Erik Weijers, 6 months ago
According to a spokesperson for the UK Treasury, a new law will include a regulatory framework on stablecoins. It's yet another sign that the UK wants to embrace crypto instead of pushing it away.
Among other things, the spokesperson said:
“This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards.”
Regulation of crypto also came up in Prince Charles' speech on behalf of Queen Elizabeth last week. Also in the context of fighting crime. This is not to say that the UK has a negative attitude towards crypto. On the contrary. The country has expressed its desire to become a forerunner in the crypto industry. The British government had made the news on numerous occasions in recent weeks. Among other things, with the Royal Mint's intention to mint an NFT.
Like the UK, the United States has already indicated its intention to regulate stablecoins rather than ban them. However, the question is whether there will be a shuffling in the stablecoin market, with some getting the green light and others being marginalized. USDC, for example, seems to have a good shot. Algorithmic stablecoins without collateral will undoubtedly struggle. Especially given the crash of UST last week.
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In the last couple of days many misconceptions about stablecoins were discussed in the media. The FUD was juicy and the story was told that Tether (USDT) and Circle (USDC) had exposure to FTX and could face serious consequences. None of this is true and while FTX is imploding, stablecoins are not affected.
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When summer started in earnest this year, the second biggest dollar stablecoin, USDC, started losing market share. It was a trend change from a years-long uptrend versus USDT. People were already preparing for 'the flippening': the moment where USDC would surpass the original stablecoin in market cap. What's going on?
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