稳定币监管
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Circle received the first batch of MiCA legal licenses. Can it challenge Tether's stablecoin hegemony?
Stablecoin issuer Circle has become the first company to obtain authorization under the EU's MiCA legal framework to sell its USDC stablecoin services across Europe.
The introduction of the MiCA policy aims to regulate and supervise the operations of digital asset businesses, and Circle’s compliance marks its leading position in the field.
Circle gets approval to sell USDC stablecoin in Europe
Circle CEO Jeremy Allaire announced that Circle Mint France has been granted an Electronic Money Institution (EMI) license by the French regulator and will be responsible for managing the issuance of EURC and USDC to serve European users.
The introduction of the MiCA policy aims to regulate and supervise the operations of digital asset businesses, and Circle’s compliance marks its leading position in the field.
Circle gets approval to sell USDC stablecoin in Europe
Circle CEO Jeremy Allaire announced that Circle Mint France has been granted an Electronic Money Institution (EMI) license by the French regulator and will be responsible for managing the issuance of EURC and USDC to serve European users.
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The Landscape of Stablecoins: The War of Channels
In the ever-changing crypto market, stablecoins serve as a crucial bridge between traditional finance and the crypto economy. Recent events in the crypto market have pushed stablecoins into the spotlight, prompting a reevaluation of their survival logic and competition rules.
On the evening of April 2, Sun Yuchen revealed that the Hong Kong trust company First Digital Labs caused the price of its issued stablecoin FDUSD to plummet to $0.87, severely depegging. This not only panicked holders but also raised questions about the stability and trustworthiness of stablecoins within the crypto community. Binance, as the main trading platform for FDUSD, quickly responded with a 1:1 redemption guarantee, stabilizing market sentiment and allowing the price to re-peg. Without Binance's endorsement, FDUSD might have gone unnoticed, highlighting the importance of channels for stablecoins.
On the evening of April 2, Sun Yuchen revealed that the Hong Kong trust company First Digital Labs caused the price of its issued stablecoin FDUSD to plummet to $0.87, severely depegging. This not only panicked holders but also raised questions about the stability and trustworthiness of stablecoins within the crypto community. Binance, as the main trading platform for FDUSD, quickly responded with a 1:1 redemption guarantee, stabilizing market sentiment and allowing the price to re-peg. Without Binance's endorsement, FDUSD might have gone unnoticed, highlighting the importance of channels for stablecoins.
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Powell: Supports Stablecoin Regulation, Maintains Open Attitude Towards Cryptocurrency Innovation
Federal Reserve Chairman Jerome Powell emphasized the importance of a stablecoin regulatory framework in a speech at the Chicago Economic Club, stating that the Federal Reserve is open to interactions between the banking industry and the cryptocurrency sector.
Powell mentioned that, given the increasing importance of digital tools, both houses of Congress are reconsidering the legislation to establish a stablecoin framework. He pointed out that although there had been previous ineffective collaboration with Congress on the legal framework for stablecoins, now "the situation is changing" and legislators are showing renewed interest in regulatory norms.
Powell also noted the Federal Reserve's stance on banking activities related to cryptocurrencies, acknowledging that a conservative approach was taken when issuing guidance on how banks manage risks associated with digital assets. However, he expressed that some guidance may be relaxed to accommodate responsible innovation, as long as consumer protection and financial safety are ensured.
He further emphasized that the Federal Reserve does not aim to prevent banks from providing services to legitimate cryptocurrency clients and cited cryptocurrency custody as an example, stating that if banks and regulators understand the scope of these activities, they can safely offer such services.
Powell stated that the Federal Reserve recognizes Congress's efforts to establish a formal regulatory framework for stablecoins. However, he also emphasized the need to seek a balance between encouraging innovation and preventing risks.
Currently, there is no dedicated federal regulatory system for stablecoins, although Congress has proposed several related legislative initiatives that still require further refinement and implementation. In this context, the Federal Reserve's stance is significantly instructive for the future construction of the regulatory framework.
