FDIC

Chief Says Stablecoins Could Fundamentally Alter The Banking

When asked if Uniswap will add any fees to an aggregator in the future, Gray said Uniswap currently has no plans to do so The Uniswap aggregator will be open-source, allowing users to suggest improvements on GitHub As of now, the aggregator only supports Ethereum NFTs, but Gray says more may be added in the future, "We definitely have more chains on our radar."

Considering the profound impact stablecoins could have on the established banking system, U S regulators must ensure the digital tokens fit in without disrupting it, according to Martin Gruenberg (chairman of the FDIC). Gruenberg's agency will significantly impact how stablecoins are regulated in the United States Recent sanctions against firms that misrepresent how FDIC deposit insurance backstops the FDIC has also imposed their operations

OpenSea, X2Y2, Sudoswap, LooksRare, Larva Labs, Foundation, and NFT20 are all included in Uniswap's NFT aggregator UniSwap can add more in the future, but most marketplaces store data off-chain To add those marketplaces to Uniswap, Uniswap would need their cooperation to obtain API keys

What are the benefits of using an aggregator? NFT marketplaces are changing, with OpenSea remaining the most popular With the launch of more and more NFT marketplaces, trading experiences become more complex as users create accounts on multiple platforms Market fragmentation, according to Gray, is actually a good thing for decentralizationand aggregators simplify the shopping experience

"As long as you have a really

Gruenberg said that U S banks have increasingly offered crypto services, including custody of customers' digital assets, which is why his agency has remained cautious about accepting regulated lenders to participate good aggregator, it's safe to have all this fragmentation since it lets creators and users control rather than the platform," said Gray. "Unlike Apple App Store, they can remove anything they want at any time, and because they want 30% of the NFT sale, they are limiting the NFT space."

As a result of various marketplaces announcing that they will (or won't) enforce creator fees for secondary sales, Uniswap's aggregator won't enforce creator fees Gray acknowledged that creator fees are a huge catalyst for the NFT space but clarified that Uniswap would not enforce them via its platform

The reason we can't set creator fees or enforce creator fees as an aggregator is that we don't create listings ourselves Accordingly, we made it easy

Gruenberg noted that the Financial Stability Oversight Council (FDIC) also inputs into the federal government's policy towards stablecoins, which will work with the Federal Reserve's future realtime payments system, FedNow Besides being used for trading volatile cryptocurrencies, stablecoins are necessary to create a digital currency issued by a central bank in the U S "A stablecoin for payments could fundamentally alter the banking landscape," Gruenberg said A new form of shadow banking could be created with payment stablecoins, "possibly resulting in forms of credit disintermediation that may harm the viability of many U S banks " for users to filter out which marketplaces they wanted to use or which they didn't want to use

Gray also believes that aggregators like Uniswap could help bring about mass adoption. "If we have a lot of information asymmetry, and if we have a lot of capital inefficiency in the NFT buying process, then we will not get the mainstream adoption we need," he said. "I see an aggregator like Uniswap more like

President Joe Biden has yet to name a permanent replacement for Gruenberg, who previously served as FDIC chairman Two people were nominated last month to join the board, and the next chairman is reportedly on the way Aside from his roles at the Financial Stability Oversight Council, Gruenberg is involved in cross-agency crypto oversight efforts� However, he has been openly skeptical of the usefulness of crypto

According to him, the industry has primarily focused on trading, and so far, we have not seen many benefits to be seen if there is any potential there

To deal with stablecoins, he said Congress should pass new legislation because "our authority is clearly limited, particularly when it comes to protecting consumers as well as provisioning of wallets and similar services by non-bank entities "

Uniswap's shiny new aggregator isn't the DEX's first foray into NFTs. It previously offered a limited collection of "phygital" Ethereum NFTs called Unisocks, which can be burned for physical socks According to Gray, Uniswap's inventor, Hayden Adams, and the company's CEO, Uniswap Labs, still deliver Unisocks by hand. "It has become a meme among Ethereum OGs and Uniswap supporters."

—Crypto Weekly

As Gruenberg sees it, stablecoins would be sufficiently safe if they were offered through bank subsidiaries, fully backed by short-term treasury bonds, and placed on regulated "permissioned ledger systems "