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Circle Internet Group announced the launch of its Circle Payments Network (CPN), a new system designed to connect financial institutions for cross-border payments using regulated stablecoins. The post Circle Launches Stablecoin Payments Network for Cross-Border Settlements appeared first on Fintech Singapore.
Merge, a London-based fintech, has received approval from French regulators to operate as both an electronic money institution (EMI) and a virtual asset serviceprovider (VASP). COO Michael Burtsche r also added: Stablecoins are transforming how money moves globally.
Home News Crypto Coinbase launches stablecoin payments service Editorial This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Finally, open-source smart contracts power secure, scalable onchain transactions. trillion to $3.7 trillion by 2030.
Nebraska’s Department of Banking and Finance has approved an application from blockchain-based financial serviceprovider Telcoin to become the state’s first Digital Asset Depository Institution. The post Telcoin Bank Steps Closer to Becoming the First Regulated Crypto Bank in the US appeared first on The Fintech Times.
“The initiative is the first of its kind globally to adopt a stablecoin pegged to the UAE dirham for public transport payments,” the partners say. ” Real-time transactions Advantages of the AE Coin include real-time transactions and low fees, the stablecoin’s developer adds. “We
1 The Opinion provides supervisory guidance to EU national competent authorities (NCAs) on the application of PSD2 to CASPs and recommendations for longer-term legislative alignment under the upcoming third EU Payment Services Directive (PSD3) and the accompanying EU Payment Services Regulation (PSR).
dtcpay , the licensed payment serviceprovider, has announced that it will no longer be supporting Bitcoin (BTC) and Ethereum (ETH) in the new year as it transitions to only support stablecoins for its Digital Payment Token (DPT) payment services.
Looking to bridge the world of fiat and digital currencies, Fipto , a blockchain-based payment infrastructure, is looking to make it easier for firms to integrate stablecoins and optimise existing global payment flows using blockchain. The firm is also a licensed Virtual Asset ServiceProvider (VASP) in Luxembourg.
A micro-financial servicesprovider in the Philippines, Cebuana Lhuillier brings an extensive network of 3,500 branches and 25,000 partner agents to the partnership. Yellow Card, Africa’s largest licensed stablecoin on/off-ramp fintech, will also leverage PYUSD to facilitate transactions.
Ozean , a blockchain for Real-World Assets (RWA) yield launched by Clearpool , is joining forces with First Digital , a Hong Kong-based group offering global multi-asset custodial, trust, payments and stablecoin solutions, as part of WakeMaker, Ozean’s accelerator programme.
The crypto payment adoption is growing rapidly across the European Union (EU), with stablecoins being widely used as a preferred cryptocurrency among businesses. The Rise of Stablecoins in Europe With the evolving global financial landscape, European businesses are aggressively turning to cryptocurrency payments for more efficiency.
Account holders with US licenced digital bank, FV Bank , will now be able to convert PayPal USD (PYUSD) into USD in real time as the digital bank expands its stablecoin capabilities. The post FV Bank Expands Stablecoin Offering With PayPal USD Conversion Feature appeared first on The Fintech Times.
the innovative, tech-driven payments bank, announces the launch of EURI, a bank-backed stablecoin, compliant with the Markets in Crypto Assets Regulation (MiCA). EURI is the first e-money token launched by Banking Circle and the first MiCA regulated stablecoin that is issued and backed by a bank in the EU. Banking Circle S.A.,
Stablecoins: Visa has been facilitating cryptocurrency transactions for over five years and is now expanding its offering to include stablecoin-backed cards, settlement, and programmable money. In Asia Pacific, Visa is working with StraitsX for stablecoin settlement.
Ripple, a provider of enterprise blockchain and crypto solutions, has finalised its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian, after securing necessary regulatory approvals. Following this acquisition, Ripple has announced plans to launch a USD-backed stablecoin.
Australian stablecoin payment startup, Stables , announced its expansion into Europe today with their stablecoin virtual card, in partnership with Mastercard. Stables’ expansion into Europe is not merely a geographical leap; it’s a testament to the soaring demand for stablecoins globally.
Clear Junctions findings stem from a recent poll of 150 senior payment industry executives conducted during its MiCA Masterclass webinar hosted in collaboration with financial services compliance consultancy fscom. Attendees were asked the most significant challenges they were or are still encountering when looking to comply with MiCA.
PayPal’s stablecoin, PayPal USD (PYUSD), was officially added to the Solana Blockchain last week. Now, PayPal stablecoin users can send PYUSD on Ethereum or Solana when transferring out to external wallets. Competition : The race to stablecoin dominance has quieted among most traditional financial servicesproviders in the U.S.,
The Money-Changing License will enable businesses to conduct money-changing services; the Standard Payment Institution License allows them to conduct multiple payment services below specified thresholds, and the Major Payment Institution License allows businesses to conduct multiple payment services without any transaction volume or float limits.
In this article, Akshata Namjoshi, Kabir Kuma, and Ahlam Faouzi from KARM Legal Consultants , the emerging technologies-focused law firm, provide an in-depth analysis of the UAE’s regulatory landscape for stablecoins. The FSRA of the UAE recognises three primary stabilisation mechanisms for stablecoins.
