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Category Archives: CRYPTO

Circle, the issuer of the USDC stablecoin, announced a Memorandum of Understanding with SBI Holdings, the prolific web3 and blockchain investor. SBI will help Circle to circulate USDC in Japan and together they will “expand the use of stablecoins in Japan.”
USDC is the second largest stablecoin with a $24.6 billion market capitalization. While USDC is considerably smaller than Tether, the latter is not issued from a regulated jurisdiction. Plus, the State of New York banned Tether, making regulated institutions wary.
In terms of the deal, SBI Shinsei Bank will also provide banking services to Circle. And the SBI Group will adopt Circle’s Web3 solutions including its programmable wallet.
SBI’s crypto exchange subsidiary SBI VC Trade applied for a license as an electronic payment instruments service. This is to help to distribute USDC.
https://www.ledgerinsights.com/usdc-japan-stablecoin-circle-sbi/
Tether Freezes $225M Linked to Human Trafficking Syndicate Amid DOJ Investigation
The $225 million was related to the “pig butchering” scam.
Stablecoin issuer Tether has frozen $225 million worth of its own stablecoin following an investigation by the U.S. Department of Justice (DOJ) into an international human trafficking syndicate in Southeast Asia.
The investigation was ongoing for months and used blockchain analysis tools provided by Chainalysis. It marks the largest-ever freeze of a stablecoin, a press release said.
Belgium’s KBC Bank has revamped its Bolero crowdfunding offering using blockchain. Bolero isn’t your typical crowdfunding platform where you get rewards or invest in equity. It’s more of a crowd lending platform with SME bonds as the primary investing tool. Smaller to medium sized firms raise anything from a few hundred thousand to a few million euros. Going forward, these bonds will be tokenized bonds. However, it all happens behind the scenes and KBC doesn’t make a fuss about blockchain on the customer facing website.
Frankly, that’s as it should be. Blockchain is about the plumbing. For smaller bond issuances like those on Bolero, blockchain can bring efficiencies. In this case, smart contracts look after the fundraising, interest payments and principal repayment. Additionally, the bond and the cash are blockchain-based, so it supports atomic settlement.
Today the Monetary Authority of Singapore (MAS) announced its digital money plans focused on regulated stablecoins, tokenized deposits and central bank digital currencies (CBDCs). It doesn’t expect its stablecoin regulations to come into force for a year. Hence, in the meantime, it is giving the go ahead to subsidiaries of StraitsX and Paxos to issue stablecoins. However, we believe they will look different from stablecoins as we know them today. They might be available on multiple public blockchains, but final settlement is likely to happen on a privately controlled chain.
The clues are in a new MAS paper on Project Orchid setting out its vision. It will apply to regulated stablecoins, tokenized deposits and central bank digital currency (CBDC). Tokenized deposits and regulated stablecoins have to settle on “Orchid compatible ledgers” (OCLs).
An OCL ledger operator must comply with all legal and regulatory requirements relevant to its conduct. In other words digital currency has to settle on a ledger under the control of a defined operator. That makes sense for banks but differs from how stablecoins operate today.
Here’s the major clue: “Permissionless networks whereby anyone may view, edit, and conduct any activities, including deploying smart contracts without controls or oversight are unlikely to meet the requirements of qualification as an OCL (ledger).”
HSBC Bank Middle East is partnering with the Abu Dhabi Securities Exchange (ADX) to explore fixed income securities, including tokenized bonds. The intention is to use HSBC Orion, the bank’s digital asset platform, to issue digital bonds and list them on ADX.
“We believe that digital assets will grow in significance in the future and ADX intends to be at the forefront of this innovation,” said Abdulla Salem Alnuaimi, CEO of ADX. “ADX and HSBC will explore a framework that enables digital assets, such as digital bonds, to be made available on HSBC Orion, the bank’s digital assets platform, and to be listed on ADX.” One of the things slowing adoption of digital bonds is a lack of secondary markets. Hence the importance of the news.
To date HSBC Orion’s main claim to fame is the issuance of a £50 million digital bond by the European Investment Bank (EIB) in February. It’s also developing a digital asset custody offering.
Today the Philippines Bureau of the Treasury announced it will launch Tokenized Treasury Bonds on Monday. The bond issuance will raise P10 billion ($179 million) and is available to institutional investors in minimum denominations of $179,000.
While the Treasury plans to use its distributed ledger technology (DLT) registry, it is not the primary ledger. As with many other proofs of concept, the official bond record is the National Registry of Scripless Securities (NRoSS) which will run in parallel.