In conclusion, the Federal Reserve's latest position indicates that it will not attempt to prevent banks from serving legitimate cryptocurrency clients. This open attitude signifies that U.S. financial authorities are increasingly willing to engage in integrating digital asset policies into the global financial market system.
At the same time, as the application of stablecoins continues to grow in the payment and digital settlement fields, it not only provides greater development space for the cryptocurrency industry but also offers new possibilities for balancing financial innovation and regulation.
#加密货币 #美联储 #稳定币监管
Federal Reserve Chairman Jerome Powell emphasized the importance of a stablecoin regulatory framework in a speech at the Chicago Economic Club, stating that the Federal Reserve is open to interactions between the banking industry and the cryptocurrency sector.
Powell mentioned that, given the increasing importance of digital tools, both houses of Congress are reconsidering the legislation to establish a stablecoin framework. He pointed out that although there had been previous ineffective collaboration with Congress on the legal framework for stablecoins, now "the situation is changing" and legislators are showing renewed interest in regulatory norms.
Powell also noted the Federal Reserve's stance on banking activities related to cryptocurrencies, acknowledging that a conservative approach was taken when issuing guidance on how banks manage risks associated with digital assets. However, he expressed that some guidance may be relaxed to accommodate responsible innovation, as long as consumer protection and financial safety are ensured.
He further emphasized that the Federal Reserve does not aim to prevent banks from providing services to legitimate cryptocurrency clients and cited cryptocurrency custody as an example, stating that if banks and regulators understand the scope of these activities, they can safely offer such services.
Powell stated that the Federal Reserve recognizes Congress's efforts to establish a formal regulatory framework for stablecoins. However, he also emphasized the need to seek a balance between encouraging innovation and preventing risks.
Currently, there is no dedicated federal regulatory system for stablecoins, although Congress has proposed several related legislative initiatives that still require further refinement and implementation. In this context, the Federal Reserve's stance is significantly instructive for the future construction of the regulatory framework.
In conclusion, the Federal Reserve's latest position indicates that it will not attempt to prevent banks from serving legitimate cryptocurrency clients. This open attitude signifies that U.S. financial authorities are increasingly willing to engage in integrating digital asset policies into the global financial market system.
At the same time, as the application of stablecoins continues to grow in the payment and digital settlement fields, it not only provides greater development space for the cryptocurrency industry but also offers new possibilities for balancing financial innovation and regulation.
#加密货币 #美联储 #稳定币监管
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The Basel Committee has established new rules for banks’ cryptocurrency risk disclosure, opening a new process for stablecoin regulation
The Basel Committee on Banking Supervision, part of the Bank for International Settlements (BIS), has officially announced the final disclosure framework for banks’ exposure to cryptocurrencies. At the same time, the committee has also made important revisions to existing crypto asset regulatory standards, in particular tightening the regulatory treatment of stablecoins.
It is reported that these new standards are scheduled to take effect on January 1, 2026, marking an important step for regulators in terms of transparency and consistency in the digital asset field.
In an update on July 17, the committee made it clear that the purpose of these new measures is to enhance the robustness of banks when participating in the crypto asset market. Through these revisions, the committee hopes to increase market transparency and ensure that the regulatory approach matches the rapid development of the digital asset field.
It is reported that these new standards are scheduled to take effect on January 1, 2026, marking an important step for regulators in terms of transparency and consistency in the digital asset field.
In an update on July 17, the committee made it clear that the purpose of these new measures is to enhance the robustness of banks when participating in the crypto asset market. Through these revisions, the committee hopes to increase market transparency and ensure that the regulatory approach matches the rapid development of the digital asset field.
