Mastercard Enables USDC Spending in Asia

Mastercard has partnered with Stables to allow retail customers in the Asia-Pacific region to spend and save USDC through its network. Meanwhile, worldwide banking turmoil has not slowed the blending of traditional and decentralized finance (DeFi). Global payment provider Mastercard has expanded its partnership with the Australian stablecoin platform, Stables, to enable retail customers in the Asia-Pacific region to spend and save USDC anywhere Mastercard is accepted. The wallet will accept deposits in several stablecoins, including Tether (USDT) and Binance USD (BUSD), with all deposits automatically converted into USDC. This move comes as worldwide banking turmoil and regulatory crackdowns continue to impact the crypto space. (Read More)

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U.S. Fed’s Supervision Chief Investigating What Happened with Silicon Valley Bank

Barr, a former Treasury Department official who briefly became an adviser for Ripple before returning to a government role in the Biden administration, didn’t mention Silvergate Bank in the statement, though that smaller institution was also supervised by the Fed. Source: CoinDesk

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Circle says $3.3B of USDC reserves stuck at Silicon Valley Bank

Circle said it failed to remove $3.3 billion from Silicon Valley Bank. SVB is under FDIC receivership following its collapse. USDC depegged following the news, falling 8% to hit lows of $0.91 on Saturday morning. Circle, the blockchain payments company that issues the USDC stablecoin, has confirmed that $3.3 billion worth of USDC reserves are […]

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Kraken confirms plans to launch its own bank

Kraken says the crypto bank is on track for launch. The crypto exchange will initially offer the Kraken Bank services to customers in the US. The launch of a new crypto-friendly bank comes at a time the crypto bank Silvergate continues to falter after the collapse of FTX. Kraken will soon be launching its own […]

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NYDFS: Banks must seek approval before engaging with crypto

New York Department of Financial Services published the new guidelines on 15 December 2022. All banking organisations must apply for permission to undertake any crypto activities. The regulatory guidelines are effective immediately and come as the spotlight is firmly on crypto following FTX’s implosion. Amid all the scrutiny on cryptocurrency exchanges after FTX’s collapse, the […]

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Nexo acquires stake in a US-federally chartered bank

Nexo has reportedly acquired a stake in Hulett Bancorp (DBA Mode Eleven), the bank…

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Fed tells banks to pay attention to legal aspects before jumping into crypto

The Federal Reserve Board wants to see banks take time to understand the cryptocurrency…

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OCC issues Consent Order against Anchorage Digital Bank over AML violations

Anchorage Digital Bank has agreed to remedial action and will appoint a Bank Secrecy…

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Russia’s Sberbank gets license to issue digital assets through its DLT platform

Through a statement issued on Thursday, Russia’s central bank has given the country’s top…

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US Banking Crisis Fuels Regulation Debate

The recent fall of major banks in the US has reignited discussions about the most effective ways to safeguard the economy. Economist Peter Schiff argues that increasing banking regulations could contribute to a worsening economic crisis, while a group of economists warns that nearly 190 US banks are at risk of depositor-driven collapse due to monetary policies. (Read More)

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Federal Reserve Lifts Enforcement Action on FTX-Linked Farmington Bank

The Federal Reserve has terminated its enforcement action against Farmington State Bank, linked to the collapsed crypto exchange FTX, marking the bank's shift away from operations and reinforcing depositor protection efforts. (Read More)

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Binance Australia halts AUD fiat transfers amid third party provider issues

Binance Australia has halted all Australian Dollar deposits. Users can still buy and sell cryptocurrencies using credit or debit cards. Binance Australia is working towards finding an alternative payments provider. Binance Australia has with immediate effect halted all Australian Dollar deposits for its users, according to a statement the company tweeted on Thursday. The crypto […]

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Regulatory clarity key for banks entering crypto, industry exec says

Lead Bank executive Erica Khalili talks about why nows not an easy time in the digital banking sector. 

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Saxo Bank ordered to dispose of crypto holdings by Denmark’s DFSA

The DFSA ordered the Saxo Bank to dispose of its own holdings in crypto. The Financial regulators in Denmark have said that local banks are not allowed to hold crypto to hedge against trading risks. DFSA’s order concerning Saxo Bank’s crypto holdings will have little impact on the bank’s business. Local investment bank Saxo Bank […]

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