Stablecoin regulation and Galxe wind-down
New Zealand's FMA is consulting on an interim pathway for NZD stablecoins, while Galxe is folding into Gravity L1.
What we know
Under the NZ proposal, qualifying NZD stablecoins fully backed by NZD at a registered bank would fall outside the FMC Act's financial product definition. Galxe will close campaign reward claims Dec. 15 and move to read-only mode; the G token is unchanged.
Sources
@TheBlockCo
“New Zealand's FMA is consulting on an interim regulatory pathway for NZD-backed stablecoins”
View post →@TheBlockCo
“Galxe said it is consolidating its team and brand under Gravity L1”
View post →Compiled with AI by the Global Eye 24 desk from public posts across 1 of our monitored source feeds, and updated each hour while the story develops. Spot an error? Write to corrections@globaleye24.com.