SWIFT published the results from a series of experiments that show its infrastructure can seamlessly facilitate the transfer of tokenized value across multiple public and private blockchains. Working with more than a dozen major financial institutions and market infrastructures, SWIFT demonstrated that it can provide a single point of access to multiple networks using existing, secure infrastructure. Chainlink was used as an enterprise abstraction layer to securely connect the SWIFT network to the Ethereum Sepolia network, while Chainlink’s Cross-Chain Interoperability Protocol enabled complete interoperability between the source and destination blockchains. [Read more at SWIFT]
Binance will “gradually” end support for its BUSD stablecoin, removing it from spot and margin trading pairs. Users have been asked to convert their BUSD into other assets by February next year. Binance is also delisting BUSD as a loanable asset on September 6 and will cease withdrawals of Binance-peg BUSD tokens via BNB Chain, Avalanche, Polygon and Tron on September 7. A decision to end support for BUSD has been expected since BUSD issuer Paxos was ordered to stop minting the coin in February. [Read more at Binance]
The Kansas City Federal Reserve published an article that surveys the data available on the multi-billion Bitcoin ATM (BTM) industry in the United States and reviews its overall shape and customer base. It finds that the industry continues to grow, with the number of BTMs increasing after the “crypto winter” retrenchment. Despite high fees, consumers seem likely to use them—perhaps for remittances, investment, or both. [Read more at the Kansas City Fed]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Kiffmeister’s central bank digital currency monthly monitor
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