Source: Flickr (VIP Crypto Signals)
The announcement means that banks in the US may become more involved in cryptocurrency.
- Stablecoins are cryptocurrencies which are "pegged" to the price of a fiat currency such as the US dollar.
- Companies which issue stablecoins must have an equivalent amount of assets stored in a bank.
- A statement by US regulators now gives the green light to US banks to provide custodial services to stablecoin issuers and even issue their own stablecoins (if they so choose).
- The amount of USD stablecoins issued has nearly doubled in just four months from 10 billion USD to over 18 billion USD.
- European regulators are concerned that stablecoins could pose a threat to some national currencies around the world.
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