Stablecoin, Yield, and Custody News for Week of February 5th, 2023.

Biggest stories of this week is an announcement from Visa that they would be testing out a settlement system utilizing stablecoins. Visa came out earlier this week and announced that they may be looking to utilize blockchain payments to improve their payments infrastructure. To start, Visa is looking to partner with Ethereum and Circle’s USDC stablecoin, and would look to do ‘large value settlement payments’ on the ETH network to start. Visa has claimed that it still has much more work to do on how to incorporate blockchain payments into their existing network to move money faster, and also said that settlements will still take place on the SWIFT system.

More news from this week:

• Central Banks are working on a system to monitor stablecoins for a stablecoin balance sheet
• Genesis and parent company DCG have reached an initial agreement with main creditors
• Binance will suspend USD deposits and withdrawals, but are working to restart services soon
• Cardano’s stablecoin Djed briefly lost its peg
• Some of the top DeFi platforms including Aave, MakerDAO, and Yearn are going to begin sharing each others content on Twitter to promote permissionless finance in response to CeFi turmoil
• Moody’s Investors Service said that DeFi is facing a new regulatory reality globally

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