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Project Overview
Pablo is a cross-chain DEX built as a pallet on Picasso. Like a traditional DEX, Pablo provides users with the ability to exchange tokens via automated market maker (AMM) pools and also provides those with assets the opportunity for liquidity provision.
Tether CEO Questions BIS Push for Tokenized Bank Deposits, Says Stablecoins Are Almost Fully Backed by U.S. Treasuries
Odaily News: Stablecoin issuer Tether CEO Paolo Ardoino stated that stablecoins are a more credible form of money than tokenized bank deposits, as the former is almost fully backed by U.S. Treasuries, while the latter typically has only 10% liquid asset backing.Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), said stablecoins raise concerns regarding redemption capacity, supply, interoperability, and their potential to facilitate criminal activity, adding that tokenized bank deposits represent a more direct path to preserving the foundations of the monetary system while leveraging tokenization.Ardoino noted that USDT's market capitalization has surpassed $183 billion and is used in some emerging markets for domestic and cross-border commerce. In discussions surrounding the CLARITY Act, banks have expressed concerns that allowing crypto exchanges to offer incentives on stablecoins could trigger deposit outflows. (Bitcoin.com News)
Bank for International Settlements: Global coordination on stablecoin regulation is critical to preventing market fragmentation
Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), stated that global coordination on stablecoin regulation is critical to preventing severe market fragmentation; otherwise, regulatory divergences across jurisdictions could trigger regulatory arbitrage. He noted that stablecoins are typically pegged 1:1 to the U.S. dollar and may undermine monetary and fiscal policy, exert stress on financial markets, and hinder efforts to combat illicit financing. Currently, the two largest stablecoins—issued by Tether and Circle—account for approximately 85% of the global $315 billion stablecoin circulating supply. He also remarked that these stablecoins resemble securities more than money—particularly in terms of redemption frictions—and operate more like ETFs.
Tether CEO Questions BIS Push for Tokenized Bank Deposits, Says Stablecoins Are Almost Fully Backed by U.S. Treasuries
Odaily News: Stablecoin issuer Tether CEO Paolo Ardoino stated that stablecoins are a more credible form of money than tokenized bank deposits, as the former is almost fully backed by U.S. Treasuries, while the latter typically has only 10% liquid asset backing.Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), said stablecoins raise concerns regarding redemption capacity, supply, interoperability, and their potential to facilitate criminal activity, adding that tokenized bank deposits represent a more direct path to preserving the foundations of the monetary system while leveraging tokenization.Ardoino noted that USDT's market capitalization has surpassed $183 billion and is used in some emerging markets for domestic and cross-border commerce. In discussions surrounding the CLARITY Act, banks have expressed concerns that allowing crypto exchanges to offer incentives on stablecoins could trigger deposit outflows. (Bitcoin.com News)
Tether CEO Slams BIS: Stablecoin Full Reserves Show It’s Tokenized Deposits That Expose Bank Reserve Risks
In response to recent warnings from Bank for International Settlements (BIS) General Manager Pablo Hernández de Cos regarding the potential risks stablecoins may pose to financial stability, Tether CEO Paolo Ardonio lashed out at the BIS on the X platform. He stated that stablecoins and tokenized bank deposits have fundamentally different underlying risk structures. Stablecoins are essentially instruments fully backed by 100% reserves of highly liquid assets, such as U.S. Treasury securities. By contrast, tokenized bank deposits remain deposits within the banking system and typically operate under a fractional reserve model, where only a portion is backed by highly liquid assets.
Texas Man Sentenced to 23 Years for $20 Million Crypto Fraud
According to The Block, Texas man Robert Dunlap was sentenced to 23 years in federal prison for a cryptocurrency fraud scheme exceeding $20 million and ordered to pay restitution to nearly 1,000 victims. Prosecutors alleged that Dunlap operated cryptocurrency projects and sold Meta-1 Coin, falsely claiming the token was backed by $44 billion in gold and approximately $1 billion in artworks—including pieces by Pablo Picasso, Vincent van Gogh, and Salvador Dalí—and that the assets had been audited. Last year, a jury found him guilty of mail fraud.
Related news
Tether CEO Questions BIS Push for Tokenized Bank Deposits, Says Stablecoins Are Almost Fully Backed by U.S. Treasuries
Odaily News: Stablecoin issuer Tether CEO Paolo Ardoino stated that stablecoins are a more credible form of money than tokenized bank deposits, as the former is almost fully backed by U.S. Treasuries, while the latter typically has only 10% liquid asset backing.Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), said stablecoins raise concerns regarding redemption capacity, supply, interoperability, and their potential to facilitate criminal activity, adding that tokenized bank deposits represent a more direct path to preserving the foundations of the monetary system while leveraging tokenization.Ardoino noted that USDT's market capitalization has surpassed $183 billion and is used in some emerging markets for domestic and cross-border commerce. In discussions surrounding the CLARITY Act, banks have expressed concerns that allowing crypto exchanges to offer incentives on stablecoins could trigger deposit outflows. (Bitcoin.com News)
Tether CEO Slams BIS: Stablecoin Full Reserves Show It’s Tokenized Deposits That Expose Bank Reserve Risks
In response to recent warnings from Bank for International Settlements (BIS) General Manager Pablo Hernández de Cos regarding the potential risks stablecoins may pose to financial stability, Tether CEO Paolo Ardonio lashed out at the BIS on the X platform. He stated that stablecoins and tokenized bank deposits have fundamentally different underlying risk structures. Stablecoins are essentially instruments fully backed by 100% reserves of highly liquid assets, such as U.S. Treasury securities. By contrast, tokenized bank deposits remain deposits within the banking system and typically operate under a fractional reserve model, where only a portion is backed by highly liquid assets.
Bank for International Settlements: Global coordination on stablecoin regulation is critical to preventing market fragmentation
Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), stated that global coordination on stablecoin regulation is critical to preventing severe market fragmentation; otherwise, regulatory divergences across jurisdictions could trigger regulatory arbitrage. He noted that stablecoins are typically pegged 1:1 to the U.S. dollar and may undermine monetary and fiscal policy, exert stress on financial markets, and hinder efforts to combat illicit financing. Currently, the two largest stablecoins—issued by Tether and Circle—account for approximately 85% of the global $315 billion stablecoin circulating supply. He also remarked that these stablecoins resemble securities more than money—particularly in terms of redemption frictions—and operate more like ETFs.
Texas Man Sentenced to 23 Years for $20 Million Crypto Fraud
According to The Block, Texas man Robert Dunlap was sentenced to 23 years in federal prison for a cryptocurrency fraud scheme exceeding $20 million and ordered to pay restitution to nearly 1,000 victims. Prosecutors alleged that Dunlap operated cryptocurrency projects and sold Meta-1 Coin, falsely claiming the token was backed by $44 billion in gold and approximately $1 billion in artworks—including pieces by Pablo Picasso, Vincent van Gogh, and Salvador Dalí—and that the assets had been audited. Last year, a jury found him guilty of mail fraud.