Stablecoins list mail
The trick, they argue, is to peg the price of a crypto-token to that of a fiat currency like the US dollar. Nevertheless, of late it has drawn plenty of interest—and venture capital. This piece first appeared in our twice-weekly newsletter, Chain Letter, which covers the world of blockchain and cryptocurrencies. The schemes: The idea of a stablecoin is in fact several years old, and dollar-pegged tokens for example, Tether and TrueUSD are already available on some cryptocurrency exchanges. But the recent mania around initial coin offerings has seeded a new crop, giving rise to different approaches to building a stablecoin.
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- New Crypto Rules in the European Union – Gateway for Mass Adoption, or Excessive Regulation?
- Diem (digital currency)
- Find out which wallet you need to manage your crypto
- “Stablecoins” are trending, but they may ignore basic economics
- Welcome to the Diem project
- Origin's flagship products are tackling the fastest growing verticals in Web3
- Stablecoins: A Guide to the Rising Star of the Crypto World
- HFSC Crypto CEOs Hearing
- All about Stablecoin: The new kid on the block(chain)
- Stablecoins: Brilliant idea or ticking time bomb?
New Crypto Rules in the European Union – Gateway for Mass Adoption, or Excessive Regulation?
Note to Readers: The Diem project has evolved significantly from what was originally announced as Libra in June of and what is represented in the historical White Paper that was released in April of Our goal was to establish a collaborative dialogue early in the journey. We have worked with regulators, central bankers, elected officials, and various stakeholders around the world to determine the best way to marry blockchain technology with accepted regulatory frameworks.
Our objective is for the Libra payment system to integrate smoothly with local monetary and macroprudential policies and complement existing currencies by enabling new functionality, drastically reducing costs, and fostering financial inclusion.
The Association has made changes to its initial approach, many of which depart from the approaches taken by other blockchain projects. By undertaking the difficult work of enhancing traditional financial systems to become programmable, interoperable, and upgradeable, we hope to allow others to leverage our efforts to build innovative but also safe and compliant financial applications that can serve everyone.
This updated white paper outlines the significant work we have done on the design of the Libra payment system since June Four key changes have been made to address regulatory concerns that deserve specific attention, each of which is addressed briefly below and then in more depth in the updated white paper:.
This will allow people and businesses in the regions whose local currencies have single-currency stablecoins on the Libra network to directly access a stablecoin in their currency. Each single-currency stablecoin will be fully backed by the Reserve, which will consist of cash or cash equivalents and very short-term government securities denominated in that currency. We hope to work with regulators, central banks, and financial institutions around the world to expand over time the number of single-currency stablecoins available on the Libra network.
This approach has the added benefit of allowing the network to support a wider range of domestic use cases and of providing a clear path for seamlessly integrating central bank digital currencies CBDCs as they become available.
For more details, click here. Our goal is to develop a system designed to ensure compliance with applicable laws and regulations while supporting our objectives of openness and financial inclusion. Integrated safeguards enable people and businesses to trust the security and integrity of the Libra payment system.
The Association has incorporated feedback from regulators and continues to develop a comprehensive framework for financial compliance and network-wide risk management as well as strong standards for Anti-Money Laundering AML , Combating the Financing of Terrorism CFT , sanctions compliance, and the prevention of illicit activities.
This includes the establishment of a Financial Intelligence Function FIU-function to help support and uphold operating standards for network participants. Unhosted Wallets enable financial inclusion, broad competition, and responsible innovation and thus facilitate the creation of services for the unbanked and underbanked. Since their activities may pose a greater risk, they will be subject to balance and transaction limits. Initially, the network will only be accessible to Designated Dealers and Regulated VASPs while the Association continues to develop its certification process for other VASPs and its compliance framework for Unhosted Wallets based on the feedback received from regulators.
The Association intends to make the network accessible to Certified VASPs and Unhosted Wallets once the relevant compliance frameworks have been finalized. Regulators raised thoughtful questions about the perimeter of control for the Libra network — in particular, the need to guard against unknown participants taking control of the system and removing key compliance provisions.
