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Stablecoins steal the limelight from subdued bitcoin

As bitcoin, the world’s largest cryptocurrency, struggles to recover after a massive crash, regulatory and private sector focus has turned to another part of the digital currency world: stablecoins. The past week saw Meta Platforms Inc pilot its stablecoin payments wallet, while the world’s largest payments processor Visa launched a crypto advisory service and said stablecoins, might become the medium of exchange rather than cryptocurrencies. Stablecoins are a form a virtual currency with values pegged to traditional assets such as the U.S. dollar or commodities, and their rise has accelerated discussion by central banks across the world about digital versions of their currencies.

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