No idea why, but stablecoins have been trending heavily between yesterday and today.
The BBC reports that the U.K. Treasury is considering the introduction of a new digital Pound (GBP). The Economic Secretary to the Treasury and British MP, Andrew Griffith, cited the Financial Services and Markets Bill currently being debated in Parliament would help establish a regime to target central bank cryptocurrencies like CBDCs. However, Mr. Griffith noted that it would take time for the U.K. to develop a regulatory framework, aiming for being right than being first. 💂♂️
Nigeria has become the latest nation to push clearer regulatory guidelines for cryptocurrencies. The Central Bank of Nigeria released a report titled Nigeria Payments System Vision 2025. While the report mostly focuses on Nigeria’s CBDC, eNaira, there were some highlights of the cryptocurrency markets as a whole. In a break from most other nations’ central banks, the CBN saw ICOs and DeFi as positive entities that stimulate private funding, lending, and fundraising.
Attention Crypto.com ($CRO.X) Canadian customers: Crypto.com is delisting Tether ($USDT.X). An email was sent to Canadian customers informing those users that as of January 31, USDT will no longer be supported. Customers have until January 31, 2023, at 1300 EST to review their balances. Any USDT remaining on Crypto.com’s platform for Canadian customers will automatically be converted into USD Coin ($USD.X). After the January 1 date, no deposits of USDT will be credited. 🍁
China just included its CBDC, the digital Yuan (e-CNY), in its official cash reports for the very first time. The estimated 13.61 billion e-Yuan ($2 billion U.S.) represents approximately 0.13% of China’s monetary base supply. However, unlike stablecoins or other cryptocurrencies that utilize blockchain technology, the digital Yuan does not. Blockworks compared the engineering and back-end operations of the digital as similar to Apple Pay.
Cointelegraph reported that after the collapse of FTX, USD Coin’s transfer volume was five times that of USDT’s. Since October 10, 2022, USD Coin has averaged $12.5 billion daily more in transfer volume than USDT’s daily average. This is impressive given that USDT’s market cap of $66.3 billion is 50% more than USD Coin’s $44.3 billion. 🧠