Stablecoin growth could drain bank deposits, with regional US banks most exposed, Standard Chartered’s Geoff Kendrick warned. Stablecoins pose a real risk to bank deposits both globally and in the United States, according to a new report by Standard Chartered analysts. The delay of the US CLARITY Act — a bill proposing to prohibit interest on stablecoin holdings — is a “reminder that stablecoins pose a risk to banks,” Geoff Kendrick, global head of digital assets research at Standard Chartered, said in a report on Tuesday seen by Cointelegraph. “We estimate that US bank deposits will decrease by one-third of stablecoin market cap,” the analyst said, referring to a $301.4 billion market of US dollar-pegged stablecoins, as measured by CoinGecko. Read more
Wemade added Chainlink to its Korean won stablecoin alliance to strengthen oracle and data infrastructure as South Korea debates stablecoin regulation. Blockchain company Wemade added Chainlink Labs to its Global Alliance for KRW Stablecoins (GAKS), expanding the consortium’s data and oracle infrastructure as it builds compliance-focused rails for won-pegged stablecoins. On Tuesday, Wemade announced that Chainlink will provide technical support for data integrity, infrastructure standards and tokenized asset use cases. Wemade said Chainlink’s role will also focus on supporting standardization and enabling alliance members to leverage oracle services. The addition follows earlier partnerships with blockchain analytics firm Chainalysis, security auditor CertiK and remittance provider SentBe, which collectively formed the GAKS initiative. Read more