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Circle and Stellar join forces to integrate the euro-anchored stablecoin EURC into Stellar’s blockchain. USDC stablecoin provider Circle and a blockchain network , Stellar (XLM), have jointly announced the integration of the euro-anchored stablecoin EURC into Stellar’s blockchain infrastructure. The EURC stablecoin , which already operates on Avalanche (AVAX) and Ethereum (ETH) network s, will soon make its debut on the Stellar network . This critical development was unveiled at Stellar’s yearly Meridian conference held in Madrid today, Sept. 26. 2/ EURC on Stellar: Today, @circle's EURC is now live on the Stellar network . @RipioApp (+8M users, 8 countries across LatAm) is the first to add EURC on Stellar to their wallet app, enabling Euro deposits and withdrawals https://t.co/WCpaaSB4nR — Ben Grossman (@BenGrossmanOG) September 26, 2023 The integration of EURC into Stellar’s network could potentially impact remittance corridors in Europe, ex...

Hong Kong is aiming to finalize stablecoin regulation s by mid-2024 , highlighting the territory’s contrasting approach to mainland China.  Legislative Council member Duncan Chiu has signaled that Hong Kong is on track to finalize its stablecoin regulations by mid-2024. The announcement was made at the Shanghai Blockchain International Week, according to a local news outlet.  Hong Kong potentially wants to establish the region as a web3 nexus, driven by regulations and diverging from China’s more restrictive stance on cryptocurrency. Regulatory roadmap for Hong Kong’s stablecoin regulation Chiu revealed that the legislative body is presently in its second consultation phase to formulate guidelines for stablecoin issuers. This marks a significant step in the region’s effort to foster a crypto-friendly environment, as it follows the introduction of a licensing system for cryptocurrency exchanges back in June. The licenses permitted the exchanges to offer...

The firms behind the three largest stablecoins Tether, Circle, and Paxos have all been lobbying in Washington DC over the past year. Tether retains FTI Government Affairs through the Law Offices of Michael Jason Lee, Circle retains Invariant, and Paxos retains Mindset Advocacy. FTI Government Affairs began its work for Tether in the first quarter of 2022 and has been paid approximately $120,000 in each quarter ever since. Circle was the first to begin lobbying with Invariant, beginning its work at the end of 2021. It was paid between $90,000 and $100,000 for each quarter . Paxos began in the same quarter as Tether but has invested significantly less, spending approximately half of what Tether has spent on lobbying so far. The disclosures for FTI Government Affairs and Mindset Advocacy don’t mention any specific pieces of legislation. However, the disclosure for Invariant does mention monitoring the Digital Commodities Consumer Protection Act and the Responsible Financial In...