Paxos Granted Approval to Issue Stablecoins and Conduct Digital Asset Services in Abu Dhabi
Paxos has received preliminary approval from Abu Dhabi's regulator to issue stablecoins and provide digital asset services. The Financial Services Regulatory Authority in the Abu Dhabi Global Market granted Paxos in-principle approval to issue U.S. dollar-backed stablecoins and offer crypto-brokerage and custody services in the Emirate. This follows a similar approval from regulators in Singapore, where Paxos plans to launch a U.S. dollar-backed stablecoin. Paxos plans to expand the use of its stablecoins upon full approval and emphasizes transparency regarding its stablecoin reserves.
Lybra Finance: Over $5 million has been paid out to stablecoin and governance token holders
Lybra Finance, the issuer of interest-bearing stablecoins, announced on X platform that it has paid out over $5 million in rewards to stablecoin and governance token holders, with nearly 20% paid out last month. The protocol distributes nearly $1 million in actual earnings each month.
The U.S. Treasury Department asks Congress to give it more power to go after illegal actors in the digital asset industry
Wally Adeyemo, Deputy Secretary of the US Treasury, stated in a speech at the Blockchain Association Policy Summit that the US Treasury is seeking more power from Congress to crack down on illegal activities in the digital asset industry. Adeyemo stated that the Treasury has proposed recommendations to legislators, including a proposal for new sanction tools. He said, "We call on Congress to establish a secondary sanction system, which will not only sever a company's ties to the US financial system, but also cut off any company that continues to do business with sanctioned entities from the US financial system. This is an important tool that we will not ask for lightly. But we need to make every effort to ensure that groups like Hamas cannot exploit loopholes in the digital asset ecosystem." Adeyemo also stated that "dollar-backed stablecoin providers" outside the US should not use the US dollar if they do not have procedures to prevent terrorists from using their platforms.
US Treasury Official Warns Non-US Stablecoin Issuers About Risks of Bad Actors
During a speech at a Blockchain Association event in Washington, Deputy Secretary of the Treasury Wally Adeyemo warned about the dangers of non-U.S. stablecoin issuers that use dollar backing and their potential use by bad actors. He specifically called out dollar-backed stablecoin providers outside the United States for not putting in place procedures to prevent terrorists from abusing their platform. Adeyemo also expressed concern about the lack of action by some firms in preventing illicit activity, which he believes poses a risk to national security. Additionally, the Treasury sanctioned another crypto mixing service, Sinbad, for supporting transactions tied to North Korean hacking.
Coinbase Tokenization Head: Revised UK Legislation Will Allow Stablecoins or Other Asset Trading Pairs
Anthony Bassili, Coinbase's Asset Allocation and Tokenization Director, commented on the "UK government's consultation on digital securities sandbox" on social media, stating that the initial draft of the sandbox included all banks, bonds, stocks, and private chain stores. 19 respondents gave their opinions.
Circle Partners With Investment Giant SBI Holdings Amid Full-Scale Introduction of Stablecoins to Japan
Circle has announced a collaboration with SBI Holdings to introduce its stablecoin USDC and other web3 services into the Japanese market. The partnership will work towards the circulation of USDC and expanding the use of stablecoins in Japan, subject to regulatory approval. SBI will also adopt Circle's web3 services, such as blockchain infrastructure and smart contract management tools. The move comes as Japan prepares for the full-scale introduction of stablecoins, following the revision of a law to establish regulations for dollar-pegged crypto assets.
CiNKO becomes the first payment platform in Latin America and the Caribbean to accept PYUSD
CiNKO announced the addition of PayPal USD (PYUSD) support, becoming one of the first payment platforms in Latin America and the Caribbean to accept PYUSD, and providing access to one of the world's most tightly regulated stablecoins for users in 44 countries in the region.
BitStable will launch native token $BSSB via Bounce Private Launchpad
According to official sources, decentralized auction protocol Bounce Finance has partnered with BitStable. BitStable protocol can generate DAII stablecoin based on collateral assets in the Bitcoin ecosystem, and it will launch its native token $BSSB on Bounce Private Launchpad. The total supply of $BSSB Token Launch is 10,500,000, with a planned fundraising of $500,000. The launch will be conducted in two rounds (auction starts at 12:00 on November 29): 60% of the supply will be used for the pledging auction round, where participants will pledge $AUCTION tokens to receive $BSSB distribution in proportion, and 40% will be used for the fixed price auction round, where the price of each $BSSB token is 0.0000233 ETH.
Ripio CEO: Stablecoins will still play an important role in Argentina
Argentina's newly elected president, Javier Milei, promised economic reforms during his campaign. Sebastian Serrano, CEO of Ripio, stated that the specifics of the reforms will only be known after Milei's inauguration on December 10th, but regardless of what happens, stablecoins will play an important role in the financial lives of Argentinians. Serrano said that the cryptocurrency community in Argentina has responded enthusiastically to the election of this former economics professor. In October, Ripio, a cryptocurrency exchange based in Argentina, saw a 180% increase in new users, and on November 19th (the day of Milei's election), there was a 110% increase in new users compared to the previous month.
Cross-chain lending market Pike received US$50,000 in funding from Circle and Wormhole Foundation
Native cross-chain lending market Pike announced joint funding from Circle and Wormhole Foundation (WF) to incentivize its integration of USDC as its native stablecoin and utilize Circle's cross-chain transfer protocol (CCTP) and Wormhole's cross-chain messaging capabilities. Pike will receive $50,000 in USDC funding to continue its commitment to improving overall security and user experience, setting new standards for permissionless cross-chain lending.
