Late last week, Canadian cryptocurrency platform Coinsquare
announced its plans to launch eCAD, the first stablecoin pegged 1:1
to the Canadian dollar. Similar to most stablecoins, each unit of
eCAD cryptocurrency will be backed by a Canadian dollar held in a
traditional bank account. In Japan, the fifth-largest bank in the
world announced plans to launch its own stablecoin that would be
backed 1:1 by Japanese yen. According to reports, the bank is
seeking to design functionality that would allow bank customers to
use an app to automatically convert bank deposits into the
stablecoin.
Earlier this week, Bitstamp, Europe's largest cryptocurrency
exchange, became the 19th company to receive a BitLicense from the
New York State Department of Financial Services (DFS). This week
DFS also rejected the BitLicense application of Bittrex, a major
U.S. cryptocurrency exchange based in Seattle. According to
reports, DFS denied the application based on deficiencies in
Bittrex's
