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Crypto

Bank of Italy says stablecoin remittances show no consistent cost advantage

Researchers at the Bank of Italy assessed that stablecoin-based remittances did not show a consistent advantage over existing remittance channels in cost and speed. Most differences in costs and processing times stemmed from fiat currency conversion and national payment infrastructure, not blockchain fees. Tests of $200 USDC transfers across 10 two-way corridors showed costs ranging from 0.3 percent to nearly 9 percent, with settlement times varying from under 20 minutes to 1 to 2 business days.

Crypto

David Schwartz jokes with AI Grok about biopic casting, mentions Ripple film again

Ripple Chief Technology Officer emeritus David Schwartz held a light-hearted exchange with AI chatbot Grok about casting for a hypothetical biopic about his life, again mentioning the possibility of a film. Grok suggested a fictional title and named actor Ian McKellen, drawing parallels to Gandalf and to the creation of the XRP Ledger. Schwartz replied with a joke. No talks or projects for an actual film or documentary have been confirmed.

Crypto

Wise to reapply for federal trust bank charter under Genius Act framework

Wise, a London-headquartered cross-border remittance and foreign-exchange services company, will submit a new application for a U.S. federal trust bank charter under the Genius Act stablecoin framework after the Office of the Comptroller of the Currency rejected its original proposal. The Block reported the OCC said the initial filing did not align with new Federal Reserve policy on payment system master account access. Reuters reported Wise will reapply on July 24.