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According to The Block, U.S. Senators Kirsten Gillibrand and Cynthia Lummis proposed a stablecoin bill on Wednesday that requires stablecoin issuers to hold a one-to-one cash or cash equivalent reserve to support their tokens and prohibits unbacked algorithmic stablecoins. The bill also requires issuers and users not to use stablecoins for illegal or unauthorized activities, such as money laundering. The bill aims to establish a framework to encourage "responsible" innovation, emphasizing the advantages of stablecoins in fast international transactions, lower fees, and digital native programs and applications.
In addition, the bill plans to establish a "federal and state regulatory system for stablecoin issuers to maintain a dual banking system." In the United States, the dual banking system refers to federal banks and state banks being regulated by different regulators, although they can be regulated by both state and federal regulations. The Lummis-Gillibrand Payment Stablecoin Act will grant federal and state entities the power to charter and enforce stablecoins.
#稳定币 #稳定币立法 #稳定币监管
In addition, the bill plans to establish a "federal and state regulatory system for stablecoin issuers to maintain a dual banking system." In the United States, the dual banking system refers to federal banks and state banks being regulated by different regulators, although they can be regulated by both state and federal regulations. The Lummis-Gillibrand Payment Stablecoin Act will grant federal and state entities the power to charter and enforce stablecoins.
#稳定币 #稳定币立法 #稳定币监管
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Stablecoin regulation: Legal veterans oppose Lummis-backed bill
Brief Overview:
• Stablecoin regulatory bills face both support and opposition;
• The bill wants to ban algorithmic stablecoins;
• According to an American law professor, this bill could harm the US financial system.
The new stablecoin regulation bill, co-sponsored by Senators Lummis and Gillibrand, could significantly inhibit innovation in the United States.
The current stablecoin regulatory bill that has attracted much attention
The 179-page bill, filed last week by Lummis and Gillibrand, seeks to provide a clear legal status for stablecoins pegged to fiat currencies and provide clear legal regulations for their operation.
• Stablecoin regulatory bills face both support and opposition;
• The bill wants to ban algorithmic stablecoins;
• According to an American law professor, this bill could harm the US financial system.
The new stablecoin regulation bill, co-sponsored by Senators Lummis and Gillibrand, could significantly inhibit innovation in the United States.
The current stablecoin regulatory bill that has attracted much attention
The 179-page bill, filed last week by Lummis and Gillibrand, seeks to provide a clear legal status for stablecoins pegged to fiat currencies and provide clear legal regulations for their operation.
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Tether and USDC come under pressure after Hong Kong imposes strict stablecoin regulations
Hong Kong’s stablecoin regulation sets out strict licensing rules, posing a threat to major industry players such as Tether and Circle.
Hong Kong recently proposed strict regulations on stablecoins, signaling its ambition to become a hub for virtual assets. However, recent developments have brought potential challenges to the popular stablecoins on the market. Experts believe the policy, which is stricter than Singapore’s, could put major players such as Tether (USDT) and USD Coin (USDC) at risk.
Experts’ views on Hong Kong’s strict stablecoin regulation
According to the South China Morning Post, Chengyi Ong, head of Asia Pacific policy at Chainaanalysis, believes that Hong Kong’s stablecoin regulatory proposals are more stringent than those in Singapore. She confirmed her claim, citing a new framework that requires companies to have a minimum paid-up capital of US$3.2 million (HK$25 million) to obtain a license. Additionally, Ong noted that the regulation highlights Hong Kong’s goal to “set high standards for fiat stablecoins (FRS).”
Hong Kong recently proposed strict regulations on stablecoins, signaling its ambition to become a hub for virtual assets. However, recent developments have brought potential challenges to the popular stablecoins on the market. Experts believe the policy, which is stricter than Singapore’s, could put major players such as Tether (USDT) and USD Coin (USDC) at risk.
