Kiffmeister’s #Fintech Daily Digest (10/07/2021)

National Bank of Georgia to Test CBDC Next Year

The National Bank of Georgia (NBG) reportedly plans to launch a retail central bank Digital currency (CBDC) pilot next year, following up on their April 30, 2021 request for fintech companies to cooperate in the digital lari project. [Read more]

US FDIC Said to Be Studying Deposit Insurance for Stablecoins

The Federal Deposit Insurance Corp. (FDIC) is reportedly studying whether certain stablecoins might be eligible for its coverage. The agency is trying to analyze what so-called pass-through FDIC insurance might look like for the reserves that stablecoin issuers hold at banks. Such coverage would insure holders of the tokens against losses up to $250,000 if the bank holding the collateral were to fail. The FDIC is also looking at what regular, direct deposit insurance might look like for banks that want to issue stablecoins. [Read more]

MoneyGram launches USDC settlement using the Stellar blockchain

“MoneyGram has partnered with the Stellar Development Foundation to enable consumers to send money using Circle’s USD Coin (USDC) stablecoin, and convert directly to and from fiat across its global retail platform. Working alongside Circle, MoneyGram will also enable “near-instant backend settlement,” account funding and local fiat withdrawals using USDC. United Texas Bank will act as the settlement bank to complete the process within the regulatory framework.” [Read more]  

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