top of page
  • Frank Tian

Banks to Mint Stablecoins

Stablecoin is created to address investors' concerns about the high volatility of native cryptos, such as Bitcoin and alternative coins.


Its growing popularity among retail investors, who are often attracted by the high returns, eventually drew regulators' attention.


Last November, a task force of US financial regulators called on Congress to require stablecoin issuers to become banks, so consumer interest can be protected.


Yesterday, a group of 5 US community banks (with assets ranked around No. 50-100) announced that they will begin to mint their own stablecoins called USDF.


This shows the convergence of crypto exchanges and banks, in the quickly evolving digital currency space.


The newly-formed group is calling on other banks to join, as the new payment scheme needs more participants and more use cases beyond the native crypto trade.


Further Reading:

Recent Posts

See All

💶 What is the EU’s crypto regulation MiCA?

Summary of key items: On 4/20, the EU parliament passed the Markets in Crypto Act (MiCA). The implosions of crypto exchanges in 2022 led to a landslide vote of 517 in favor to 38 against. 📌 The scop

🏈 Super Bowl, Crypto and Meme Stock

Super Bowl time again - what is different this year is you won’t see any crypto commercials. When things are going well, you can re-imagine the money. When things are going bad, you can have a drink.

Crypto Winter Froze Silvergate Bank

If you haven’t heard of Silvergate Bank, you are not alone. It is a bank in San Diego, California. I worked at San Diego for 5 years and never knew this bank - until May 2021. When I read the news it

Comments


bottom of page