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Online Tech Giants Push Stablecoin Adoption


Online Tech Giants Push Stablecoin Adoption
Posted on 05/13/2021
Jon Cunliffe is the Deputy Governor of the Bank of England. “First and foremost are the financial stability implications of the absence of public money for use by the general public,” Cunliffe said in speech on Thursday. “Ensuring confidence in money as a means of payment and store of value is fundamental to financial stability.”
As online commerce increases usage, stablecoins and other digital currencies could quickly gain support among consumers. Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. The Bank of England is looking at the potential of creating a central bank digital currency. China and Sweden have explored digital central bank currencies. If approved, the digital currency would exist alongside cash and bank deposits, rather than replacing them. ....

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Celsius and GMO Trust Expand Regulated USD Stablecoin Lending Market


Celsius and GMO Trust Expand Regulated USD Stablecoin Lending Market
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(PRNewsfoto/GMO Internet Group)
NEW YORK, May 7, 2021 /PRNewswire/ GMO-Z.com Trust Company, Inc. ( GMO Trust ), the New York-based, regulated stablecoin subsidiary of Japanese Financial Services and Internet conglomerate GMO Internet Group, embarks on a new partnership with Celsius, the industry-leading cryptocurrency lending platform. Customers will be able to use ZUSD, a regulated, USD-pegged stablecoin issued by GMO Trust, as collateral for crypto-backed loans.
ZUSD will be initially listed on Celsius platform and available for reward-earning accounts. With annual percentage yields soaring on regulated stablecoins, customers can use ZUSD on Celsius to generate high yield, replacing their traditional savings accounts that are producing minimum yield. ....

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