Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, a new working paper from the European Central Bank has some stark warnings about the impact of stablecoins on European banking and policymaking, Iran crypto exchange Nobitex saw a 700% rise in crypto outflows within minutes of the US-Israel attack, and industry observers cast doubt on whether US lawmakers can pass crypto market structure legislation before November’s midterm elections.
The European Central Bank said increasing stablecoin use may pull money out of bank deposits and weaken the way monetary policy flows through to lending, according to a new ECB working paper.
Growing adoption of stablecoins, which are digital assets often pegged to currencies such as the US dollar or euro, is expected to draw funds away from traditional bank deposits, the ECB said in its latest working paper series, “Stablecoins and Monetary Policy Transmission,” released Tuesday.