The Treasury hopes it will demonstrate reduced settlement risk and friction “leading to a financially inclusive local bond market.” One of the goals of deploying blockchain is to reduce issuance and administration costs. This should lead to smaller denominations or fractionalization.
https://www.ledgerinsights.com/philippines-179m-tokenized-government-bonds/
NOV 19! IMPLEMENTATION DAY!
The most beautifull moment XRP
Close to 64 million XRP tokens have been shoveled to these major crypto exchanges
News Fri, 10/13/2023 – 12:27
64 million XRP on move, here’s who stands behind this
According to recently published tweets by the aforementioned tracking service, chunks of 31,200,000 XRP and 32,600,000 XRP have been transferred to crypto exchanges Bitstamp (located in the EU) and Bitso (crypto unicorn based in Mexico, the largest crypto exchange in Latin America).
Aside from the possibility of Ripple selling these large amounts of XRP, there is another possible explanation. Bitso and Bitstamp are among the platforms that collaborate with Ripple on ODL, its On-Demand Liquidity solution that utilizes XRP for instant cross-border payments. Recently, Ripple decided to rebrand ODL into simply “Ripple Payments” to make it easier for outsiders to understand.
• Stellar and Bitso are collaborating to promote international USDC payments to Latin America.
• Bitso will use Stellar’s Anchor Network to facilitate cross-border payments and remittances to Argentina, Mexico and Colombia.
• Stellar recently partnered with HoneyComb and Coinme for similar USDC transactions.
Bitso, a Latin American crypto-powered financial services platform and crypto exchange, has announced a partnership with Stellar in an effort that will see the two collaborate in advancing international payments.
The partnership will see Bitso integrate Stellar’s Anchor Network to allow companies from across the world make USDC payments across Latin America, starting with Mexico, Colombia and Argentina.
HSBC becomes first bank in the world to offer tokenized gold
Stellar Lumens, along with dollar-denominated wallet AirTM, is helping billions of people in Latin America to move closer to financial freedom. Both companies are collaborating to bring the average Latin American much-needed financial support through cross-border payments within their home countries.
SIX, the Swiss National Bank (SNB), and six commercial banks have embarked on a pilot project with a focus on tokenized central bank money for financial institutions, commonly referred to as wholesale central bank digital currency (wCBDC).
Helvetia Phase III: Swiss Franc wCBDC Settlements
This initiative, known as Helvetia Phase III marks the first instance of orchestrating real Swiss Franc wCBDC for settling digital securities transactions. The pilot will be hosted on the digital asset platform of SIX Digital Exchange (SDX), a pioneering fully regulated financial market infrastructure for digital assets based on Distributed Ledger Technology (DLT).
Helvetia Phase III builds upon the insights and progress achieved during earlier phases of Project Helvetia, led by the BIS Innovation Hub, the Swiss National Bank, and the financial infrastructure operator SIX.
This collaborative endeavor involves several financial institutions, including Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank Lenzburg, UBS, and Zürcher Kantonalbank, which are all existing SDX member banks.
The United Kingdom government has published today (Monday) an updated version of its plans to regulate the fiat-backed stablecoins, revealing the approach of the Financial Conduct Authority (FCA) and Bank of England (BoE).
Press release from Reserve Bank of India
Premature redemption under Sovereign Gold Bond (SGB) Scheme-Redemption price for premature redemption due on October 30, 2023
Reminder for our lovely and new people to QSI:
October 29, 2023
GOLDBANK connects swisscustody SGB with StellarRussia’s SGBG platform. Read more about that here https://t.me/QuantumStellarInitiative/26271
Also reread the how all the bankbridges work:
https://t.me/QuantumStellarInitiative/27886
This is why they keep minting more and more SGB
https://t.me/QuantumStellarInitiative/31061
Which helps them release “premature SGB redemption” on October 30
https://t.me/QuantumStellarInitiative/31060
Because remember Detective explained about SGB here
https://t.me/QuantumStellarInitiative/31065
https://t.me/QuantumStellarInitiative/14858
Reread Nick and my original 13 post series uncovering SGB begins here (September 2022)
https://t.me/QuantumStellarInitiative/14022
Reread Nick and my updated 10 post series on “SGB Thingy” (February 2023) https://t.me/QuantumStellarInitiative/20017
Original proofs that Ben from StellarRussia is in charge of this SGB/RBI op, how I KYC him last October with public proofs
https://t.me/QuantumStellarInitiative/16230
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Stellar & QFS Training App
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