18 February

“Cogent Bank — a Florida-based commercial bank — is proposing to participate with $100 million in loans to MakerDAO’s RWA Master Participation Trust.

The proposal is part of MakerDAO’s monthly governance cycle and seeks the same terms and conditions applied to Pennsylvania-based bank Huntingdon Valley Bank (HVB), which entered into a collateral integration with the crypto firm in July 2022, allowing the bank to borrow against its assets using DeFi. Under the same conditions, MakerDAO would use its trust arm to link the capital available at Cogent Bank with MakerDAO’s Dai (DAI) stablecoin.

The DeFi protocol would gain exposure to the credit market in at least eight categories, including commercial real estate, industrial, life insurance, consumer and public finance, with loans issued mostly on a fixed-rate basis.”

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Regulatory action against the Binance USD (BUSD) stablecoin and its issuer Paxos was specific to BUSD and cannot be extrapolated to others such as USD coin (USDC), Bernstein said in a research report Thursday.

[Further], the custody rule change is currently a proposal, and is favorable for bank-custodians and thus positive for crypto custodians such as Anchorage Digital, which have bank charters, and also custodians that operate under state charters, analysts Gautam Chhugani and Manas Agrawal wrote.

While the U.S. regulations seem to be getting harder, the regulatory murmurs from Hong Kong seem to be net positive, with expected easing of norms, we would not be surprised if the crypto market is led by Asia to begin with, until the regulatory fears settle down in the U.S.”

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Binance founder and CEO Changpeng Zhao is looking to end relationships with U.S. banks and service firms, and is also re-evaluating its U.S. venture capital investments, according to Bloomberg’s source. Binance is also considering delisting tokens issued by U.S.-based projects, including Circle’s USDC stablecoin, Bloomberg wrote.

Shortly after the report was published on Friday, Zhao denied the exchange was considering delisting tokens attached to U.S.-based projects on Twitter, adding blockchain “has no borders.”

We pulled back on some potential investments, or bids on bankrupt companies in the U.S. for now. Like every other blockchain company, we are conducting a careful cost-benefit analysis and will pivot our business as necessary to protect our global user base.”

“The Bank of Russia’s central bank digital currency (CBDC), the digital ruble, is ready for its pilot phase, said the bank’s deputy governor. The project will be launched for peer-to-peer transfers between individuals and for retail purchases. After the pilot, the Bank of Russia will decide on the ways to expand the project.

The pilot will work on real operations for real people, but only for a limited number of them, with the 13 banks that have signaled they’re ready.

In later comments, the bank said the project can help decrease the Russian economy’s dependency on the U.S. dollar and mitigate the impact of foreign sanctions on the country since its invasion of Ukraine.”

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