#stablecoins

#stablecoins

The FDIC announced on May 22 that its board approved a notice of proposed rulemaking for Bank Secrecy Act (BSA) and sanctions compliance standards covering FDIC-supervised permitted payment stablecoin issuers (PPSIs). The proposal would implement requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). A PPSI is an issuer approved to issue payment stablecoins under federal oversight.

Sui has recently implemented gasless stablecoin transactions on its mainnet, solving one of the user experience problems that still plagues most blockchains. Traditionally, when using established blockchains, users need the base token to pay transaction fees for any transfer. Sui has solved this adoption impediment by eliminating these fees for stablecoins, meaning that any payments using these tokens will pay 0 in fees for USDsui, SuiUSDe, AUSD, FDUSD, USDB, USDC, and USDY.

We are preparing to have a digital asset custody business; we already have a partner who will work with us, providing comprehensive custody for all assets, including tokens, crypto, and stablecoins, Petrovic stated.

Hana Bank has agreed to acquire a significant stake in Dunamu, the parent company of cryptocurrency exchange Upbit, in a move that underscores the growing convergence between South Korea's traditional banking sector and the digital asset industry.

The value of virtual assets held by domestic investors in South Korea has plummeted by more than $41 billion (60 trillion won) over the last year, as a cooling crypto market prompted a mass migration of capital toward traditional equities. According to Bank of Korea data reportedly submitted May 10 to Rep. Cha Kyu-keun of the Rebuilding Korea Party, the total valuation of domestic virtual assets stood at approximately $41.17 billion as of the end of February. The decline marks a staggering reversal from the market's peak in January 2024, when holdings reached $82.76 billion.

“This is the best product in the history of the world but distribution is broken,” says Ferdinand Dabitz, holding up a $100 bill. Even though U.S. dollars are the world's favorite currency, says Dabitz, many people seeking to get them must rely on an antiquated system of banks with limited hours staffed by clerks. The 25-year-old Dabitz is the CEO of a new type of bank called Augustus that he says addresses this deficiency thanks to a payments architecture designed around AI and stablecoins, not humans.

The disruption rippled through several DeFi protocols, including Aave, where large volumes of users unwound positions, many opting for the stablecoin exit route.

Doordash plans to integrate stablecoin payouts for its gig workers, known as Dashers, through the Tempo blockchain, which is designed specifically for stablecoin payments and real-world settlement.