Today in Crypto: Anchorage Supports Stable Yen

Today in Crypto: Anchorage Supports Stable Yen

Anchorage Digital, a regulated custody platform, will support the Japanese yen stablecoin, Coindesk Report He said Tuesday (September 13th).

This is followed by its offerings in US dollars and digital euros, and will help with FinTech use cases in Japan, including payments and payroll.

Anchorage’s trusteeship for stable GYEN comes from its partnership with the Trust Company, a subsidiary of Japanese financial services and the GMO Internet Group.

The stablecoin will be backed 1:1 by assets held in FDIC insurance banks and approved by the New York State Department of Financial Services.

In other news, blockchain infrastructure platform Paxos published a white paper on Tuesday looking at consumer and market trends for cryptocurrencies in Latin America, press release He said.

It’s called “What is driving the explosive growth of cryptocurrencies in Latin America?”

The findings imply that Latin America has a strong desire for access to US dollars to help fight inflation, along with a need for easier and cheaper cross-border transfers. The region wants better access to financial resources for people who are unbanked or underbanked.

Meanwhile, the Treasury Department released a statement on how Americans are getting their money out of Tornado Cash, a press release Tuesday said.

The Treasury said these users can request a specific license from the Office of Foreign Assets Control (OFAC) to engage in virtual currency transactions restricted to Tornado Cash.

They will have to provide information including the wallet addresses of the sender and recipient, the hash of the transactions, the date and time of the transactions, and the amount of cryptocurrency.

Tornado Cash was sanctioned by OFAC earlier this year in order to settle claims that Tornado Cash has helped launder billions of cryptocurrencies since its launch in 2019.

Finally, the Linux Foundation, a nonprofit that works on innovation through open source, will form the OpenWallet Foundation (OWF), which will help develop new and more diverse open source software, press release Tuesday said.

It will develop a secure, multi-purpose open source engine so that anyone can build interoperable wallets. OWF will not publish its own wallet, but the wallets it supports will be able to work with identity, payments, digital keys, and other uses.

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