#stablecoins

#stablecoins

Although they have comparatively few problems accessing overseas bank accounts-often in the Cayman Islands or Switzerland-in lieu of a US bank account, they are often unable to earn yield on deposits or transact seamlessly with US-based counterparties, and sometimes incur high account fees.

The GENIUS Act makes it law that permitted payment stablecoin issuers must hold reserves for every dollar of stablecoins offered, which can be any government-issued asset approved by regulators.

MiCA mandates that all crypto platforms in the EU must register and obtain a license, along with enforcing strict KYC and AML protocols for CASPs.

"I think that we are falling prey to some confusion between money, means of payment, and payment infrastructure, and that is accelerated..."

"The bank will be a national bank... providing traditional banking products, as well as virtual currency-related products and services, for businesses and individuals."

in just a few years, stablecoins transformed from fringe assets to pivotal components of the financial ecosystem, demonstrating their critical role in today's financial landscape.

Niknam believes US dollar stablecoins accessible through mobile phones will prove 'transformational for large groups of people' worldwide, particularly in countries suffering from currency instability.

Stablecoins are ready to power global payments and fintechs, however, single issuer stablecoins fail to create the network effect necessary for broader adoption.

Circle's IPO is generating excitement as it reflects the growing interest in stablecoins, which are pegged to real assets like the U.S. dollar and the euro.

Circle Internet Group's IPO aims to raise up to $624 million, seeking a valuation of $6.71 billion, amid rising interest in stablecoins.

Stablecoins are heralded as some savior of the developing world, a positive escape hatch for them from decrepit financial systems and local currency risks.

"There's no proven advantage that it's cheaper or better. The way it's been presented is this tech solutionist approach that has been proven over and over again to not have any substantial impact in reality."

Mansa is poised to transform cross-border payments by offering stablecoin liquidity solutions that address liquidity shortages and cut operational costs for payment providers.