‘Many Existing Stablecoins Would Not Meet Upcoming Standards’, Fireblocks to Launch Off-Exchange Service, Stellar & USDC Added to Wirex Wallet

Get your daily, bite-sized summary of cryptoassets and blockchain-related news – examine the stories that fly under the radar of today’s crypto news.
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Regulatory news

• The The Board for Financial Stability (FSB)’s “work concludes that many existing stablecoins currently would not meet [the incoming] high-level recommendations, nor would they meet international standards,” FSB chief Klaas Knot said in a letter to G20 finance ministers and central bank governors. The FSB, an international body that monitors and makes recommendations on the global financial system, is ready to finalize and publish its proposals for the regulation of crypto and stablecoins in July this year.
• Hong Kong’s Securities and Futures Commission (SFC) may allow retail investors to buy crypto, according to the latest policy proposal. The SFC is now asking for public feedback on the proposed licensing regime for crypto exchanges: whether it should allow licensed exchanges to serve retail investors in the country, and what steps should be taken to provide “robust investor protection measures.” The regime will enter into force in June 2023.

Exchange news

• Digital asset platform Fire blocks is preparing to launch an “over-the-counter” service – a new platform that will help traditional financial firms protect themselves against collapses that FTX exchange, Financial News reported. The company said the product would act as an intermediary, allowing firms to hold crypto assets in custody while they are traded. The assets are only moved after trading for settlement.
• Binance Fan Token announced a new royalty system for the token holders – Binance fan club. According to the announcement, fans can collect Star Points by engaging with the teams and unlocking exclusive fan privileges, such as VIP tickets to team matches, meet-and-greet sessions and personal video clips from players. All new users registering with crypto exchange Binance via the Binance Fan Club, and Binance Fan Token holders who own at least one LAZIO, PORTO, SANTOS or ALPINE token in their Binance accounts can also claim a Fan badge each as proof of membership, it added.

Wallet news

• Digital payment platform Wirex said it became “the world’s first non-custodial wallet without a seed phrase vulnerability to launch Stellar blockchain.” With this, stellar (XLM) and USD coin (USDC) on Stellar have been added to the Wirex Wallet. The integration adds to the eight other blockchains available on the Wirex Wallet, the press release added.

Payment news

• Virtual payment card provider Lanista has gone live with Google Pay use of its virtual payment card in Brazil, this is “the first time the Lanistar service has been approved for use through Google’s proprietary secure payment platform,” according to a press release. This will allow fintech’s services to be more accessible to users by ensuring that there will be no restrictions when it comes to making transactions, it said. The app also integrates with regional payment solutions PIX and Boleto.

Investment news

• The TON Foundationa non-profit association working to promote The Open Network (TON), has opened its ecosystem to startups and investors based on Hub71+ digital assets, an Abu Dhabi-based specialist Web3 ecosystem backed by the government of the United Arab Emirates (UAE), with more than $2 billion in capital to deploy. According to a press release, startups based on Hub71+ Digital Assets will also be able to apply for funding with 250 million dollars TONcoin.Fund.
• The Sui Foundationwhich is dedicated to supporting the SUI ecosystem, announced that it has partnered with a digital asset financial services company BitGo to enable holders of SUI tokens to hold and stake those tokens via custodial and non-custodial wallets on BitGo’s platform. The two companies also announced that the Sui Foundation will store its own treasury with BitGo and stake a portion of this treasury using BitGo’s wallets.