We believe it is possible to replicate the key economic properties of a permissionless system through an open, transparent, and competitive market for network services and governance, all while incorporating the robust due diligence of Members and validators that is inherent to a permissioned system.
We have had constructive discussions with regulators on how to handle extreme situations — in particular, how the Reserve would function in stressed scenarios and what claims and protections are in place for Libra Coin holders. We have incorporated strategies in the design and structure of the Reserve that are based on approaches in other systems. The Reserve will hold assets with very short-term maturity, low credit risk, and high liquidity.
It will also maintain a capital buffer. This updated Libra white paper documents the mission and mechanisms supporting the Libra payment system while seeking to provide greater detail on key areas of importance. Furthermore, we hope this document opens the door to building broader public-private partnerships with the shared goals of advancing global payments efficiency and expanding financial inclusion.
This white paper, originally published by the Libra Association in June and then re-issued as a stand-alone update in April , replaces previous versions published by the Association. Supporting technical papers published by the Libra Association in June , have either been edited or retired. Features of the project as implemented may differ based on regulatory approvals or other considerations, and may evolve over time.
Twenty years ago, the average price to send a text message in Europe was 16 cents per message. Today, people with less money pay more for financial services. Hard-earned income is eroded by fees, from remittances and wire costs to overdraft and ATM charges.
Blockchains have a number of unique properties that can potentially address some of the problems of accessibility and trustworthiness. These include distributed governance, which ensures that no single entity controls the network; open access, which allows anybody with an internet connection to participate; and security through cryptography, which protects the integrity of funds. But existing blockchain systems have yet to reach mainstream adoption.
Mass-market usage of existing blockchain-based currencies has been hindered by their volatility and lack of scalability, which have, so far, made them poor mediums of exchange. We believe that it is possible to combine the best aspects of blockchain-based technological innovation — distributed governance, open access, and security — with a robust compliance and regulatory framework.
Building certain compliance requirements at the Libra protocol level can improve the effectiveness of programs like prevention of illicit activities or Anti-Money Laundering AML , Combating the Financing of Terrorism CFT , and sanctions compliance.
Developers, merchants, and consumers benefit from the compliance and security that is built into the Libra network. Technological innovation conducted in collaboration with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure that a sustainable, secure, and trusted framework underpins this new system. And this approach can deliver a giant leap forward toward a lower-cost, more accessible, more connected global financial system.
As we embark on this journey together, we think it is important to share our beliefs to align the community and network we intend to spark around this initiative:. Moving money around globally, and in a compliant way, should be as easy and cost-effective as — and even safer and more secure than — sending a message or sharing a photo, no matter where you are, what you do, or how much you earn. New product innovation and additional entrants lower barriers to access and facilitate frictionless payments for more people.
Now is the time to create a new kind of digital infrastructure built on the foundation of blockchain technology. The Libra mission is to enable a simple global payment system and financial infrastructure that empowers billions of people. The Libra project will be made up of three parts that work together to create a more inclusive financial system:. The Libra payment system is built on the Libra Blockchain.
Because it is intended to address a global audience, the software that implements the Libra Blockchain is open source — designed so that anyone can build on it, and billions of people can depend on it for their financial needs. Imagine an open, interoperable payment system that developers and organizations build to help people and businesses hold and transfer Libra Coins for everyday use.
With the proliferation of smartphones and wireless data, more people are coming online and will be able to access the Libra payment system. To enable the Libra network to achieve this vision over time, the Libra Blockchain has been built from the ground up to prioritize scalability, security, efficiency in storage and throughput, as well as future adaptability.
Keep reading for an overview of the Libra payment system, or read more about the Libra Blockchain here. The Libra payment system will support single-currency stablecoins e. Libra Coins will need to be accepted in many places and easy to access for those who want to use them. People need to have confidence that they can use Libra Coins and that their value will remain relatively stable over time.
To accomplish this, each single-currency stablecoin will be backed by the Reserve, which will consist of cash or cash equivalents and very short-term government securities denominated in the relevant currency. The Libra Reserve will be administered to preserve the value of Libra Coins over time. Keep reading for an overview of the Libra Association, or read more about the Reserve here.
