#dollar-pegged

[rwatimes]

Sony Bank Clears OCC Hurdle for Dollar Stablecoin

The lender's new US subsidiary, Connectia Trust, would issue a dollar-pegged stablecoin once it clears the regulator's final conditions.

➤ Sony Bank has received conditional approval from the U.S. OCC to establish a national trust bank subsidiary, Connectia Trust, to issue a dollar-pegged stablecoin. ➤ The stablecoin is intended for use within Sony's ecosystem, such as for PlayStation payments, aiming to reduce transaction fees. ➤ The approval is part of a broader trend of financial institutions seeking federal trust charters for digital asset businesses, though it has faced some opposition from banking groups and political figures.

[rwatimes]

What Does Japan's Megabank Stablecoin Initiative Entail

➤ Japan's top three banks (MUFG, SMBC, Mizuho) will launch yen-pegged stablecoins by March 2027 and dollar-pegged stablecoins by late 2026, backed by the FSA. ➤ The initiative aims to revolutionize corporate payments and cross-border settlements, offering a regulated, institutional alternative to offshore stablecoins and strengthening Japan's financial sovereignty. ➤ While prioritizing stability, the 'bank-only' model creates high entry barriers for fintechs and may reshape the digital asset service provider landscape.

[rwatimes]

Non-dollar stablecoins struggle to gain market share, holding just 0.2% of total supply

Non-dollar stablecoins hold just 0.2% of total stablecoin market share as USD-pegged tokens like USDT and USDC dominate over 95% of the market.

➤ Non-dollar stablecoins hold a negligible 0.2% of the total stablecoin market share, with USD-pegged tokens like USDT and USDC dominating over 95%. ➤ The lack of liquidity for non-dollar stablecoins creates a chicken-and-egg problem, hindering their adoption in DeFi protocols and limiting geographic diversification for these platforms. ➤ The dominance of dollar-pegged stablecoins extends the U.S. dollar's influence into digital finance, a dynamic observed by central bankers globally.

[pavel-nosok]

Stablecoin Economy Shrinks by $7.3 Billion in 2023, USDC and BUSD Record Mass Redemptions 

From the beginning of this year, the crypto economy has surged by 41.77%, reaching a current market capitalization of $1.17 trillion. However, amidst this growth, the stablecoin economy experienced a substantial loss of $7.3 billion within a span of 140 days. Stablecoins Experience a Significant Shift As per the latest data, the stablecoin economy has witnessed a $7.3 billion decline in value in…

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[pavel-nosok]

USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists Stablecoin Has Not Depegged

USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists Stablecoin Has Not Depegged

Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a…

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