Experts’ views on Hong Kong’s strict stablecoin regulation
According to the South China Morning Post, Chengyi Ong, head of Asia Pacific policy at Chainaanalysis, believes that Hong Kong’s stablecoin regulatory proposals are more stringent than those in Singapore. She confirmed her claim, citing a new framework that requires companies to have a minimum paid-up capital of US$3.2 million (HK$25 million) to obtain a license. Additionally, Ong noted that the regulation highlights Hong Kong’s goal to “set high standards for fiat stablecoins (FRS).”
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Binance CEO discusses stablecoin regulation and Nigerian detention at Token2049 conference
At the Token2049 conference, Binance CEO Richard Teng discussed some of the key issues in the crypto space, focusing on the regulation of stablecoins and the complex situation of Binance executives detained in Nigeria.
On April 18, Binance CEO Richard Teng delivered the keynote address at a panel discussion on cryptocurrency regulation moderated by Chamber of Digital Commerce CEO Perianne Boring at the Token2049 conference in Dubai.
Perianne Boring (left), Matthew Roszak (center) and Richard Teng (right) | Source: crypto.news Photo taken at the Token2049 event
On April 18, Binance CEO Richard Teng delivered the keynote address at a panel discussion on cryptocurrency regulation moderated by Chamber of Digital Commerce CEO Perianne Boring at the Token2049 conference in Dubai.
Perianne Boring (left), Matthew Roszak (center) and Richard Teng (right) | Source: crypto.news Photo taken at the Token2049 event
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Fed official says cryptocurrencies and stablecoins will strengthen but won’t threaten dollar
The official said that the use of USD stablecoins in the decentralized finance space is a good thing because it can strengthen the strength of the US dollar.
A U.S. Federal Reserve official said the increased use and adoption of U.S. dollar stablecoins could benefit the U.S. dollar’s status as the world’s dominant currency. Christopher Waller, a member of the Federal Reserve Board of Governors, said that the decentralized finance industry is good for the United States.
Stablecoins and DeFi are bullish for the dollar
Waller said at a recent event in the Bahamas that DeFi adoption will support the dollar’s dominance due to the industry’s reliance on stablecoins. Waller said many people often "speculate that cryptocurrencies such as Bitcoin may replace the U.S. dollar as the world's reserve currency." However, he noted that much of the market capitalization in the DeFi space relies on the value of the U.S. dollar. Then he added:
A U.S. Federal Reserve official said the increased use and adoption of U.S. dollar stablecoins could benefit the U.S. dollar’s status as the world’s dominant currency. Christopher Waller, a member of the Federal Reserve Board of Governors, said that the decentralized finance industry is good for the United States.
Stablecoins and DeFi are bullish for the dollar
Waller said at a recent event in the Bahamas that DeFi adoption will support the dollar’s dominance due to the industry’s reliance on stablecoins. Waller said many people often "speculate that cryptocurrencies such as Bitcoin may replace the U.S. dollar as the world's reserve currency." However, he noted that much of the market capitalization in the DeFi space relies on the value of the U.S. dollar. Then he added:
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U.S. Stablecoin Regulatory Dual-Track System: Analyzing the Path Differences of the STABLE Act and the GENIUS Act
Recently, two major bills in the U.S. Congress regarding stablecoin regulation have drawn market attention. The STABLE Act proposed by the House of Representatives and the GENIUS Act promoted by the Senate exhibit distinctly different regulatory approaches.
In simple terms, the STABLE Act adopts a more conservative regulatory stance, requiring stablecoin issuers to maintain a 1:1 reserve of cash, U.S. Treasury securities, or highly liquid assets. While there is no issuance cap, it strictly limits the scope of operations, allowing only basic services such as issuance, redemption, and custody, and stipulates that false reporting will face severe penalties.
In contrast, the GENIUS Act places greater emphasis on market efficiency, allowing reserve assets to include reverse repurchase agreements and money market fund investments, and adopting a layered regulatory model. It implements federal regulation for issuers with assets exceeding $10 billion, while granting stablecoin holders priority in bankruptcy repayment.