The Association is an independent membership organization headquartered in Geneva, Switzerland. This white paper is a reflection of our mission, vision, and purview. Membership of the Association consists of geographically distributed and diverse businesses and nonprofit organizations. While Facebook teams played a key role in the creation of the Association and the Libra Blockchain, they have no special rights within the Association. This marked the formalization of the Association Council, which is made up of one representative per Member organization.
The setup is designed to ensure that each Member has the same privileges and obligations as any other Member. In addition, the Council elected a five-member board of directors to carry out the day-to-day management and representation of the Association. For more details on the organization and governance of the Association, see here. The goal of the Libra Blockchain is to serve as a foundation for financial services, including a new global payment system that meets the daily financial needs of billions of people.
Through the process of evaluating existing options, we decided to build a new blockchain based on the following three requirements:.
The Libra Blockchain is designed from the ground up to holistically address these requirements and build on the learnings from existing projects and research — a combination of innovative approaches and well-understood techniques.
This next section highlights three decisions regarding the Libra Blockchain:. Specifically, Move is designed to prevent assets from being cloned. The Move language also facilitates automatic proofs that transactions satisfy specific properties, such as the requirement that payment transactions only change the balances of the payer and receiver. By prioritizing these features, Move helps keep the Libra Blockchain secure.
Move allows easy and secure definition of the core elements of the Libra network, such as payment transfers and the management of validator nodes. Lastly, Move is one way that compliance mechanisms, such as those to facilitate Travel Rule compliance and protocol-level sanctions screening, will be built into the Libra network. The Association is committed to implementing appropriate review and risk controls for smart contracts.
At first, only Association-approved and -published smart contracts will be able to interact directly with the Libra payment system. Over time, the Association will explore appropriate controls to allow third-party publishing of smart contracts. This approach accomplishes three important goals. First, it builds trust in the network because BFT consensus protocols are designed to function correctly even if some validator nodes — up to one-third of the network — are compromised or fail.
And third, the LibraBFT protocol facilitates clearly described transaction finality, so when a participant sees confirmation of a transaction from a quorum of validators, they can be sure that the transaction has completed.
The security of BFT depends on the quality of the validators, so the Association will perform due diligence on prospective validators. The Libra network is designed with a security-first approach and sophisticated cyber and critical infrastructure attacks in mind. Finally, Libra Networks will define policies and procedures for reconfiguring the Libra Blockchain in the case of critical errors or the need for upgrades.
In addition to being designed to ensure a safe recovery of the system in these cases, this preparation will deter attacks because attackers will know that their actions can be countered. In order to securely store transactions, data on the Libra Blockchain will be protected by Merkle trees, a data structure used by other blockchains that enables the detection of any changes to existing data.
Unlike previous blockchain projects, which view the blockchain as a collection of blocks of transactions, the Libra Blockchain will be a single data structure that records the history of transactions and states over time.
This implementation simplifies the work of applications accessing the blockchain, enabling a unified framework that allows for data to be read from any point in time in order to verify the integrity of that data.
One outcome of the above design decisions is that the Libra Blockchain will provide public verifiability, meaning that anyone validators, Libra Networks, Virtual Asset Service Providers VASPs , law enforcement, or any third party can audit the accuracy of all operations. Transactions will be signed cryptographically so that even if all validators are compromised, no falsified transactions from addresses with secure signature keys can be accepted as committed. The design is compatible with hardware key management and off-line storage of high-value cryptographic keys.
Another outcome of the above design decisions is that the Libra Blockchain will support a privacy approach that will take into account the variety of participants on the network. The Association oversees the evolution of the Libra Blockchain protocol and network and continuously evaluates new techniques to enhance privacy compliance on the blockchain while taking into account applicable regulatory requirements.
For more details, read the technical paper on the Libra Blockchain. Detailed information is also available on the Move programming language and the LibraBFT consensus protocol.
