In a span of two months, the Hong Kong Monetary Authority (HKMA) collected 108 responses from industry players and financial institutions about regulations for fiat-referenced stablecoins. Government officials see these assets as the most promising, which is why the new bill will focus on them.
Terraform Labs has declared its opposition to paying the $5.3 billion fine levied by the American regulatory authority, pointing out that most investors in the TerraUSD (UST) stablecoin are based outside the U.S. It should be noted that the project saw a total of $40 billion in assets obliterated.
The stablecoin leader has entered into a Memorandum of Understanding (MOU) with the National Agency of Perspective Projects (NAPP) of Uzbekistan, the body charged with overseeing the growth and regulation of the crypto industry.
The U.S. Securities and Exchange Commission (SEC) concluded its investigation into Paxos and its stablecoin, BUSD. Jorge Tenreiro, Acting Head of the Crypto Assets and Cybersecurity Division, privately informed the company of this decision on July 9.
Tether, the issuer of the USDT stablecoin, is set to invest another $1 billion over the next year in projects related to alternative financial infrastructure, artificial intelligence, and biotechnology.
Rune Christensen, the founder of MakerDAO, has introduced PureDai, a new stablecoin, alongside the previously announced NewStable (a temporary name), and shared more details about both.
Senators Cynthia Lummis and Kirsten Gillibrand have proposed a legislative framework for regulating payment-oriented stablecoins.
Ripple (XRP) has disclosed plans for launching its own stablecoin, which will be pegged to the dollar and backed by bank deposits along with short-term U.S. Treasury bills. This move aims to expand Ripple Payments' capabilities in facilitating cross-border transactions. The introduction of this stablecoin promises:
Tether, the issuer of the USDT stablecoin, has again provided assistance to US law enforcement by helping to recover about 1.4 million USDT stolen by fraudsters masquerading as technical support. Tether has announced that all recovered funds will be returned to the victims and that the company will maintain its voluntary cooperation with government authorities.