GRSE signs contract to refit of lightship MV Indira Point
Under the contract, the Kolkata-based GRSE, a defence PSU undertaking, will carry out dry dock and afloat repairs, including maintenance of the vessel's hull, propulsion, onboard systems, and critical machinery.
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Time of India
36 minutes ago
- Time of India
T Wallet hits 16 lakh users, 4 cr transactions
Hyderabad: India's first state-operated digital wallet, T Wallet, has reached a major milestone with 16 lakh registered users and over four crore transactions processed over its eight-year journey since its official launch in 2017. Developed by the electronic service delivery (ESD) division of the IT department, T Wallet was introduced on June 1, 2017, during the post-demonetisation push for digital payments. According to officials, it remains one of the few, if not the only, state-run payment applications in India to have facilitated transactions worth nearly ₹35 crore. "T Wallet enables a wide range of services including real-time IMPS-based bank transfers, utility bill payments, service charges, and merchant transactions," said Ravi Kiran Tirumala, commissioner of ESD. The platform has a strong grassroots presence, being integrated with over 4,500 MeeSeva centres and more than 11,000 fair price shops across Telangana. This extensive network ensures accessibility in rural and remote areas, with services offered through the mobile app, web portal, and assisted service channels for citizens who do not have smartphones. T Wallet's inclusive and scalable model drew international attention when it was showcased during the second G20 Global Partnership for Financial Inclusion meeting in 2023 as an example for the Global South—demonstrating that even economically disadvantaged citizens can meaningfully engage with digital finance.
Indian Express
an hour ago
- Indian Express
Rapid uptake of crypto in developing economies raises concerns, says IMF's Gita Gopinath: Here's why
The International Monetary Fund's (IMF) first deputy managing director Gita Gopinath on Thursday flagged concerns about the rise of crypto uptake in developing economies saying that though nascent, it poses a risk in terms of currency substitution. In an interview with the Financial Times, Gopinath said 'we are seeing some pretty rapid growth of uptake of crypto in some emerging markets.' Emerging markets faced risks from crypto uptake, especially stablecoins, in terms of 'disintermediation of their financial institutions,' she said. 'In terms of currency substitution, those risks are rising,' Gopinath added. Gopinath's comments came against the backdrop of US President Donald Trump's push for a strategic crypto reserve and backing to the issuance of stablecoins to make America the 'crypto capital of the world'. In the Indian subcontinent, Pakistan has recently struck a deal with US-based World Liberty Financial Inc (WLFI) a firm backed by the Trump family, for that country to emerge as a crypto hub while promoting the use of blockchain technology and the use of stablecoins for payments and remittances. Amid a spate of activity in the crypto space, experts echo Gopinath's warning that cryptocurrencies may pose a risk to the currencies and financial institutions of developing and emerging economies. Stablecoins are cryptocurrencies whose value is pegged to an asset such as a currency or commodity such as gold. Cryptocurrencies such as Bitcoin have rallied since Donald Trump took over as US President owing to the reversal of his earlier skeptical stance on digital coins. He appointed David Sacks as the White House crypto czar while also naming crypto backer Paul S Atkins as the Securities and Exchange Commission (SEC) chair. Flagship cryptocurrency Bitcoin's price stood at $104,512.82 apiece, down 0.07 per cent, at 7:30 pm on Thursday. Last month, Bitcoin breached the $110,00 mark for the first time after the passage of the GENIUS Act Bill in the US Senate owing to