Good morning. And strap in if you own major tech stocks. The tech-heavy Nasdaq closed yesterday down 1.4% in the biggest one-day drop in three weeks. Nvidia dropped 3.5%. Palantir sunk 9.4%. Arm was down 5%. AMD was down 5.4%. The pain wasn’t limited to one exchange or market, either. NYSE-listed Oracle was down 5.9%….
The worldwide financial system needs to rewrite its rules for a future of tokens, as the rise of stablecoins poses new challenges to the global infrastructure for instant payment, clearing and settlement, according to the gatekeeper of the world’s central banks. Stablecoins, which are digital tokens backed by fiat currencies or other reserve assets, could…
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The crypto payments landscape just experienced its most dramatic shift in years, and it’s not what most investors saw coming. While Bitcoin grabbed headlines with its price volatility, a quieter revolution was unfolding in the world of digital…
In just the past month, stablecoin has moved from the fringes of cryptocurrency into the heart of mainstream finance. Hong Kong enacted its stablecoin ordinance, creating a regulatory framework to legitimise and support the issuance of stablecoins, while US lawmakers discuss similar legislation aimed at fostering large-scale stablecoin adoption. Meanwhile, stablecoin issuer Circle Internet Group…
Hong Kong’s legal system is, in many respects, playing catch up with developments around the world which have seen new technology embraced and deployed. Progress has been made in the use of remote hearings and the electronic filing of court documents, with voice-to-text recording of proceedings and broadcasting of cases trialled. In the fast-developing field…
A Hong Kong court order related to a fraud claim has been “successfully executed” after being sent to two cryptocurrency wallets using tokenisation technology, a novel approach that experts have said they believe will set a precedent for other jurisdictions and boost the city’s appeal as a tech hub. The injunction order, which prohibits disposal…
(Reuters) – U.S. President-elect Donald Trump’s pick for Commerce Secretary, Howard Lutnick is in talks to deepen his financial ties with the company operating the world’s largest stablecoin, Tether, by launching a $2 billion project to lend dollars to clients against bitcoin, Bloomberg News reported on Sunday. Lutnick’s financial services firm Cantor Fitzgerald is discussing…