Blockchain 

BDeFi Invites Government Partnerships to Create a Singular and Global Stablecoin Platform with Integrated KYC

(November 30, 2019) – When it comes to onboarding new customers, whether by banks, financial institutions, or crypto exchanges, there is currently no one global KYC system or platform, leading to a very costly and chaotic situation. One venture, BDeFi, is working to revolutionize the global KYC system with a stablecoin-based blockchain platform. A recent global survey of crypto exchanges found that nearly 70% of these did not have a ‘complete and transparent’ KYC procedure, and only 26 percent could ensure high anti-AML procedures. The global KYC costs are around…

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Blockchain 

Tether to Launch Gold-Backed Stablecoin

Over the course of the past few years, stablecoins have become one of the most important constituents of the crypto ecosystem, and Tether is certainly the most well-known. The stablecoin is backed by several fiat currencies, and over the years, it has worked as an excellent substitute for fiat currencies for crypto traders. Key Points to Watch In a new development, it has now emerged that Tether is all set to launch a new cryptocurrency that is going to be backed by gold. The cryptocurrency in question is “Tether Gold,”…

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Blockchain 

Wells Fargo to Launch USD-Pegged Stablecoin for Internal Settlements

US multinational megabank Wells Fargo & Co. (NYSE:WFC) has revealed plans to launch a US dollar-linked stablecoin that will run on the company’s first blockchain platform. The “Wells Fargo Digital Cash” The service, dubbed “Wells Fargo Digital Cash,” is a tokenized dollar that will be used in internal settlement across the firm’s business. The stablecoin will be piloted first and will debut next year. It’s initially targeting USD transfers, but there is a wider plan to accommodate transfers in other currencies within the company’s blockchain network. On Tuesday, the company…

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Blockchain 

Tether Introduces New Yuan-Linked Stablecoin, CNHT

The cryptocurrency space has had its fair share of controversies throughout the course of its short existence, and one of the biggest ones to date is the one related to stablecoins. There are plenty of stablecoins in circulation these days, but the most controversial one so far is Tether, and it is simply due to the fact that is it is the most popular one within this particular group of digital assets. Key Analysis The reason why many in the crypto space are suspicious of Tether and other stablecoins is…

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Blockchain 

Facebook Libra to Be Pegged to Multiple Currencies as Stablecoin

One of the biggest disruptions to the crypto space this year has been the announcement of Libra from the tech giant Facebook (NASDAQ:FB) back in July. The white paper published by the company about its cryptocurrency resulted in a lot of chaos and eventually led to turmoil in the crypto market as lawmakers expressed their doubts about Libra quite vehemently. Key Updates The company was asked to clarify several aspects of the Libra project to United States senators. In a report by one of the leading business publications, the company…

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Blockchain 

Binance to Introduce Own USD Stablecoin with Paxos

Binance is the world’s biggest crypto exchange, and it made a massive announcement yesterday. The world of cryptocurrencies has come a long way since the days when there used to be a handful of tokens and investors generally switched from one token to another. However, over the past few years, a wide range of tokens have come into existence, and perhaps the most interesting ones have been the stablecoins. Key Development These coins are backed by the United States dollar and are hence far more stable than traditional crypto tokens.…

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Blockchain 

ECB Questions Stablecoin Stability Amidst Regulatory Uncertainties

Stablecoins are not immune to uncertainties. Those are the sentiments shared by the European Central Bank (ECB). According to the regulator, stablecoin stability could be hampered by the uncertainties stemming from the lack of regulations. Uncertainties The fact that regulatory pressures do affect fiat currencies is one of the tailwinds that could take a toll on the stability of stablecoins. For instance, these coins pegged on fiat currencies, such as Tether (USDT), are always subject to volatility in line with regulatory policies instituted by the FED to protect the dollar. The…

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Blockchain 

Tether to Launch Stablecoin Pegged to Chinese Yuan

Controversial crypto platform Tether is planning on launching a Chinese Yuan-pegged stablecoin, according to reports in China today. Tether’s Fourth Stablecoin The stablecoin, which will be known as CNHT, will be the fourth stablecoin in Tether’s portfolio after ones backed to the US dollar (USDT), Euro (EURT) and the Japanese Yen (JPYT). The company’s plans were revealed by Zhao Dong, a shareholder in Bitfinex, which shares the same senior personnel as Tether, via Chinese social media platform WeChat. Dong also said that his peer-to-peer crypto lending company, RenrenBit, will support…

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Blockchain 

Stablecoin Market is Showing Signs of Solid Growth

The cryptocurrency market has possibly been one of the most innovative things to have emerged over the past decade or so, and during the course of that period, it has taken the world by storm. However, as everyone knows, ecosystems evolve, and that is what has been happening with regards to the cryptocurrency ecosystem as well. Eventually, the establishment of exchanges allowed millions of people to buy and sell cryptocurrencies with a few clicks. It was the brainchild of crypto exchanges to introduce a new digital asset class, which was…

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Blockchain 

IBM Hints at Entering the Stablecoin Arena

Jesse Lund, head of blockchain solutions at IBM, has just hinted that the tech company has plans to explore stablecoins in an interview with Cheddar yesterday. Lund did not disclose when this venture may debut but said it would be on its World-Wire platform. IBM and Stablecoins IBM began its venture with Stellar in late-2017 and finalized most of its plans in mid-2018. Stellar is an open-sourced, decentralized protocol that focuses on transfers between fiat currency and digital currency. Lund told Cheddar that US banks are “very interested” in using stablecoins to…

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