Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations
Some large U.S. lenders, including Bank of America and Citibank, are working on launching stablecoins at a time when the country is looking to adopt more crypto-friendly regulations, Reuters reported.
BofA CEO Brian Moynihan said on Wednesday the bank is working on launching a stablecoin, and investors can expect the lender to move forward with it, without giving a timeline.
Stablecoins, a type of cryptocurrency designed to maintain a constant value, are usually pegged to a fiat currency such as the U.S. dollar and are commonly used by crypto traders to move funds between tokens.
"We feel both the industry and ourselves will have responses. We've done a lot of work," Moynihan, CEO of the second-largest U.S. bank, said, according to Reuters.
South Korea's top court clears Samsung Chairman Lee in 2015 merger fraud case
South Korea's top court upheld on Thursday a not-guilty verdict for the chairman of Samsung Electronics Jay Y. Lee, backing two lower court rulings clearing him of accounting fraud and stock manipulation related to an $8 billion merger in 2015, Reuters reported.
The Supreme Court's verdict permanently removes a long-running legal distraction for Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips.
The Supreme Court upheld an appeals court's ruling dismissing all the charges in the case involving the merger a decade ago between two Samsung affiliates, Samsung C&T (028260.KS), opens new tab and Cheil Industries, which prosecutors said was designed to cement Lee's control of the tech giant.
A lower court last year had also cleared Lee of the charges, according to Reuters.
Coca-Cola to use real cane sugar in US coke, Trump confirms
US President Donald Trump announced that Coca-Cola will return to using real cane sugar in its namesake soda sold in the US, following his discussions with the company.
“I have been speaking to Coca-Cola about using real Cane Sugar in Coke… and they have agreed,” he posted on Truth Social, according to Xinhua.
Coca-Cola confirmed the decision, adding that more product updates will follow soon. The company switched to high-fructose corn syrup in the 1980s to cut costs.
The move comes amid rising health concerns over artificial sweeteners. Coca-Cola already sells a cane sugar version known as “Mexican Coke”, Xinhua reported.
Nepse surges by 34. 61 points on Wednesday
The Nepal Stock Exchange (NEPSE) gained 34. 61 points to close at 2,794. 78 points on Wednesday.
Similarly, the sensitive index surged by 7. 86 points to close at 489. 27 points.
A total of 43,111,416-unit shares of 330 companies were traded for Rs 14. 03 billion.
Meanwhile, 10% KBL Debenture 2090 (KBLD90) and Three Star Hydropower Limited were the top gainers today, with their price surging by 10. 00 percent. Likewise, Mai Khola Hydropower Limited (MKHL) was the top loser as its price fell by 7. 87 percent.
At the end of the day, total market capitalization stood at Rs 4. 65 trillion.
