ChainCatcher news, Tether CEO Paolo Ardoino posted on social media that the stablecoin USDT is a cryptocurrency technology developed by Tether in 2014, which has now been adopted by many individuals and governments, with hundreds of millions of users worldwide. Therefore, it is not just "cryptocurrency," but should also be regarded as a digital dollar.The real innovation is that through USDT, Tether has established a checking and savings account for people living in countries with extreme inflation and underdeveloped banking systems, thereby introducing a check and settlement system to the financial industry.

ChainCatcher news, according to the official blog, today at the São Paulo Circle Forum, the stablecoin USDC issuer Circle announced its official launch in Brazil. This strategic expansion marks the opportunity to provide dollar-backed digital dollars and digital asset infrastructure to the market.Circle is collaborating with regional companies such as BTG Pactual (the largest investment bank in Latin America) and Nubank to launch digital asset products, enabling users to access USDC almost instantly, at low cost, and around the clock.

ChainCatcher news, Tether CEO Paolo Ardoino stated on social media that the current issuance of USDT has reached 107.3 billion, making it the most commonly used digital dollar in many emerging markets. Hundreds of millions of people living in countries with rapidly depreciating local currencies use it as a checking account and savings account. Most people in this group do not have bank accounts because they are too poor to attract the interest of the banking industry. This is the real-world use case for stablecoins.He mentioned that the wealthy use stablecoins in complex ways to purchase a bunch of securities, which is completely on a different level from the aforementioned use case. In this scenario, USDT is merely a toy for the rich, who can easily send wire transfers from one of their 15 bank accounts or show off to their friends how cool they are before the next golf tournament.

ChainCatcher news, according to TheBlock, the New York Fed and several major U.S. banks, including Wells Fargo and Citibank, announced the early success of a digital asset experiment that used tokenized dollars for faster and more reliable payments.The experiment utilized distributed ledger technology for domestic and international payments between different financial institutions. The results showed success in five testing areas: programmability, privacy, interoperability with other wholesale payment systems, availability, and settlement speed. (source link)

ChainCatcher news, the North Carolina House of Representatives passed a bill by a vote of 118 to 0 that prohibits payments of digital dollars to the state's court system or any state-affiliated agency. The bill initially sought to ban payments of cryptocurrencies to the state, but was changed in the version submitted on Tuesday to refer to digital currency issued by the Federal Reserve. (Source link)

ChainCatcher news, according to Reuters, major U.S. banks including Citigroup, HSBC, Mastercard, and Wells Fargo are launching a digital dollar pilot program with the New York Federal Reserve Bank. The project is named "Regulated Liability Network." The program will run for 12 weeks, conducted in a testing environment using simulated data. The goal is to test how digital dollar tokens can enhance payment speed and efficiency. (Reuters)

Chain Catcher News, the U.S. Treasury Department released a report stating that it recommends the government continue to assess cryptocurrency risks, take enforcement actions, and advance the development of a digital dollar, as well as suggesting the creation of a federal framework for non-bank payment providers. Additionally, the Treasury will lead a dedicated task force to coordinate ongoing work related to central bank digital currencies (CBDC). (Source link)