Global #banks

Vietnam's government has approved a new pilot program for cryptocurrency exchanges, prompting a swift response from the country's major banks and securities firms.

While XRP was initially launched to become the primary digital currency for banks, similar to a "SWIFT killer" for cross-border settlements, it hasn't been widely adopted by major financial institutions.

The recently passed GENIUS Act is at the heart of a major dispute between traditional banking and the crypto sector. Banking groups, led by the American Bankers Association, are warning that a flaw in the new law could allow crypto exchanges to offer yield on stablecoins such as USDC and USDT.

Following the demise of Tether's EURt, a wave of banks are entering the euro-backed stablecoin market.

In a recent paper, the Basel Committee on Banking Supervision (BCBS) has underscored the multiple risks faced by banks engaging in transactions on permissionless blockchains.