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CeFiWire Most Read for August 11: The Fed Throws a Curveball
What was news for the week ending August 11, 2023.
The big news of the week was PayPal’s decision to launch its own stablecoin … pyUSD. The move is all about payments José Fernández da Ponte, PayPal’s crypto SVP told Unchained’s Laura Shin. Payments are not our beat — which is where TradFi intersects with DeFi — but we recommend a listen anyway.
The other big news of the week also involved payments … and capital markets too. The Federal Reserve announced a “novel” activities supervision program that includes the use of distributed ledger technology (DLT) by banks. It is not normal for regulators to have such a deep and abiding concern about a database technology. The action seems to underscore two points. The first the U.S. government’s deep anxiety about how this technology may allow the financial sector to operate in unknown ways. The second is the cost of the confusion most everyone has between crypto currencies and the use of blockchain to record and track data.
As Franklin Templeton CEO Jenny Johnson likes to say: Bitcoin is the biggest distraction to the biggest evolution of financial services, blockchain.
— Sean Hanna, Editor
The Most Read Five
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