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Chao also believes that Facebook will inevitably list its stablecoin on other major crypto exchanges.
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All entities operating as part of a stablecoin scheme should be registered in the EU, they said.
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In addition to this, the stablecoin has shown a strong correlation to Bitcoin in an exciting way.
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This occurred hours after Jerome Powell, Federal Reserve Chairman stated that Facebook's forthcoming stablecoin should cease development.
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Furthermore, Forbes believes that the stablecoin could possibly replace the US dollar as the leading global currency.
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Furthermore, an additional Tether-issued stablecoin is on the horizon which will be backed by the Chinese yuan.
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Tether is a stablecoin that is backed by the US dollar on a one to one basis.
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Furthermore, the crypto exchange has also been allegedly pitching its stablecoin offerings as alternatives to Facebook's forthcoming Libra cryptocurrency.
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The news comes as Circle on Wednesday announced USD Coin, a stablecoin that is pegged to the US dollar.
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The world's most popular stablecoin is down by a modest 0.22%.
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On Tuesday, financial leaders of the world's seven biggest economies said no stablecoin operation should start until it is properly regulated.
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Furthermore, he also cited concerns that corporate sponsors of the stablecoin could harvest data from the use of the digital asset.
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Long speculated by many in the cryptocurrency industry, Libra will operate as a stablecoin backed by assets in the Libra Reserve.
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The end goal of these discussions is to better determine whether Facebook's stablecoin could possibly fall under the CFTC's regulatory remit.
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The issuer of the popular stablecoin has sent $300 million worth of USDT to the world's largest exchange by volume.
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There may be some agreement on a collective response to crypto currencies and Facebook's plans to issue its Libra "stablecoin".