FameEX Morning Crypto News Recap | August 9, 2023

US Representative Patrick McHenry Envisions Stablecoins as a Cornerstone of Our Modern Payment System
US Representative Patrick McHenry, chair of the House Financial Services Committee, supports PYUSD, a USD-pegged stablecoin by Paypal. He believes regulated stablecoins could be integral to the modern payment system and urges Congress to establish specific regulations for stablecoins to ensure their potential is harnessed effectively.

Senator Urges Examination of Palau's Pilot Program for Ripple-Backed Stablecoin
Senator Mark Rudimch seeks an audit of Palau's stablecoin pilot with Ripple, citing senate concerns over program aspects like constitutionality, security, accountability, statutory authority, and oversight. The request was addressed in a letter to public auditor Satrunino Tewid.

Brazil's President Restates De-Dollarization Initiative and Talks BRICS Enlargement
President Luiz Inacio Lula da Silva of Brazil reiterates his push for reduced reliance on the U.S. dollar in global trade, emphasizing the potential for Brazil to trade with China using its own currency. He also discusses his views on expanding the BRICS economic bloc before the upcoming summit.

Wall Street in Disarray: Intense Debates and Divergent Bets Emerge Amid Surging Treasury Yields
Recent surges in Treasury yields have triggered debates on Wall Street, with differing opinions about whether the rapid sell-off has gone too far. A select set of notable investors are betting on bond prices rebounding after the abrupt rate escalation.

Enhanced US Federal Oversight on Banks' Engagement with Crypto Enterprises
On August 8, the Federal Reserve Board launched the Novel Activities Supervision Program, designed to curtail specific crypto-related actions. Its goal is to ensure a level playing field for banks participating in the digital asset industry by implementing more equitable regulations and oversight measures.

Japanese Startup Plans to Utilize Stablecoins and CBDC for Interconnecting Asian Nations
Soramitsu is creating a cross-border payment system leveraging Cambodia's CBDC to connect Japan, India, China, and Southeast Asia. For instance, if a Thai user buys from a Japanese e-commerce site, payment would be sent as a dollar-based Bakong and converted into a yen-denominated stablecoin.

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