US Eyes Probe of Stablecoins ‘Financial Risk

US Eyes Probe of Stablecoins ‘Financial Risk

Yellen and the group she leads, the President’s Working Group on Financial Markets, have been focused especially on claims by Tether that it has large amounts of commercial paper, or debt issued by commercial companies to meet short-term funding needs, Bloomberg report. The information being gathered is likely to be used to shape a bigger Treasury report on stablecoins. The department has worked with other agencies to roll out an examination by the Financial Stability Oversight Council, which could see stablecoins with much stricter regulations if the council determines they’re a threat, according to Bloomberg. Meanwhile, buy now, pay later (BNPL) firm Afterpay has urged the Australian government to adopt stablecoins, saying they could help to cut down on merchant fees.

Treasury Secretary Janet Yellen, speaking in July, said the government didn’t have a lot of time to set up a regulatory framework for stablecoins, the report stated. Treasury officials met this week to discuss the ways stablecoins could be regulated. The department also wants to assess whether major stablecoins could be backed by traditional assets, as well as how they should be structured, how they could be used and whether the current regulatory framework is good enough. Regulators in the U.S. have been working on understanding cryptocurrencies, including their risks and opportunities as compared to the usual U.S. financial system. The regulators say they plan to issue numerous reports in the coming months, according to the report.

Bloomberg reported that the Treasury Department is also looking at whether stablecoins pose a risk to economic stability. Government leaders have been surprised at how the crypto market has been expanding, according to the report. It exceeded $2 trillion as of April, along with a stablecoin market cap of $125 billion, the report stated, citing statistics from CoinMarketCap.

About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks. NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021

—————————— Read more: Afterpay Informs Australian Senate Stablecoin Could Clip Merchant Fees

The News Highlights

  • US Eyes Probe of Stablecoins ‘Financial Risk
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
LG’s latest TONE Free FP5 earbuds pack ANC, 22-hour battery life
LG’s latest TONE Free FP5 earbuds pack ANC, 22-hour battery life
With a list price of $130, and going for as much at Amazon, today’s deal not only marks the first price drop that we’ve tracked but also a new all-time low. ...
Parents of Hospitalized Children Want to Understand Costs – Consumer Health News
Parents of Hospitalized Children Want to Understand Costs – Consumer Health News
Abstract/Full Text “Discussions of health care costs may be an important, relatively unexplored component of family-centered care,” the authors write. ...
Navalny app removed from Google and Apple stores as Russian elections begin
Navalny app removed from Google and Apple stores as Russian elections begin
Jailed Kremlin critic Alexei Navalny’s ‘Smart Voting’ app disappeared from Apple and Google stores Friday as Russians began voting in a three-day ...
Find Here  The Details of Surveillance Apparatus That Surrounded Britney Spears
Find Here The Details of Surveillance Apparatus That Surrounded Britney Spears
Employee Alex Vlasov upheld his claim with email, text messages, and voice recordings he knew for nine years as Executive Assistant and Operations and Cyber ...
In October, the Suicide Squad game will return to DC FanDome
In October, the Suicide Squad game will return to DC FanDome
Since then, there hasn’t been so much as a peep of news about it. With this year’s DC FanDome taking place this October, it was generally assumed that the ...
NYC passes bills to protect workers’ application delivery rights
NYC passes bills to protect workers’ application delivery rights
“The core business model of app-based food delivery companies is to deny and lock their workers out of employment protections and benefits,” attorney Brian ...
Human health insurer exceeds profit estimates under Medicare Advantage strength
Increase in COVID deaths, an avoidable tragedy | local news
In the past few weeks, Alabama has seen increasing death rates from COVID. First, the number of cases spiked. Hospitalizations started rising and straining ICU ...
Cowboys LB Keanu Neal Test Positive for COVID-19, Officially Dropped Vs.  eagles
Cowboys LB Keanu Neal Test Positive for COVID-19, Officially Dropped Vs. eagles
Here’s the full list of Cowboys who have been placed on the Reserve/COVID-19 list. Since Aug. 21, 12 Cowboys have been placed on the Reserve/COVID-19 list. ...
The Latest: NY governor ready to use reservists in shortage
The latest: NY governor ready to use missing reservists
___ MORE ON THE PANDEMIC: Hochul, a Democrat, released a plan Saturday to address what she called preventable staffing shortages in hospitals and other ...
The ‘Wide Awake’ event brings together speakers and songs that protest COVID-19’s policies
The ‘Wide Awake’ event brings together speakers and songs that protest COVID-19’s policies
YDSA member Ivy Rose expressed their concerns about the COVID-19 policies from the perspective of a disabled student. They are fearful of transmission during ...
Show next
Compsmag - Latest News from tech, business and health
Logo