USDT, USDC Face Danger As BIS to Permit Only Permissioned Stablecoins

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The story "USDT, USDC Face Danger As BIS to Permit Only Permissioned Stablecoins" was covered 11 hours ago by CoinGape, a news publisher based in India.

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USDT, USDC Face Danger As BIS to Permit Only Permissioned Stablecoins - CoinGape

Quick Summary:

All stablecoins issued on the permissionless blockchains such as Tether’s USDT and Circle’s USDC face the danger of major regulatory wrath ahead as the Bank of International Settlements (BIS) has issued new guidance tightening its criteria over permissionless stablecoins.

On Wednesday, July 17, the Basel Committee on Banking Supervision published its final disclosure report for the banks’ crypto-asset exposure.

Interestingly, this development comes on the same day when the Hong Kong Monetary Authority released consultation papers on a licensing regime for stablecoin issuers.