Stablecoin

Two reports out earlier this month come to very different conclusions as to the feasibility of public blockchains for finance; the differences matter for global stablecoin adoption.

Senate Banking Committee Chair Tim Scott, R-S.C., said Tuesday that he expects the committee to work out a compromise between banks and crypto firms on yield-like rewards — a major sticking point in a market structure bill — by Friday.

BVNK's technology enables traditional currency and stablecoins to work together, and will enable the card network to improve distribution for clients that use digital assets.

Comptroller of the Currency Jonathan Gould encouraged the audience at a crypto conference Tuesday to weigh in on the agency's GENIUS Act implementation rule and said a separate anti-money laundering proposal from OCC and Treasury would be coming soon.

Noelle Acheson argues that banks' focus on deposit tokens rather than stablecoins is a clear example of the "innovator's dilemma" at work: few economic incentives to embrace the innovation happening at the periphery.

Federal Deposit Insurance Corp. Chair Travis Hill said in a speech Wednesday morning that the agency will move to codify stablecoins as ineligible for deposit insurance — which is required under the GENIUS Act — and that the prohibition likely will include pass-through deposit insurance arrangements.

The Salt Lake City-based regional bank has elevated two executives following the departure of longtime Chief Technology and Operations Officer Jennifer Smith.

Cari has lined up five banks so far to support tokenized deposits for transactions such as real-time payments.

Fintechs and the technology behind cryptocurrency are becoming popular, putting trillions in transaction value at risk for banks, according to Accenture.

Noelle Acheson points out that a wander through stablecoin history highlights an overlooked use case likely to be of interest to financial services providers.

By acquiring the ATM firm, Brink's hopes to expand in retail commerce. Plus, Revolut issues a card to compete with Amex; Standard Chartered has a new payments chief; and more in American Banker's global payments and fintech roundup.

The blockchain technology firm has added new processing tools for digital assets and traditional money, pitching itself as a destination for crypto-curious banks.

Sanctions forced Iran to build its own financial network, but technology allows it to take the war anywhere

In separate arrangements, Mastercard is working with SoFi and Visa is working with Bridge to build scale in anticipation of greater demand for the digital asset.

If the next phase of digital money policy is to succeed, it must grapple with a simple truth: People do not experience money through legal categories. They experience it through use. That's a fact that supervision must account for.

The agency's 400-page GENIUS Act proposal sets capital, reserve and operational rules to govern how stablecoin issuers may operate. 

Comptroller of the Currency Jonathan Gould took several assertive stances at a Senate Banking Committee hearing Thursday, minimizing concerns about banks' potential compliance costs to collect citizenship data and sidestepping questions about World Liberty Financial's trust charter application.

Noelle Acheson argues that stablecoins can help community banks deepen relationships with their customers, help them explore new forms of capital formation and strengthen their own exposure to risk.

The investment broker announced a real-time trading and settlement option for its tokenized money market fund through USDC stablecoins and the ethereum ledger.

In this week's American Banker global payments and fintech roundup, Revolut, Tether and Circle made announcements designed to improve their standing in the stablecoin market. That comes amid new research from McKinsey that says the digital asset is growing quickly, but has not made even a small dent in payments.