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Project Guardian, run by the Monetary Authority of Singapore , is a global collaboration between policymakers and key industry players to enhance liquidity and efficiency of financial markets through asset tokenisation. Tokenised bank liabilities and shared ledgers tackle these challenges directly.
StraitsX has launched its Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger (XRPL), marking a new phase in its collaboration with Ripple to support real-time digital payments across Asia. XSGD is a stablecoin regulated by the Monetary Authority of Singapore (MAS) and backed 1:1 by reserves held with DBS Bank and Standard Chartered.
A stablecoin issuer, once niche and volatile by association, had now joined the ranks of America’s oldest financial institutions. From Disruption to Integration Circle, the issuer of USDC, has long positioned itself as the “compliant” stablecoin: fully reserved, dollar-backed, regulated in the U.S. Circle’s IPO was not an endpoint.
Location Joburg Followers 5 Opinions 23 Follow Unfollow For years, stablecoins existed in a regulatory grey zone – popular as “digital cash” but lacking official oversight. policymakers have sketched out the first federal framework for payment stablecoins. This means the “stable” in stablecoin is now legally enforceable.
Stablecoins can settle in seconds, smart contracts can execute “if-this-then-that” logic without humans in the loop and tokenised assets can move 24/7 across jurisdictions. No, it won’t replace every system but it is rapidly becoming the preferred foundation for anything that needs to be fast, transparent and interoperable.
Singapore-based digital payment infrastructure provider and stablecoin issuer, StraitsX , is teaming up with Standard Chartered to enhance the reserve management of its stablecoins. The post Standard Chartered Set to Support Reserve Management of StraitsX Stablecoins in Singapore and US appeared first on The Fintech Times.
These solutions are already widely adopted and focus on enabling technical interoperability between existing mobile wallets, offering fast and integrated payment experiences within their local banking ecosystems. Wero, in contrast, offers a unified architecture, designed for full interoperability and scale across Europe.
The introduction of the Digital Assets Bill and the Financial Conduct Authority (FCA)s ongoing efforts to regulate cryptoassets demonstrates the regulator’s intentions to further define just how digital assets are governed and traded.
Rain , a global card issuing platform built for stablecoins, is helping usher in a new era of onchain finance through its work with Visa. Rain announced it has joined Visa’s pilot program for stablecoin settlement. Rain is programmatically leveraging stablecoins enabling network settlement 7 days a week, 365 days a year.
Focus on security, interoperability, and transparency A powerful solution ensures your customers can send money anytime, anywhere, and in any way they want. External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
The popularity of stablecoins is also reaching new heights. The transfer volume of stablecoins hit highs of $717.1 They will need to co-exist with existing clearing and settlement processes and infrastructures, and this means interoperability is crucial. tokenised deposits and stablecoins) or non-banks (aka. stablecoins).
Developers globally are composing new financial products at a frenetic pace, precisely because the protocols are open and interoperable. In DeFi, user permission takes the form of private keys and cryptographic signatures – nothing moves from your crypto wallet unless you (and only you) cryptographically authorize it.
Amid rising fraud, emerging technologies like embedded finance, AI, and stablecoins, and intensifying global competition, the Financial Conduct Authority (FCA) faces mounting pressure to recalibrate its approach to regulationor risk holding back the very sector it aims to protect. The stakes are high.
It offers practical, high-level analysis of what’s live, what’s coming into force, and what’s under active consultation, covering fraud liability, stablecoin oversight, instant payments, digital operational resilience, and future developments such as the digital pound and digital euro. Firms should act swiftly to meet the new standards.
Ensuring public sector participation will accelerate adoption and interoperability across industries. Enable Accountable Authorities To ensure the reliability of digital credentials in business contexts, a robust trust framework is essential. Competent authorities should attest to the legitimacy of issuers.
In many ways, this setup is akin to stablecoins (where a company holds USD in a bank and issues tokens like USDC or USDT). Interoperability solutions or standard approaches could help unify markets. External This content is provided by an external author without editing by Finextra. This can lead to fragmentation.
The Bank for International Settlements (BIS) has released a report, “Stablecoins: Regulatory Responses to Their Promise of Stability,” analysing the regulatory environments for stablecoins across seven distinct jurisdictions.
Ripple, a provider of enterprise blockchain and crypto solutions, plans to introduce a stablecoin tied directly to the US dollar (USD), pending regulatory approvals. With the stablecoin market currently valued at approximately US$150 billion and expected to soar to over US$2.8 said Brad Garlinghouse, CEO of Ripple.
StraitsX, a digital asset payments infrastructure provider in Southeast Asia, has received Major Payment Institution (MPI) licenses from the Monetary Authority of Singapore (MAS). In addition to this, StraitsX has introduced XUSD, a fiat-pegged USD stablecoin, aimed at digitising currencies essential for global trade.
The growing adoption of stablecoins across Asia marks a significant shift in the regions financial landscape. dollar-pegged stablecoins like USDT and USDC primarily dominate the cryptocurrency topography. Tether (CNHt) Tether CNHt is a stablecoin that is pegged to the offshore Chinese Yuan (CNY). Traditionally, U.S.
