Tag Archives: INTELPIC
US dollar continues to lose investors
The US dollar continued its losing streak while Treasuries steadied after rallying on further bets that the US Federal Reserve is nearing the end of its rate hike cycle.
Hopes that interest rates have peaked and the economy will avoid a recession spurred stocks and government bonds this month.
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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.
⚡Not a good idea to doubt the “Cajun John Wayne” regarding 🔥”up to 10 key Democrats will announce they’re retiring from Congress.” ‼️ MajFreddy(Ret) 🇺🇸
Capt Kyle Patriots Meme Team
@CaptKylePatriots
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/
Exactly this!!!
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