United States
 
White House to Hold First Crypto Summit
U.S. Federal President Trump will host[1] the first White House Crypto Summit on Friday March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President’s Working Group on Digital Assets.
 
FED Chair Indicates US Banks are “Perfectly Able” to Serve Crypto Customers
U.S. Federal Reserve Chair, Jerome Powell stated during a press conference[2] that U.S. banks are “perfectly able” to serve crypto customers and pioneer new services, as long as they can understand and manage the associated risks.  This statement has signaled a potential turnaround from the so-called “Operation Choke Point 2.0” which has been restricting banking access for crypto firms.
 
FDIC is Reevaluating its Supervisory Approach to Crypto-Related Activities
The Federal Deposit Insurance Corporation (FDIC) is actively reevaluating[3] its supervisory approach to crypto-related activities.  This includes replacing Financial Institution Letter (FIL) 16-2022[4] which required that all FDIC supervised institutions notify the FDIC when engaged or intend to engage in any crypto-related activities, and providing a pathway for institutions to engage in crypto- and blockchain-related activities while still adhering to safety and soundness principles. The FDIC also looks forward to engaging with the President’s Working Group on Digital Asset Markets established by the President’s January 23, 2025 Executive Order.
 
CRS Report Summary: Crypto Policy Challenges for the Fed (119^th Congress)
The Congressional Research Service[5] (CRS) highlights[6] key crypto-related issues intersecting with the Federal Reserve’s mandates, urging congressional oversight:  
Traditional Bank & Crypto Risks:  Should banks engage in crypto activities, given the risks to financial stability and consumers?  Are clear regulatory limits needed to determine permitted activities?  
Stablecoins: How to ensure safety (e.g. deposit insurance, Fed access) and assign oversight (banks vs. nonbanks)? Does existing law suffice, or is new legislation required for stablecoin issuance?
CBDCs:Trade-offs: Efficiency vs. privacy, impact on financial services and cross-border coordination. Could foreign CBDCs threaten the U.S. dollar’s dominance? Should Congress, Administration of the FED decide on pursuing a U.S. CBDC?
 
The Journey Begins: SEC Commissioner Outlines New Crypto Task Force Priorities
Earlier in January 2025, the Securities and Exchange Commission (SEC) announced[7] the formation of a new crypto task force.  In a statement[8], SEC Commissioner Hester Peirce outlines key priorities, that aim to balance legal certainty with investor protection with innovation.  Key priorities include:
Security Status: Define which digital assets qualify as securities and how staking, lending, and token issuance can comply with existing laws.
Token Offerings & Secondary Markets: Consider temporary regulatory relief to allow projects to operate while disclosure requirements are met.
Crypto ETFs & Broker-Dealers: Re-assess crypto exchange-traded products, custody solutions, and broker-dealer regulations.
Cross-Border Sandbox: Explore international cooperation to foster innovation while mitigating risks, especially for international crypto-projects.
 
SEC Approves Yield Bearing Stablecoin Application  
The US Securities and Exchange Commission has approved[9] an application from Figure Markets[10], a decentralized custody marketplace for crypto, stocks, bonds and credit, to launch a yield-bearing stablecoin.  The stablecoin named YLDS, operates on the Provenance blockchain, a permissionless ledger developed by Figure and will allow users to earn interest payments on their holdings.  Unlike conventional stablecoins such as USDT and USDC, which maintain a 1:1 peg to the US dollar through reserves, are not registered as securities, and do not offer inherent interest, YLDS is considered a security, and integrates a yield mechanism.  It accrues daily interest based on the Secured Overnight Financing Rate (SOFT) minus 0.50%, providing an estimated annual yield of ~3.85%[11], paid monthly in either USD or YLDS tokens.
 
SEC Issues Guidance on Meme Coins
The US Securities and Exchange Commission, Division of Corporate Finance, issued guidance[12] on meme coins[13].  It is the Division’s view that transactions in meme coins are not considered securities, therefore, do not fall under SEC’s authority.  Nevertheless, a definitive determination requires analyzing the specific facts relating to the meme coin and the manner in which it is offered and sold, by applying the “Howey Test”.
 