BVNK , the stablecoin payments provider, announced today that it has enabled Swift payments on its platform, so businesses can move easily between US dollars, Euros and stablecoins like USDT, USDC and PYUSD. BVNK offers the perfect pathway from our PSPs to our banks, saving us valuable time and money.
Crypto payment servicesprovider BitPay has unveiled a new mass payout offering, BitPay Send, which lets entities of different sizes make payments to workers, clients, affiliates, suppliers, contractors and others with digital currency, according to a Thursday (Nov. 12) announcement.
With the UK's financial watchdogs set to establish a regulatory regime for stablecoins, payment serviceproviders must brace for stringent new standards in operations, redemptions, audits, and consumer protection. Read more
That means corporates and their payment serviceproviders have big databases filled with customer and counterparty addresses in an unstructured format. We use cookies to help us to deliver our services. All of which need updating to meet compliance. But updating these legacy systems and databases is a huge task.
The aim of the regulation was to mandate Payments ServiceProviders (PSPs) to offer credit transfers in euros and instant credit transfer services. In response to MiCA’s requirements, several crypto exchanges and serviceproviders adjusted their offerings.
the tech-driven payments bank, has launched its bank-backed stablecoin, EURI. The EURI stablecoin is the first MiCA-regulated digital asset that is issued and backed by a bank in the EU. Furthermore, it will enable us to launch stablecoins and tokenised money in the future, providing more choice and optionality for the market.”
The regulator of the nation’s banks has issued its first guidance on stablecoins , the cryptocurrency backed by traditional currency. . 21) clarified the authority for national banks and federal savings associations to hold reserves on behalf of customers who issue stablecoins.
Merge , a London-based fintech, has activated its Electronic Money Institution (EMI) licence and Virtual Asset ServiceProvider (VASP) registration. “By merging stablecoins with real-time payment rails, we’re enabling businesses to move funds instantly and cost-effectively, without the friction of legacy systems.
The service will initially support stablecoins such as USDT and USDC, allowing users to send money as easily as sending a message. OKX plans to add support for more stablecoins over time. OKX said that funds cannot be moved without a customers explicit permission.
The bank will collaborate with Ant International’s Embedded Finance unit on a series of global treasury management and cross-border payment innovations, including tokenised deposits, stablecoin, and its Time-Series Transformer (TST) FX Model.
The acquisition expands Ripple’s offerings beyond payments into trading, custody, and lending services, providing financial institutions the infrastructure they need for crypto adoption. Ripple will acquire Hidden Road for $1.25 billion, making it the first crypto company to own and operate a global, multi-asset prime broker.
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. trillion by 2028. trillion by 2028.
Yellow Card, Africa’s leading stablecoin-based infrastructure provider, has been issued a Crypto Asset ServiceProvider (CASP) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.
There have also been recent incidents where financial servicesproviders have unexpectedly discontinued services for emerging market businesses, leading to substantial financial losses in the form of uncompleted transactions and disrupted trade flows.
Sumitomo Mitsui Financial Group ( SMBC ) has decided to work with Ava Labs, Fireblocks , and IT serviceprovider TIS to assess the commercial use of stablecoins in Japan.
Combining their expertise, Deutsche Bank will collaborate with Ant International’s Embedded Finance unit on a series of global treasury management and cross-border payment innovations, including tokenised deposits, stablecoin, and its Time-Series Transformer (TST) FX Model.
By collaborating with Rain, BitGo, and Visa, Nuvei delivers a seamless and secure blockchain payment experience that empowers LATAM merchants to use their physical or virtual card supported by Visa to make payments using stablecoins from a digital asset wallet anywhere Visa is accepted.
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.
.” The new, fee-free accounts will allow businesses to benefit from the fast, borderless, and low-cost aspects of transacting in crypto and stablecoins. Coinbase built its Business accounts to streamline financial workflows and create a single place for businesses to send and receive payments, manage crypto assets, and automate payouts.
“Our unique position as both a licensed crypto and fiat payment serviceprovider allows us to bridge the gap between traditional finance and the digital economy, delivering cutting-edge solutions for cross-border payments and digital asset management.
We’re excited to introduce our latest product for fintechs and payment serviceproviders: Customer Virtual Accounts. We’ve been helping fintechs to meet customer demand for stablecoin payments since 2019.
Among these, the integration of blockchain and stablecoins in cross-border payments and treasury management emerged as a central theme. Now, digitally native businesses are leveraging blockchain and stablecoins not to speculate, but to optimise cost and speed in cross-border transactions.
Stablecoins, the virtual currencies which seek price stability, could be the next target for money laundering and terrorist financing, a report found. The FATF said it will review the implementation and impact of its standards by next summer and provide further guidance on stablecoins and virtual assets.
Latin American payment serviceprovider, Mercado Pago , now enables customers to buy and sell the Meli Dollar stablecoin through its app to all users in Brazil. The Meli Dollar stablecoin is pegged one-to-one with the US dollar and looks to ensure users have access to options less volatile than existing cryptocurrencies.
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