#stablecoin
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Casting their gaze five years into the future, investment company Bernstein speculates the stablecoin market will burgeon to a staggering $2.8 trillion.
A key catalyst for this boom? The widespread adoption of stablecoins by financial platforms, a trend set to amplify the circulation of these tokens. 
Brian Armstrong has expressed his belief that Binance has transferred some of their USDC assets to a different stablecoin, according to anonymous sources in Cointelegraph.
NotChaseColeman, an analyst, highlights that Binance and Justin Sun are strategically moving from USDT to USDC to secure USD, which will then be invested in FDUSD and TUSD (assets controlled by the company).
Adam Cochran, a name we're familiar with, weighed in, drawing attention to the activities associated with Binance addresses. He observed:
“Even with banks open in Asia and Europe and US coming online, USDT peg is off by the deepest sustained amount since the FTX fall out. Selling pressure once again coming in from the Binance.”
Adam thinks the uncertainty surrounding USDT is at an all-time high, and the Curve Finance and Uniswap platforms are overrun with USDT.
He was optimistic about a more promising USDT horizon today, but that seems to be deferred.
BTC has touched the 28,710 threshold. Indeed, Mondays have their unique trials. 
The CEO of Binance has repeatedly aired his distrust of USDT, dubbing it a "black box" due to its lack of transparency in audits and reports.
Also, Binance listed a new stablecoin, FDUSD, on July 26th, that has seen a rapid rise in capitalization. They are in the process of designing their own algorithmic stablecoin and are open to listing more USDT equivalents on their exchange.
Meanwhile, Tether's CTO has hinted at CZ's involvement in market manipulation in the stablecoin sector, mentioning a 10 basis point USDT depeg on July 28th.
"Isn't it interesting that USDt is being pressured down (slightly, within 10bps, just to push market makers to react), and USDc, the main competitor that you would expect being gaining from the situation, is redeemed heavily nevertheless, while suddenly a competitor born 2 days ago is getting it all? Exactly! It feels definitely organic and not manipulative at all. Some people never learn."
For the record, the Twitter account of First Digital Labs (FDUSD) has a mere 585 followers.
It's intriguing to watch the outcome of this power struggle. Is this just the tip of the iceberg?
Fingers crossed, this won't escalate into a challenge for a bout in the octagon, as seems to be a popular move among billionaires... 
US stablecoin legislation negotiations have stalled, with House Financial Services Chair Patrick McHenry blaming the White House. McHenry noted that the parties were closer than ever to a bipartisan deal after 15 months of talks.
However, Rep. Maxine Waters criticized the current stablecoin bill as "deeply problematic," voicing concerns about state regulators approving stablecoin issuances without Federal Reserve input. She also feared companies like Amazon and Facebook issuing their own digital currencies. 
Tether and Georgia Government Collaborate to Drive Blockchain
Tether, the leading stablecoin provider, has signed a Memorandum of Understanding (MOU) with the Government of Georgia to develop and promote blockchain, Bitcoin, and peer-to-peer infrastructure. This strategic partnership aims to position Georgia as a central hub for cutting-edge technologies, sparking a wave of innovation and economic growth. 
Hong Kong Government Explores Regulatory Framework for Stablecoin
Chen Haolian, Deputy Director of the Hong Kong Financial Services and Treasury Bureau, recently announced that the government has conducted a public consultation on the launch of stablecoins and aims to establish a regulatory framework by the end of next year. 
Tether CTO:
"The launch of PayPal stablecoin doesn’t impact Tether as the firm does not serve U.S. users. If PYUSD launches in international markets, it could have a positive impact on the crypto industry and potentially erode revenues for payment giants like MasterCard and Visa."
Co-founder of zkLend:
"PayPal will indeed bolster the perception and acceptance of cryptocurrencies, but it can lead to a diminished market share for decentralized stablecoins, threatening the very principles of decentralization that underpin the crypto space."
Analysts at JPMorgan:
"This could boost Ethereum activity and enhance Ethereum’s network utility as a stablecoin/DeFi platform. PYUSD could fill the void left by the $20 billion shrinkage of Binance's BUSD stablecoin, which was forced to shut down by U.S. regulators earlier this year."
Co-founder of Sei Network:
"The gas fees of using PYUSD will be ridiculous, which will disincentivize its usage. To help make the user experience better, PayPal will either need to subsidize transaction costs or will need to help support PYUSD on other networks with cheaper gas fees."
It's worth noting that PayPal currently serves 435 million customers globally. 
Partnering with Paxos Trust, financial giant PayPal has unveiled PayPal USD (PYUSD), focusing on swift and budget-friendly payments.
With backing from dollar deposits, short-term government securities, and similar cash equivalents, PayPal's CEO, Dan Schulman, envisions the stablecoin bolstering the company's foothold in the digital currency space:
"The vision over time is that this becomes a part of the overall payments infrastructure." Lead the Pack with EURS: STASIS Pioneering EU Stablecoin
STASIS (EURS) is a blockchain platform headquartered in Malta that facilitates asset tokenization. EURS, a stablecoin, provides feeless transactions on the Ethereum network. With a 1:1 peg to the Euro, it holds a solid position as a Euro-backed digital asset. More information is on the website. 
U.S. lawmakers are reportedly close to creating a framework for regulating stablecoins, but a separate bill overhauling financial laws' treatment of crypto assets is facing opposition from Democrats who deem it too favorable to the crypto industry.
Top Democrats, including Rep. Maxine Waters, have expressed their disappointment with the market structure bill. Meanwhile, Republicans remain optimistic that ongoing negotiations may lead to agreement on stablecoin legislation. FSB's Crypto Guidelines Greeted Positively by G20 Leaders
The Financial Stability Board's (FSB) guidelines on crypto assets and international stablecoin operations have gained support from the Group of Twenty (G20) nations. This development was announced by Nirmala Sitharaman, India's Finance Minister, in a press briefing on Tuesday. Currently, India holds the presidency of the G20. 
Japan’s Largest Bank Plans to Issue Global Stablecoins
Mitsubishi UFJ Financial Group Inc. is engaged in discussions with global stablecoin issuers to launch its own tokens on its blockchain platform. With Japan’s stablecoin law in place, MUFG plans to utilize its Progmat blockchain platform to create stablecoins linked to foreign currencies such as the US Dollar. 
