Digital Dollar News

The Monetary Authority of Singapore has unveiled its plan to launch a live wholesale CBDC used for settlements by local banks.

Michelle Bowman told a university audience that financial innovation should be justified by need and be properly regulated.

On Sept. 20, the House Financial Services Committee will mark up two bills blocking a potential digital dollar in the United States.

Following an August recess, members of the House Financial Services Committee will gather for a “Digital Dollar Dilemma” hearing on Sept. 14.

The total assets under Tether stand at $86.1 billion, with total liabilities amounting to $82.8 billion — thus confirming a reserve backing of over 100%.

The project simulated transfers to customers of BDO Unibank in the Philippines with improved settlement time, cost and transparency.

Speaking at the Family Leadership Summit on July 14, DeSantis promised to ban CBDCs in the United States if elected president.

Canadians are being asked what features they wish to see in a digital Canadian dollar even though there are no plans yet to issue one.

Speaking at NFT.NYC 2023, United States Congressperson Byron Donalds hurled criticism at recent crypto regulatory initiatives.

The supply of USDT across cryptocurrency exchanges has dropped 28% in 2023, hinting at an overall decline in demand for stablecoins.

If passed, the legislation could prohibit the Fed from issuing a digital dollar “directly to anyone,” as well as bar the bank from implementing monetary policy based on a CBDC.

The two-year project produced a white paper in February. Research results will continue to appear, with the Fed’s partner at MIT scheduled to make a research report in January.

The Digital Dollar Project and the Depository Trust & Clearing Corporation have trialed a potential settlement system using tokenized securities and central bank digital currencies.

The market cap of Tether dropped amid the FTX fiasco while USD Coin supply increased by $2 billion.

Banking giants including BNY Mellon, Citi, U.S. Bank and Wells Fargo will be issuing tokens and settling transactions through simulated central bank reserves as part of the pilot.