This week’s highlights in the cryptocurrency sector include significant announcements and updates.
- Coinbase has secured authorization from the Bank of Spain to offer cryptocurrency services.
- OKX has released its latest monthly reserve report, marking the 11th edition.
- Circle has introduced a new stablecoin, EURC, on the Stellar blockchain.
- Bitget is set to list PayPal’s stablecoin, PYUSD.
- Binance is exploring the potential launch of a stablecoin backed by the yen.
Coinbase Secures Approval from the Bank of Spain for Crypto Services
Coinbase has successfully registered with the Bank of Spain, in compliance with AML regulations. This permits the exchange to offer various products and services to both retail and institutional clients in Spain. Similar authorizations have previously been awarded to Crypto.com and Bitstamp.
This move aligns with Coinbase’s European expansion objectives. The company has also gained licensing as a VASP in Italy, Ireland, and the Netherlands.
According to Coinbase, approximately 29% of adults in Spain consider cryptocurrencies the future of finance, making digital assets the second most favored payment method in the nation.
This past week also saw news regarding a cessation of Gemini’s operations in the Netherlands, effective November 17, due to compliance challenges, similar to earlier issues faced by Binance. Users have been advised to withdraw or transfer their holdings before the deadline.
OKX Releases Its 11th Monthly Reserve Report
The exchange OKX has disclosed its 11th monthly reserve report, revealing $11.2 billion in assets including Bitcoin, Ethereum, and Tether’s USDT stablecoin.
Over the past month, the exchange has increased its crypto reserves by $0.8 billion.
This report encompasses 22 different digital assets such as USD Coin (USDC), Dogecoin (DOGE), XRP from Ripple, and Solana (SOL). According to the exchange, customer funds are fully backed by reserves exceeding 100%.
The platform ensures the security of its reserves by taking snapshots and using a Merkle tree system to prevent unauthorized access.
Circle Launches EURC Stablecoin on Stellar Network
Circle has introduced its euro-pegged stablecoin, EURC, on the Stellar network. Previously, this asset has been supported on Ethereum and Avalanche.
“EURC enables global transactions—sending, spending, and trading—24/7 with minimal fees and near-instant execution. The stablecoin’s launch may significantly enhance European remittances, cross-border transactions, treasury management, and humanitarian aid distributions,” the announcement emphasized.
The firm has also rebranded its stablecoins USD Coin and Euro Coin to USDC and EURC respectively, creating alignment with the stablecoins’ tickers. The existing names will be phased out gradually.
Bitget to List PayPal’s PYUSD Stablecoin
Bitget has announced the addition of PayPal USD (PYUSD) to its trading platform. Representatives from the exchange noted this decision is aimed at facilitating compliance with regulatory guidelines for traders.
PayPal has highlighted that PYUSD is already integrated within the crypto ecosystem and is becoming increasingly accessible as the sector evolves.
Several platforms have previously begun to support this coin:
- exchanges (Crypto.com, Bitstamp, Coinbase, and Kraken);
- wallets (MetaMask, Ledger, and Phantom);
- custodians and institutional service providers (Fireblocks, Copper, Paxos, and Fordefi);
- prominent DeFi applications.
Binance Considers Yen-Backed Stablecoin Collaboration with MUFG
Binance and MUFG’s Mitsubishi UFJ Trust and Banking Corporation have partnered to explore the development of a new fiat-collateralized stablecoin, which could be tied to various fiat currencies including the Japanese yen.
The initiative aims to utilize MUFG’s Progmat Coin platform as the foundational infrastructure. They plan to launch the stablecoin by the end of 2024, pending regulatory approvals.
In August, it was reported that Binance plans to re-enter Japan by listing 34 different tokens. In November 2022, the company acquired the Sakura Exchange BitCoin, which is registered with the local Financial Services Agency.
Additionally on ForkLog:
What to Read This Weekend?
Binance CEO Changpeng Zhao shared insights regarding the sale of its Russian operations, CommEX. ForkLog sought expert opinions on the platform’s strategic transition.
Spotted an error in the text? Highlight it and press CTRL+ENTER