Stablecoin

Following the new GENIUS Act, BNY's fund provides a regulated vehicle for stablecoin reserves, distinct from its separate tokenization projects.

Federal Deposit Insurance Corp. acting Chair Travis Hill said Thursday morning that the agency's first proposed rules under recently passed stablecoin legislation should be published by the end of the year.

Fintechs and banks approach innovation from different starting points. Noelle Acheson points out that this can be seen in their approach to payments, and now also in the approach to stablecoins.

Acquisition talks fell through in the final hours, according to reports. Also: Visa launched another stablecoin pilot on Visa Direct; the Bank of England seeks input on stablecoin restrictions; and more in this week's global payments roundup.

Today, if you own Apple stock, you can't send a few shares to your nephew on his birthday, you can't swap them for Google stock and you can't use them as collateral for a loan. Tokenization will change that.

Industry groups and consumer advocates are continuing to push for regulators to interpret the GENIUS Act's prohibition on stablecoin interest as broadly as possible, while crypto firms push for a narrower interpretation, arguing that increased competition would benefit consumers.

Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.

Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.

Custody is the foundation, but the real opportunity for TradFi lies in what comes next

In late 2021, Vast Bank, a regional bank operating throughout Northeast Oklahoma,

Institutional adoption of digital assets hinges on one foundational capability: secure custody

Noelle Acheson looks at what the outsourcing of stablecoin issuance means for the GENIUS Act, and for our understanding of money.

The Minneapolis-based bank is still exploring stablecoin options outside of custody services, but sees opportunity in trade finance, CEO Gunjan Kedia said at The Clearing House Annual Conference in New York Wednesday.

Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.

Federal Reserve Vice Chair for Supervision Michelle Bowman said she wants banks to be competitive in the digital assets space, provided those operations are siloed from the traditional finance side of the business.

Findings from American Banker's On-Chain Finance Report show how market leaders view digital assets as a permanent fixture in the banking industry.

The United States cannot assume its early lead in stablecoins will last. Dollar-pegged tokens dominate today, but Japan's clear regulations and institutional adoption could mean yen stablecoins dominate tomorrow.

The legacy money transfer firm plans to launch USDPT, a coin designed to improve international payment processing. That and more in the American Banker global payments and fintech roundup.

The agency's approval of the stablecoin-focused Erebor will be the first of many applications to open new banks, many focused on nontraditional elements of the business.

Zelle's parent Early Warning Services said Friday it was planning to take its peer-to-peer payments network international through a new stablecoin initiative. It says the details will come later.