Bipartisan Senators Introduce “GENIUS” Act to regulate stablecoins
Senate Banking Committee members Tim Scott (R-S.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), and Kirsten Gillibrand (D-N.Y.), introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act[14].  The bill will establish a clear regulatory framework for payment stablecoins,  prioritizes financial inclusion, consumer protection safeguards and promotes the U.S. dollar’s global position.  Key provisions:
Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value.
Establishes clear procedures for institutions seeking licenses to issue stablecoins.
Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers.
For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and OFAC’s framework for nonbank issuers.
Allows for state regulation of issuers under $10 billion in market capitalization and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
Establishes supervisory, examination, and enforcement regimes with clear limitations.
 
CFTC Announces Dual Initiatives on Digital Asset and Prediction Markets
The Commodity Futures Trading Commission (CFTC) unveiled two key regulatory efforts:
 
Crypto CEO Forum[15] for Digital Asset Pilot: The CFTC will convene industry leaders including Circle, Coinbase, Crypto.com, MoonPay and Ripple, to discuss the launch of the CFTC’s digital asset markets pilot program for tokenized non-cash collateral such as stablecoins.
Prediction Markets Roundtable:  The agency will hold a public roundtable[16] to review certain sports-related event contracts and oversight of prediction markets, aiming to build a regulatory framework using stakeholder input, expert analysis, and data.
 
Both efforts underscore the CFTC’s push to engage stakeholders in shaping policies for emerging financial technologies, with outcomes expected by mid-March 2025.
 
FINRA Includes Crypto-Related Section in 2025 Annual Regulatory Oversight Report
The Financial Industry Regulatory Authority (FINRA) released its 2025 annual regulatory oversight report, covering critical areas like Financial Crime Prevention (cybersecurity, fraud), Anti-Money Laundering (AML) Compliance (weak KYC, transaction monitoring), Manipulative Trading, and Third-Party Risk Management.  Notably it introduces a crypto-focused section, highlighting recurring violations such as:
Inadequate public communication about crypto risks
Insufficient due diligence on crypto private placements and
Failures in AML programs to detect/support suspicious crypto transactions.
 
Ranking Congresswoman Unveils Bipartisan Stablecoins Legislation
Congresswoman Maxine Waters (D-CA), introduced[17] a bipartisan stablecoin bill developed over three years with input from the Treasury and Federal Reserve. Legislation’s key points:
Establishes a regulatory framework for both bank and non-bank stablecoin issuers, with Federal Reserve oversight and strong reserve requirements.
Prohibits non-financial firms (e.g. Big Tech) from owning stablecoin issuers to maintain banking commerce separation.
Enforces compliance with sanctions, AML and CTF laws.
Implements consumer protections, including risk management, financial resource requirements, and Fed enforcement authority.
Preserves regulatory powers of Treasury, CFPB, SEC and CFTC over stablecoin-related entities; and more.
 
CANADA
 
OSFI Introduces Guidelines for Crypto-Asset Exposure Capital & Liquidity Treatment
The Office of the Superintendent of Financial Institutions (OSFI) has unveiled[18] new guidelines outlining the regulatory capital and liquidity requirements for banks with crypto-asset exposures. These guidelines cover both direct exposures to crypto-assets and indirect exposures, such as those through derivatives, mutual funds, exchange-traded funds (ETFs), units of trusts and partnerships, or shares in corporations. OSFI emphasizes the need for institutions to adopt a cautious and prudent approach when determining what qualifies as a crypto-asset exposure. 
 
EU and UK
 
ECB Gives Non-Banks Direct Access to Eurosystem Central Bank Payment Systems
The European Central Bank (ECB) published[19] a decision that gives non-bank payment service providers (NB-PSPs)—including payment institutions and e-money institutions (e.g. regulated stablecoin issuers) — direct access to Eurosystem central bank payment systems like TARGET and TIPS[20].  The ECB clarifies that central banks shall not offer or provide safeguarding accounts to NB-PSPs or to crypto-asset service providers.
 
EU Releases MiCA Report on Embedded DeFi Supervision
The European Commission presented[21] the findings from an IBM Promontory study, exploring embedding supervision in decentralized finance (DeFi). The project comprised four distinct phases: Identifying use cases / protocols; Benchmarking against traditional finance (TradFi) supervision; Developing data-collection software; and Analyzing results.  Key conclusions highlight that blockchain ledgers enable real-time access to transactional data, supporting regulatory tools. However, DeFi data remains limited compared to TradFi due to its nascent stage. Challenges include fragmented standards, expertise gaps between DeFi and TradFi, and pseudonymous wallets. The report recommends prioritizing large protocols and liquidity pools via a risk-based approach, alongside standardized reference data collection, to address these hurdles.
 
