The Hong Kong Legislative Council plans to review the relevant stable currency consultation and sandbox legislation at the end of this year or next year
Hong Kong legislator Wu Jiezhuang revealed that Hong Kong will release stablecoin consultation and sandbox (computer security mechanism), which will allow the industry to innovate digital asset projects in the sandbox environment. Relevant legislation will be reviewed in the Legislative Council at the end of this year or next year, which will help the entire digital asset industry ecosystem. Hong Kong has been improving the digital asset (virtual asset) market on different legal levels. Last year, there were regulations on virtual currency trading platforms and issuance systems.
Mehen Finance to launch stablecoin USDM to retail investors next month
Developer of Cardano ecosystem stablecoin USDM Mehen Finance announced that it will be launched to retail investors next month. Currently, the stablecoin is only available to institutional users. In addition, Mehen also plans to launch its first investment through equity crowdfunding instead of token sales. It is reported that the USDM model is similar to other fiat-backed stablecoins but has features that prevent over-minting. Its reserves are ensured through Charli3 oracle reports on the Cardano network, ensuring real-time transparent transfers. Although USDM cannot be frozen on-chain, Mehen stores its reserves in government currency market mutual funds managed by Fidelity and Western Asset Management. Mehen has obtained licenses in 17 US states and plans to apply for money transmission and virtual asset service provider licenses in Europe and the UK later this year.
TrueUSD: BNB beacon chain will cease operations at the end of June, and all assets on the chain will be delisted at the same time
Stablecoin TrueUSD has announced on social media that BEP2-TUSD holders should be aware that the BNB Beacon Chain will cease operations at the end of June, and all assets on the chain will be delisted simultaneously. To mitigate potential losses, we strongly recommend that you immediately convert your TUSD to an alternative network. Your actions are crucial to protecting your assets.
The total market value of stablecoins exceeds US$145 billion, with an increase of 2.46% on the 7th
According to DefiLlama data, the total market value of stablecoins has reached 145.79 billion US dollars, with a 7-day increase of 2.46%; among them, the market value of USDT is about 102.394 billion US dollars, with a market share of 70.23%.
The Stablecoin Gateway to Bitcoin Adoption: Part Two
As mentioned in part one, some of the property advantages of crypto dollars compared to US Dollars in traditional banking systems come from using public settlement networks and personal wallet software. These same advantages apply to (and originated with) bitcoin, namely global access, individual custody, and 24/7 direct transfers.
Supply of stablecoin USDT approaches 100 billion
Data shows the supply of USDT is close to 100 billion, as of the time of publication, it is about 99.7 billion. In addition, the supply of USDC has risen to 29 billion.
Bank for International Settlements proposes regulatory recommendations for global stablecoins
The Bank for International Settlements (BIS) has proposed global stablecoin regulation. In a summary of the proposal released on Thursday, the Bank for International Settlements described global stablecoins as stablecoins that are widely adopted and have potential impact and use in multiple jurisdictions. The Bank for International Settlements stated that "a global stablecoin may become systemically important within one or more jurisdictions and across multiple jurisdictions."
The market value of USDT exceeded 99 billion US dollars, continuing to hit a record high
According to the latest data from Coingecko, the market value of the US dollar stablecoin USDT has exceeded 99 billion US dollars. At the time of writing this article, it was 99,001,536,662 US dollars, setting a new historical high.
The Stablecoin Gateway to Bitcoin Adoption: Part One
There are many possible paths that bitcoin might take to become a more adopted form of money. This article unpacks a particularly promising pathway: the role of stablecoin ownership as a stepping stone to bitcoin.
Hong Kong plans to submit stablecoin bill as soon as practicable
Hong Kong's highest financial official stated that the government will "submit a stablecoin bill to the Legislative Council as soon as practicable." A Hong Kong financial official stated that once negotiations make progress, the government will focus on submitting a stablecoin licensing bill. Hong Kong's Financial Affairs and Treasury Bureau Director, Christopher Hui, stated that depending on the consultation results and progress of preparatory work, the government will submit the bill to the Legislative Council as soon as possible.