Currently, the progress of the two bills is uneven. The GENIUS Act has already been passed by the Senate Banking Committee, and the White House has expressed support. Meanwhile, the revised STABLE Act has just been submitted for consideration in the House of Representatives. Market analysis indicates that if the GENIUS Act is ultimately passed, it could attract more institutional investors; whereas the strict regulations of the STABLE Act may stifle industry innovation.
It is worth noting that the compliance rate of reserves among existing major stablecoin issuers is only 66%-83%. Whichever bill is passed will force them to adjust their operating models. This regulatory game not only concerns the development of the U.S. stablecoin market but will also have far-reaching impacts on global cryptocurrency policy.
Do you support the strict risk control of the STABLE Act? Or do you favor the flexible regulation of the GENIUS Act? Leave your thoughts in the comments!
#稳定币监管 #STABLE法案 #GENIUS法案
Recently, two major bills in the U.S. Congress regarding stablecoin regulation have drawn market attention. The STABLE Act proposed by the House of Representatives and the GENIUS Act promoted by the Senate exhibit distinctly different regulatory approaches.
In simple terms, the STABLE Act adopts a more conservative regulatory stance, requiring stablecoin issuers to maintain a 1:1 reserve of cash, U.S. Treasury securities, or highly liquid assets. While there is no issuance cap, it strictly limits the scope of operations, allowing only basic services such as issuance, redemption, and custody, and stipulates that false reporting will face severe penalties.
In contrast, the GENIUS Act places greater emphasis on market efficiency, allowing reserve assets to include reverse repurchase agreements and money market fund investments, and adopting a layered regulatory model. It implements federal regulation for issuers with assets exceeding $10 billion, while granting stablecoin holders priority in bankruptcy repayment.
Currently, the progress of the two bills is uneven. The GENIUS Act has already been passed by the Senate Banking Committee, and the White House has expressed support. Meanwhile, the revised STABLE Act has just been submitted for consideration in the House of Representatives. Market analysis indicates that if the GENIUS Act is ultimately passed, it could attract more institutional investors; whereas the strict regulations of the STABLE Act may stifle industry innovation.
It is worth noting that the compliance rate of reserves among existing major stablecoin issuers is only 66%-83%. Whichever bill is passed will force them to adjust their operating models. This regulatory game not only concerns the development of the U.S. stablecoin market but will also have far-reaching impacts on global cryptocurrency policy.
Do you support the strict risk control of the STABLE Act? Or do you favor the flexible regulation of the GENIUS Act? Leave your thoughts in the comments!
#稳定币监管 #STABLE法案 #GENIUS法案
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🛡️ Stablecoin regulation is "full steam ahead," but CFPB has "hit the brakes"? The crypto space is about to face a major shift!
Today, two hot topics in the crypto market have attracted widespread attention and discussion within the industry: one is the introduction of regulatory proposals for stablecoins; the other is the sudden suspension of regulatory work by the Consumer Financial Protection Bureau (CFPB), which has sparked strong reactions in the community.
Congresswoman Maxine Waters recently proposed a measure to regulate stablecoins through federal regulatory agencies such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve. This is no small matter, as there have been previous controversies regarding the risks of state regulatory agencies approving stablecoins outside of Federal Reserve oversight.
Meanwhile, Republicans have also introduced their own stablecoin regulatory bill, aiming to transfer regulatory authority to the Office of the Comptroller of the Currency. It seems that both Republicans and Democrats are paying attention to the issue of stablecoin regulation.
Now let's look at the situation with the CFPB. The new leadership of the Consumer Financial Protection Bureau has recently ordered a suspension of all regulatory work, a move that has been positively received by Coinbase CEO Brian Armstrong and Gemini CEO Tyler Winklevoss in the cryptocurrency community.
They believe the CFPB had been too aggressive previously, causing harm to the nation. In particular, Coinbase had received the most complaints due to customer service issues, and now that the CFPB has announced a suspension of operations, this is undoubtedly significant good news for the crypto market.
