SocGen Takes USD Stablecoin to Millions of Crypto Wallet Users
Stablecoins
”Societe Generale SA is expanding the reach of its dollar-denominated stablecoin in one of the biggest efforts yet by a major bank to bring digital money to a wider audience. Societe Generale-FORGE — the digital asset arm of the Paris-based lender — has made its USD CoinVertible token available on self-custodial crypto wallet MetaMask through a partnership with blockchain firm Consensys, the companies said on Wednesday. The move will give MetaMask’s millions of users access to Societe Generale’s token, allowing them to use it on the thousands of blockchain applications connected to the wallet. Stablecoins, which are typically pegged to a traditional asset like the dollar, have surged in popularity over the past year as a way to move money across borders and bypass traditional payment rails.”
Source: Bloomberg
UK Financial Watchdog to Consult on Proposed Crypto Regulations
Regulation
“Britain's financial regulator said on Wednesday it was consulting on how firms might be affected by the regulation of the crypto industry which is due to come into effect by October 2027. Under the consultation, the Financial Conduct Authority (FCA) is seeking feedback on proposed regulations on a range of crypto activities including operating crypto trading platforms as well as dealing, staking and safeguarding crypto assets, the regulator said.”
Source: Reuters
Atkins Faces Ticking Clock as He Reshapes Rules for Wall Street
Regulation
“When Paul Atkins took the helm of Wall Street’s top regulator, he came with a long to-do list: craft rules for the cryptocurrency industry, make initial public offerings 'great again' and ease financial reporting for public companies. A year into the job, there are few check marks next to those big tasks. That’s been a disappointment for some industry players, who cheered when President Donald Trump nominated Atkins to lead the Securities and Exchange Commission. A familiar face in the building, he was known for favoring light-touch regulation as an SEC staffer in the 1990s before becoming a commissioner during pivotal moments like the fallout from the Enron Corp. accounting scandal and the start of the financial crisis.”
Source: Bloomberg
Major European SIX Group Stock Exchanges Feeding Data to Chainlink
Adoption
“Chainlink’s DataLink has snagged another data source, this time onboarding the SIX family of Swiss and Spanish stock exchanges to bring their equities market data onchain, according to an announcement on Wednesday. In particular, data produced by the SIX Swiss Exchange, in Switzerland, and BME (Bolsas y Mercados Españoles) Exchange, in Spain, will be directly legible to smart contracts, enabling developers to build new products like tokenized stock indices, structured products, DeFi applications, prediction markets and other blockchain-based use cases. This marks the latest big-name get for Chainlink as the need for trustworthy proprietary offchain data sources grows onchain. Tokenization is the umbrella term for building blockchain-based assets that either mirror or officially embody 'real-world' equivalents, an activity that some experts figure will become a multi-trillion-dollar market. ”
Source: The Block
UK Asset Manager Puts $68 Billion of Funds On-chain Via Calastone Token Network
Tokenization
“Legal & General Asset Management announced Wednesday that it placed the more than 50 billion pounds (roughly $68 million) in liquidity funds that it manages onchain through a new distribution channel built by Calastone. 'We are thrilled to make our liquidity funds available on the Calastone Tokenized Distribution Network,' said Ross McDonald, liquidity investment specialist at L&G. 'Tokenized distribution provides meaningful enhancements in efficiency and reach.' The U.K.-based firm said it now offers its money-market style funds as tokenized shares on the Calastone Tokenized Distribution Network, which uses blockchain infrastructure to handle issuance, trading and settlement.”
Source: CoinDesk
