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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Oct. 18, 2021
The Commodity Futures Trading Commission fined Tether, the largest stablecoin issuer, $41 million for misleading claims that its U.S. dollar token was fully backed by reserves.
Details: The CFTC said Tether’s stablecoin was fully backed for only one-quarter of a 26-month period between 2016 and 2018. The agency also announced a $1.5 million settlement with Bitfinex for engaging in illegal retail commodity transactions.
Report: A Financial Stability Oversight Council meeting scheduled for today is set to include an update on a President’s Working Group on Financial Markets report on stablecoins. The report is expected to focus on consumer and investor protection, preventing financial crimes, systemic integrity, and financial stability.
More: Recent ICBA blog posts detail growing stablecoin risks to consumers and the financial system, how policymakers are responding, and what decentralized finance means for community banks.