📢 Crypto hot news! 📈

🔹 New report from FSB warns of risks and legal challenges of global stablecoins (GSC) in emerging and developing markets (EMDEs).

🔹 GSCs, especially stablecoins pegged to foreign currencies, are surging in EMDEs due to traditional banking constraints, high remittance flows, and local currency fluctuations.

🔹 However, financial regulators are concerned that GSCs could destabilize the financial system and strain fiscal resources.

🔹 The report emphasizes the need for a strong legal framework and international cooperation to manage and monitor the operations of GSCs.

🔹 Current prominent stablecoins: USDT, USDC, BUSD, DAI, TUSD are mainly anchored to USD. Paxos receives approval from MAS to issue gold stablecoin Pax Gold (PAXG).

🔹 JD Technology Group plans to issue stablecoins pegged to the Hong Kong dollar (HKD).

The EU issued its first set of laws on June 30, causing many crypto exchanges to delist a number of non-compliant stablecoins.

💬 What do you think about the future of stablecoins? Share your opinion below in the comments section! 👇

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