Binance Removes 3 Stablecoins, Russia Considers Cross-Border Crypto Payments, and UK Breathes Crypto-Positive: Hodler's Digest, September 4-10

Available every Saturday, Hodler's Digest will help you follow every major news story that happened this week. The best (and worst) quotes, adoption and regulatory highlights, major coins, predictions and more - a week on Cointelegraph in one link.

Top stories this week US Fed Vice Chairman Michael Barr Supports Hard Line on Crypto, Acting OCC Chief Not Friendlier

Global crypto regulation remains a prominent topic in the industry. Recent comments from US Federal Reserve Board Vice Chairman for Oversight Michael Barr and Acting Comptroller of the Currency Michael Hsu have fostered a trend toward more government oversight. Barr expressed a desire for stablecoin regulation as well as crypto-related banking regulations. Hsu's comments included a cautious review of the industry.

GameStop doubles down on crypto in new partnership with FTX US

GameStop partners with FTX US crypto exchange in promotional partnership. So far, 2022 has seen GameStop continue its growing involvement in the crypto space, as evidenced by its launch into the NFT market and its new games division dedicated to Web3. GameStop has a long-term view on crypto involvement, according to CEO Matt Furlong during a Q2 fiscal year earnings call.

Binance: No Plans To Automatically Convert Tether, Though That “May Change”

This week, Binance revealed plans to phase out three stablecoins from its trading platform: USD Coin (USDC), TrueUSD (TUSD), and USDP Stablecoin (USDP). All three assets, along with the associated spot trading pairs, will no longer be tradeable on the exchange. Additionally, Binance plans to discontinue other USDC-related services on its platform, such as staking.

The transition is essentially an effort to centralize liquidity in the exchange's own stablecoin, Binance USD (BUSD), based on an explanation tweeted by CEO Changpeng Zhao. The exchange will convert users' remaining holdings of USDC, TUSD, and USDP to BUSD over a 24-hour period, beginning September 29. A conversion from Tether (USDT) to BUSD, however, was not included in Binance's plans, although that could change, according to a Binance spokesperson.

Bank of Russia agrees to legalize crypto for cross-border payments: Report

Russia's central bank is expected to allow cross-border crypto payments to and from the country, but digital asset payments within its borders will remain prohibited. The country banned crypto as a means of payment through previous legislation. According to Russian Deputy Finance Minister Alexey Moiseev, the government's new approach to crypto is a response to changing circumstances globally following Russia's invasion of Ukraine earlier this year. year.

A statement to RIA Novosti media from the Bank of Russia explained: "It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment in the territory of our country." A day later, news came in about Russia looking to cooperate with so-called "friendly" countries to set up a stablecoin platform for cross-border payments.

UK economic secretary vows to make country a crypto hub under new prime minister

Developments in the UK this week have looked positive for crypto adoption in the country. Among several comments on crypto, Economic Secretary to the Treasury Richard Fuller said, “We want to become the country of choice for those looking to create, innovate and build in the crypto space.” The UK now has a new Prime Minister in the person of Liz Truss, who said in 2018 that the potential of crypto should not be stifled in the country.