• Latest
  • Trending
Global Finance Watchdog Says $133B Stablecoin Sector Remains Niche

Global Finance Watchdog Says $133B Stablecoin Sector Remains Niche

October 13, 2021
ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

June 27, 2022
Algorithmic Trading for Beginners: How To Learn & Start Earning | by Anastasia Nesterova | The Capital | Jun, 2022

Algorithmic Trading for Beginners: How To Learn & Start Earning | by Anastasia Nesterova | The Capital | Jun, 2022

June 27, 2022
Voyager Digital issues notice of default to Three Arrows Capital

Voyager Digital issues notice of default to Three Arrows Capital

June 27, 2022
How to Buy Monero | Where, How and Why

How to Buy Dogecoin on Coinbase [The Ultimate Guide]

June 27, 2022
The price of LUNA falls massively after the UST de-pegged from the US Dollar

MIR Price Prediction as the Mirror Protocol Rebounds

June 27, 2022
DOGE Creator Speaks on Expectations for Bear Market

DOGE Creator Speaks on Expectations for Bear Market

June 27, 2022
Why I Don’t Want to Be a Crypto Boy: Reflections and Takeaways from the 2022 Cryptocurrency Bear Market

Why I Don’t Want to Be a Crypto Boy: Reflections and Takeaways from the 2022 Cryptocurrency Bear Market

June 27, 2022
ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch

ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch

June 27, 2022
Nexo responds to accusations of stealing donations, siphoning funds from charity

Nexo responds to accusations of stealing donations, siphoning funds from charity

June 27, 2022
  • Contact Us
  • Privacy Policy
Monday, June 27, 2022
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • Store
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • Store
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto

Global Finance Watchdog Says $133B Stablecoin Sector Remains Niche

Automatic by Automatic
October 13, 2021
in Crypto, Top News
0
Global Finance Watchdog Says $133B Stablecoin Sector Remains Niche
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

A Financial Stability Board (FSB) stocktake has found that stablecoins, or cryptocurrencies pegged to real-world assets, are currently not being used at a significant scale for mainstream payments.

The finding was mentioned in an FSB roadmap and progress report for enhancing cross-border payments on Wednesday. The FSB published its first targets for improving cross-border payments in October last year. Wednesday’s progress report acknowledged that the market capitalization of existing stablecoins has continued to grow in the last two years, and that stablecoins could contribute to facilitating better cross-border payments.

Related articles

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

June 27, 2022
Algorithmic Trading for Beginners: How To Learn & Start Earning | by Anastasia Nesterova | The Capital | Jun, 2022

Algorithmic Trading for Beginners: How To Learn & Start Earning | by Anastasia Nesterova | The Capital | Jun, 2022

June 27, 2022

The FSB is a Bank for International Settlements-funded entity that provides input into the global financial system. It is currently chaired by Federal Reserve Vice Chair Randal Quarles.

Overall, stablecoin issuers have minted more than $133 billion worth of tokens, according to CoinGecko.

“From a policy perspective, there is value in assessing whether and how the use of well-designed global [stablecoins] could enhance cross-border payments. An action to that extent has been added,” the report said.

Large players in cross-border payments, like MoneyGram, are already looking to use private stablecoins like USDC in speeding up cross-border transactions, and regulators are getting nervous.

The FSB roadmap is only the latest institutional document to consider the role of private stablecoins in cross-border transactions, and how they should be regulated: last week, the BIS published guidance on how international payments laws could be applied to stablecoins.

Meanwhile, global financial institutions are encouraging central banks to explore CBDCs. The Bank for International Settlements (BIS) along with the International Monetary Fund (IMF) and the World Bank (WB) said central banks must consider the cross-border implications of CBDCs. Last month, Benoit Cœuré, the head of BIS Innovation Hub, signaled central banks should speed up work on CBDCs in light of stablecoins.

“CBDCs will take years to be rolled out, while stablecoins and crypto assets are already here. This makes it even more urgent to start,” said Cœuré.

The FSB roadmap also said that the implementation of stablecoin regulations across its member jurisdictions is still at a very early stage, and that countries are considering varied approaches. Authorities in jurisdictions have identified several issues that might be getting in the way of making “concrete recommendations” including redemption rights, wallet providers and the management of stablecoin reserve assets, according to the report.

“As a next step, the FSB will review, in consultation with other relevant [Standard-Setting Bodies] and international organisations, the FSB high-level recommendations and how any gaps identified could be addressed by existing frameworks, and update recommendations if needed, by July 2023,” the report said.

The roadmap also refers to the latest research and studies in CBDCs, and how they might contribute to improving cross-border payments. A recent BIS study concluded that CBDCs could potentially slash costs and processing time for cross-border settlements.

The FSB roadmap says that the IMF and WB should be prepared to provide technical assistance on how to facilitate cross border use of CBDCs if requested as early as July 2022.



Source link

ShareTweetShareShare
Previous Post

Mississippi Church Will Accept Tithe In Cryptocurrency

Next Post

Coinbase Cloud introduces unified developer docs

Related Posts

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

by Automatic
June 27, 2022
0

What is the gas fee? In the blockchain world, the gas fee is a fee that users have to pay...

Algorithmic Trading for Beginners: How To Learn & Start Earning | by Anastasia Nesterova | The Capital | Jun, 2022

Algorithmic Trading for Beginners: How To Learn & Start Earning | by Anastasia Nesterova | The Capital | Jun, 2022

by Automatic
June 27, 2022
0

Pic credit: www.freepik.comThe story is originally published on thecapital.ioAlgorithmic trading is a type of trading that uses computer programs to...

Voyager Digital issues notice of default to Three Arrows Capital

Voyager Digital issues notice of default to Three Arrows Capital

by Automatic
June 27, 2022
0

Crypto exchange Voyager Digital has issued a notice of default to hedge fund Three Arrows Capital (3AC) for its failure...

How to Buy Monero | Where, How and Why

How to Buy Dogecoin on Coinbase [The Ultimate Guide]

by Automatic
June 27, 2022
0

Dogecoin rose to fame after its price increased by 1,000% within months in 2020, grabbing the attention of cryptocurrency investors...

The price of LUNA falls massively after the UST de-pegged from the US Dollar

MIR Price Prediction as the Mirror Protocol Rebounds

by Automatic
June 27, 2022
0

The Mirror Protocol price has crawled back in the past few days as investors cheer the strong performance of the...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store

Top News

Starbucks joins NFT party, UK government seeks stablecoin regulations and Crypto Twitter rallies behind cancer fighter, Hodler’s Digest: Apr. 3-9

Katie Haun’s VC Firm Leads $11M Round for Web 3 Community Platform Highlight

We Still Know Nothing About the Metaverse

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • Store

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT