According to a U.today report on Aug. 30, Samsung’s new flagship smartphone now supports three stablecoins, including TrueUSD (TUSD), Maker (MKR) and USD Coin (USDC).
Following integration with major cryptos, South Korean tech giant Samsung expands the coins supported by the Galaxy S10 device with three stablecoins.
33 cryptos totally supported
Additionally, Samsung Galaxy S10 now reportedly supports Basic Attention Token (BAT), a native token by blockchain-based internet browser Brave that is used to reward users for watching ads.
The report notes that the digital wallet on Samsung’s new phone now supports 33 digital currencies in total, including Bitcoin, Binance’s native token Binance Coin (BNB) and Ether (ETH).
As previously reported by Cointelegraph, the supported currencies also include KuKoin Shares (KCS), NEM (XEM), Kyber Network (KNC), Qtum (QTUM), as well as native tokens of cryptocurrency payments startup Pundi X, following the integration of their XWallet.
“Not a small deal right?”
Binance CEO Changpeng Zhao noted that the scope of the deal is significant, and he will be an active supporter of new Samsung phone.
“Not a small deal, right? Guess which phone I will be buying and recommending to all of my friends! It’s spreading.”
On Aug. 27, major phone operator China Telecom released a white paper on blockchain-powered smartphones in the 5G Era, describing a project of SIM card-based blockchain digital asset management system.
G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability
The G7 group of nations has reportedly drafted a report which says that “global stablecoins” pose a threat to the global financial system.
According to the BBC on Oct. 13, a draft report from the G7 outlined the various risks associated with digital currencies. It also said that, even if member firms of the governing Libra Association addressed regulatory concerns, it may not get approval from the necessary regulators, stating:
“The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed. … Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement.”
The G7 also states that global stablecoins with the potential to scale rapidly could stifle competition and threaten financial stability if users lose confidence in the coin.
The report will purportedly be presented to finance ministers at an annual meeting of the International Monetary Fund this week.
Further problems for Libra?
The BBC states that, while the report does not single out Facebook’s proposed Libra stablecoin project, it could spell further trouble for the already beleaguered proposed payments system.
Global regulators are increasingly leaning on the project, with the Bank of England recently establishing provisions with which it must comply before it can be issued in the United Kingdom.
Facebook CEO Mark Zuckerberg will testify before the United States House of Representatives Financial Services Committee about Libra later this month. The head of the committee, Democratic Representative Maxine Waters, has been a noted critic of the project. Earlier this year, the committee drafted the “Keep Big Tech out of Finance Act.”
Libra has seen several major partner firms of its governing consortium leave the project recently. On Oct. 4, major payments network PayPal withdrew from the organization and was soon followed by Visa, Mastercard, Stripe and eBay.
Furthermore, Finco Services of Delaware initiated a lawsuit against Facebook, alleging trademark infringement, unfair competition, and “false designation of origin” regarding the use of the Libra logo. The plaintiff is also suing its former designer, who did the logo work for Facebook, for reusing the design.