Large fiat-backed stablecoins depegged 600+ times in 2023
There have been 609 depegs among large cap fiat-backed stablecoins so far this year, according to Moody’s Analytics. Depegs are defined by the price of stablecoins fluctuating by more than three percent in a day against their fiat currency peg. Among a total of 1,914 depegs up to mid-September 2023, large cap stablecoins represented 609 depegs. By comparison, in 2022, there were 707 large cap depegs (including the top five stablecoins by market cap, including Ethereum blockchain’s DAI) and a total of 2,847 depegs. [Read more at Moody’s Analytics]
Ripple unveils enhanced cross-border payments solution
Ripple unveiled an enhanced version of its blockchain-based cross-border payments solution, Ripple Payments, formerly known as RippleNet. Among several key updates, the solution now provides nearly 100% global payout coverage through single onboarding, giving businesses access to over 70 crypto and traditional payout markets. With over 30 licenses, including a MAS Major Payments Institution license and Money Transmitter Licenses (MTLs) across the United States, Ripple is expanding its reach to include SMEs. [Fintech News Singapore]
European digital identity wallet in banking: a look at the law
The legislation of the European Digital Identity Wallet is finalized. The wallet can be used to store credentials like government IDs, drivers licenses, diplomas and insurance policies in a mobile app. It can, for example, be used as identification when opening bank accounts, or use any government service anywhere in Europe. It can also be used to log in and sign contracts, or present selected attributes like age threshold compliance. The wallet is planned to be available in 2025 or 2026. [Read more at the European Commission]
FYI here are some of my upcoming speaking engagements:
Currency Research Americas Cash Cycle & Payments Seminar (Orlando Florida on November 27-30)[Register here]
Digital Euro Conference 2024 (Frankfurt on February 29)[Register here]
*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
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com
The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).
Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]
WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]