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Biden

"There's a real recognition that as these payment stablecoins grow, they could grow at internet scale relatively quickly," Circle CEO said.

Issuers of stablecoins like Tether (USDT) and USD Coin (USDC) may soon be required to work under the same regulations as banks, but that seemingly doesn’t frighten the CEO of the USDC-issuer Circle.

Commenting on the Biden administration’s proposal to work on a bank-like regulation for stablecoin issuers, Circle CEO Jeremy Allaire took a supportive stance for the recommendation. He highlighted that proposal’s aim to regulate dollar stablecoin issuers in the United States financial system as banks at the federal level by the Federal Reserve represents significant progress for the industry’s growth.

Allaire noted the current steps would upgrade the current money transmission-focused regulations “to a much more fundamental infrastructure at the core of what potentially the future of banking and capital markets look like.”

“There's a real recognition that as these payment stablecoins grow, they could grow at internet scale relatively quickly,” Allaire commented. When the stablecoin market grows into the hundreds of billions in circulation and trillions in transactions, the risks to financial markets and financial stability become much more significant, he added.

As Cointelegraph reported, the Biden administration’s proposal aims to create a new “special-purpose charter” for stablecoin issuers, putting them in the same category as banks. Allaire believes that the details on a bank charter for a crypto company might need to get worked out over time with both the FDIC and other agencies that oversee banks.

Stablecoins have become a central talking point for regulators. In September, the U.S. Treasury reportedly conducted several meetings to examine the risks of stablecoins for users, markets or the financial system.

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Stellar partners tap USDC for remittances between Europe and Africa

October 26, 2021 Coin Telegraph

Africa

Flutterwave is teaming up Tempo Payments to use USDC on Stellar to target Africa’s enormous remittances market.

The Stellar Development Foundation (SDF) has announced that it will facilitate a new remittance channel between Europe and Africa using the USD Coin (USDC) stablecoin.

On Oct. 25, the SDF announced that global payments technology company Flutterwave will use the USD Coin (USDC) stablecoin on the Stellar network to simplify remittances between Africa and Europe.

Flutterwave will work alongside Stellar’s principal EU payments partner, Paris-based money transfer operator, Tempo Payments.

Olugbenga Agboola, CEO at Flutterwave, commented that it is more expensive to send money to sub-Saharan Africa than to any other region in the world. He added that the new partnership will help to expand the network and “bring all-important, cost-effective money transfer services to African business owners.”

Flutterwave claims to have processed more than 140 million transactions worth over $9 billion to date, serving over 290,000 businesses which including Uber, Booking.com, and Facebook. The firm already has the infrastructure in more than 33 African countries, including Nigeria, Rwanda, Uganda, Kenya, and South Africa.

The SDF has been targeting Africa for roughly one year, with the foundation teaming up with East African payments firm ClickPesa in November 2020. ClickPesa provides on and off-ramps to the banking systems of Tanzania, Kenya, and Rwanda.

Stellar and its partners face stiff competition as there are already several payments companies operating in Africa, including WorldRemit, Azimo, Transferwise, Payoneer, and Xoom.

Africa has become a key market for payments companies because much of the population remains unbanked. However, remittances have fallen during pandemic-induced lockdowns, with Africa.com recently reporting a 28% drop in remittances to Nigeria last year.

The outlet also predicted that more transfers will be made in cryptocurrencies by 2025, adding that digital assets are likely to penetrate Africa's remittance market despite exclusionary policies from local governments.

In February, Stellar announced that it had integrated Circle’s USDC stablecoin. USD Coin has seen monumental growth in 2021, with its market cap surging 733% since the beginning of the year to tag $32.5 billion.

Stellar’s native token, XLM, has gained 2.2% over the past 24 hours to trade at $0.386 according to CoinGecko. However, XLM is still down 56% from its January 2018 all-time high of $0.875.

USDC

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