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Christopher Giancarlo, former CFTC chief has joined Paxos board. Giancarlo’s advocacy for blockchain innovation aligns with Paxos’ mission for regulated solutions. Paxos aims to drive financial sector innovation with Giancarlo’s guidance on board. J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has been appointed to the board of directors for Paxos, the firm that issues PayPal’s (PYUSD) Stablecoin . Giancarlo’s extensive experience in regulatory matters and advocacy for blockchain technology is expected to significantly contribute to Paxos’ strategic initiatives and further strengthen its position in the rapidly evolving digital asset market. CryptoDad to help advance Paxos crypto advocacy and regulation The appointment of J. Christopher Giancarlo, widely known as “CryptoDad,” to the Paxos board underscores the growing convergence between traditional finance...

A consortium of Nigerian banks, fintechs and blockchain companies is developing the first regulated Naira stablecoin , cNGN. The new stablecoin cNGN will be a consortium-based compliant and regulated Naira stablecoin. cNGN will be pegged 1:1 to NGN, but unlike previous stablecoin drafts, it will be owned by Nigerian banks and will be legal tender. According to Forbes sources, the launch is planned for 2024. Unlike previous versions, cNGN will be a cryptocurrency — like other stablecoin s — and not a CBDC. Also, the coin will be serviced by the consortium and owned by its banks. “Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers.” Forbes You might also like: Nigerian central bank lifts ban on crypto transactions It is noteworthy that just a day ago, transactions with cryptocurrencies were allowed in Nigeria. Previous ...

Real-estate-backed stablecoin USDR fell to $0.53 per coin on Oct. 11, but the team said it was merely a liquidity issue and that real estate holdings and digital assets will be used to support redemptions. Real estate-backed stablecoin USDR lost its peg to the U.S. dollar after a rush of redemptions caused a draining of liquid assets such as Dai (DAI) from its treasury, its project team has revealed.  USDR — backed by a mixture of cryptocurrencies and real-estate holdings — is issued by Tangible protocol, a decentralized finance project that seeks to tokenize housing and other real-world assets. USDR is mostly traded on the Pearl decentralized exchange (DEX), which runs on Polygon. An update on $USDR Over a short period of time, all of the liquid $DAI from the $USDR treasury was redeemed. This lead to an accelerated drawdown in the market cap. Combined with the lack of DAI for redemptions, panic selling ensued, causing a depeg . We’re working on… — Tangible (@tangibleDAO) October 11...

Key takeaways Binance Japan is exploring the possibility of issuing a stablecoin in Japan by the end of 2024. The crypto exchange is working with MUTB, a unit of Japan ’s MUFG.  Binance Japan plans to issue a stablecoin in Japan Mitsubishi UFJ Trust and Banking Corporation (MUTB) and Binance Japan Inc ( Binance Japan ) are currently working together to explore the possibility of issuing a stablecoin in Japan . MUTB is a unit of Japan ese bank MUFG. This  latest cryptocurrency news comes as Binance looks to strengthen its position in the region after it re-entered the Japanese market.  The stablecoin will be pegged to fiat currencies, including the Japanese Yen and other foreign currencies. In November 2022,  Binance acquired a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan, marking its re-entry into the Japanese market.  According to the press release, MUTB is currently l...

The San Francisco Superior Court has reportedly taken control of Fei Protocol’s Discord server in a class action settlement. Fei Protocol is a decentralized stablecoin project whose native algorithmic stablecoin, FEI, is backed by diverse coins, including DAI, ethereum (ETH), and USDC. Looks like @feiprotocol's discord has been taken over by San Fransisco's superior court s This is the first I've personally seen court s take over a discord, is this common? A link to the class action — https://t.co/fD20xLofTX pic.twitter.com/5HI1EpFZp2 — Julian Traversa (@TraversaJulian) July 7, 2023 Discord takeover and legal notice NFTs The settlement, proposed in a class action lawsuit against Fei Protocol, will provide $17.8 million to compensate all the users who purchased FEI or TRIBE tokens during the Protocol’s Genesis Event, held between March 31 to April 3, 2021. The lawsuit claims that the sale of FEI and TRIBE tokens conducted during the Genesis Ev...

