Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform. Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business. The firm said in a press release on Tuesday that the digital token will […]

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Central Banks, Stablecoins and the Looming War of Currencies

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. This essay is presented as a part of No Closing Bell, a series leading up to Invest: Asia 2019 focused on how the Asian crypto markets are interacting with and impacting global investors. […]

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Walmart Wants to Patent a Stablecoin That Looks a Lot Like Facebook Libra

Retail giant Walmart has applied for a cryptocurrency patent that bears some similarities to the Libra token proposed by Facebook in mid-June. In its application with the U.S. Patent and Trademark Office, Walmart touts the concept of a digital currency “tied to a regular currency” – that is, what’s commonly known as a stablecoin. Libra […]

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CCN is Shutting Down after Google’s June 2019 Core Update

Dear readers, Let’s get straight to it. Google’s June 2019 Core Update rolled out on June 3th 2019 and CCN’s traffic from Google searches dropped more than 71% on mobile overnight. Our traffic has experienced a massive impact by Google’s June 2019 Core Update. Image from Sistrix.com.   CCN’s visibility index on Sistrix.com shows how […]

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Switzerland’s SIX Stock Exchange Is Working on a Swiss Franc Stablecoin

SIX, the Swiss national stock exchange group, is working on creating its own “stablecoin” – a cryptocurrency pegged to the Swiss franc – to facilitate transactions on the SIX Digital Exchange (SDX), CoinDesk has learned. A spokesman for SIX confirmed the move in an email, telling CoinDesk: “Yes, we are currently working on a CHF […]

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‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills – And They’re Crying Foul

The Takeaway An ethereum protocol for programmatic lending, MakerDAO emerged as a clear market leader in part for its rock-bottom interest rates of 0.5 percent. But the code behind MakerDAO requires interest rates to do more than extract business from borrowers, it’s a technological necessity for keeping its DAI stablecoin worth $1. With interest rates […]

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MIT’s Christian Catalini Said to Be Working on Facebook’s Cryptocurrency

Christian Catalini is on leave from MIT and working at Facebook, two people with knowledge of the situation told CoinDesk. The prominent crypto economist is helping the social media giant with its cryptocurrency efforts, the sources said. Facebook is reportedly developing a stablecoin that will let its billions of users send money to each other, and possibly […]

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Paxos to Issue Up to $100 Million of Stablecoins on Ontology Blockchain

Stablecoin issuer Paxos will partner with Ontology to issue up to 100 million of its PAX tokens, pegged 1:1 to the U.S. dollar, on the latter’s blockchain network starting from next month. The launch will make it easier for individuals and businesses using Ontology’s ONT token to transact in fiat-pegged tokens, Ontology announced Friday. Paxos […]

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Facebook Seeks Counsel to Forge Blockchain Partnerships for New Products

Facebook’s blockchain recruitment drive continues, as the social network looks to hire a lead commercial counsel for its initiatives with the technology. A new job posting at the company’s career page says the position will be responsible for “drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch […]

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