Stablecoins have been rising in conversation within the financial ecosystem of Singapore. As the name implies, stablecoins are digital assets designed to maintain a stable value relative to a reference asset, such as the US Dollar or gold.
Chia Der Jiun, Managing Director of the Monetary Authority of Singapore (MAS) , addressed the Singapore Fintech Festival 2024 , emphasizing the importance of community, collaboration, and capabilities in shaping the future of fintech. Discussing generative AI, Chia described MAS’ cautious but collaborative approach.
ANZ has become the first Australian bank to join Project Guardian , an initiative led by the Monetary Authority of Singapore (MAS). ANZ will collaborate with Chainlink Labs and ADDX, a Singapore-based private market exchange platform, to test the interoperability of these assets between different blockchains.
Ripple , the provider of enterprise blockchain and crypto solutions, plans to launch a stablecoin, pegged 1:1 to the US dollar (USD). Ripple’s stablecoin will be 100 per cent backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. The Ripple stablecoin will be issued on the XRP Ledger.
Trialed Digital Tenge use cases include wholesale cross-border CBDC transactions with the Hong Kong Monetary Authority, CBDC vouchers for school meals, smart contracts designed to safeguard public funds allocated for road construction, and Digital Tenge stablecoins on the Binance cryptocurrency exchange.
2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon. This transition is currently in progress.
In an effort to fortify its payment infrastructure, the Monetary Authority of Singapore (MAS) is developing an interoperable SGQR+ scheme to boost QR code payment interoperability. This initiative underscores the potential of digital currencies in facilitating domestic payments.
The government is producing a much needed National Payments Vision and Strategy (NPV&S), that reflects its recognition of the systemic importance of payments to the UK authorities and how its leadership must give rise to a new era for payments.
” To deliver on this promise, the Skyfire network features: Open, Global Payments Protocol: Open and global interoperability for AI, providing access to LLM’s, datasets, and API services without the need for subscriptions, credit cards, or onboarding. All AI transactions are completed instantly. “AI
Developments include cross-border quick response (QR) payment linkages, connectivity between real-time national payment schemes, and the ongoing Singapore Response Code Scheme (SGQR+) project focusing on furthering QR code payment interoperability.
Key areas of impact include fraud prevention, card fee structures, accessibility standards, stablecoin usage, and the treatment of consumer data in evolving open finance ecosystems. Non-compliance could lead to regulatory enforcement by national authorities, as well as reputational harm and potential exclusion from EU markets.
Key Highlights of The Payments Manifesto 2025: Financial Crime: Focus on reducing authorised push payment fraud through improved data sharing, expanding regulatory boundaries to include social media firms and AI-driven data analysis, promoting interoperable dispute management systems, and advocating for robust digital verification frameworks.
Organised by the Monetary Authority of Singapore (MAS), Elevandi, and Constellar, in collaboration with The Association of Banks in Singapore, SFF is one of the world’s largest and most prominent events focused on fintech.
The Financial Conduct Authority (FCA) has taken a principles-based approach , focusing on financial stability, consumer protection, and market integrity, rather than prescribing rigid rules for each type of digital asset. However, the compliance burden is challenging, particularly for stablecoin issuers and larger service providers.
With regulatory licenses and authorizations in more than 40 countries, Nium offers card issuance services in 34 countries. the increased adoption of enabling technologies such as stablecoins, and rising global commerce. This boost is driven by regulatory support, the launch of FedNow in the U.S.,
Built upon blockchain technology, DeFi offers a decentralized option by enabling financial interactions without needing trust in a central authority, operating autonomously. Interoperability: DeFi applications are built to work together, forming a connected financial ecosystem.
31, 2018, will mark the 10th anniversary of the day that a link to a paper , authored by Satoshi Nakamoto , describing the digital currency called bitcoin was first publicly circulated. No one will argue that things could be more efficient, that networks could be more interoperable or that standards should be more consistent globally.
De Meijer Owner and Economist MIFSA Location Maarrssen Followers 8 Opinions 157 Follow Unfollow Stablecoins are attracting considerable attention by traditional financial institutions. Regulatory shifts are paving the way for banks to engage with stablecoins. What are stablecoins? How stablecoins work?
The Financial Conduct Authority (FCA) has unveiled new proposals for issuing stablecoins, which aim to support innovation in the UK cryptoasset sector and help UK cryptofirms compete internationally. Just over a quarter (27 per cent) of cryptoasset users who responded to this survey had bought stablecoins.
Immediate focus areas include fraud prevention, ISO 20022 readiness, and stablecoin regulationbut longer-term success depends on active engagement with consultations, operational resilience, and global alignment. What’s next? The payments landscape is entering a defining phase of regulatory transformation.
The Financial Conduct Authority’s most recent Financial Lives Survey, reported that approximately 1.2 The unbanked should be seen not as commercially unviable, but as an inclusion opportunity requiring innovation and proportionate, interoperable regulation."
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