De propuestas de bancos centrales a avisos de Wells y aumento de personal – Lo último sobre stablecoins

Los stablecoins son un tema candente en este momento en el mundo de los activos digitales.  Considerados por muchos como una pieza clave dentro del sector, las ofertas de stablecoins se han expandido enormemente en un corto período de tiempo, ya que los inversores aprovechan su capacidad para proporcionar un refugio seguro entre los grupos de activos volátiles.

In recent weeks however, we have seen various noteworthy developments involving regulatory proposals, enforcement actions, and shared intents on expansion.  The following are brief look at each.

Propuesta de Reglamento de Stablecoins Presentada por el Banco de Israel

Regulators in Israel are currently seeking public input on a proposal it has put forth on how to treat stablecoins.

“En vista del creciente interés en los activos digitales en los últimos años y de los riesgos derivados de ellos, tal como se han materializado en todo el mundo en el período reciente, el Banco de Israel estableció un comité encabezado por el Subgobernador Andrew Abir para examinar el tema desde varias perspectivas: prudencial, regulatoria, tecnológica, monetaria y legal.”

In its shared communication, the Bank of Isreal concentrates on four main points which is believes are necessary to mitigate any potential risks associated with stablecoins.

• Los emisores de stablecoins deben mantener activos de reserva que cubran el 100 % de sus pasivos
• Los emisores de stablecoins deben estar licenciados por la Autoridad del Mercado de Capitales, o por el Departamento de Supervisión Bancaria si se considera que tienen ‘importancia sistémica’
• La supervisión de los stablecoins que operen como un ‘sistema de pago controlado’ será proporcionada por el Banco de Israel
• Debe establecerse un enfoque coordinado hacia la supervisión de stablecoins entre los organismos reguladores

Overall, the proposal put forth by the Bank of Israel appears to align with expectations held by many surrounding the regulation of stablecoins.  As it stands, the proposal will remain live until March 15th, 2023 for public feedback.

Paxos Preparándose para Todos los Resultados

While regulators in Israel look to developed a ‘rulebook’ on stablecoins, their United States counterparts have instead opted to ‘regulate through enforcement’.  This was most recently on display when news broke that BUSD issuer, Paxos, announced it had received a Wells notice from the Securities and Exchange Commission – a document sharing the pending intent to sue for securities violations.

In the days following, we have now seen Paxos cut ties with Binance, and make it known that it would not ‘lay down and roll over’.  Rather, it shared that it “categorically disagrees” with the SECs assertions that BUSD is a security, and that it was “…prepared to vigorously litigate if necessary”.

As a result of the above developments, BUSD liquidity has begun to buckle under the pressure of increasing sell-orders.  The last word investors want to hear in the same sentence as stablecoins is ‘de-peg’.  Unfortunately, this is exactly what happened to BUSD early Feb. 22, as the stablecoin briefly dropped to $0.20 against rival DAI.  While brief, the de-peg was largely the result of a single sell order worth ~$650,000.

It should be noted that although Paxos has been forced to stop issuance of BUSD, the company will continue supporting the asset into 2024.

Circle expandirá sus operaciones a lo largo de 2023

Not all is woe in the stablecoin ecosystem.  As Paxos continues its battle, a few projects are well-positioned to capitalize on the resulting turmoil.  Once such company is Circle – issuer of USDC.

In a recent discussion with the WSJ, representatives from the Boston-based Circle stated that over the course of 2023, the company anticipates on expanding its headcount by up to 25%.  This is in stark contrast to the plethora of layoffs to have occurred within the digital asset sector over the past year, and potentially points to the beginnings of a market turnaround.

Notably, Circle CSO Dante Disparte recently clarified that the company had not received a Wells notice from the SEC.  This came in response to false rumours that began to spread across social media indicating otherwise – otherwise known as FUD.