TNB Tech Minute: Main Street Banks Could Get Opening to Join Stablecoin Market - Tech News Briefing
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Speaker 1: Here's your TNB Tech minute for Monday, June 23rd. I'm Victoria Craig for the Wall Street Journal. Main Street banks worried about getting left behind by the push into crypto might soon get an opening. The Journal exclusively reports that financial technology giant Fiserv has plans to launch a stablecoin and platform that can be used by clients including 3,000 regional and community banks. A broad shift to crypto would put deposits at those more local banks at risk, because they're reliant on those deposits to make loans. If customers were to pull deposits and put the funds into stablecoins, it would leave those banks less room to lend and squeeze a critical revenue source. Elsewhere, German auto parts company Continental said today it's partnering with semiconductor maker GlobalFoundries to design its own vehicle computer chips. The new organization called Advanced Electronics & Semiconductor Solutions will design and test chips tailored for automotive products of its spinoff, Aumovio. Continental said the new unit will reduce geopolitical risk and make the company more self-reliant. And finally, a US-funded space observatory perched in the Andes mountains in Chile released its first images of deep space using the world's largest digital camera. It's the first time a telescope has been able to peer this far and wide into the cosmos. And for the next 10 years, the observatory will take photos of the southern sky at 30-second intervals every three to four nights. Scientists hope the project called The Legacy Survey of Space and Time will inventory the solar system, map the Milky Way, catalog billions of transient space objects, and unlock the mysteries of dark matter and energy. For a deeper dive into what's happening in tech, check out Tuesday's Tech News Briefing podcast.
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