bipartisan support. If passed the GENIUS Act is also expected to allow crypto companies to produce more stablecoins. Issuers must be in compliance with anti-money laundering provisions and anti-terrorism regulations, according to the Bill's fine print. Further, stablecoins issuers must back the digital currency with fiat currency or highly liquid assets in a 1:1 ratio. They must also maintain separate reserves to backstop the stablecoins, according to the GENIUS Act Bill. Democratic Senator Mark R Wright, who backed the bill, stated that while there were concerns about the Trump family's involvement in cryptocurrencies to 'evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans… blockchain technology is here to stay.' He said it was in America's interest to take the lead on shaping crypto policies. Democratic Senator Elizabeth Warren warned that the GENIUS Act Bill did not meet the minimum standards such as guaranteeing consumer protection and preventing the illicit use of stablecoins. Passage of the GENIUS Act may pose a risk since the illicit use of stablecoins already make up 60 per cent of unlawful crypto transactions. If passed, the GENIUS Act is expected to boost the stablecoin market's growth by 10X to $2 trillion, Warren said citing industry estimates. Developing countries and their dalliance with cryptocurrencies Pakistan recently announced a collaboration between the Pakistan Crypto Council and the WLFI, which envisages the use of blockchain technology to promote financial inclusion. It also aims to monetise national assets such as rare earths besides using stablecoins in trade and remittance. Pakistan eyes the status of a regional crypto hub as a result of this agreement. Experts warn of the inherent instability of the crypto asset system. To elaborate on Gopinath's warning, a paper titled 'Crypto assets as a threat to financial market stability' states that currencies of emerging and developing economies may lose their importance as store of value owing to higher inflation rates, leading to a rising degree of substitution of the domestic currency by a foreign currency. According to an UNCTAD study, this may result in the 'cryptoisation' of emerging and developing economy currencies relative to their GDP and backed by factors such as a younger population as well as macroeconomic stability. In Central America, El Salvador, which approved Bitcoin as official tender in 2021, the cryptocurrency has seldom found use as a means for buying goods and services. Stablecoins may also pose a risk similar to that seen during a bank run — when depositors and investors rush to cash their assets after a bank is unable to honour its financial commitments owing to a shortage of assets. According to the paper cited above, the linkage of stablecoins to a currency creates arbitrage opportunities leading to speculation. Former US Treasury Secretary Janet Yellen during a US Congressional hearing said fears of inadequate asset backing for stablecoins may also lead to a sell off triggering a situation similar to a bank run. In March this year, Trump announced the creation of a strategic crypto reserve — a basket comprising Bitcoin, Ethereum, XRP, Solana and Cardano. While flagging 'corrupt attacks (on cryptocurrencies) by the Biden administration' Trump in a Truth Social post said the US Crypto Reserve, part of his executive order on digital assets will 'elevate this critical industry'. 'I will make sure the US is the Crypto Capital of the World,' Trump said. Under Trump, the US has dropped probes and legal lawsuits related to alleged securities violations against cryptocurrency firms and exchanges. The US government holds an estimated 200,000 Bitcoin pending an audit, according to a fact sheet shared by the White House. To be sure, the US crypto reserve will only store digital tokens obtained through forfeiture proceedings — it will not purchase additional reserves at the cost of the American taxpayer's money, according to the White House fact sheet.
