The rise and rise of Stablecoins!
Here is our pick of the 3 most important Stablecoin news stories during the week.
This week saw new stablecoins, improved stablecoins and news from much anticipated stablecoins.
First, USD Coin (USDC) which has had some controversy over what is backing it and hence how stable it could really be announced that the coin will only be backed by cash and U.S. treasury bills, according to a recent blog post from the Centre Consortium.
Then, the Blockchain infrastructure company Paxos announced it is renaming its Paxos standard stablecoin as Pax dollar with the ticker USDP. Paxos believes the USDP ticker more easily identifies the stablecoin as a U.S. dollar-backed token, Walter Hessert, head of strategy, said in a blog post Tuesday.
“USDP reserves are held 100% in cash and cash equivalents. This name makes it obvious to anyone – USDP is a dollar,” Hessert wrote. Paxos asked its ecosystem partners to reflect the stablecoin’s new branding ahead of the updated smart contract going live on Aug. 31.
Finally, Facebook’s much anticipated stablecoin payment system, which has been renamed Diem, is quickly seeking–and gaining–regulatory approval across America, according to board-member David Marcus.
So in summary, this week we had some refinement of Circles USDC, a new Paxos coin launched and some news on the much anticipated Facebook Diem.
Alan Scott is an expert in the FX market and has been working in the domain of stablecoins for many years.
We have a self imposed constraint of 3 news stories per week because we serve busy senior Fintech leaders who just want succinct and important information.
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