The U.K. regulators have been busy publishing more detailed plans for the country’s upcoming stablecoin regulation, following last week’s Treasury announcement of which entities would be responsible for various aspects.

The payment firm reported on Wednesday that it had received a subpoena from the SEC requesting information on its PYUSD stablecoin.

The last three months of Tether's operations added nothing to its balance sheet, while declared profits were invested in other projects.

In legislation planned to go to parliament in 2024, fiat-backed stablecoins will be regulated for use in payment chains, although decentralized and algorithmic stablecoins will remain unregulated until the second phase of government plans.

The Universal Digital Payments Network allows blockchain-based stablecoins and CBDC networks to interoperate with each other. Deutsche Bank and SC Ventures have been testing the system with on-chain swaps using USDC and EURS stablecoins.

Spark Protocol, launched by MakerDAO in May 2023, is a DeFi platform offering lending and savings features like Spark Lend and the Dai Savings Rate (DSR). By leveraging real-world assets such as U.S. Treasuries, it delivers competitive yields while facing rising competition in the DeFi space.

The Bitcoin L2 developers have released the alpha version of the Taproot Asset protocol, which allows the building of stablecoins on top of the Bitcoin blockchain.

Frax Finance is ready to deploy the v3 upgrade. The upgrade integrates the Federal Reserve's IORB rate and abandons the stablecoin's algorithmic component for enhanced stability.