DBS 又做到了，now gain total digital asset supremecy with new stablecoin huat big big move.

[k1976]

https://www.google.com/search?q=dbs...id-samsung-ss&sourceid=chrome-mobile&ie=UTF-8

Good JOB, we have punch above our weight class again.

REALLY 万福金安

 

[k1976]

SINGAPORE - Singapore’s largest bank DBS Group Holdings will for the first time provide custody for stablecoin reserves and offer related cash management services, in a tie-up with the local unit of US-based cryptocurrency issuer Paxos Trust.

The lender said the development deepens its wide-ranging involvement in the digital-asset ecosystem, making the announcement after Paxos’ operation in the city-state received a licence from the Monetary Authority of Singapore.

“We look forward to partnering leading stablecoin issuers for their cash management and reserve custody needs if they meet the regulatory requirements,” Ms Evy Theunis, head of digital assets at the institutional banking group at DBS, said in e-mailed responses to questions on July 2.

 

[k1976]

Singapore is seeking to foster productive uses of crypto’s underlying blockchain technology to augment its status as a global financial hub. Advocates of stablecoins argue they will make inroads into traditional finance because they make payments easier, faster and cheaper, a claim yet to be proven at scale.

Stablecoins are typically pegged one-to-one to major currencies and backed by reserves like cash and bonds. For now, they are predominantly used to park funds to deploy in crypto trading and can also be lent out to earn interest.

There are some US$162 billion (S$220 billion) worth of stablecoins in issue, dominated by Tether Holdings’ USDT token with a 70 per cent market share, according to DefiLlama data. Circle Internet Financial’s USDC is in second spot with 20 per cent. Paxos, a smaller player, issues USDP, as well as PayPal Holdings’ PYUSD.

 

[k1976]

Duelling hubs​

Singapore, Dubai, Hong Kong, Japan and Europe are among the jurisdictions that subsequently developed digital asset regulations to protect investors and spur innovation in case blockchain technology gains mainstream traction.

Both the local operations of Paxos and Circle Internet Financial now have Singapore permits.

Under the Republic’s stablecoin rules, issuers must meet capital, reserve and disclosure requirements.

A spokesperson for Paxos said in 2023 that the company plans to issue US dollar-based tokens in Singapore.

Cantor Fitzgerald acts as a custodian for Tether. In the United States, Bank of New York Mellon has that role for Circle, while BMO Harris Bank, State Street Bank and Trust and Customers Bank are among the institutions Paxos may use.

Many crypto companies had struggled to access banking services because of the digital asset industry’s history of volatility and scandal. The outlook has improved due to evolving regulations. Higher global interest rates also spotlighted the commercial opportunities stemming from reserve management.

By working with stablecoin companies, “banks are not only diversifying their offerings but also effectively managing the inherent risks associated with cryptocurrencies”, said Ms Grace Chong, head of the financial regulatory practice at Drew and Napier in Singapore.

Separately, Paxos named Ms Jeannie Lim, who was most recently head of messaging payments at Meta Platforms in Singapore, as its executive director at Paxos Singapore.

“Jeannie will be responsible for developing and driving Paxos’ strategic vision and goals for the Asia-Pacific region,” a spokesperson wrote in an e-mail.

“She’ll oversee new business opportunities and partnerships, as well as manage continued engagement with key clients, partners, regulators and the like throughout the region,” the spokesperson added. BLOOMBERG

 

[k1976]

https://www.google.com/amp/s/www.co...-amid-weak-crypto-price-action-this-week/amp/

Huat big big opportunity ahead
买定离手

 

[k1976]

https://coinfomania.com/why-did-bitcoin-suddenly-plunge-below-60000/

Good entry opporunities for u, Boss?

 

[k1976]

Why Did Bitcoin Suddenly Plunge Below $60,000?​

Published Jul 03, 2024

Why Trust Us

• 
  
  Pedro AugustoAuthor By

The Bitcoin market has recently experienced a sharp decline, pushing its price back toward $60,000. This downturn followed revelations from a previously bullish billionaire investor who has seemingly reversed their stance on the cryptocurrency.
Over the last month, Bitcoin has lost nearly 15% of its value, fueled by concerns of a potential “true correction” in the market.

