Bank of England’s Stablecoin Ruling Targets Financial Stability, Exec Says
Financial stability was a key factor in the Bank of England's decision to hold stablecoin payment systems to the same regulatory standards as existing payment chains.
The stablecoin would help facilitate trade among four Asian countries, which is key to economic recovery in the region after coronavirus, proponents said.
On Thursday, hourly trading volume in Tether Gold climbed to over $13 million, up from roughly $1 million the day before.
Economists at the Federal Reserve suggest Libra – in its original, basket-backed stablecoin form – might not have had as severe an impact on financial stability as policymakers suggested last year.
The European Union is still trying to figure out what to do about Libra, according to a new memo.
Libra Vice Chair Dante A. Disparte said some departing Libra partners left the door wide open for an eventual return. They will be welcomed back when they're ready.