A US-led tariff war, preexisting economic sanctions, and global Bitcoin and stablecoin adoption could play a role in some countries’ attempts to dedollarize.
Digital Dollar News
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Jerome Powell, who has served as chair of the Federal Reserve since 2018, made a guarantee to lawmakers in the Senate regarding a US central bank digital currency.
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Fed Board Governor Christopher Waller supports regulated stablecoins, as he believes they will help keep the US dollar as a global reserve currency.
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The president-elect cannot officially nominate anyone until after he is inaugurated on Jan. 20, but the US Senate has been holding hearings to question his potential picks.
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Ethena’s “singular focus” for the first quarter of 2025 is the distribution of the “TradFi Wrapped” iUSDe synthetic dollar.
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Paxos launches USDG, a Singapore-compliant stablecoin, partnering with DBS Bank for US dollar reserves in line with Singapore’s MAS framework.
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Bitcoin’s failure to hold $60,000 shows hesitation to buy at higher levels before the FOMC decision on Sept. 18.
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The Bahamas was one of the first countries in the world to launch a central bank digital currency — the Sand Dollar in 2020 — and is now looking for ways to boost its adoption.
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The need for the U.S. to implement dollar-backed stablecoins “couldn’t be timelier” as China continues to come up with its own solutions, former House Speaker Paul Ryan stressed.
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“If you don’t think the Fed is pursuing a CBDC, think again,” said U.S. Representative Tom Emmer.
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Morgan Stanley’s head of digital assets, Andrew Peel, warns that a “paradigm shift” in the perception and use of digital assets could impact U.S. dollar leadership.
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The Monetary Authority of Singapore has unveiled its plan to launch a live wholesale CBDC used for settlements by local banks.
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Michelle Bowman told a university audience that financial innovation should be justified by need and be properly regulated.
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On Sept. 20, the House Financial Services Committee will mark up two bills blocking a potential digital dollar in the United States.
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Following an August recess, members of the House Financial Services Committee will gather for a “Digital Dollar Dilemma” hearing on Sept. 14.
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