Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Financial Groups aim to create a shared framework for stablecoin issuance and transfer, according to a story in Nikkei.
Bitcoin drops below its 200-day average to near $104,500 amid broad sell-off; $1.2B in liquidations signal mounting stress as traders brace for further downside.
The tone in risk markets soured again overnight as traders rotated back to stablecoins, avoiding bitcoin and smaller tokens ahead of key Federal Reserve and geopolitical catalysts.
The largest daily redemption since August reflects shifting sentiment after a record-breaking summer for ETF inflows and a growing link between macro risk, derivatives positioning, and bitcoin price action.
Federal Reserve Governor Michael Barr, who was the central bank's regulatory chief during the Biden administration, flagged potential stablecoin pitfalls.