Latest Developments in the Crypto Industry

Leading U.S. Crypto Companies Introduce Innovative Products

Crypto Exchange Launches ERC20 Token Backed by Bitcoin

A prominent U.S. cryptocurrency exchange has unveiled cbBTC, an ERC20 token backed 1:1 by bitcoin reserves held within the exchange. This new “wrapped bitcoin” token will be accessible on the Ethereum and Base blockchain networks.

BitGo’s Latest Offerings in the Crypto Space

BitGo, a renowned U.S. cryptocurrency custody provider and creator of the WBTC wrapped bitcoin token, has announced its upcoming stablecoin, USDS. USDS will be collateralized 1:1 by U.S. dollars, short-term T-bills, and overnight repos, offering a unique reward system and real-time proof of reserves audits. Additionally, BitGo has launched an automated Token Management platform to streamline digital asset management for various stakeholders.

Expansion of USDC Stablecoin and Integration in Latin America

Circle, the issuer of the USDC stablecoin, has partnered with a major Japanese technology company to establish bridged USDC on the Soneium Ethereum layer 2 network. USDC is now available for local bank transfers in Brazil and Mexico via PIX and SPEI, respectively.

CEX.io Integrates with Global Money Transfer Provider

CEX.io has collaborated with a leading U.S.-based global retail money transfer provider to enable customers to convert fiat currency to USDC and withdraw USDC for fiat cash at physical retail locations in multiple countries, excluding the U.S.

Insights on Stablecoin Usage and Digital Asset Pilots in Banking Sector

Survey Reveals Global Stablecoin Trends

A comprehensive survey conducted by major U.S. payments company, blockchain-focused venture capital fund, digital asset investment firm, and blockchain data science firm shed light on stablecoin usage across key markets. The survey highlighted motivations for stablecoin use, preferred blockchain networks, and popular wallet choices among users.

Project Agorá Exploration in Wholesale Cross-Border Payments

The Bank for International Settlements (BIS) and 40 private-sector financial firms are collaborating in Project Agorá to explore tokenization’s potential to enhance wholesale cross-border payments. The participants are set to embark on the design phase of the project.

Launch of Blockchain-Based Carbon Credits Platform by U.S. Bank

A major U.S. bank has introduced a blockchain-based platform facilitating institutional buyers’ digital access to carbon credits from leading project developers. The platform allows direct purchase, transfer, and settlement of digital carbon credits, providing a secure and transparent custodial framework.

OFAC Sanctions Combat Human Trafficking in Crypto Scams

US Treasury’s OFAC Imposes Sanctions for Human Rights Abuses

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on a Cambodian businessman, his conglomerate, and affiliated establishments for human rights violations related to human trafficking in online scam centers. The sanctions target individuals and entities involved in defrauding victims through virtual currency schemes.

SEC Takes Action Against NFT Violations and Crypto Scams

SEC’s Third NFT Enforcement Action and Dissenting Views

The U.S. Securities and Exchange Commission (SEC) has announced its third enforcement action against Flyfish Club, LLC for conducting an unregistered offering of crypto asset securities in the form of NFTs. While the SEC has charged Flyfish, Commissioners Hester M. Peirce and Mark T. Uyeda have dissented on the classification of Flyfish NFTs as utility tokens rather than securities.

SEC’s Crackdown on Crypto Scams and DeFi Platform Violations

The SEC has initiated enforcement actions against entities and individuals involved in relationship investment scams via fake crypto asset trading platforms NanoBit and CoinW6. Additionally, the SEC has charged Rari Capital, Inc. for misleading investors and engaging in unregistered broker activities in connection with their DeFi protocol operations.

DeFi Platform Faces $6 Million Hack; Consumer Warning on Tether

Delta Prime Hacked for $6 Million in Stablecoins

DeFi platform Delta Prime fell victim to a hack, resulting in the loss of over $6 million in stablecoins. The exploit involved a private key breach, allowing hackers to drain Delta Prime pools on the Arbitrum chain.

Consumer Alert Issued on Tether’s Unaudited Stablecoin Claims

Consumers’ Research has issued a cautionary statement regarding Tether, highlighting the company’s lack of audit verification for its stablecoin’s purported backing by the U.S. dollar. After years of promises, Tether has yet to undergo an audit to substantiate its claims.