News
Citi’s Ronit Ghose warned that paying interest on stablecoin holdings could trigger bank outflows akin to the 1980s, driving up funding costs and credit prices.
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Banks News
While one of the goals of cryptocurrencies is to render traditional banking obsolete, banks as a financial institution still play a critical role in the advent and adoption of the emerging crypto economy in two ways.
Firstly, outside of a physical cash exchange for cryptocurrency, banks provide the fiat bridges to cryptocurrency markets. Without them, the influx of capital and interest in the blockchain industry would be nowhere near the magnitude it is today.
Secondly, many of the world’s leading banks are researching and, in some cases, developing their own central bank digital currencies, or CBDCs, which aim to secure hegemony in the digital asset space largely in response to the growth of the crypto economy.
As digital finance evolves before our eyes, banks as a commonplace financial organization may change drastically in their role and purpose in society — even if it leads to obsolescence.
- News
CBDCs threaten more central bank control over money, including potential expiry dates on personal savings, Bitcoin Policy UK’s CEO said.
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Caitlin Long said mismatches between legacy financial systems and blockchain protocols, which settle in real-time, may impact TradFi firms.
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The financial regulator said the bank’s “compliance with laws and regulations does not require the continued existence of the order,” first issued in April 2022.
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State Street, one of the world’s top three asset managers, can now custody blockchain-based debt securities for institutional clients.
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DBS Bank launched tokenized structured notes on Ethereum, expanding access to crypto-linked investment products for accredited and institutional investors.
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Bitcoin fell below $113,000 as investors braced for Jerome Powell’s Jackson Hole speech that could set the US Fed’s path on interest rate cuts.
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Crypto advocacy groups accuse Wall Street bankers of trying to tilt stablecoin rules in their favor, warning Congress against changes to the GENIUS Act.
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Polkadot has launched Polkadot Capital Group to connect traditional finance with its blockchain ecosystem, focusing on tokenization and DeFi.
4674 - Analysis
The Banking Policy Institute wants lawmakers to further fine-tune the GENIUS Act to prevent any possibility of interest-bearing stablecoins.
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A China Merchants Bank subsidiary launched a Hong Kong-based crypto exchange for professional investors after securing a virtual asset service provider license.
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The current capital reserve requirements and rules make holding cryptocurrencies too costly for banks, limiting the sector’s growth.
18786 - Newsletter
Bullish’s blockbuster IPO headlines a week of big crypto moves — from Pantera’s $300 million treasury bet to BitMine’s $24.5 billion Ether grab.
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The Federal Reserve said it would sunset a program specifically to monitor banks’ digital asset activities and would integrate them back into its “standard supervisory process.”
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The Bank for International Settlements floated a compliance score for crypto-to-fiat off-ramps, using transaction history to flag and potentially freeze “tainted” assets.
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