The US is considering enforcing bank-like regulations on cryptocurrency companies issuing so-called stablecoins that are less subject to valuation swings, a report has said.
President Joe Biden's administration will also urge such firms to register as banks, The Wall Street Journal reported on Friday.
A stablecoin is a type of digital currency whose value is tied to an outside asset, such as gold or a government-issued fiat currency like the US dollar, to stabilise the price.
Other cryptocurrencies such as Bitcoin and Ether have a tendency to fluctuate wildly.
Citing people familiar with the matter, the Journal said a Treasury-led group also plans to recommend that senior regulators form a panel to look for risks to the financial system. According to the newspaper, the group would be called the Financial Stability Oversight Council.
Last month, it was reported that the US is considering launching a formal review into whether Tether and other stablecoins threaten financial stability.
Over the past few years, stablecoins have thrived - with tokens in circulation now worth more than $120 billion, according to CoinMarketCap.com.
They are used for transactions similar to traditional financial products — like bank savings accounts — but do not offer the same level of customer protection.
As the role of stablecoins grows, regulations should meet the risks they pose and the economic functions they perform, the International Monetary Fund said in a report released on Friday.
The banking sector could also come under pressure if cryptocurrencies, including stablecoins, become an alternative to domestic bank deposits or even loans, the report cautioned.
“Stablecoin trading volumes outpace those of all other crypto assets … primarily because they are highly usable for settlement of spot and derivatives trades on exchanges,” the IMF said, adding that their market capitalisation has quadrupled this year to more than $120bn.
Tether is the largest stablecoin, but its market share has declined sharply in the past few months as major centralised crypto exchanges such as Coinbase and Binance have introduced their own versions.
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- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
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Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
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