• NYDFS approves yen stablecoin
    Alt coins,  Regulation

    In U.S. first, New York regulators approve yen-backed stablecoin

    With the New York Department of Financial Services’ approval, Japanese IT giant GMO Internet Group will also issue a dollar-backed stablecoin

    The company has been granted a New York State charter to operate as a limited liability trust company by the Department of Financial Services, according to Linda Lacewell, the Superintendent of Financial Services.

  • Biden friend to crypto Allaire
    Cryptocurrencies,  Regulation

    Biden Administration will be crypto’s friend: Circle’s Jeremy Allaire

    The CEO of the USDC stablecoin-issuer predicted President-elect Joe Biden’s administration will see cryptocurrencies as a way to ‘make America more competitive’

    Speaking on CNBC’s Squawk Box on Dec. 7, Allaire said “they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet. That said, Allaire noted that the administration is facing pressure to regulate cryptocurrencies and Bitcoin more aggressively, from both the left and the right.

  • STABLE Act would destabilize stablecoins
    Cryptocurrencies,  Opinion,  People,  Regulation

    STABLE Act could destabilize stablecoins

    Industry leaders say the proposed legislation would cripple innovation by subjecting the fiat-backed cryptocurrencies to traditional banking regulations

    The Stablecoin Tethering and Bank Licensing Enforcement—or STABLE—Act seeks to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities,” its sponsors said.

  • Bridge Mutual insure stablecoins
    Cryptocurrencies

    Decentralized insurance firm Bridge Mutual wants to cover your stablecoins

    The company aims to provide insured access to decentralized finance interest-yielding applications

    Bridge Mutual aims to provide coverage for the risks involved in holding stablecoins, which now have a total market cap of over $20 billion and are growing fast. While many in the cryptocurrency space believe this kind of asset is mostly devoid of risk, stablecoins can lose their value if they stop being accepted, sometimes can be hacked, and often require a company to be trusted to hold assets to back them.