Mitsubishi UFJ and other Japanese companies are considering using stablecoins for trade settlement
Mitsubishi UFJ Trust and Banking, Progmat, Inc., STANDAGE Co., Ltd., and Ginco Co., Ltd. are considering using stablecoins for trade settlements. They plan to create the first use case in Japan for trade settlements using domestically produced stablecoins by 2024. The experiment will use STANDAGE's trade payment system and transfer stablecoins based on permissionless blockchain. Mitsubishi UFJ Trust and Banking will be responsible for the stablecoin trust business, while Ginco will provide the corporate wallet and participate in its joint development. The project aims to solve the payment problems in emerging country trade, increase trust through blockchain technology, and reduce transaction costs.
Matrixport: The stablecoin industry is expected to experience significant growth and may become a trillion-dollar industry by 2030
Matrixport stated on social media that the stablecoin industry is expected to experience significant growth and become a trillion-dollar industry by 2030. However, existing challenges such as reliance on centralization, cross-chain security, and transparency issues are still obstacles to its development. Innovative methods such as on-chain proof of reserves can provide true transparency and instant access to financial indicators.
The total market value of stablecoins reached US$135.02 billion, an increase of 0.97% in the past week
According to Defillama data, as of January 29th, the total market value of stablecoins has reached 135.02 billion US dollars, an increase of 0.97% from last week. In addition, the circulation of USDT has exceeded 95.9 billion US dollars, accounting for 71.07% of the stablecoin market.
Morgan Stanley Anticipates Stablecoins to Back the USD Amidst De-Dollarization Concerns; EU and China Intensify Risks
Morgan Stanley predicts that stablecoins pegged to the US dollar will support the currency amid concerns of de-dollarization. The financial institution highlights the challenges facing the USD due to the rise of digital currencies and the global efforts to promote de-dollarization. The report notes that stablecoins could have a profound impact on the financial sector and reshape how money is moved across borders, potentially reinforcing the US dollar as the dominant global currency. Morgan Stanley also suggests that stablecoins would not challenge the USD's dominance but could be a critical catalyst in significantly altering the landscape of global finance.
Hong Kong Equity Analysts Association: Accelerate the development of spot Bitcoin ETF and launch stablecoin
Hong Kong Stock Analysts Association has proposed nine suggestions for the Hong Kong "2024-2025 Budget", including: consolidating Hong Kong's position as an international financial center; developing family offices and a "new capital investor immigration plan"; adjusting the composition of foreign exchange fund investments to support the stock market; assisting China in developing a long-term bond market; broadening the tax base based on the principle of "user pays"; building Hong Kong into an international virtual asset management center; accelerating the development of spot Bitcoin ETFs; speeding up the launch of stablecoins; and proactively developing the "silver economy".
State of TUSD Q4 2023
TrueUSD (TUSD) is a fully collateralized stablecoin that offers the security of real-world assets combined with the efficiency of blockchain technology. TUSD implements smart contracts for the minting and redemption processes, ensuring real-time onchain verification of the funds backing the coin. This process is reinforced by The Network Firm LLP, a U.S.-based auditing firm specializing in cryptocurrencies, as well as Chainlink's Proof of Reserve, which provides additional transparency and trust in the available reserves.
Stablecoin issuer Circle secretly files for IPO
The stablecoin issuer Circle has secretly submitted an IPO application.
The total market value of stablecoins reaches US$131.9 billion, and USDT’s market share exceeds 70%
According to Defillama data, as of January 5th, the total market value of stablecoins reached $131.9 billion, an increase of 0.98% from the previous week. In addition, the circulation of USDT has exceeded $92.7 billion, with a stablecoin market share of 70.28%.
The market value of USDT exceeded 92.5 billion US dollars, continuing to hit a record high
According to the latest data, the market value of the stablecoin USDT has surpassed $92.5 billion, reaching a new historical high of $92,606,749,494 at the time of writing, as reported by Jinse Finance.
Hong Kong launches stablecoin regulation consultation
At the end of December Hong Kong launched a consultation on legislative proposals related to stablecoin issuers. The consultation is jointly run by the Hong Kong Monetary Authority (HKMA) which will be the stablecoin regulator and the Financial Services and the Treasury Bureau (FSTB). It runs until the end of February. Additionally, the HKMA plans to launch a regulatory sandbox for the same purpose.