Mint
an hour ago
- Mint
Circle Internet IPO: Stablecoin giant fetches $18 billion valuation, shares more than triple by 235% in NYSE debut
Stablecoin issuer Circle Internet's shares more than tripled in their debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum. The New York-based company's stock opened for trading at $69 apiece, valuing the stablecoin issuer at nearly $18 billion, on a fully-diluted basis. The stock rose as much as $103.75 and was halted multiple times for volatility amid frenetic trading. The successful flotation is likely to encourage other crypto IPO hopefuls eyeing public markets. Surging interest in digital assets amid rising token prices and supportive regulatory developments is expected to spur more listings from the industry. "The more crypto companies that go public, the easier it will be for future crypto companies," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "The number of deals is important, but so is the variety - having publicly-traded companies across the crypto ecosystem." Circle and some existing investors raised $1.05 billion in an upsized IPO by selling 34 million shares at $31 apiece, above the marketed range of $27 to $28 each. "This morning we had Circle going public in what I can only characterize as a blowout deal," said Lynn Martin, president at NYSE Group. The outlook for the digital asset industry has also brightened with the Trump administration adopting a lighter regulatory touch and moving to establish a crypto-friendly environment. In recent months, a growing number of companies have also added cryptocurrencies to their balance sheets to capitalize on rising token prices. The crypto market is changing and evolving significantly. As the rules continue to be refined and clarified, there will be a flood of crypto and crypto-related IPOs, said Ross Carmel, partner at law firm Sichenzia Ross Ference Carmel. Circle's flotation is the biggest crypto listing since Coinbase's 2021 debut and the first major IPO by a stablecoin issuer. It had earlier attempted to go public through a $9 billion blank-check deal, but the deal fell apart in 2022. Circle's IPO is also a landmark moment for the stablecoin market, which has been a hot topic since the Trump administration took office. The passage of the pending stablecoin bill could further accelerate the adoption of the digital tokens and make them more mainstream. Apart from being used to trade cryptocurrencies, stablecoins are also increasingly used as a form of digital payment. Wall Street expects stablecoins to become one of the biggest themes within finance in the coming years and the next multi-trillion-dollar market opportunity. Founded in 2013 by Jeremy Allaire and Sean Neville, Circle issues the dollar-denominated USDC, the world's second-largest stablecoin by market cap after Tether. Besides USDC, Circle also issues the euro-denominated stablecoin EURC. Allaire, 53, has led Circle since its inception. He previously served as the co-founder and CEO of streaming technology company Brightcove. Circle Internet Group Inc. shares surged as much as 235% after the company and some of its shareholders raised nearly $1.1 billion in an initial public offering that was upsized twice amid strong demand. Shares of the stablecoin issuer climbed to as much as $103.75 apiece on Thursday, versus an IPO price of $31 each. The stock was trading at $84.92 each as of 12:54 p.m. in New York. just before it was halted for volatility. The offering of 34 million shares by Circle and backers including co-founder and Chief Executive Officer Jeremy Allaire was increased from 32 million shares, and had been marketed at $27 to $28 each. The trading gives Circle a market value of $18.9 billion based on the outstanding shares listed in its filings. Accounting for employee stock options, restricted share units and warrants, the company would have a fully diluted valuation of about $22.5 billion. The offering comes as stablecoins, digital tokens that are often pegged to the dollar or another currency and backed by reserves, are poised to be regulated by legislation currently in front of Congress, a development that may lead to larger institutional adoption. It may also draw in competitors, with some of Wall Street's largest banks jointly exploring whether to issue their own stablecoin, the Wall Street Journal reported last month. Circle's USDC had about 29% of the market as of the end of March, according to the filing citing data from CoinMarketCap. There is about $61 billion worth of the token in circulation as of May 29, its website shows. Circle sold 14.8 million shares in the IPO, while the selling shareholders divested 19.2 million shares, the statement showed. The upsized deal fielded demand for more than 25 times the number of shares available as of when orders stopped being taken on Tuesday, people familiar with the matter have said. The target for Circle's IPO was increased on Monday from the initial 24 million shares within a price range of $24 to $26 each, its earlier filings showed. ARK Investment Management, the technology-focused firm founded by Cathie Wood, is interested in buying as much as $150 million of shares in Circle's IPO, according to the filing. BlackRock Inc. plans to acquire about 10% of the IPO shares, people familiar with the matter have said. BlackRock manages a government money market fund on Circle's behalf that holds 90% of the reserves backing its USDC stablecoin, according to the filing. The Circle Reserve Fund has a balance of $53.3 billion as of May 29, according to the company's website. Circle was valued at $7.7 billion after a funding round in 2022, according to data provider PitchBook. The company had filed confidentially early in 2024 for a listing, more than a year after scrapping a bid to go public via a merger with a blank-check company. That deal would have valued the company at $9 billion. Allaire held 23.1% of the voting power before the offering, followed by a General Catalyst fund with 8.9% and affiliates of IDG Capital with 8.8%, the filings showed. The IPO was led by JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. The shares trade on the New York Stock Exchange under the symbol CRCL.
