logo
US legal backing for Stablecoin starts regulatory debate in India

US legal backing for Stablecoin starts regulatory debate in India

Supporters say crypto can be used for purposes as varied as managing government subsidies and trade settlements
Mumbai
Listen to This Article
US President Donald Trump last week signed a law to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, cheering supporters of such digital assets and prompting a debate in India.
Stablecoins are designed to maintain a stable value by being pegged to a fiat currency like the US dollar or other assets, in contrast to the volatility seen in other cryptocurrencies. Tether and USD Coin, the most popular stablecoins, are backed by the US dollar in a 1:1 ratio. That means each stablecoin is intended to be backed by one US dollar in value.
'Stablecoin promises instant txn
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump slams at US tech giants for ‘building factories in China, hiring workers in India', warns ‘Those days are over'
Trump slams at US tech giants for ‘building factories in China, hiring workers in India', warns ‘Those days are over'

Mint

time19 minutes ago

  • Mint

Trump slams at US tech giants for ‘building factories in China, hiring workers in India', warns ‘Those days are over'

US President Donald Trump on Wednesday slammed American tech giants, accusing them of 'reaping the blessings' of American freedom while building factories in China and hiring workers in India. Speaking at an AI Summit in Washington, Trump said that under his presidency, 'those days are over'. 'For too long, much of America's tech industry pursued a radical globalism that left millions of Americans feeling distrustful and betrayed,' Trump said, speaking at the summit. (This is a developing story. Check back for updates)

Trump Wins Big: Columbia to Pay Over $220M in Shocking Settlement
Trump Wins Big: Columbia to Pay Over $220M in Shocking Settlement

News18

time25 minutes ago

  • News18

Trump Wins Big: Columbia to Pay Over $220M in Shocking Settlement

In a dramatic legal showdown, Columbia University has agreed to pay over $220 million in a major settlement involving former U.S. President Donald Trump. Sources from Reuters and the Associated Press confirm that the university reached the massive agreement after allegations tied to financial misconduct and contractual violations involving Trump-affiliated CNN report breaks down what led to this historic payout, the political and legal implications, and what it signals about institutional accountability. Trump, who has been vocal about fighting against what he calls 'elite corruption,' called the win a 'victory for truth.' News18 Mobile App -

India bonds steady in thin trade ahead of debt sale
India bonds steady in thin trade ahead of debt sale

Mint

timean hour ago

  • Mint

India bonds steady in thin trade ahead of debt sale

MUMBAI, July 24 (Reuters) - Indian government bonds were little changed in early deals on Thursday, as traders stayed on the sidelines ahead of New Delhi's debt sale and eyed cues on the central bank's rate cut trajectory. The yield on the benchmark 10-year bond was at 6.3162% as of 10:30 a.m. IST, compared with the previous close of 6.3117% on Wednesday. Bond yields move inversely to prices. New Delhi is set to sell bonds worth 360 billion rupees ($4.17 billion) on Friday, including 300 billion rupees of the benchmark paper. "Traders could build some short positions in the latter half of the day, but the volumes will remain muted," a trader at a primary dealership said. "We don't expect another rate cut in the coming policy, but we are looking for more signals for clarity on the RBI's rate cut moves." The Reserve Bank of India's next policy meeting is due on August 6. Trading volumes in the bond market will likely remain shallow, with yields stuck in a narrow range till the policy decision, traders said. Investors are also awaiting updates on a potential U.S.-India trade deal to assess the impact of tariffs on the country's inflation, traders said. The prospects of an interim trade deal before Washington's August 1 deadline have dimmed, as talks remain deadlocked over tariff cuts on key agricultural and dairy products, two Indian government sources told Reuters. U.S. President Donald Trump threatened a 26% tariff on Indian imports in April but paused implementation to allow for talks. That pause ends on August 1. India's overnight index swap rates were confined to a range in early moves, as traders awaited fresh cues on policy easing. The one-year OIS was steady at 5.48% and the two-year OIS rate was little changed at 5.45%. The liquid five-year OIS rate was flat at 5.67%. ($1 = 86.2750 Indian rupees) (Reporting by Khushi Malhotra; Editing by Eileen Soreng)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store