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Cryptocurrency News Articles
Crypto Payments and Stablecoins: Twin Engines Driving Innovation in Consumer and Business Transactions
Dec 19, 2024 at 03:34 am
As the world of digital payments evolves, crypto payments and stablecoins are emerging as twin engines driving innovation in consumer and business transactions
Cryptocurrency and stablecoin payments are emerging as twin engines of innovation in consumer and business transactions, promising faster, cheaper and more autonomous experiences across both Main Street and Wall Street.
For consumers, the allure of cryptocurrencies lies in their ability to bypass traditional financial systems, promising faster, cheaper and more autonomous transactions. This is especially appealing in an era where digital wallets and mobile banking are becoming increasingly common.
On the other hand, businesses are gravitating toward stablecoins for their predictable value and compatibility with existing infrastructure. Stablecoins are pegged to fiat currencies or other assets, such as gold, and are designed to minimize price volatility. This makes them more suitable for everyday transactions and reduces the risk of losses due to price fluctuations.
Despite these differences, both consumer and business applications of crypto payments and stablecoins are being driven by a shared underlying technology: blockchain. Its transparency, security and programmability create opportunities for innovation that bridges the gap between consumer and enterprise use cases.
As adoption grows and regulations evolve, the line between consumer and business use cases may blur even further. We could see the emergence of hybrid solutions, such as stablecoins that offer rewards programs or cryptocurrencies that are designed for low volatility, which would integrate these technologies into daily life.
The Consumer Case for Crypto
The world’s most popular cryptocurrency reached that new record as just the latest in a series of milestones in the wake of the pro-crypto president-elect’s victory last month. The price later broke $108,000.
But with the surge in value has also come the need for a jump up in security.
Anti-fraud security measures will be offered to Revolut’s cryptocurrency customers starting next year, news broke Tuesday (Dec. 17).
Crypto-related convictions jumped an astonishing 267% last year, with law enforcement taking creative measures to catch scammers.
The United Kingdom’s Financial Conduct Authority (FCA) is seeking public comment on its plans to improve the transparency of the country’s cryptocurrency markets.
The FCA recently found that 12% of U.K. adults own crypto, up from 10% in past findings.
“We want to develop a crypto regime that is fair, balanced and proportionate for all,” the FCA said in a release on Monday. “We need input from the government, our international partners, industry and consumers to help us get the future rules right.”
European cryptocurrency exchange WhiteBIT has launched a debit card partnership with Visa in what the company described as “a major step in making cryptocurrency a practical choice for everyday transactions.”
As for less practical and less every day purchases, upscale French luxury department store Printemps has announced a partnership with Binance and French FinTech company Lyzi to accept cryptocurrencies in its stores in France, becoming the first European department store to do so.
Stablecoins Start Setting Up Camp Across U.S. Financial Ecosystem
While consumers enjoy the speculative and flexible nature of cryptocurrencies, businesses prioritize stablecoins for their practical advantages.
Stablecoin payments infrastructure firm BVNK is expanding to the U.S. after raising $50 million. As part of the funding round, the company is opening an office in San Francisco and “establishing a presence” in New York City, BVNK said in a news release.
“Stablecoins are redefining how money moves across the world — faster, more cost-efficient and with fewer barriers,” said Jesse Hemson-Struthers, CEO of BVNK. “At BVNK, we’re building the infrastructure to make these new rails accessible to businesses everywhere, empowering them to operate at the speed of today’s economy. This funding marks the next step in our mission to transform payments for the modern world.”
PYMNTS on Tuesday explored how, while artificial intelligence (AI) drives automation and analytics, blockchain brings a critical layer of trust and transparency to finance operations. We noted that digital assets like stablecoins can offer treasury teams the capability to optimize cross-border payments and provide alternative payment solutions, such as for complex commercial transactions or within regions with less stable fiat currencies.
Blockchain firm Ripple announced on Monday (Dec. 16) the news that RLUSD, the organization’s USD-pegged stablecoin, had received approval from the New York State Department of Financial Services (NYDFS). On Tuesday, the stablecoin became available for use across the world’s exchanges in the latest example of rising enthusiasm in the digital asset sector.
Also on Tuesday, the payroll/HR platform Remote announced that its clients can now pay contract workers using stablecoins. The new offering, launching initially for businesses in the U.S., allows companies to pay contractors in 69 countries with the USDC stablecoin per the introduction of stablecoin payouts via Stripe.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- Dec 19, 2024 at 07:35 am
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- Dormant Bitcoin (BTC) Whale Awakens and Moves $530 Million Worth of the Crypto Asset
- Dec 19, 2024 at 07:35 am
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