The stablecoin industry is pushing back against the Bank of England's proposed ban on unhosted wallets. Industry observers warn that restricting such wallets could limit key applications like remittances.
The stablecoin sector has voiced its opposition to the Bank of England's unhosted wallet ban. This pushback centers on concerns that the measure would restrict practical uses of the digital assets.
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Hong Kong has awarded its first stablecoin issuer licences to HSBC and a joint venture led by Standard Chartered, marking the city's latest step towards becoming a global digital asset hub. HSBC plans to launch its Hong Kong dollar stablecoin in the second half of this year, integrating it into its PayMe and mobile banking platforms.
Analysts and investors say the Hong Kong Monetary Authority’s (HKMA) cautious issuance of only two stablecoin licences to traditional banks prioritises risk control but limits Hong Kong’s digital asset ambitions. The market had expected at least three licences for issuers from broader backgrounds.
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Brazil's central bank has banned electronic foreign exchange providers from using stablecoins and cryptocurrencies like Bitcoin for settling overseas remittances. The new rule, BCB Resolution No. 561, takes effect on October 1. Individual investors can still buy, hold, and trade crypto through authorized providers.
The US Senate has approved the GENIUS Act, establishing a federal framework for dollar-pegged stablecoins. The bill requires full backing by liquid assets and aims to reinforce US dollar dominance. It passed with bipartisan support amid debates over risks and political ties.
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The White House convened its second closed-door meeting with cryptocurrency and banking industry representatives to address disputes over stablecoin yields in the stalled CLARITY Act. The discussions focused on resolving tensions that have halted the bill's progress in the Senate. Banking groups emphasized the need for innovation without risking bank deposits.
Major banks are turning to the Ethereum blockchain for projects involving tokenized deposits and cross-border payments, driven by a more favorable regulatory environment. Institutions like JPMorgan Chase, Citi and Custodia Bank have developed applications on Ethereum and its Layer-2 networks. This resurgence follows earlier efforts in the 2010s that largely stalled due to technical and investment challenges.
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U.S. Senator Elizabeth Warren has called on the Treasury Department and Federal Reserve to avoid using taxpayer funds to stabilize the cryptocurrency market amid Bitcoin's sharp decline. In a letter to Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell, she warned that such intervention would benefit wealthy investors at public expense. Warren emphasized stronger protections for retail crypto users instead.