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BRICS Expansion to Make West Recognize New World Order, De-Dollarization: UAE Professor
12.8.2023
The accession of new members will allow BRICS to push the West to accept changes in international relations, an expert from UAE has been quoted as stating. That’s valid in particular for cross-border trade and de-dollarization, said Mohamed El Yattioui, professor at the American University in...
Custodia Bank Goes Live: Bridging Digital Assets With US Dollar Payments
12.8.2023
Custodia Bank, the financial institution that aims to bridge digital assets with the U.S. dollar payment system, is now live. Last month, Custodia started serving external business customers in select U.S. states, offering U.S. dollar deposits and government money market fund services, with bitcoin...
Nigerian Currency Plunges to New Low, Central Bank Says the Naira Is Undervalued
11.8.2023
The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. The International Monetary Fund (IMF) has said...
Worldcoin Value Plummets 24% in Week Amid Increase in Unique Addresses, Strong Hold by Top Wallets
11.8.2023
In the course of the previous week, the value of worldcoin (WLD) against the U.S. dollar has plummeted by 24.6%, while a broader view of the past fortnight reveals a decline of 21.4%. Simultaneously, five days ago when the contract recorded 408,721 unique addresses in possession of WLD, the figure...
United States CBDC Debate Goes Mainstream As Post Malone Takes Swipe At “Digital Dollar”
11.8.2023
American rapper, Post Malone has criticized the idea of a potential United States Central Bank Digital Currency (CBDC) describing it as a means of government control.
The celebrity dropped his two cents on the issue on the popular podcast, the “Joe Rogan Experience” where the duo fired shots...
CBDC Is Grave Threat to Liberty, Presidential Hopeful Vivek Ramaswamy Warns
11.8.2023
The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States. CBDC Is...
Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada
11.8.2023
A central bank discussion paper found that the majority of Canadians have little trouble accessing financial services, which gives them little reason to use a CBDC
Stablecoins could be key to upholding US dollar's global reserve status: Report
10.8.2023
In an opinion piece in The Wall Street Journal, Brian Brooks and Charles Calomiris claim that U.S. stablecoin legislation is crucial to re-dollarizing the world
Congresswoman Maxine Waters Criticizes PayPal's Entry into Dollar-Pegged Stablecoin Arena Without Federal Regulatory Approval
10.8.2023
On Wednesday, Democratic Congresswoman Maxine Waters (D-CA) criticized PayPal's launch of its new dollar-backed stablecoin, PYUSD, as she believed the company should have waited for federal regulatory approval before proceeding.
"I am deeply concerned that PayPal has chosen to launch...
UBS Expects US Dollar Dominance to Persist for ‘Years to Come’
10.8.2023
Swiss investment banking giant UBS expects the U.S. dollar’s reign to live on. “We firmly believe we will be living in a U.S. dollar-centric world for years to come,” the bank’s executive said, adding that there will be some room for competitors. UBS on US Dollar’s Dominance...
Fed Launches New Crypto Oversight Program, Issues Dollar Stablecoin Guidelines
10.8.2023
The Federal Reserve has established a new supervisory program to increase oversight of crypto activities by the banks it regulates. The U.S. central bank also released additional guidelines for banks to follow before engaging in the issuance, possession, or transactions involving U.S. dollar...
Analyst Discusses US-BRICS Power Shift — Warns of Dollar Dominance Ending
9.8.2023
A think tank analyst says the U.S. dollar’s dominance may be coming to an end as countries position themselves for a new international system. “As the reliance on U.S. dollars diminishes, central banks will begin dumping their dollar reserves. This will result in hyperinflation, a spike...
Argentine Peso Plunges to Historic Lows as Uncertainty Rules Before Elections
8.8.2023
The exchange rate of the Argentine peso reached historic lows Monday in a decline that took its exchange rate to almost 600 pesos per U.S. dollar. Economists state that the uncertainty of the upcoming elections caused key bagholders to hedge their portfolios with foreign currency. However, analysts...
US Representative Patrick McHenry: Stablecoins ‘Hold Promise as a Pillar of Our 21st-Century Payments System’
8.8.2023
Representative Patrick McHenry, chairman of the House Financial Services Committee, weighed in positively on the launch of PYUSD, a dollar-pegged stablecoin issued by Paypal, a U.S.-based payments company. McHenry stated that if properly regulated, stablecoins “hold promise as a pillar of...
Brazil’s President Reaffirms De-Dollarization Call — Discusses BRICS Expansion
8.8.2023
Brazil’s President Luiz Inacio Lula da Silva has reaffirmed his call to shift away from the U.S. dollar in global trade. He also revealed his stance on the expansion of the BRICS economic bloc ahead of the group’s upcoming summit. “I have said publicly, why does Brazil need...
Price analysis 8/7: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
7.8.2023
Bitcoin’s failure to rebound off strong support may open further downside as bears may be tempted to sell
Payments Giant Paypal Launches Dollar-Backed Stablecoin PYUSD
7.8.2023
Paypal has introduced its own stablecoin, representing the first venture of its kind by a leading financial firm. Initially reported by Bloomberg, the launch could notably accelerate the slow integration of cryptocurrencies for payment purposes. A New Era for Paypal: Introduction of PYUSD...
Stablecoin Turmoil: $1.53 Billion Redeemed in a Month Amid Declining Trade Volume
7.8.2023
In the brief span from July 12, 2023 to August 6, 2023, the stablecoin economy witnessed a staggering loss exceeding $1.53 billion in value. Among the premier ten stablecoins, Pax’s pax dollar (USDP) experienced a redemption of 39% of its supply over the preceding 30 days. Unstable Times...
PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum
7.8.2023
The PayPal USD will be pegged to U.S. dollars and issued by Paxos Trust
Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO
6.8.2023
The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold...