Banking Technology Magazine September 2023 issue out now
Cover story: WINDS OF CHANGE – Squaring the circle on climate change.
Welcome to the September edition of the Banking Technology Magazine, packed with thought-provoking commentary, punchy opinions, expert analysis and the coverage of notable happenings from around the world.
The digital currencies continue to capture the headlines. Payments heavyweight PayPal is set to launch a US dollar-denominated stablecoin, PayPal USD. Fully backed by US dollar deposits, short-term US Treasuries and similar cash equivalents, PayPal USD is issued by Paxos Trust Company. Eligible US PayPal customers will be able to transfer it between PayPal wallets, send P2P payments with it, make purchases at checkout, and convert PayPal-supported cryptocurrencies to and from PayPal USD.
The Republic of Palau, an island nation in the Pacific, has joined forces with Ripple to launch a limited stablecoin pilot. The first stages of the pilot will see the Palau Stablecoin (PSC) issued to around 200 local merchants and government employees across the country. PSC is to be backed by Palau’s official currency, the US dollar, at a rate of 1:1, and will be issued on the XRP Ledger (XRPL) blockchain.
Meanwhile, another high-profile fintech player, Revolut, is fully disabling access to cryptocurrencies for its US customers from October. The company says the move, however disappointing, doesn’t affect users in other countries and impacts less than 1% of its crypto customers globally.
The decision comes as the relationship between cryptocurrency and US financial regulators becomes increasingly strenuous. Earlier in summer, the US Securities and Exchange Commission (SEC) brought charges against industry heavyweights Coinbase and Binance amid an apparent crackdown on crypto.
There will be, no doubt, lots of debate around digital assets, including central bank digital currency (CBDC), at the upcoming Sibos conference in Toronto. The FinTech Futures team will be on the ground, bringing you the event highlights and breaking stories – available on our website and social media, free and accessible to all!
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