ESMA Provides Guidance on MiCA Best Practices
The European Securities and Markets Authority (ESMA) has released a supervisory briefing[22] to align practices across the EU member states, under the MiCA framework.  Key highlights include:
Risk-based approach: ESMA emphasizes that no Crypto-Asset Service Providers (CASPs) are low-risk.  Higher scrutiny is advised for CASPs with over 1M EU users, €3B+ balance sheets, complex group structures, cross-border activities or multiple service offerings.
Substance & Governance: CASPs must operate autonomously in the EU with adequate local personnel and robust governance.
Outsourcing:Clear limits should be set on outsourcing to ensure accountability and controls.
Personnel Suitability: Executive management and staff must demonstrate strong technical knowledge of the crypto ecosystem.
 
France’s AMF Publishes Working Group Findings on Smart Contract Certification
France’s the Autorité des Marchés Financiers (AMF) published the findings from the Working Group (WG) on Smart Contract Certification.  The WG set out on identifying high-level principles that could be applicable across a broad set of execution environments including:  Safety, Governance and Service Compliance Principles.  The main objectives of a regulation providing for the certification of smart contracts should be to protect customers, i.e. in this case the users of DeFi services, and to foster confidence in DeFi.   Of the three possible regulatory schemes:
optional certification,
mandatory certification for all smart contracts and
mandatory certification with proportionality measures based on risk
The third option could provide the most guarantees for users and investors, without unduly hampering innovation. Such regulation would not apply to smart contracts used for non-financial purposes, (e.g. smart contracts that provide NFTs), or used as part of activities that are already regulated (e.g. under MiCA for the regulation of stablecoins).  A public consultation is currently running for interested parties, to make their voices heard until March 10, 2025
 
Czech President Signs Landmark Crypto Bill
Czech President Petr Pavel reportedly signed[23] a landmark cryptocurrency law, positioning the country as a crypto-friendly business environment.  The legislation establishes fair taxation conditions for cryptocurrencies, fostering innovation and growth within the industry.
 
Bank of Italy’s Governor Urges Global Coordination for Crypto Arbitrage Risks
Banca d’Italia Governor Fabio Panetta highlighted[24] Italy’s proactive engagement with crypto-asset service providers, emphasizing safeguards for operational, financial, and anti-money laundering risks. In contrast, U.S. regulators initially tempered crypto risks without formal legislation, but now face a policy shift under the new administration favoring crypto expansion. Panetta warned that transatlantic regulatory divergences could fuel harmful arbitrage, enabling opaque or risky practices by operators exploiting jurisdictional gaps. He stressed the need for careful assessment of U.S. regulatory clarity to mitigate threats to savers and global financial stability.
 
Middle East and Asia
 
India’s FIU Fines Bybit $1M Over Compliance Violations
India’s Financial Intelligence Unit (FIU-IND) has levied[25] a penalty of approximately 93M Indian Rupees ($1.1M) on Bybit Fintech Limited (Bybit) for failing to comply with relevant Anti-Money Laundering (AML) regulations.  Bybit expanded its services in India without securing mandatory FIU-IND registration, and as a result, the FIU-IND blocked Bybit’s websites to halt its operations, in accordance with India’s laws.
 
Korea Discussing Roadmap to Allow Corporate Participation in Virtual Asset Markets
With the Virtual Asset User Protection Act taking effect on July 19, 2024, and growing global acceptance of corporate virtual asset transactions, domestic demand for permitting such activities has risen. In response, the virtual asset committee has been reviewing policy options since November 2023. The Financial Services Commission (FSC) has now introduced a phased roadmap[26] to allow corporate transactions, emphasizing user protection and market stability. This represents a significant shift from 2017, when South Korea banned corporate virtual asset transactions to address money laundering risks and speculative market overheating, prompting banks to restrict real-name account openings for these purposes.
 
AUSTRAC Campaign Targets Remitters and Digital Currency Exchanges
Australia’s Transaction Reports and Analysis Centre (AUSTRAC) AUSTRAC took action[27] against 13 remittance and digital currency exchange providers with more than 50 others still in its sights.  The AML regulator is wrapping up a year-long blitz to target non-reporting and under reporting, issuing another round of alerts to the industry’s potentially non-compliant operators.
 
Hong Kong Deploys “A-S-P-I-R-E” Roadmap for Virtual Asset Market
Hong Kong’s Securities and Futures Commission (CFC) deployed “A-S-P-I-R-E” a five-pillar framework[28] (Access, Safeguards, Products, Infrastructure, and Relationships), designed to future-proof Kong Kong’s virtual asset ecosystem and stay ahead of this evolving landscape.
 
Latin America / Caribbean
 
Bermuda’s BMA Call for Proposal – Embedded Supervision in the Context of DeFi
The Bermuda Monetary Authority (BMA), has announced[29] a call for proposals, for a collaborative pilot project aimed at testing Embedded Supervision[30] practices within the context of Decentralized Finance (DeFi). This pilot project aims to explore the potential of embedded regulatory supervision within the technological framework of these projects for embedded regulatory oversight, compliance, and automated reporting.  BMA welcomes all stakeholders to apply and participate in the unique initiative.
 
Africa
 
Nigeria to Tax Crypto Transactions to Boost Revenues
Nigeria is amending regulations[31] to allow cryptocurrency trading and digitized transactions to be taxed as it seeks to boost revenue.  A bill that outlines a framework for taxing crypto transactions and introducing other levies is currently before lawmakers and is expected to be adopted this quarter.
 
Conclusion
 
February 2025 witnessed significant strides and heightened regulatory clarity across global crypto markets, reflecting a dynamic interplay between innovation and oversight. In the United States, the Federal Reserve’s endorsement of banks serving crypto customers signals a potential shift from restrictive policies, while bipartisan legislative efforts like the GENIUS Act and Congresswoman Waters’ stablecoin bill aim to establish clear frameworks for payment stablecoins. The SEC’s approval of Figure Markets’ yield-bearing stablecoin (YLDS) and its nuanced guidance on meme coins underscore efforts to balance investor protection with market evolution.
 
Canada and the EU/UK advanced prudential standards, with OSFI’s crypto exposure guidelines and the ECB granting non-banks access to central bank payment systems. The MiCA framework gained momentum through ESMA’s supervisory guidance and France’s exploration of smart contract certification, highlighting Europe’s risk-based approach to DeFi integration.
 
In Asia, South Korea’s phased roadmap for corporate crypto participation and Hong Kong’s A-S-P-I-R-E framework reflect growing institutional acceptance, tempered by India’s enforcement actions against non-compliant platforms. Africa and Latin America saw progress in revenue-driven crypto taxation (Nigeria) and experimental DeFi supervision pilots (Bermuda).
 
Globally, regulators emphasized cross-border coordination to mitigate arbitrage risks, as noted by Italy’s central bank governor, while agencies like the CFTC and FINRA prioritized stakeholder engagement and compliance enforcement.
 
These developments collectively underscore a pivotal theme: the need for agile, collaborative regulation that fosters innovation, safeguards financial stability, and protects consumers in an increasingly interconnected digital asset ecosystem. As jurisdictions navigate this evolving landscape, 2025 is poised to be a defining year for crypto’s integration into mainstream finance.
 


[1] https://www.coindesk.com/policy/2025/02/28/white-house-announces-crypto-roundtable-for-next-week
[2] https://www.youtube.com/live/0mrnkS6ZOJA for the specific statement go to 47:31
[3] https://www.fdic.gov/news/speeches/2025/fdic-releases-documents-related-supervision-crypto-related-activities
[4] https://www.fdic.gov/news/financial-institution-letters/2022/fil22016.html
[5] Congressional Research Service (CRS), serves as nonpartisan shared staff to congressional committees and Members of Congress.
[6] https://crsreports.congress.gov/product/pdf/R/R48390
[7] https://www.sec.gov/newsroom/press-releases/2025-30
[8] https://www.sec.gov/newsroom/speeches-statements/peirce-journey-begins-020425
[9] https://www.sec.gov/Archives/edgar/data/1974395/000113743923001216/fccs1102023.htm
[10] https://www.figuremarkets.com/
[11] The yields associated YLDS stablecoin are provided for informational purposes only and DO NOT constitute financial, investment, legal advice, or intended to serve as a recommendation to buy, sell, or hold any asset.  You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
[12] https://www.sec.gov/newsroom/speeches-statements/staff-statement-meme-coins
[13] A “meme coin” is a type of crypto asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading.
[14] https://www.banking.senate.gov/newsroom/majority/scott-hagerty-lummis-gillibrand-introduce-legislation-to-establish-a-stablecoin-regulatory-framework
[15] https://www.cftc.gov/PressRoom/PressReleases/9049-25
[16] https://www.cftc.gov/PressRoom/PressReleases/9046-25
[17] https://democrats-financialservices.house.gov/news/documentsingle.aspx?DocumentID=412883
[18] https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/capital-liquidity-treatment-crypto-asset-exposures-banking-guideline
[19] https://www.ecb.europa.eu/pub/pdf/legal/ecb.leg_dec_2025_2.en.pdf
[20] TARGET2 and TIPS are interconnected components of the Eurosystem’s payment infrastructure. While TARGET2 focuses on high-value and critical transactions, TIPS caters to the growing demand for instant, low-value payments. Together, they ensure a robust, efficient, and secure payment ecosystem for the European Union, supporting both wholesale and retail financial activities.
[21] European Commission: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, Vasse, N., Fauquet, V., Outemsaa, A., Arnould, A. et al., Embedded supervision of decentralized finance – Final report, Publications Office of the European Union, 2025, https://data.europa.eu/doi/10.2874/1217286
[22] https://www.esma.europa.eu/sites/default/files/2025-01/ESMA75-453128700-1263_Supervisory_Briefing_on_Authorisation_of_CASPs.pdf
[23] https://cointelegraph.com/news/czech-president-signs-landmark-crypto-bill-ckma
[24] https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov2025/Panetta-forex-15.02.2025-en.pdf?language_id=1
[25] https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2098153
[26] https://www.fsc.go.kr/eng/pr010101/84004
[27] https://www.austrac.gov.au/news-and-media/media-release/austrac-campaign-targets-remitters-and-digital-currency-exchanges
[28] https://www.sfc.hk/-/media/EN/files/ER/ASPIRe/ASPIRe-roadmap-for-Hong-Kongs-virtual-asset-market-Eng.pdf?rev=1ff2b9ab976f482e924b1d911c55b27a&hash=ABF3EDC5C737FE8435568222D04417EA
[29] https://www.bma.bm/viewPDF/documents/2025-02-03-10-45-22-Consultation-Paper—Call-for-Proposal—Embedded-Supervision-in-the-context-of-Decentralised-Finance.pdf
[30] “Embedded Supervision” refers to the direct integration of regulatory oversight, compliance checks, and reporting mechanisms into the technological foundation of a financial platform—particularly within its smart contracts, protocols, or data layers—so that supervisory requirements are inherently enforced in real-time with limited or delayed human intervention.
[31] https://www.bloomberg.com/news/articles/2025-02-18/nigeria-amending-digital-asset-rules-to-tax-cryptocurrency-deals
 
Consumer Protection
 
MiCA mandates that Crypto-Asset Service Providers (CASPs) – entities offering crypto-related services – obtain licenses from national regulatory authorities, requiring adherence to:
 
Stringent transparency and disclosure requirements.
Detailed information on products, associated risks, and fees.
Investor protections against misleading advertisements and fraud.
 
Challenges: Despite these measures foster a culture of accountability for CASPS, they impose significant compliance costs, potentially deterring smaller firms to enter the market, thus, reducing competition. Additionally, consistent enforcement across all EU member states could prove challenging, as different member states are in different levels in terms of regulatory expertise, thus, highlighting the need for continuous education, in a rapidly evolving crypto-asset space.
 
Market Integrity
 
MiCA introduces robust provisions to address insider trading and market manipulations:
 
CASPs must implement mechanisms to monitor and report suspicious activities.
Regulatory authorities are empowered to investigate irregularities, impose sanctions, and enforce corrective actions.
 
These measures aim to align the crypto market with traditional financial markets, fostering confidence and credibility. 
 
