On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Stablecoins like USDT are under scrutiny in the United States, with some lawmakers calling for greater regulatory oversight of the industry.
Cryptocurrency derivatives exchange FTX is calling on banks to reach out and discuss the possibility of accepting stablecoins in exchange for a $1 million reward.
In a Tuesday Twitter post, FTX said it was exploring forming relationships with banks in different regions to allow users to have “near-instant and near-free deposits and withdrawals” through stablecoins. The exchange floated the idea of offering a $1 million prize for the first bank in each region to accept the tokens but hinted it would be open to giving more.
How much would it cost to convince a bank to accept stablecoins?
— FTX - Built By Traders, For Traders (@FTX_Official) December 28, 2021
If we offered a $1m prize for the first bank in each region that does it is that enough?
Do you work for a bank and want to discuss this?
The pitch to the exchange’s more than 350,000 Twitter followers came following FTX CEO Sam Bankman-Fried, or SBF, suggesting additional regulatory clarity was needed for the crypto space — including stablecoins — to move forward as an industry. According to the CEO, creating a “reporting/transparency/auditing based framework” to confirm how the coins are backed would “solve 80% of the problems while allowing stablecoins to thrive onshore.”
FTX said it aimed for an audience including but not limited to U.S. banks in calling for an agreement on stablecoins, and would be open to speaking to credit unions. The exchange is incorporated in Antigua and Barbuda and headquartered in The Bahamas but also operates FTX US for U.S. users.
"We just acquired a bank and this is a good idea," said Oliver von Landsberg-Sadie, CEO of the London-based BCB Group. "No prize required by us, you are already a client of ours, and we all gain in the long run."
Related: Regulators are coming for stablecoins, but what should they start with?
This year, many U.S. regulators have turned their attention to stablecoins, with The President’s Working Group on Financial Markets releasing a report in November suggesting that issuers should be subject to “appropriate federal oversight” akin to that of banks. Nellie Liang, the Undersecretary of the Treasury for Domestic Finance, has also hinted at additional laws affecting the coins.
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