Midday hot topic | Banks are eyeing more than just coin prices
CoinDesk reported in its November 10 RSS feed that banks including Goldman Sachs and Citigroup are reportedly planning to invest $270 million in the stablecoin project Project Faro. Note the word “reportedly”: this is media coverage, not an announcement that the investment has been completed, and the details still await official confirmation.
My take: institutions are competing for access to payments, settlement, and the circulation of dollars. That doesn’t mean the funds will directly buy BTC. What’s really worth tracking is reserve disclosure, redemption rules, and actual usage; equating the expansion of stablecoin businesses directly with good news for altcoins skips two steps in the logic.
Source: CoinDesk official RSS, collected at midday on 11/11. #Stablecoins
CoinDesk reported in its November 10 RSS feed that banks including Goldman Sachs and Citigroup are reportedly planning to invest $270 million in the stablecoin project Project Faro. Note the word “reportedly”: this is media coverage, not an announcement that the investment has been completed, and the details still await official confirmation.
My take: institutions are competing for access to payments, settlement, and the circulation of dollars. That doesn’t mean the funds will directly buy BTC. What’s really worth tracking is reserve disclosure, redemption rules, and actual usage; equating the expansion of stablecoin businesses directly with good news for altcoins skips two steps in the logic.
Source: CoinDesk official RSS, collected at midday on 11/11. #Stablecoins