Americans Would Use Stablecoins—If They Came With Bank Protections, Visa Study Finds
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US stablecoin adoption could surge with bank-like protections: Visa survey
The survey released by Visa posited that bank-like protections for stablecoins could increase adoption in the US as companies are preparing for the enactment of the GENIUS Act.
Central Bank of Brazil: Stablecoins should be considered electronic money instruments
According to Odaily Odaily, the Central Bank of Brazil stated at a hearing of the Congressional Economic Development Committee that stablecoins should be considered electronic money instruments, not digital assets. Fábio Araújo, an advisor to the Central Bank's Financial System Supervision Department, stated that digital assets such as Bitcoin and Ethereum possess scarcity, transferability, and verifiability, while stablecoins, possessing characteristics of a means of payment, should be understood as monetary instruments. The Brazilian Congress is preparing to review Bill No. 4308/2024, proposed in 2024 by Congressman Aureo Ribeiro, to clarify the rules for stablecoins. The Brazilian Crypto Economy Association (Abcripto), whose members include Binance, Coinbase, Fireblocks, Visa, Tether, OKX, and Ripio, opposes this classification. Abcripto stated that this classification will lead to regulatory conflicts, affecting the adoption of stablecoins at both the institutional and retail levels in Brazil, and hindering virtual asset service providers. The Central Bank of Brazil also recently issued a new resolution, elevating its regulation of virtual asset service providers to the same level as that of securities institutions. (Bitcoin.com News)
Stablecoins Won't Scale Without Banks
With a growing number of institutions exploring stablecoins, the bottleneck is regulated infrastructure they can trust.
Bank of England set for new innovation mandate covering stablecoins
The UK plans to expand the Bank of England’s remit to support digital payments innovation, including stablecoins, while keeping financial stability first.
Crypto Group Warns Fed Could Use Banking Access to Squeeze Digital Asset Firms
The Blockchain Association is urging the Supreme Court to take up Custodia’s case, saying that broad Fed power over “master accounts” could be used to push crypto firms out of the banking system.
KAST's terms of service have sparked controversy, with the CEO questioning user asset ownership.
PANews reported on July 7th that Mike Silagadze, founder and CEO of ether.fi, published an article questioning the terms of service of KAST, a stablecoin payment and crypto card platform. The terms explicitly state that when users transfer cryptocurrency or stablecoins to KAST, it is considered a sale of the relevant virtual assets to KAST, and users no longer retain ownership of the assets; the records displayed in the app are only denominated in USD and do not constitute account balances, deposits, or stored value. Furthermore, KAST emphasizes that it is not a bank, and user funds are not protected by deposit insurance. Since both KAST and ether.fi Cash offer stablecoin payment and crypto card services, they are direct competitors.