“AID:Tech , a financial services company that brings transparency and accountability to federal relief distribution, will soon be leveraging the power of payment solutions from Circle, a global financial technology firm that provides internet-native payments and treasury infrastructure. Utilizing USD Coin (USDC), a blockchain-powered digital currency, and leveraging Circle’s payment rails, AID:Tech’s platform provides people in need with a fast and efficient channel to access the funds they need while also securing their digital identity.”

“Circle, a global financial technology firm that provides internet-native payments and treasury infrastructure, announced the transition of USDC reserves to 100 percent cash and short duration U.S. Treasuries to be reflected in the dollar digital currency’s September attestation. Since inception, USDC reserves have been bound by the permissible investment rules under state money transmission regulations, which is how Circle is regulated today. These rules, together with the more conservative reserve management standards of the Centre Consortium, a partnership between Circle and Coinbase that provides standards for stablecoins, protect consumers and ensure 1:1 dollar liquidity for USDC at all times.”

“For months, a visitor to the website of Coinbase Global Inc. , the largest U.S. cryptocurrency exchange, would see that the company offered a stablecoin called USD Coin with a simple premise: For every dollar offered to investors, there was $1 “in a bank account” to back it. That promise was important for the stablecoin, which unlike Bitcoin has a set price and can be redeemed by users for regular currency. It helped USD Coin grow to be the world’s second-largest stablecoin, with $28 billion in assets.  But when Circle Internet Financial Inc. , Coinbase’s partner in offering the coin, disclosed USD Coin’s assets for the first time last month, it turns out the promise wasn’t true.”

“K2 Integrity today announced its engagement with Diem Networks US to support, initially lead, and continue to build innovative solutions for the Diem Networks US Financial Intelligence Function (FIF). The FIF is designed to protect the Diem Payment Network (DPN) from illicit financial activity and works in close collaboration with DPN participants who also are required to maintain strong financial crime compliance controls.      Diem Networks US has built a blockchain-based payment system designed to make payments cheaper and faster, while protecting consumers and the integrity of the financial system.”

“The Justice Department is investigating possible bank fraud by executives of Tether Ltd. stemming from actions during the early days of its stablecoin cryptocurrency, according to Bloomberg News. The probe has implications for the cryptomarket. Tether’s stablecoin is the third largest digital asset by market cap, at $62.3 billion, according to CoinGecko, and traders often use it instead of dollars or other fiat money to buy bitcoin and other cryptocurrencies. Tether gives users a way to move funds between exchanges quickly and offers some level of protection from other cryptocurrencies’ price volatility.”

“Since nearly three years ago when the first USD Coin (USDC) entered circulation, Circle, together with Centre Consortium, have prioritized trust, transparency, and accountability. These priorities have helped USDC grow widely within the global blockchain ecosystem… With this latest reserve attestation, we are now including a breakdown of dollar-denominated  reserve assets, which are all held in the care, custody and control of U.S. regulated financial institutions and in line with laws and guidelines from our U.S. state money transmission regulators.  Indeed, as pioneers in the digital currency industry, Circle, together with Centre Consortium, have evolved a reserve management model that is more conservative and transparent than comparatively regulated digital payments systems and financial technology (FinTech) organizations.”

“PayU, the payments business of the investment group Prosus, has formed a partnership with decentralized payments protocol Celo. The pair plan to launch new stablecoin payment options for PayU’s 450,000 merchant customers using cUSD, Celo’s dollar-pegged stablecoin. Together, PayU’s clients serve millions of people across Latin America, Africa, and Southeast Asia.”

“Treasury Secretary Janet Yellen told regulators Monday that the U.S. government must move quickly to establish a regulatory framework for stablecoins, a rapidly growing class of digital currencies. A group of U.S. regulators plans to issue recommendations in the coming months for fixing any regulatory gaps around stablecoins, the Treasury Department said in a statement.”

“Coinbase is rolling out a crypto savings account that lets you earn 4% annual percentage yield (APY) by lending out your USDC (+0.01%) . The account isn’t FDIC- or SIPC-insured and functions much like other products at crypto lenders and other exchanges that regularly offer yields around 8%. The reason why Coinbase is offering a comparatively lower yield is because it doesn’t lend to “unidentified third parties,” said Thorsten Jaeckel , senior product manager at Coinbase.  Coinbase, which administers the USDC stablecoin in partnership with Circle through the CENTRE Consortium, appears to be aiming squarely for banks with its new product, touting rates “more than 50x the national average of a traditional savings account.””

“Two former PayPal workers in business and technology have launched a cross-border payment system aimed at “faster, cheaper, and more transparent payments.” In an announcement on Tuesday, fintech infrastructure firm Six Clovers said it launched its Rapid network, which connects banks, merchants and payment providers, allowing clients to transact in digital currencies and fiat. Founded by former PayPal employees Jim Nguyen and Nas Kavian and backed by venture capital firm Borderless Capital, the network is built on the Algorand blockchain and employs the technology behind stablecoins to represent fiat.”

“A former Commodity Futures Trading Commission chairman is calling for more regulation of stablecoins, or cryptocurrencies created to be pegged to other assets like fiat money. Timothy Massad, who led the commission during much of the Obama administration’s second term, told CNBC’s Jim Cramer that investors would benefit from more transparency in the wake of Tether Limited’s settlement with the New York attorney’s general office in February.   Tether Limited is the company that issues tether, the most valuable stablecoin and third-most valuable cryptocurrency behind bitcoin and ethereum.”