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US Bank Tests Proprietary Stablecoin in Cross-Border Stellar Transaction
US Bank tested its proprietary USBDC stablecoin in a transfer between North American and European entities using the public Stellar blockchain, Cointelegraph reported. The pilot connects institutional stablecoin activity with the Stellar network and XLM.
Cointelegraph
Italy’s central bank requires crypto firms to screen sanctioned transfers
Banca d’Italia has ordered crypto service providers to implement internal controls for screening transfers linked to sanctioned entities, Cointelegraph reported. The supplied report gives no details on deadlines, penalties, or affected assets.
Cointelegraph
U.S. Bank advances USBDC stablecoin plans with live cross-border payment test
U.S. Bank completed a live cross-border payment transaction while exploring its USBDC stablecoin for treasury payments, liquidity management and collateral. CoinDesk reported that the test represents another step toward a possible stablecoin launch.
CoinDesk
Silvergate former CEO says Biden pressure led to 2023 wind-down
Silvergate former CEO Alan Lane blamed what he called a Biden administration “coordinated attack” for making continued operations untenable and prompting the bank’s liquidation in 2023, according to Cointelegraph.
Cointelegraph
Block Seeks US Trust Bank Charter for Bitcoin and Stablecoins
Jack Dorsey’s Block is seeking a US trust bank charter for proposed Builders Bank. The institution would offer federally supervised custody for Bitcoin and stablecoins but would not accept deposits or issue loans.
Cointelegraph
Shrinking Dollar Reserve Share Does Not Prove Central Bank Bitcoin Buying
A Sept. 2 New York Fed analysis separates currency allocation from changes in total reserve holdings. As a result, a declining dollar reserve share does not establish that central banks are buying Bitcoin or increasing sovereign BTC demand.
CryptoSlate
Circle to Acquire Tazapay in $400 Million Cross-Border Payments Deal
Circle has agreed to buy cross-border payments firm Tazapay for $400 million, CoinDesk reported. The deal could provide regulated last-mile infrastructure linking stablecoins with traditional local banking systems.
CoinDesk
Uzbekistan Launches Pilot for Government Bond-Backed Stablecoin Payments
Uzbekistan is testing a government bond-backed stablecoin for payments. Humo Digital will trial HUMO transactions with more than 20 merchants in a sandbox overseen by NAPP and the central bank.
Cointelegraph
South Korean Merchants Could Save Up to $3.8 Billion Annually With Stablecoins
South Korea’s budget office says stablecoin adoption could save merchants up to $3.8 billion annually, but warns it may weaken banks’ credit-intermediation role and put token pegs under pressure during mass redemptions.
CoinDesk
Bitcoin Holds Steady as Chainlink Reaches Eight-Month High
Bitcoin started the week flat, while LINK reached an eight-month high after Bottomline selected Chainlink to connect more than 600 banks to blockchain settlement. Bottomline provides SWIFT services and processes $16 trillion annually.
Decrypt
Philippines Considers Freeze on Payment Operator Registrations and Stricter VASP Checks
The Philippines’ central bank is considering a proposal to pause new payment operator registrations and impose enhanced monitoring and transaction limits on arrangements involving virtual asset service providers, Cointelegraph reported.
Cointelegraph