PayPal launches PYUSD stablecoin. It is backed by USD deposits, pegged to the US dollar, on the Ethereum blockchain via Paxos Trust. The company enables P2P payments and conversions to other cryptos.
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A member of the European Central Bank board, Fabio Panetta, stated an urgent requirement for regulations in the crypto sector. This comes after the collapse of FTX and rising volatility for crypto.
Tether has created a stablecoin pegged to the British pound. It will be available to buy from early July and is the fifth token linked to a fiat currency that the company has released.
The UK Treasury has outlined plans to regulate the stablecoin market to help better protect consumers. It could protect investors if other stablecoins collapse like TerraUSD did this month.
The UK government has announced that it's planning to regulate stablecoins. This would ensure that they're reliable and safe. It's also seeking to improve the tax system for cryptoassets.
Cryptocurrencies are being used to facilitate the transfer of millions of dollars in aid to Ukraine. The firm Elliptic said that over $16.7 million has been sent to the Ukrainian government and NGOs.
The Bank of England's Andrew Bailey has called on the G20 to regulate stablecoins and other crypto-assets. He said this must be done to prevent money laundering and monetary policy destabilisation.
The head of the Libra project at Facebook has announced that the cryptocurrency could be made up of national stablecoins instead of being a synthetic currency as it tackles regulatory issues.