CMQTelegram has launched Fragment, a username auction platform built on the TON blockchain
Telegram founder Pavel Durov said in a message on the app early this morning that, as previously promised, the ability to buy Telegram usernames on the dedicated platform Fragment has now been rolled out and the username auction has begun. Additionally, the ability to sell existing usernames on Fragment will roll out in a few days. Pavel Durov said that this is the first time in the history of social media to create a fair and transparent username market, people will have ownership of their s...
CMQBasel Committee on Banking Supervision Approves Crypto Banking Rules to be Implemented in 2025
The Basel Committee on Banking Supervision (BCBS) has approved its global crypto banking rules, which will come into force on Jan. 1, 2025, according to a statement Friday. The BCBS, the main global standard-setter for prudential regulation of banks, recommends that banks should have no more than 2% exposure to certain crypto assets and usually less than 1%. These specific assets are tokenized traditional assets, including NFTs, stablecoins, and unsecured cryptoassets that do not qualify for ...
CMQThe bottom 20% employees of Binance this year may not have year-end bonuses
According to Wu said, Binance has suspected that it has announced that the bottom 20% of employees in this year’s performance ranking will not have year-end bonuses. Some teams have announced this news to employees, but there has been no company-level notification. It is uncertain whether the policy will change in the future. Binance bonuses will be distributed before the Spring Festival. Last year, some Binance team bonuses even exceeded 20 months. Since the beginning of this year, the globa...
CMQ
CMQTelegram has launched Fragment, a username auction platform built on the TON blockchain
Telegram founder Pavel Durov said in a message on the app early this morning that, as previously promised, the ability to buy Telegram usernames on the dedicated platform Fragment has now been rolled out and the username auction has begun. Additionally, the ability to sell existing usernames on Fragment will roll out in a few days. Pavel Durov said that this is the first time in the history of social media to create a fair and transparent username market, people will have ownership of their s...
CMQBasel Committee on Banking Supervision Approves Crypto Banking Rules to be Implemented in 2025
The Basel Committee on Banking Supervision (BCBS) has approved its global crypto banking rules, which will come into force on Jan. 1, 2025, according to a statement Friday. The BCBS, the main global standard-setter for prudential regulation of banks, recommends that banks should have no more than 2% exposure to certain crypto assets and usually less than 1%. These specific assets are tokenized traditional assets, including NFTs, stablecoins, and unsecured cryptoassets that do not qualify for ...
CMQThe bottom 20% employees of Binance this year may not have year-end bonuses
According to Wu said, Binance has suspected that it has announced that the bottom 20% of employees in this year’s performance ranking will not have year-end bonuses. Some teams have announced this news to employees, but there has been no company-level notification. It is uncertain whether the policy will change in the future. Binance bonuses will be distributed before the Spring Festival. Last year, some Binance team bonuses even exceeded 20 months. Since the beginning of this year, the globa...
CMQ
Subscribe to CMQ
Subscribe to CMQ
Share Dialog
Share Dialog
<100 subscribers
<100 subscribers
The Hong Kong Monetary Authority today released a research report titled "Assessing Volatility Spillovers from Cryptocurrencies to Traditional Financial Assets: The Role of Asset-Backed Stablecoins". Asset-backed stablecoins play a key role in the crypto ecosystem, as the backing of traditional financial assets provides stable value, the report said. However, these stablecoins have similar liquidity mismatch risks to money market funds, which could expose them to fire sales of reserve assets during times of instability in the crypto ecosystem, thereby increasing the volatility of these reserve assets. In extreme cases, the failure of a stablecoin or other cryptoasset could lead to a massive redemption of the asset-backed stablecoin and a fire sale of its reserve holdings, potentially having a significant impact on the traditional financial system.
As the crypto ecosystem continues to expand and become increasingly exposed to the financial sector, the link between cryptocurrencies and traditional financial assets may become stronger, potentially increasing the risk spillovers discussed above, the report said. Importantly, the crypto ecosystem remains largely outside the watchful eye of regulators, with large data gaps hampering their assessment of spillover risks. Given that the international regulatory community is considering establishing an appropriate system to regulate stablecoins, this study concludes with two recommendations that regulators may consider: 1. Require issuers of asset-backed stablecoins to standardize and regularly disclose their holdings of reserve assets , which may help regulators assess and compare their liquidity positions and potential liquidity mismatch risks. This could allow regulators to consider appropriate measures in a more timely manner to reduce spillover risks in times of market turmoil; 2. Strengthen liquidity management for asset-backed stablecoins, possibly by limiting the composition of reserve assets and requiring explicit redemption rights , which may also help reduce the risk of overflow
The Hong Kong Monetary Authority today released a research report titled "Assessing Volatility Spillovers from Cryptocurrencies to Traditional Financial Assets: The Role of Asset-Backed Stablecoins". Asset-backed stablecoins play a key role in the crypto ecosystem, as the backing of traditional financial assets provides stable value, the report said. However, these stablecoins have similar liquidity mismatch risks to money market funds, which could expose them to fire sales of reserve assets during times of instability in the crypto ecosystem, thereby increasing the volatility of these reserve assets. In extreme cases, the failure of a stablecoin or other cryptoasset could lead to a massive redemption of the asset-backed stablecoin and a fire sale of its reserve holdings, potentially having a significant impact on the traditional financial system.
As the crypto ecosystem continues to expand and become increasingly exposed to the financial sector, the link between cryptocurrencies and traditional financial assets may become stronger, potentially increasing the risk spillovers discussed above, the report said. Importantly, the crypto ecosystem remains largely outside the watchful eye of regulators, with large data gaps hampering their assessment of spillover risks. Given that the international regulatory community is considering establishing an appropriate system to regulate stablecoins, this study concludes with two recommendations that regulators may consider: 1. Require issuers of asset-backed stablecoins to standardize and regularly disclose their holdings of reserve assets , which may help regulators assess and compare their liquidity positions and potential liquidity mismatch risks. This could allow regulators to consider appropriate measures in a more timely manner to reduce spillover risks in times of market turmoil; 2. Strengthen liquidity management for asset-backed stablecoins, possibly by limiting the composition of reserve assets and requiring explicit redemption rights , which may also help reduce the risk of overflow
No activity yet