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Holdings of unbacked crypto like bitcoin and algorithmic stablecoins would be limited to 1% of a lender’s capital under the standard setter's new plans put out for consultation Thursday.
The Bermuda Monetary Authority (BMA) issued full-bank and digital asset business licenses to Jewel, which plans to issue a USD stablecoin and other single fiat currencies.
BVNK currently processes $2 billion in annualized payments, which it aims to grow to serve cross-border businesses with fast payments and banking in crypto and fiat.