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US and EU Banks Push Stablecoin Plans Amid Regulatory Shifts
In the midst of a regulatory shift, banks in the United States and European Union are making moves to push stablecoin plans forward. The recent development comes as a response to the growing need for clearer guidelines on digital assets.
As per reports, EU banks have already started launching their own stablecoins with the new regulations offering more clarity. This move aims to provide traditional financial institutions with a clear path forward in the crypto market.
On the other hand, US banks are testing blockchain-based payment systems but are waiting for further regulatory clarification before opening up access to the public. JPMorgan Chase, one of the top US banks, has already tested internal transfers using its JPM Coin but is holding off on open-access stablecoin issuance until there is more clarity on reserve requirements and federal insurance for deposits.
The move comes as Ripple’s RLUSD stablecoin gains traction after its launch on December 16. The new stablecoin has already been listed on Independent Reserve exchange in Singapore, expanding its presence in the Asian market.
In related news, central banks are reportedly exploring the possibility of issuing their own digital currencies (CBDCs), which could potentially rival or replace bank-issued stablecoins in wholesale payment systems.
A growing number of financial institutions are also considering creating consortium-backed coins to foster greater interoperability between blockchain platforms.
Source: www.crypto-news.net
