#stablecoin

Senators Cynthia Lummis and Kirsten Gillibrand have proposed a legislative framework for regulating payment-oriented stablecoins.

Ripple (XRP) has disclosed plans for launching its own stablecoin, which will be pegged to the dollar and backed by bank deposits along with short-term U.S. Treasury bills. This move aims to expand Ripple Payments' capabilities in facilitating cross-border transactions. The introduction of this stablecoin promises:

Tether, the issuer of the USDT stablecoin, has again provided assistance to US law enforcement by helping to recover about 1.4 million USDT stolen by fraudsters masquerading as technical support. Tether has announced that all recovered funds will be returned to the victims and that the company will maintain its voluntary cooperation with government authorities.

JPMorgan bank analysts suggest that the US Department of Treasury's Office of Foreign Assets Control (OFAC) may wield certain influence over Tether, the issuer of the USDT stablecoin. For example, it could enforce compliance with sanctions and restrictions regarding various projects, individuals, and nations.

The stablecoin leader has entered into a Memorandum of Understanding (MOU) with the National Agency of Perspective Projects (NAPP) of Uzbekistan, the body charged with overseeing the growth and regulation of the crypto industry.

As a stablecoin that exists independently of the specific blockchains it utilizes for transactions, USDT's adaptability on over 15 blockchains has prompted Tether to offer a fallback for users against potential blockchain failures. The company has unveiled a tool designed for the recovery of USDT tokens across a multitude of blockchains.

Australian crypto exchange OTCPro mistakenly sent $653,000 instead of the intended $65,300 to a corporate account belonging to Kow Seng Chai. Mr. Chai quickly withdrew the funds using the Tether (USDT) stablecoin. When the mistake was discovered, attempts to contact him were ignored, and the phone number provided turned out to be incorrect.

U.S. Treasury Secretary Janet Yellen has announced that the finance committee has greenlit a bill for federal regulation of stablecoins. This legislation would empower regulators to directly ban the issuance of specific assets by emitters under suspicion of fraudulent activities or other concerns.

Howard Lutnick, the CEO of financial company Cantor Fitzgerald, has come out in support of Tether (the issuer of the USDT stablecoin) amidst various allegations of money laundering and insufficient backing. He highlighted his firsthand experience with the company, overseeing some of their assets.