Fun

BlackRock could open the door to US-regulated stablecoins

News Feed - 2024-04-12 03:04:57

Ana Paula Pereira5 hours agoBlackRock could open the door to US-regulated stablecoinsThe increasing engagement of Wall Street firms in the stablecoin market may accelerate regulatory advancements and pave the way for a private counterpart to the digital dollar.1677 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksWall Street firms’ escalating involvement in the stablecoin market could speed up the development of regulations in the United States, creating a private alternative to a central bank digital currency (CBDC). 


According to crypto investor Ryan Sean Adams’ analysis, the recent launch of off-ramps in USD Coin (USDC) for BlackRock"s tokenized fund is just another step in the ongoing integration of traditional finance and stablecoin providers.


“Stablecoins will happen in the U.S. because BlackRock and the banks want them to happen. This could not be more obvious,” Adams said on X.


Circle, the issuer of the USDC stablecoin, announced on April 11 the launch of functionalitythat enables holders of BlackRock"s USD Institutional Digital Liquidity Fund (BUIDL) to transfer their shares to Circle in exchange for USDC. In other words, the functionality allows investors in the tokenized fund to convert their shares into stablecoins 24 hours a day, thus enhancing shareholder liquidity.


BlackRock is a major investor in Circle. In April 2022, the companies announced a strategic partnership that included BlackRock investing in Circle’s $400 million funding round. BlackRock also manages the Circle Reserve Fund, a government money market fund in which Circle is the only eligible investor.


“The new BlackRock BUIDL fund on Ethereum is a high bandwidth pipeline between U.S. Treasuries and USDC,” Adams noted, adding that Circle’s planned initial public offering (will also help stablecoins integrate with traditional markets.“The banks will backdoor themselves into stablecoins - by acquiring/partnering/controlling crypto native companies - and they’ll lobby for stablecoin legislation and make it happen along the way. The US does not have the political will to build a central bank digital currency. They"re create one defacto through private bank issued stablecoins on public crypto networks like Ethereum.”


BlackRock is already one of the biggest players in the crypto industry. The asset manager is behind the iShares Bitcoin Trust spot Bitcoin ETF, worth $18.5 billion as of April 10. The company recently launched its tokenized fund, BUIDL, enabling investors to buy tokens that represent shares in a fund investing in assets like U.S. Treasury bills.


Magazine: Inside Pink Drainer — Security analyst defends his crypto scam franchise# Wall Street# Business# Circle# Asset Management# StablecoinAdd reaction

News Feed

Jesse Coghlan2 hours agoCoinbase CEO says SEC told it to delist everything but Bitcoin: ReportBrian Armstrong claimed SEC staff said all cryptocurrencies but Bitcoin are securities and requested the exchange delist all o
Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site
Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site Bitcoin mining operations continue to truck on through the crypto w
Prashant Jha10 hours agoCrypto P2P scams in India show digital asset education is neededScammers have made it impossible for Indian crypto traders to conduct P2P trades owing to several police complaints and bank account
Chinese police bust $1.9B USDT underground banking racket
Prashant Jha59 minutes agoChinese police bust $1.9B USDT underground banking racketThe authorities destroyed two underground operations in Fujian and Hunan, and the police also froze 149 million yuan worth $20 million li
Religious leaders debate going to church in the metaverse
Tristan Greene6 hours agoReligious leaders debate going to church in the metaverseWith the Pope sounding off on AI recently, the discourse surrounding religion and technology has heated up.2056 Total views12 Total shares
Explore the Value Behind KCC Through KCC Validator Election
Explore the Value Behind KCC Through KCC Validator Election sponsored With the development of the public chain and the growing adoption of blockchain technology, public chains initi
Shark Tank’s Kevin O’Leary Expects Bitcoin to ‘Appreciate Dramatically’ in 2-3 Years
Shark Tank"s Kevin O"Leary Expects Bitcoin to "Appreciate Dramatically" in 2-3 Years Kevin O’Leary, aka Mr. Wonderful, has shared what he thinks the price of bitcoin will be
Gareth Jenkinson13 hours agoBIS, EU central banks building data platform to track crypto, DeFi flowsThe Bank for International Settlements and a handful of European central banks are building a system to track internatio
Taylor Swift Rejected Crypto Exchange FTX’s Sponsorship Offer Over Unregistered Securities Concerns
Taylor Swift Rejected Crypto Exchange FTX"s Sponsorship Offer Over Unregistered Securities Concerns Taylor Swift, a pop icon and 12-time Grammy Award winner, reportedly turned down
Turner Wright8 hours agoParliamentary committee calls for shutdown of Worldcoin in KenyaThe committee’s recommendations included having the Kenyan government consider implementing a comprehensive framework for digital
Europe’s Largest Telecom Provider Chooses to Leverage Coinbase Custody to Stake CELO Tokens
Europe’s Largest Telecom Provider Chooses to Leverage Coinbase Custody to Stake CELO Tokens The largest telecommunications provider in Europe, Deutsche Telekom
Ethereum Stabilizes After Market Drop – Key MA Reclaim Could Trigger A June Rally
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu