Provident Financial News

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WASHINGTON—The U.S. government is eyeing a potential revamp for the Federal Home Loan Banks, a nearly $1 trillion network of government-chartered cooperatives that provide cheap funding to thousands of banks.

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Aada Finance, the DeFi platform built on the Cardano blockchain, is set to launch the Aada Finance V1 lending and borrowing protocol on Cardano’s mainnet.

The EOS cryptocurrency has been one of the more interesting performers in August. It enjoyed a strong rally ahead of its rebranding but has since then let go of most of the gains in the last 10 days.

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The upcoming pilot, operating under the bannner 'Project New Era', will test high potential use-cases and provide empirical inputs to policymakers and regulators on future design considerations for CBDC development and stablecoin regulation. The consortium intends to use the blueprint set out by Project New Era to launch private-sector pilots in multiple jurisdictions across the world.Kunal Jhanji, managing director and partner at Boston Consulting Group, says: "The world is undergoing a financial revolution from which there is no turning back.

The sandbox programme will begin in October, with an inaugural cohort of participants focused on cross-border payments. Further cohorts will follow, each of which will carry out an education phase followed by a pilot phase.The project is designed to provide the federal government, policymakers, and private sector organisations with a stronger, clearer picture of what implementing a CBDC in the US would look like, and to answer questions of what a roll-out might entail across retail, wholesale, and international use cases.Jennifer Lassiter, executive director, Digital Dollar Project, says: "The Digital Dollar Project is excited to bring a broad array of industries and technical experts together to define desired outcomes and explore a wide range of technical design choices in relation to a US CBDC."In January, the Federal Reserve published its long-anticipated discussion paper on the risks and benefits of a digital dollar and invited public comment - but studiously avoided giving any hints on its plans.Fed chair Jerome Powell has remained noncommittal on the chances of a digital dollar, but others at the central bank have been less circumspect.Supervision chief Randal Quarles has suggested that CBDCs could be an embarrassing fad, comparable to the parachute pants made famous in the 1980s by rapper MC Hammer.

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The layer-2 scaling solution Synthetix undertook some important developments this month. Often described as a “blue chip” DeFi project, Synthetix was one of the first projects to launch on the Ethereum network. And, now the platform showed its true colors given the received response from users.

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Following a public consultation, the Fed in March added a supplement that creates a tiered system depending on the level of risk a firm poses.The guidelines have now been finalised.