Stablecoins


Markets

Why Central Bankers Invoke Free Banking to Attack Stablecoins

If you're going to warn people about stablecoins by citing 19th century history, you should at least include the full record, says our columnist.

$5 National Gold Bank Note issued by the First National Gold Bank of San Francisco, California, 1870s.

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Biden Administration Accuses Chinese Hackers of Conducting Ransomware, Cryptojacking Attacks

U.S. President Joe Biden is accusing the Chinese government of supporting cyberattacks, including ransomware, cryptojacking, digital extortion, and theft. CoinDesk's Nikhilesh De discusses the allegations as the White House ramps up its anti-ransomware efforts. Plus, his take on the U.S. Presidential Advisory Group's meeting on stablecoins Monday.

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EQIFI CEO: Biggest Challenge for Stablecoins Is 'Loss of Faith'

Responding to El Salvador potentially issuing its own stablecoins, Brad Yasar, CEO of EQIFI, a decentralized protocol for pooled lending and borrowing, says the biggest risk of stablecoins is "loss of faith" and "proving to the users that it is truly stable." Plus, what to expect from the presidential working group's meeting on stablecoins and "game-changing" DeFi projects to watch for.

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Policy

Stablecoins Risky Like ‘Wildcat’ Bank Practices of 19th Century, Gorton and Zhang Write

Yale economist Gary Gorton and U.S. Federal Reserve attorney Jeffery Zhang liken stablecoins to a time when private banks issued their own notes.

Stablecoins have been likened to that of "wildcat" banking practices in the U.S. during the 19th century.

Markets

Crypto Long & Short: Crypto Needs More Than VC Interest

Plus: Correcting misconceptions about institutional interest in crypto, and why Circle going public may bring greater regulatory clarity in the U.S. for stablecoins.

Crypto Long & Short July 18

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El Salvador May Issue Its Own Stablecoin: Report

El Salvador President Nayib Bukele's brothers reportedly presented the plan to foreign investors.

Salvadoran President Nayib Bukele

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USD Tether Market Cap Movement Correlates with Bitcoin Price Trend

The tether stablecoin (USDT) money printer has gone quiet over the past few weeks, which coincides with bitcoin's lackluster performance of late. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.

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Policy

US Presidential Advisory Group to Discuss Stablecoins

Federal Reserve Chairman Jerome Powell, Securities and Exchange Commission Chair Gary Gensler and Commodity Futures Trading Commission Acting Chair Rostin Behnam will also participate in Monday's meeting.

Treasury Secretary Janet Yellen is convening a presidential advisory group to examine the benefits and risks of stablecoins.

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Timothy Massad: Bitcoin ETFs Could Lead to Greater Regulation

Responding to Sen. Elizabeth Warren’s call for SEC to clarify its role on crypto regulations, former CFTC Chairman Timothy Massad suggests that the SEC, despite not having direct authority to regulate crypto exchanges, could approve bitcoin ETFs as a way to “bring some regulatory standards.”

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Fed's Powell Says Stablecoins Need Stricter Regulation

CoinDesk's Nikhilesh De reacts to Fed Chair Jerome Powell's comments to the House Financial Services Committee on the need to regulate stablecoins like bank deposits and money market funds. "The big question now is whether that will lead to any actual concrete regulations beyond just conversation," De said.

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