STABLECOIN DIGEST 12.02.2021
Regulation and monetary policy
ECB leader floats 3K threshold for digital euro holdings
https://cointelegraph.com/news/ecb-leader-floats-3k-threshold-for-digital-euro-holdings?utm_source=Telegram&utm_medium=social
The central bank said it will reach a decision on releasing a digital euro “towards the middle of 2021.”
Estonia’s crypto honeymoon at an end as stricter regulations loom
After revoking licenses for many crypto firms, Estonia’s parliament is considering even stricter cryptocurrency laws.
Central Bank of Nigeria bans banks from servicing crypto exchanges
Nigeria’s central bank has prohibited commercial banks from providing account services to crypto exchanges.
Crypto custodian Protego gets national charter from the OCC
Protego joins Anchorage as the first string of digital asset firms to get national trust bank licensing.
Russia’s regulatory sandbox and the implementation of blockchain tech
The regulatory sandbox that came into effect in Russia last month is aimed at boosting innovative technology implementation.
Bank of Korea publishes book on central bank digital currency’s legal issues
South Korea’s central bank has issued a book on legal matters that would need to be addressed to ensure the smooth operations and usefulness of a future central bank digital currency.
G7 to discuss CBDC and digital taxation this week
The G7 will begin its Feb. 12 meeting on the subject of central bank digital currencies, before moving to digital taxation and accelerating global debt.
French official wants to change how Europe regulates crypto and blockchain
According to one French official, crypto and blockchain projects should be supervised at the European level.
COVID-19 has pushed Bank of Canada toward ‘digital loonie’
The Canadian central bank would be a better steward of financial data than private stablecoin issuers, according to one deputy governor.
Australian regulators open to Bitcoin ETF with ‘rules in place’
Securities regulators’ down under said that they are open to a Bitcoin ETF, so long as investors are protected by the proper rules.
Analytics and opinions
Stablecoin adoption and pivot to DeFi drive Algorand (ALGO) price higher
https://cointelegraph.com/news/stablecoin-adoption-and-pivot-to-defi-drive-algorand-algo-price-higher?utm_source=Telegram&utm_medium=social
Algorand rallied to a multi-year high after the network emerged as a possible choice for central bank digital currencies and the team revealed its DeFi plans.
Curve liquidity providers see $3M windfall from $11M Yearn.finance exploit
A hacker has made off with $2.8 million after draining $11 million from Yearn.finance’s V1 Dai vault.
Caveat Depositor. How Safe Is Your Stablecoin?
https://www.coindesk.com/think-stablecoins-are-solid-remember-the-financial-crisis
USD stablecoins are created largely outside the dollar system and lack federal deposit guarantees. Investors should be careful.
Total value locked in DeFi marks new all-time high close to $40B
Total value locked in decentralized finance has hit another milestone, but DeFi proponents would do well to look beyond the effects of the bull market on the gross metric.
Stablecoin flows hint at $50K Bitcoin after Tesla pump liquidates $500M in BTC shorts
https://cointelegraph.com/news/stablecoin-flows-hint-at-50k-bitcoin-after-tesla-pump-liquidates-500m-in-btc-shorts?utm_source=Telegram&utm_medium=social
Around $500 million worth of positions were liquidated within hours as the Tesla news caused Bitcoin to spike over $46,000.
Visa reaffirms commitment to crypto payments & fiat on-ramps
The payments giant is bullish on stablecoins, but may be overlooking the potential of DeFi
All risk, no gain? The vague definition of stablecoins is causing problems
It is a sign of our industry’s youth that we routinely fail to provide a coherent descriptive definition of a stablecoin.
New projects, partnerships, and investments
MasterCard announces support for crypto on its network
MasterCard will allow its almost one billion users to spend cryptocurrencies at more 30 million merchants, although it hasn’t specified which coins will be supported.
Alkemi adds Monerium euro token to its stablecoin DeFi offering
https://www.cryptoninjas.net/2021/02/11/alkemi-adds-monerium-euro-tokens-to-its-stablecoin-defi-offering/
Alkemi, a permissioned liquidity pool platform where users can borrow/lend on 5 core DeFi markets, today announced a new partnership with Monerium, a regulated European-based electronic money institution.
Stellar becomes new home of USDC as integration goes live
The Stellar blockchain can be used to pay with USDC, the second-largest stablecoin.