Jeremy Allaire, the CEO of Circle, a leading blockchain technology company behind the USDC stablecoin believes that Congress is making significant strides in this light. He recently expressed his optimism about the ongoing Crypto bill discussions by lawmakers, stating that material progress is being made. Allaire highlighted on Twitter that Congress has announced an upcoming major hearing for next Tuesday focused on the Future of Digital Assets and Regulatory Clarity. Additionally, he revealed that a newly published draft of the US Stablecoin Bill has also been published, which shows significant progress between the Financial Services Committee and the Democrats on the House Financial Services Committee.  1/ Congress will hold another major hearing next Tuesday on the Future of Digital Assets and Regulatory Clarity. And yesterday a major new draft of the US Stablecoin Bill was published that represents material progress between @FinancialCmte & @FSCDems. A thread below. ...

Societe Generale , more commonly referred to as SocGen , recently introduced a stablecoin pegged to the Euro . The France-based multi-national financial services company’s digital asset wing, SG Forge, announced that the asset “EUR CoinVertible” will maintain a stable value and it will be traded under the ticker code: EURCV. Revealing the network on which the project is based, SG Forge’s announcement noted, “EUR CoinVertible is deployed in Euro denomination on the Ethereum public blockchain.” According to SG Forge, this is the first institutional stablecoin to be deployed on a public network. The stablecoin intends to foster robust settlements for on-chain transactions and provide on-chain liquidity funding and refinancing solutions. Alongside, it also deems to be an “innovative solution” for corporate treasury, cash management, and cash pooling activities. EURCV will be offered to institutional clients and help them bridge the gap between traditional capital markets and digital as...

The controversial founder of Terraform Labs, Do Kwon is at the center of the investigation, despite believed to be hiding out in Serbia. The United States Justice Department is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin which contributed to a $40 billion wipe out in the Terra ecosystem last May. Two agencies within the department — the Federal Bureau of Investigation (FBI) and Southern District of New York (SDNY) have interrogated former staff at Terraform Labs in recent weeks, according to a Mar. 13 report by the Wall Street Journal (WSJ). The probe covers similar ground to a lawsuit filed against Terraform Labs and its founder Do Kwon by the U.S. Securities Exchange Commission on Feb. 16, according to people familiar with the matter. Among topics that investigators have asked about was the relationship between Chai, a South Korean-based payment platform and the Terra blockchain on which USTC operated. The SEC alleged in its filing alleged that Kwo...

Silicon Valley Bank and the stablecoin issuer circle have been all over the headlines over the weekend. The shutdown of the bank, followed by the revelation of $3.3 billion in cash in the Silicon Valley bank by Circle, definitely raised some concerns. Following this, the USDC lost its peg and fell to $0.8774 before climbing up to its current price of $0.9796. Cryptocurrency exchanges including Coinbase, Binance, and Robinhood took the necessary measures following the event. Also read: Binance’s CZ Speculates a Coordinated Effort to Shut Down Crypto-Friendly Banks is in Play Circle has finally broken the silence amidst the ongoing drama and addressed its commitment to cover any missing liquidity. JUST IN: Circle $USDC says it will cover any missing liquidity in Silicon Valley Bank using corporate funds. — Watcher.Guru (@WatcherGuru) March 11, 2023 Circle will cover the shortfall from Silicon Valley Bank scenario Stablecoin issuer Circle has announced an u...

There is yet no opportunity to know whether US dollar-backed stablecoins like USDT or USDC will be allowed in Japan by June 2023, the FSA said. Japan’s new regulations allowing investors to trade using stablecoins like Tether (USDT) are expected to be adopted no later than in June 2023, according to a local financial authority. The Financial Services Agency (FSA) of Japan is working on lifting the ban on the domestic distribution of stablecoins, planning to allow certain stablecoins later this year. “This does not mean that all foreign products of so-called ‘ stablecoins ’ will be allowed without any restriction,” a spokesperson for Japan's FSA said in a statement to Cointelegraph. FSA will only allow stablecoins that successfully pass individual checks ensuring that such cryptocurrencies are safe from the viewpoint of user protection, the FSA representative stated. Examples include foreign issuers in their countries being subject to equivalent regulations in Japan, with underlyi...