Market Wrap: Is Bitcoin Breaking Down or Breaking Free?
— First formal stablecoin, Fully backed, Breaking, Read, Guidance, Price, Implosion, Auditor, New rules, Free — 1 min read
The New York Department of Financial Services (NYDFS) published its first formal stablecoin-specific guidance. Stablecoins are cryptocurrencies that peg their price to an outside asset, usually to the U.S. dollar. The move comes after the implosion of what was once the third-largest stablecoin, terraUSD ( UST ), and regulators consequently increasing oversight of the asset class. New York regulator’s new rules for stablecoins should be fully backed by certain assets, with these assets segregated from the issuers’ operational funds and regularly attested to by an auditor, according to the new guidance. Read more here at http://www.nyDFS.gov.uk/stablecoin-guidance. Source