Federal Reserve’s Economic Outlook​

Federal Reserve Chair Jerome Powell highlighted a “critical period” for the U.S. economy during a speech at the European Central Bank’s conference in Portugal. Powell described the current level of U.S. debt as sustainable, but he criticized the fiscal trajectory as unsustainable.
He specifically pointed out the risks posed by the Biden administration’s policy of running substantial deficits at a time of full employment, a strategy he deemed unsustainable in economically favorable times.
These statements contributed to growing market anxiety, impacting both traditional and cryptocurrency markets.

Bitcoin (BTC) price chart (1 day). Source: CoinMarketCap
In the same vein, Treasury Secretary Janet Yellen issued a stark warning regarding the burgeoning $34 trillion U.S. debt. Analysts speculate that this escalating debt could potentially drive the Bitcoin price to an unprecedented $1 million over the next 18 months.
However, her warning also intensified fears of economic instability, further pressuring the crypto market.
Market watchers have been closely monitoring the Federal Reserve for any signs of interest rate adjustments. Although expectations initially included up to seven rate cuts in 2024, recent assessments have scaled these expectations back to just one or two cuts.
Powell, expressing his concerns, noted the importance of getting the balance on monetary policy right during this critical period, a topic that preoccupies him in the early hours. This cautious stance on rate cuts added to market uncertainty, contributing to the Bitcoin sell-off.

 

[k1976]

https://www.forbes.com/sites/digita...lip-after-ethereum-xrp-and-crypto-price-boom/

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TetherUSDT
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BNBBNB
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SolanaSOL
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DogecoinDOGE
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BitcoinBTC
$60,020.00
-4.18%

EthereumETH
$3,283.98
-4.50%

TetherUSDT
$0.9988
-0.05%

BNBBNB
$553.63
-4.21%

SolanaSOL
$141.81
-5.24%

USDCUSDC
$0.9999
-0.04%

Lido Staked EtherSTETH
$3,283.96
-4.45%

XRPXRP
$0.4769
-1.62%

ToncoinTON
$7.79
-2.61%

DogecoinDOGE
$0.1181
-4.61%

BitcoinBTC
$60,020.00
-4.18%

EthereumETH
$3,283.98
-4.50%

TetherUSDT
$0.9988
-0.05%

BNBBNB
$553.63
-4.21%

SolanaSOL
$141.81
-5.24%

USDCUSDC
$0.9999
-0.04%

Lido Staked EtherSTETH
$3,283.96
-4.45%

XRPXRP
$0.4769
-1.62%

ToncoinTON
$7.79
-2.61%

DogecoinDOGE
$0.1181
-4.61%

BitcoinBTC
$60,020.00
-4.18%

EthereumETH
$3,283.98
-4.50%

TetherUSDT
$0.9988
-0.05%

BNBBNB
$553.63
-4.21%

SolanaSOL
$141.81
-5.24%

USDCUSDC
$0.9999
-0.04%

Lido Staked EtherSTETH
$3,283.96
-4.45%

XRPXRP
$0.4769
-1.62%

ToncoinTON
$7.79
-2.61%

DogecoinDOGE
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Billionaire Bitcoin Buyer Reveals Shock Flip After Ethereum, XRP And Crypto Price Boom​

Billy Bambrough
Senior Contributor
I write about how bitcoin, crypto and blockchain can change the world.
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Jun 30, 2024,07:15am EDT
Bitcoin—along with other major cryptocurrencies including ethereum and XRP—has fallen back from its peak of over $73,000 per bitcoin in March (even as a "groundbreaking" bitcoin bill is introduced to Congress).

The bitcoin price, after rocketing back from its 2022 crash to eclipse its previous all-time high, has struggled over the last few weeks, dropping despite wild speculation another tech billionaire could follow Elon Musk's Tesla in buying bitcoin.