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Crypto

Banks move as stablecoins grow in battle to defend digital dollars

U.S. financial firms are preparing a joint payments infrastructure that would let bank deposits be transferred directly on blockchains, as stablecoins expand. The Clearing House is pushing a system for 24-hour clearing and settlement of tokenised deposits, linking blockchain transactions to existing fiat networks such as RTP and CHIPS. The push is supported by regulatory distinctions between stablecoins and tokenised deposits, while banks focus on preventing deposit outflows.

Crypto

Western Union\'s USDPT supported for trading on Bybit, expanding stablecoin strategy

Crypto exchange Bybit has begun supporting Western Union’s dollar-pegged stablecoin USDPT. The link marks USDPT’s first entry into a major crypto exchange and expands its use beyond payments to trading and transfers. The companies said USDPT can now be held, traded and sent on Bybit. USDPT was launched in May, issued by Western Union Digital with reserves held at Anchorage Digital Bank, and initially issued on Solana.

Crypto

Stripe, Visa, Mastercard, Coinbase form alliance to issue new stablecoin, check Tether and Circle

Stripe, Visa, Mastercard and Coinbase are pushing to form a consortium to issue a new stablecoin, The Information reported, citing sources familiar with internal discussions. The report said the four companies are assembling the consortium to challenge the dominance of Circle and Tether, which it said account for 80 percent of the stablecoin market. The new stablecoin would comply with the Genius Act, a stablecoin regulation bill passed in the United States last year.