This Week Summary on Stablecoin News:
- Circle unveils a new payments and remittance network, expanding its USDC ecosystem.
- South Korea's central bank commits to active participation in stablecoin regulatory development.
- MoonPay CEO urges Congress to preserve state authority in upcoming stablecoin legislation.
- Pi Protocol selects Solana as its native blockchain to enable cost-efficient stablecoin adoption.
Circle Launches New Payments and Remittance Network
Circle, the issuer of the USDC stablecoin, is set to launch a new payments and cross-border remittance product from its headquarters at One World Trade Center in New York City. The initiative aims to enhance the adoption of USDC by providing efficient payment solutions for banks, fintechs, and remittance providers.
This move signifies Circle's commitment to expanding its ecosystem and addressing the growing demand for streamlined digital payment infrastructures. By focusing on cross-border transactions, Circle positions USDC as a viable alternative to traditional remittance channels, potentially reducing costs and increasing transaction speeds for users worldwide.
South Korea's Central Bank Commits to Active Role in Stablecoin Regulation
The Bank of Korea has announced its intention to actively participate in the development of stablecoin legislation as part of the nation's second phase of cryptocurrency regulation. This phase focuses on establishing transparency rules for crypto services and creating a comprehensive legal framework for stablecoins.
By engaging in the legislative process, South Korea aims to address potential risks associated with stablecoins and ensure that the regulatory environment keeps pace with technological advancements. The central bank's involvement underscores the importance of collaborative efforts between regulatory bodies to foster a secure and innovative financial ecosystem.
MoonPay CEO Advocates for State-Level Oversight in Stablecoin Legislation
Ivan Soto-Wright, CEO of cryptocurrency payment firm MoonPay, has called on U.S. lawmakers to maintain state-level regulatory authority in forthcoming stablecoin legislation. As Congress considers the GENIUS Act and the STABLE Act, Soto-Wright emphasizes the importance of preserving state pathways for permitted stablecoin issuers, arguing that state regulators have historically provided clarity and supervision essential for consumer protection and industry growth.
Soto-Wright's stance aligns with the Conference of State Bank Supervisors, which has also advocated for a balanced approach that includes both federal and state oversight. The debate highlights the ongoing discussion about the optimal regulatory framework to ensure innovation while safeguarding financial stability and consumer interests.
Pi Protocol Selects Solana for Cost-Efficient Stablecoin Adoption
Pi Protocol has chosen Solana as its native blockchain to facilitate cost-efficient stablecoin adoption. Solana's high throughput and low transaction fees make it an ideal platform for Pi Protocol's objectives.
This strategic move aims to enhance the scalability and accessibility of stablecoin transactions, particularly in regions where traditional financial services are limited. By leveraging Solana's capabilities, Pi Protocol seeks to provide users with faster and more affordable digital payment solutions.
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This Weekly Summary is prepared by brava.xyz.
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Citations:
https://cointelegraph.com/news/moonpay-ceo-congress-stablecoin-bills