Diem (digital currency)
Stablecoins are cryptocurrencies where the price is designed to be pegged to a particular cryptocurrency, fiat money or to exchange-traded commodities and thus shall maintain pretty much a constant value. The price of this digital currency does not fluctuate much according to market demand, unlike like Bitcoin - a blank coin, which tends to suffer from high volatility in its valuations. This volatility makes Bitcoin and other popular cryptocurrencies unsuitable for everyday use by the public, who tend to save them instead of spending them. Therefore, stablecoins provide an alternative solution by making the coin price more stable. Fiat-backed Stablecoin: crypto tokens associated with ratio of the value of a specific fiat currency. Asset-backed Stablecoin: crypto tokens associated with other underlying assets, such as commodity-backed which are backed by other kinds of interchangeable assets, e.
Find out which wallet you need to manage your crypto
Mortgage Metrics Report: Third Quarter Semiannual Risk Perspective: Fall Comptroller's Handbook: Problem Bank Supervision. The OCC examines the condition of the banks it supervises and their compliance with laws and regulations. The OCC's chartering and licensing activities ensure that the corporate structures of banks are safe and sound. The OCC's economists support the OCC mission through economic thought leadership, analysis, and research to aid bank supervision and policy development. The OCC issues rules and regulations and takes enforcement actions against banks that don't comply. The OCC safeguards a diverse banking system that makes financial services accessible to underserved consumers and communities.
“Stablecoins” are trending, but they may ignore basic economics
Dai is collateral-backed money whose value is pegged to the US Dollar and kept stable through a framework of aligned financial incentives. The Dai token lives on the Ethereum blockchain; its stability is unmediated by any central party, and its solvency does not rely on any trusted counterparties. All circulating Dai are generated from Maker Vaults and are backed by a surplus of collateral assets. Dai is used in the same manner as any other cryptocurrency: It can be freely sent to others, used as payments for goods and services, be held as a hedge against market volatility, etc. Home Products View Exchange Blog.
Welcome to the Diem project
Provide people everywhere access to safe and affordable financial services. So people everywhere can live better lives. Moving money around the world should be as easy and cheap as sending a message. No matter where you live, what you do, or how much you earn. The Diem payment system will be accessible to anyone with an entry-level smartphone and data connectivity. Diem Coins are backed by a reserve of assets made up of cash or cash equivalents and very short-term government securities.
Origin's flagship products are tackling the fastest growing verticals in Web3
US regulators appear prepared to accept stablecoin issuers provided they meet tough criteria, implying that a US dollar CBDC might not be needed. By Justin Pugsley. This placed them firmly in the crosshairs of regulators, who fear they could become a systemic risk. Simultaneously, there has been an intense debate over whether the US should launch a central bank digital currency CBDC , which could marginalise dollar stablecoins. Although regulators are wary of stablecoins, they recognise their innovative value. But policy-makers are far from unanimous on the topic. Both are members of the board of governors.
Stablecoins: A Guide to the Rising Star of the Crypto World
Diem formerly known as Libra was a permissioned blockchain -based stablecoin payment system proposed by the American social media company Meta Platforms. The plan also includes a private currency implemented as a cryptocurrency. The launch was originally planned to be in ,   but only rudimentary experimental code has been released until the project was abandoned in January The project, currency and transactions would have been managed and cryptographically entrusted to the Diem Association, a membership organization of companies from payment , technology, telecommunication , online marketplace and venture capital , and nonprofits.
HFSC Crypto CEOs Hearing
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All about Stablecoin: The new kid on the block(chain)
Zap plans on providing banking services in up to countries via the international exchange. Mallers said Bittrex Global will handle the behind-the-scenes operations with the tokens, which typically are issued on the Ethereum blockchain. Strike itself does not support ether or Ethereum-based tokens. Mallers chose El Salvador to pilot the stablecoin project because of its large availability of dollars, Bitcoin ATMs and one of the largest remittance markets in the world. The Latin American nation swapped out its native currency, the colon, in the early s for the greenback. South American neighbor Venezuela is next on the list, he added, with more stablecoin case studies on the way.
Stablecoins: Brilliant idea or ticking time bomb?
Following its name, stablecoins are cryptocurrencies that are aimed to be stable and eliminate asset fluctuations. The current market offers more than 70 stable assets so building a stablecoin became a common practice. We will also concentrate on different approaches to stablecoin development and which one suits best to your business case.