digital currency into the spotlight and argues that it's overreaching, unnecessary and distracts attention from more pressing privacy issues.

Bank groups, especially those representing the largest institutions, did little in the way of a public campaign against the provisions in the stablecoin bill that could disintermediate traditional banking, but are picking up steam for the upcoming market structure fight.

Businesses accepting payments in stablecoins on a public blockchain are making vast amounts of data available to their competitors. For the technology to really take off, a privacy-preserving solution is needed.

The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.

The plea marks the beginning of the end of the case over the $50 billion collapse in May 2022 of stablecoin TerraUSD.

The payment company increased its financial outlook, partly on the shoulders of new forms of artificial intelligence, such as "codename goose" that are making it possible to update products faster.

The card brand's Pismo platform will support banking services for the Auckland-based fintech Dosh; Tether collaborates with a blockchain firm to expand USDT. That and more in American Banker's global payments and fintech roundup.

As stablecoins and related products gain traction in the U.S., bankers are going to have to face the fact that their current anti-money-laundering controls simply aren't up to the task anymore.

Unlike rival Fiserv, the bank technology company does not plan to issue its own coin immediately, but it does feel the lure of the broader digital asset market.

Noelle Acheson outlines the key blockchain innovations for payment programmability, and highlights their advantages and their risks.

The White House working group on digital assets said in a report that regulators should "promote transparency regarding the process for institutions to obtain bank charters or Reserve Bank master accounts."

The GENIUS Act in the U.S. and MiCA in the EU are creating a path to the mainstream for digital assets, while Britain won't have crypto regulation until 2026.