Russia close to starting trials of crypto payments, exchanges (Bloomberg)
On September 1, 2024, Russia will reportedly soon start trials of cryptocurrency exchanges and the use of digital tokens for cross-border transactions to help firms circumvent international sanctions. It will use Russia’s National Payment Card System (NPCS) to swap between rubles and cryptocurrencies. The NPCS already features infrastructure for functions like interbank settlement and clearing, and it is overseen by the central bank. According to Ledger Insights, stablecoins pegged to Chinese yuan and a BRICS currency basket will feature in the trials. [Read more on Bloomberg]
State of stablecoins: sector expansion & a changing interest-rate environment (Coinmetrics)
Coinmetrics published an update on stablecoin markets. It finds that stablecoin flows have turned positive, pushing total supply above $160 billion towards record-highs. The stablecoin landscape continues to expand in diversity, use cases, and risk profiles, from fiat-collateralized and crypto-backed to interest-bearing and protocol-native stablecoins. With stablecoin collateral increasingly composed of U.S dollar equivalents and real-world assets, changes in the interest rate environment could impact profitability and attractiveness of various stablecoins. [Read more at Coinmetrics]
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