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The crypto arm of the French banking giant Societe Generale is launching a US dollar stablecoin on the Ethereum (ETH) and Solana (SOL) blockchains. In a new announcement, the Societe Generale-FORGE says it is launching the USD CoinVertible (USDCV), its second stablecoin after the 2023 launch of EUR CoinVertible (EURCV). Says Jean-Marc Stenger, CEO of the Societe Generale-FORGE, “After the release of a MiCA-compliant EUR stablecoin EURCV, the launch of a US Dollar version USDCV was the obvious next step for Societe Generale-FORGE as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely US dollar-denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin.” The French bank says that the Bank of New York Mellon Corporation (BNY) will serve as its “reserve custodian, enabling seamless integration be...

The European Banking Authority (EBA) is proposing testing to see if tensions in non-bank financial institutions (NBFIs), including crypto currency-related entities , will impact lenders. According to the Financial Times, EBA chairman José Manuel Campa expressed concern about the need to “deepen the links between banks and other financial firms.” “We should be doing more, and we will be doing more. We need to have an understanding of the whole underlying chain in NBFIs.” José Manuel Campa, EBA chairman The EBA has already taken some action to address the role that crypto currency could play in stressing the system. Last November, the regulator published draft rules on liquidity and capital requirements for stablecoin issuers under the EU’s new Markets in Crypto-Assets (MiCA) regulation. The EBA has also proposed rules requiring individuals with a stake of more than 10% in a crypto company to be screened for convictions or sanctions and directing cryp...

Binance kept Binance US customers’ deposits in Axos Financial, the same bank used by convicted fraudster Reggie Fowler of Crypto Capital Corp, now-bankrupt Prime Trust, and InfoWars’ Alex Jones. However, despite a dubious client list, Axos hasn’t considered its exposure to the crypto industry as a relevant “risk factor” in its quarterly Securities and Exchange Commission (SEC) 10-K filings. But there are more red flags waving over Axos Financial like the fact that Prime Trust and Binance US’ parent company BAM Trading were Axos customers at the same time. But not only that: Prime Trust employed Ponzi-like business practices of using other customers’ assets to fulfill withdrawal requests to hide losses. Prime Trust filed for bankruptcy and its CEO admitted to losing $8 million in the Terra LUNA pyramid scheme. The SEC is suing Binance US’ founder for a litany of federal law violations. The SEC is also suing Terra founder Do Kwon and recently requested that he be extradited ...

International regulators propose new transparency measures for banks’ crypto asset exposures, following a tumultuous year marked by banking disruptions linked to digital currencies. With the sudden growth and popularity of crypto currencies like Bitcoin (BTC) and Ether (ETH), international regulators are now turning their attention towards the disclosure of these assets by banks, in a bid to maintain financial stability. The Basel Committee on Banking Supervision, an influential body that defines norms for traditional financial institutions, has already made its stance clear: banks should maintain potentially hefty capital against their holdings of cryptocurrencies that lack intrinsic backing. At its 4-5 October meeting, the #BaselCommittee agreed to consult on crypto asset and climate disclosures, approved the annual G-SIB assessment and published its report into the banking turmoil of early 2023 #BaselIII #FinancialRegulation https://t.co/iLVbtP2VzS pic.twitter.com/aSRw7YYH...

Japan’s financial giant Nomura launches Bitcoin adoption fund The Bitcoin Adoption Fund is offered by Laser Digital Asset Management, a subsidiary of $500 billion Nomura. Laser Digital’s new fund offers long-only exposure to Bitcoin (BTC). Nomura, a $500 billion Japan ese investment banking giant , has launched a new Bitcoin fund for Institutional investors . The new fund is an offering from Laser Digital Asset Management, a subsidiary of the Japanese financial behemoth and will offer institutions access to investment opportunities across the digital assets space. Fund offers long-term exposure to BTC Per details in a report by Bitcoin Magazine, the new fund is Laser Digital’s first product in a series of crypto investment solutions lined up for the growing market. Institutional investors will have access to long-only exposure to BTC. Sebastian Guglietta, the head of Laser Digital, noted that with technology key to the world’s e...

The fintech industry has evolved from early adopters using technology to automate financial services to a comprehensive revolution of the financial sector. The financial technology (fintech) industry has its roots in the late 20th century, with the advent of electronic banking and online stock trading. Since then, fintech has expanded and changed over time as a result of technological and internet advances. As a result, new financial services and products have been created with the intention of enhancing accessibility, simplicity and effectiveness in the financial services industry. The 2008 global financial crisis aided the growth of fintech by increasing customer demand for non-traditional Banking and financial services. By enabling customers to access financial services from any location at any time, the rise of mobile devices and the widespread usage of smartphones have also fueled the growth of the fintech industry . Today, fintech continues to shape the financial industry an...