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Tether's Success Sparks Banks' Interest in Stablecoins | PYMNTS.com

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Tether's Success Sparks Banks' Interest in Stablecoins | PYMNTS.com

Inspired by Tether’s success, the world’s banking giants are showing interest in stablecoins.

As Bloomberg News reported Saturday (Dec. 28), some banks are already there, with Societe Generale – Forge (SG-Forge) opening its euro-backed stablecoin to retail investors earlier this year. Revolut is reportedly considering its own version, as is AllUnity, a venture involving the Deutsche Bank-owned DWS.

Meanwhile, the report added, American banks are expected to follow suit once Congress enacts stablecoin legislation. A similar thing happened in Europe: the adoption of the Markets in Crypto Assets (MiCA) regulation and Tether’s decision to discontinue its EURt stablecoin has opened the door for competitors.

“Do I think that other banks will be issuing their own stablecoins?” Jean-Marc Stenger, CEO of SG-Forge, said in an interview with Bloomberg. “The answer is yes. It’s heavy lifting, I am not sure it will happen any time soon, but it will happen.”

He added that his firm is already in discussions with other banks that want to use its stablecoins, and is also exploring partnerships or white-labeling its techs to allow banks to issue their own coins.

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Visa, meanwhile, launched a tokenization network in October for banks to issue stablecoins, is collaborating with BBVA on a pilot in next year, and is in talks with many other banks.

“We’ve seen demand from banks in Hong Kong, Singapore and Brazil,” Cuy Sheffield, Visa’s head of crypto, told Bloomberg. “We are actively engaged with a number of banks across the world at various stages of the process.”

As PYMNTS wrote in October, the scale of Visa’s network and its relationship with financial institutions around the world allow it to add stability and legitimacy to stablecoins. 

“By enabling banks to issue their own stablecoins and integrate tokenized deposits into their systems, Visa could foster widespread adoption, reducing the risk of market panic that often leads to de-pegging events,” that report said. 

“Moreover, as banks enter the fray with their regulatory frameworks in place, the perception of stablecoins as a credible asset class could improve.”

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Writing about the issue last week, PYMNTS argued that stablecoins’ rise has become impossible to dismiss, as the currency continues its ascent as the foundation of cross-border and enterprise crypto payments and a bridge to traditional finance.

“Cross-border payments, historically plagued by high fees and slow transaction times, underwent a significant transformation in 2024,” that report said. “Blockchain technology emerged as a key enabler, offering transparency, speed and cost efficiency. Stablecoins played a crucial role, allowing businesses to bypass traditional correspondent banking networks and settle transactions almost instantaneously.”

 

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Cryptocurrency fraud costs Okaloosa County resident over $500k

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Cryptocurrency fraud costs Okaloosa County resident over 0k
Video above: ‘News 5 Now’ — Top Stories from March 20, 2026 OKALOOSA COUNTY, Fla. (WKRG) — The Okaloosa County Sheriff’s Office is warning residents of a fraud scheme after a resident lost over $500,000. According to a Facebook post from the OCSO, the victim reached out to law enforcement and said he’d been contacted […]
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Scam Jam: Avoiding Modern Romance & Cryptocurrency Scams | FFXnow

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Scam Jam: Avoiding Modern Romance & Cryptocurrency Scams | FFXnow

The Fairfax Scam Jam unpacks two of the fastest‑growing threats: romance‑based investment schemes and cryptocurrency fraud. Scammers often initiate contact through friendly wrong‑number texts, dating apps, and social media, then spend weeks or months building trust. Once a relationship feels established, victims are encouraged to “invest” in cryptocurrency, gold, or foreign currency through fraudulent platforms operated by criminal organizations.

You’ll learn how these schemes operate step‑by‑step, the psychological tactics scammers use, and the financial and emotional devastation they leave behind. Presenters will share actionable tools for recognizing early warning signs, having preventative conversations with loved ones, reporting fraud, and recovering when possible. Whether you’re new to digital safety or a seasoned advocate, this year’s Scam Jam will give you the knowledge you need to stay a step ahead of scammers.

The 9th Annual Fairfax Scam Jam is a community collaboration between AARP Virginia and the Fairfax County Silver Shield Anti-Scam Program.

Resource Fair exhibitors will be on hand until 1 p.m.

Representatives from county, state and federal agencies will be available to answer your fraud and scam questions one-on-one.

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Complimentary lunch is provided to registered guests.

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Wood County Sheriff’s Department pushes for cryptocurrency kiosk protections

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Wood County Sheriff’s Department pushes for cryptocurrency kiosk protections

WOOD COUNTY, Wis. (WSAW) – The Wood County Sheriff’s Department is hoping a bill that would protect victims from scams involving cryptocurrency kiosks will soon be signed into law. It passed with bipartisan support on Tuesday.

Sheriff Shawn Becker says they have seen many people lose thousands of dollars to scammers when using the machines

Scammers have used kiosks to take thousands of dollars from victims in north central Wisconsin. Scammers convince people to first deposit cash. It’s then turned into bitcoin and sent to scammers.

The Wood County Sheriff’s Department first received complaints about scams involving cryptocurrency kiosks three years ago. Since then, they’ve been investigating reports and testifying for change.

Sheriff Shawn Becker has been sounding the alarm.

“We did push, we did communicate, communicate with our law enforcement agencies, communicate with other legislators, anybody that would be willing to listen,” Becker said.

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Legislation passes with bipartisan support

Lawmakers have been working to impose regulations on these kiosks. One element would require operators to reimburse victims.

“I’m hoping that we can go retroactively to the investigations that we’ve been handling and where we’ve kept the money at the sheriff’s department, and we can give it right back to that victim. And that’s going to be a great day, quite honestly,” Becker said.

The department has thousands of dollars in evidence they seized that they’ll be able to return to victims if the bill is signed into law.

The legislation also includes daily $1,000 transaction limits.

“That limitation is really going to be effective, because somebody can’t walk in there with $20,000 or even more and put it into the machine,” Becker said.

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It also requires operators to add warning labels to kiosks. It also requires kiosks to be more than five feet away from ATMs.

“It took many, many people to be involved in this and understand it’s a process to create legislation and we’re there. And we’re really happy with the end result,” Becker said.

Becker also gave an update about a lawsuit from last year. A crypto vendor sued the department for seizing cash from their bitcoin machines. They’ve now settled. Becker said he didn’t agree with that, but it showed they needed to continue pushing for change.

AARP Wisconsin supporting legislation

Raj Shukla is the Wisconsin state director for AARP. He said this legislation does a lot to stop scammers in their tracks and protect victims, especially since it puts $1,000 daily transaction limits on kiosks.

“That means that people won’t be losing a lifetime’s worth of life savings in just a day. It provides for receipts for every transaction so that law enforcement can track transactions and find scammers faster,” Shukla said.

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Shukla said the consumer protections that exist on ATMs don’t exist on cryptocurrency machines. He said this legislation levels the playing field.

Shukla is hoping the bill is signed into law this week. He said scams involving cryptocurrency are rampant right now.

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