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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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%.
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The project simulated transfers to customers of BDO Unibank in the Philippines with improved settlement time, cost and transparency.
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Speaking at the Family Leadership Summit on July 14, DeSantis promised to ban CBDCs in the United States if elected president.
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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.
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Speaking at NFT.NYC 2023, United States Congressperson Byron Donalds hurled criticism at recent crypto regulatory initiatives.
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The supply of USDT across cryptocurrency exchanges has dropped 28% in 2023, hinting at an overall decline in demand for stablecoins.
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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.
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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.
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The Digital Dollar Project and the Depository Trust & Clearing Corporation have trialed a potential settlement system using tokenized securities and central bank digital currencies.
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The market cap of Tether dropped amid the FTX fiasco while USD Coin supply increased by $2 billion.
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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.
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