Another week, another recap! Missed some news or unsure about the most important stories from the past week? Don’t worry, we’ve got you covered:
Fed Rewrites the Rules on Crypto Banking, Signaling a New Regulatory Era. The U.S. Federal Reserve has implemented tougher control on crypto banking, thus changing the overall strategy of regulation and risk management towards a more cautious one.
JPMorgan Launches its First Tokenized Money Market Fund ‘MONY’ on Ethereum. JPMorgan launched MONY, the first total tokenized fund on Ethereum that is entirely owned by the bank, hence traditional finance is getting deeper into the blockchain area.
No Reserves, No Future: Canada’s Warning to Stablecoins. Canadian financial authorities have issued a warning that such stablecoins without unambiguous support will be subject to restrictions thereby insisting on greater reserve transparency.
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Visa Payments Breakthrough Brings USDC Directly to Card Issuers and Banks. Visa has started the process of direct settlement of USDC through the banks and card issuers which is going to make stablecoin payments faster and more user-friendly.
How Venezuelans Are Banking on Stablecoins. As the price increases are still very high in Venezuela, people are using USDT and other stablecoins as a way to save money, prevent losing money due to price changes, and send remittances securely.
This week has shown that the largest financial institutions in the world are becoming more and more involved with cryptocurrencies. The U.S. Fed is now regulating more strictly, nevertheless, JPMorgan and Visa are still investing in the development of new products and services based on stablecoins. Moreover, in the case of Venezuela, crypto has not only proven to be a hype but also a means of survival.
