US stablecoin adoption could surge with bank-like protections: Visa survey
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Americans Would Use Stablecoins—If They Came With Bank Protections, Visa Study Finds
A Visa survey found U.S. willingness to use stablecoins for cross-border transfers rises from 36% to 56% when paired with hypothetical bank-level fraud protection and deposit insurance.
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)
Visa, M-Pesa, and Onafriq launch stablecoin cross-border transfer pilot in the Democratic Republic of Congo.
Odaily Odaily reports that Visa, M-Pesa, and Onafriq have launched a pilot project in the Democratic Republic of Congo to settle cross-border mobile transactions using a stablecoin pegged to the US dollar. The pilot targets scenarios such as cross-border mobile wallet top-ups, international business transactions, and remittances. The World Bank estimates that the average cost of cross-border remittances in sub-Saharan Africa is close to 8% of the transfer amount. Visa had previously partnered with the African cryptocurrency exchange Yellow Card to explore stablecoin fund management and international settlement. (Bitcoin.com News)
Stablecoin cross-border flows surge 78%, defying crypto bear market
Cross-border stablecoin transfers surged as the wider crypto market shrank 37%, with Chainalysis pointing to growing use for trade, remittances and savings.
ECB, EU cenbanks seek changes in MiCA’s minimum bank deposit for stablecoins
The ECB and EU central banks want to replace MiCA’s stablecoin bank-deposit requirements with liquidity thresholds, warning that sudden withdrawals could strain lenders.
Kakao Pay, KakaoBank to explore stablecoin opportunities with Fireblocks
Kakao Pay and KakaoBank are exploring digital asset opportunities with Fireblocks, including infrastructure for stablecoins.