FameEX Morning Crypto News Recap | August 9, 2023

US Congressman Patrick McHenry Sees Stablecoins as Fundamental to Our Contemporary Payment System
US Congressman Patrick McHenry backs PYUSD, a USD-pegged stablecoin from Paypal, emphasizing regulated stablecoins' importance in modern payments. He urges Congress to create precise stablecoin regulations for optimal utilization.

Senator Calls for Review of Palau's Trial of Stablecoin Supported by Ripple
Senator Mark Rudimch requests an audit of Palau's Ripple-involved stablecoin pilot, raising worries about constitutional adherence, security, accountability, statutory authorization, and oversight. The inquiry was conveyed through a letter to public auditor Satrunino Tewid.

Brazil's Leader Reiterates De-Dollarization Plan and Explores BRICS Growth
President Luiz Inacio Lula da Silva reaffirms the drive to decrease U.S. dollar dependence in global trade, highlighting Brazil's ability to trade with China using its own currency. He also explores BRICS bloc expansion in anticipation of an upcoming summit.

Wall Street Turmoil: Surging Treasury Yields Spawn Fierce Debates and Divergent Bets
Wall Street discussions ensue as surging Treasury yields spark debates on the extent of the swift sell-off. Noteworthy investors are placing bets on bond prices recovering following the abrupt rate surge.

Strengthened US Federal Supervision of Banks' Participation in Crypto Ventures
The Novel Activities Supervision Program, introduced on August 8 by the Federal Reserve Board, is aimed at restricting certain crypto-related activities. It strives to establish fairness among banks engaging in the digital asset sector through the implementation of more balanced regulations and enhanced oversight.

Japanese Startup Aims to Connect Asian Countries Using Stablecoins and CBDCs
Soramitsu is developing a cross-border payment system that utilizes Cambodia's CBDC to link Japan, India, China, and Southeast Asia. For instance, a Thai user's purchase on a Japanese e-commerce site would involve sending payment as a Bakong in dollars, later converted to a yen-based stablecoin.

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