Today in Crypto: Anchorage supports Yen Stablecoin
Anchorage Digital, a regulated crypto custody platform, will support a Japanese yen stablecoin, a Coindesk report said on Tuesday (September 13).
This follows the digital US dollar and euro offerings and will help FinTech use cases in Japan, including payments and wages.
The anchorage depository of the GYEN stablecoin comes from the partnership with GMO-Z.com Trust Company, which is a subsidiary of Japanese financial services and internet conglomerate GMO Internet Group.
The stablecoin will be 1:1 backed with assets held at FDIC insured banks and is approved by the New York State Department of Financial Services.
In other news, blockchain infrastructure platform Paxos published a white paper on Tuesday looking at consumer and market trends for crypto in Latin America, it said in a press release.
Called “What’s driving the massive growth of crypto in Latin America?”, it looks at the region’s “robust embrace of cryptocurrency,” especially following the integration of crypto into apps like Mercado Libre, Nubank, and PicPay.
The findings include that Latin America has a strong desire for access to US dollars to fight inflation, along with a desire for easier and cheaper money transfers across borders. And the region wants better access to finance for unbanked or underbanked people.
Meanwhile, the Treasury Department has issued a statement on how Americans can get their money out of Tornado Cash, a press release said on Tuesday.
The Treasury Department said these users can request a specific license from the Office of Foreign Assets Control (OFAC) to engage in transactions with the virtual currency tied up in Tornado Cash.
They must provide information including the sender and receiver wallet addresses, transaction hashes, date and time of the transactions, and the amount of cryptocurrency.
Tornado Cash was sanctioned by OFAC earlier this year to settle allegations that Tornado Cash had helped launder billions in crypto since it launched in 2019.
Finally, the Linux Foundation, which is a non-profit organization working on innovation through open source, will form the OpenWallet Foundation (OWF), which will help develop new, more diverse open source software, it said in a press release on Tuesday.
It will work to develop a secure, multipurpose open source engine so that anyone can build interoperable wallets. OWF will not publish its own wallet, but the wallets it supports will be able to work with identity, payments, digital keys and other uses.
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New PYMNTS study: How consumers use digital banks
A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.