Challenges: The 24/7 nature of crypto markets, the use of anonymity enhanced tokens to obfuscate transactions, the ability to move funds cross-blockchains, makes it challenging to identify and monitor illicit activities.  Smaller CASPs may face significant technical and financial hurdles in implementing advanced transaction monitoring tools.  Effective enforcement of cross-border trading activities requires close coordination among several law enforcement agencies among member states.  
 
Stablecoin Regulation
MiCA categorizes stablecoins into three types:
E-money tokens (EMT’s): Stablecoins pegged to a single fiat currency i.e. EURC[3], USDC[4].  
Asset-referenced tokens (ARTs): Stablecoins pegged to a basket of currencies, commodities or other crypto assets i.e. PAXG[5].  
Crypto-assets other than EMTs or ARTs i.e. Bitcoin.
 
Stablecoin issuers must:
 
Obtain approval from relevant member states authorities before offering their tokens in the EU.
Maintain full liquid asset backing, sufficient reserves and honor redemption rights of token holders.
Submit regular transparency reports and undergo audits.
 
Challenges: ARTs not pegged to a European currency are considered non- MiCA compliant, potentially limiting global CASPs‘ operations in the EU.  Due to these requirements, many platforms have delisted non-compliant stablecoins by December end 2024, including USDT[6], DAI[7] PAX[8], PYUSD[9], GUSD[10], GYEN[11].  MiCA notably excludes Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), leaving gaps in the regulatory landscape, to be addressed in the future.  
 
Environmental Concerns
 
MiCA aligns with the EU’s sustainability goals by requiring crypto and Web3 firms to disclose energy consumptions and carbon footprints.  This could favor energy-efficient Proof of Stake (PoS) networks like Ethereum, over energy-intensive Proof of Work (PoW) systems, like Bitcoin.
 
Challenges: It is possible that PoW-based energy-intense cryptocurrencies like Bitcoin, could face heightened scrutiny or even reduced support within the EU market, due to heightened environmental scrutiny.  
 
Timeline of Implementation
 
MiCA follows a phased implementation:
 
June 29,2023: MiCA entered into force.
June 30, 2024: Rules for EMT and ART tokens apply.
December 30, 2024:  Remaining rules take effect.


[1] https://eur-lex.europa.eu/legal-content/PT/TXT/?uri=CELEX%3A32023R1114
[2] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=legissum:4626998
[3] EURC is a fully euro backed 1 EURC= 1 EUR stablecoin,  issued by Circle https://www.circle.com/eurc
[4] USDC is a fully USD backed 1 USDC=1 USD stablecoin, issued by Circle https://www.circle.com/usdc
[5] PAX Gold (PAXG) is an asset-backed token where 1 PAXG=1 fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities.  Source: https://paxos.com/paxgold/
[6] USDT Tether is a cryptocurrency pegged to the U.S. dollar. This means USDT is a stablecoin, fluctuating in value with the U.S. dollar and backed by Tether’s dollar reserves.
[7] Dai is an algorithmic stablecoin on the Ethereum blockchain, which uses start contracts to control the supply and attempts to maintain a price of 1 DAI=1USD.  Unlike fiat-backed stablecoins that rely on direct USD reserves, DAI does not hold collateral in US Dollar, instead leverages Ethereum based assets such as ETH, ZRX, OMG etc. as collateral, through unique smart contracts known as Collateralized Debt Positions (CDPs).  Maker DAO, rebranded to SKY Ecosystem in 2024, is a Decentralized Autonomous Organization (DAO) that allows users to lend and borrow cryptocurrencies without the need of an intermediary. The challenge with algorithmic stablecoins is to maintain the 1:1 peg to the US dollar.  For more: https://makerdao.com/en/whitepaper#introduction
[8] Paxos Standard (PAX) is a stablecoin pegged to the US dollar and issued by the Paxos Trust Company
[9] PayPal USD is a stablecoin, a type of cryptocurrency backed by US dollar deposits, US treasuries, and similar cash equivalents. You can buy and sell 1 PYUSD for 1 USD on PayPal.
[10] The Gemini dollar (GUSD) is a stablecoin cryptocurrency issued by the Gemini exchange that aims to track the price of the US dollar.
[11] GYEN is a regulated Japanese Yen-pegged stablecoin, issued by GMO-Z.com Trust Company.