However, Coinbase has also recently faced criticism regarding user fund safety issues, reportedly losing over $65 million due to social engineering scams since last December. But Coinbase stated they are working on resolving the issues and that their anti-fraud systems will continue to operate normally.
🗣️ Conclusion:
In summary, the weakening of CFPB's power and the suspension of regulation is not just a change in one agency's regulatory direction, but a signal of the entire financial regulatory environment. This could have profound effects on consumer protection and also relieve some pressure from cryptocurrency leaders.
Regardless, this change reminds us that the balance between financial regulation and market freedom is always a process of constant adjustment. In the future, discussions on protecting consumer rights versus financial innovation are likely to continue.
#稳定币监管 #CFPB暂停运营 #加密货币动态
Today, two hot topics in the crypto market have attracted widespread attention and discussion within the industry: one is the introduction of regulatory proposals for stablecoins; the other is the sudden suspension of regulatory work by the Consumer Financial Protection Bureau (CFPB), which has sparked strong reactions in the community.
Congresswoman Maxine Waters recently proposed a measure to regulate stablecoins through federal regulatory agencies such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve. This is no small matter, as there have been previous controversies regarding the risks of state regulatory agencies approving stablecoins outside of Federal Reserve oversight.
Meanwhile, Republicans have also introduced their own stablecoin regulatory bill, aiming to transfer regulatory authority to the Office of the Comptroller of the Currency. It seems that both Republicans and Democrats are paying attention to the issue of stablecoin regulation.
Now let's look at the situation with the CFPB. The new leadership of the Consumer Financial Protection Bureau has recently ordered a suspension of all regulatory work, a move that has been positively received by Coinbase CEO Brian Armstrong and Gemini CEO Tyler Winklevoss in the cryptocurrency community.
They believe the CFPB had been too aggressive previously, causing harm to the nation. In particular, Coinbase had received the most complaints due to customer service issues, and now that the CFPB has announced a suspension of operations, this is undoubtedly significant good news for the crypto market.
However, Coinbase has also recently faced criticism regarding user fund safety issues, reportedly losing over $65 million due to social engineering scams since last December. But Coinbase stated they are working on resolving the issues and that their anti-fraud systems will continue to operate normally.
🗣️ Conclusion:
In summary, the weakening of CFPB's power and the suspension of regulation is not just a change in one agency's regulatory direction, but a signal of the entire financial regulatory environment. This could have profound effects on consumer protection and also relieve some pressure from cryptocurrency leaders.
Regardless, this change reminds us that the balance between financial regulation and market freedom is always a process of constant adjustment. In the future, discussions on protecting consumer rights versus financial innovation are likely to continue.
#稳定币监管 #CFPB暂停运营 #加密货币动态
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Tether CEO responds to allegations about the company’s solvency and the stability of its stablecoin
Tether CEO Paolo Ardoino responded to Deutsche Bank analysts’ questions about his company’s ability to repay its debts and the stability of its USDT stablecoin.
Ardoino responded to the latest comments from Deutsche Bank analysts on his X account, arguing that the financial institution has its own problems and therefore has no right to accuse or criticize others.
Tether CEO Paolo Ardoino highlighted Deutsche Bank’s history of fines and sanctions for violations, questioning its qualifications to criticize other institutions in the industry. He also mentioned that the International Monetary Fund once rated Deutsche Bank as the most dangerous bank in the world.
Ardoino responded to the latest comments from Deutsche Bank analysts on his X account, arguing that the financial institution has its own problems and therefore has no right to accuse or criticize others.
Tether CEO Paolo Ardoino highlighted Deutsche Bank’s history of fines and sanctions for violations, questioning its qualifications to criticize other institutions in the industry. He also mentioned that the International Monetary Fund once rated Deutsche Bank as the most dangerous bank in the world.
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