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 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]
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 email@example.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 (firstname.lastname@example.org).
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