This week’s episode of The Market Report explores the reasons why Binance let go of a majority of its USDC reserves and what it replaced them with.
Japanese startup to use stablecoins and CBDC to link Asian countries
Soramitsu is developing a cross-border payment system that uses Cambodia’s CBDCs and targets Japan, India, China and Southeast Asia.
PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum
The PayPal USD will be pegged to U.S. dollars and issued by Paxos Trust.
Bitcoin Lightning on Coinbase agenda, Brian Armstrong tells Jack Dorsey
Armstrong confirmed that Coinbase was looking into adding support for Bitcoin Lightning while reassuring his support for Bitcoin payments.
Coinbase, a16z-Backed ‘Cash-Like’ Crypto Wallet Beam Goes Live
Where most wallets require signing up, performing a degree of KYC checks, Beam users can send payments simply by using a link to a QR code. Thus it is aiming to create the closest possible equivalent to using crypto like cash.
Existential threat? Why some banks are anxious about CBDCs
The prospect of a retail CBDC has some major banks anxious over their revenue streams.
Crypto Startup Ramp Network Starts Brazilian Unit as First Step in LatAm Expansion
A month ago, the company added the Brazilian real and other Latin American currencies to its portfolio.
Elon Musk’s Twitter Overhaul Could Be Huge for DOGE and Crypto Generally
“Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE.”
FedNow Service has no relation with CBDCs, Federal Reserve clarifies
The Federal Reserve certified the FedNow Service as “ready” after it onboarded 41 financial institutions, 15 service providers and the U.S. Department of the Treasury to test the system before its launch by the end of July 2023.
South Korean central bank charts out future course of payment systems, CBDC
The BOK 2022 Payment and Settlement Systems Report is a forward-looking document with ambitious plans for financial technology in the country.
United Kingdom’s digital pound meets public backlash — Why?
The use of physical currency for transactions is plummeting globally, so why is the U.K. so tentative with its own central bank digital currency?
Telegram Merchants Gain Access to In-App Crypto Payments for First Time
Wallet, which is built on the TON blockchain, is allowing merchants to integrate cryptocurrency into the bots they use to accept payments in the messaging app.
Telegram Wallet bot enables in-app payments in Bitcoin, USDT and TON
Wallet, a custodial wallet bot on Telegram, says that merchants should sort out for themselves whether their jurisdictions allow them to accept payments in crypto.
Lightning Labs releases tools letting AI transact and hold Bitcoin
AI models such as ChatGPT could soon get the ability to buy, sell, and use Bitcoin on the Lightning Network.
IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them
Income tax, property tax, VAT, corrective taxation — there is a tax goldmine out there for governments, but they will have to think hard about accessing it.
Crypto-friendly DBS Bank launches digital yuan payment tool
Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen.
Developer Six Clovers Rolls Out Cross-Border Crypto Payments on Sui
Versal Network will allow companies to transact in stablecoins and central bank digital currencies.
Bitcoin salary: Employees choose crypto paychecks amid economic instability
Volatility among some fiat currencies has made stablecoins like USDC a more attractive option for payroll, according to HR executives.
Italy’s central bank calls for framework to prevent stablecoin runs
Bank of Italy is calling for closer regulator scrutiny of stablecoins, which they say “have not proved stable at all.”
Binance Australia got 12 hours’ notice before it was debanked, exec says
Binance Australia head Ben Rose claimed the exchange got less than a day’s warning from its payments partner before it was “cut off” from the local banking system in May.