Currencies

Market movements have been modest, with flat US equities, a small fall in US Treasury yields and small broadly-based gains for major currencies against the USD. After the latest talks in Saudi Arabia between the US and Russia regarding the war in Ukraine, the US said Russia and Ukraine have agreed to a ceasefire in the Black Sea and to work out mechanisms for implementing their ban on strikes against energy infrastructure. The Kremlin confirmed the Black Sea ceasefire and said it was dependent on sanctions relief for banks and...

World Liberty Financial, the cryptocurrency company started by Donald J. Trump and his sons, announced on Tuesday that it was planning to sell a digital currency called a stablecoin, deepening the president’s financial ties to crypto as his administration relaxes enforcement of the industry.The stablecoin would be known as USD1, the company wrote in a social media post, without revealing when it would go on sale. Stablecoins, a popular form of cryptocurrency, are designed to maintain a constant value of $1, making them useful for many types of crypto transactions.“No...

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Indonesia’s rupiah fell to its weakest level against the US dollar since the Asian financial crisis of 1998 over mounting fears about the policies of President Prabowo Subianto and their impact on the fiscal position of south-east Asia’s largest economy.The rupiah fell as much as 0.5 per cent to briefly hit 16,640 against the dollar on Tuesday, not far from its record low of 16,800 in June 1998, the year of the...

Donald Trump’s World Liberty Financial crypto venture will launch a dollar-pegged stablecoin, it said in a statement on Tuesday, after raising more than half a billion dollars from selling a separate digital token. The stablecoin, called USD1, will be fully backed by U.S. Treasuries, dollars and other cash equivalents and is designed to keep a value of $1, World Liberty said in the statement. Dollar-pegged stablecoins such as Tether and USDC have ballooned in recent years and now act as a key cog in the multi-trillion dollar crypto trading industry,...

World Liberty Financial revealed its plan to launch its USD1 stablecoin. The stablecoin will be backed by short-term US government treasuries, US Dollar deposits, and other cash equivalents. The platform stated that USD1 reserves will be custodied by BitGo. President Donald Trump-inspired World Liberty Financial (WLFI) confirmed on Tuesday that it will launch its USD1 stablecoin, which it claims will be backed 1:1 with the US Dollar. This comes after the DeFi platform initiated several test transactions using the stablecoin on the Binance BNB Chain. World Liberty Financial clarifies USD1...

EUR/USD finds support below 1.0800 as the US Dollar struggles to extend upside amid easing fears of impending tariffs by the US on April 2. Preliminary US S&P Global Services PMI gained significantly in March. The ECB is expected to cut interest rates again in April. EUR/USD finds cushion around 1.0780 and rises to near 1.0825 during North American trading hours on Tuesday. The major currency pair attracts bids as the US Dollar (USD) drops on the narrower-than-feared tariff agenda of United States (US) President Donald Trump. The US Dollar Index (DXY), which tracks the Greenback's value...

World Liberty Financial, the decentralized finance venture backed by President Donald Trump and his family, has launched a stablecoin. The stablecoin, dubbed USD1, will be pegged to the U.S. dollar and be backed by short-term U.S. government treasuries, U.S. dollar deposits, and other cash equivalents. It joins an increasingly crowded market of stablecoins. The market cap for dollar-backed stablecoins has grown more than 46% in the past year, according to CryptoQuant. World Liberty Financial, the decentralized finance venture backed by President Donald Trump and his family, has launched a stablecoin,...

World Liberty Financial, the decentralized finance venture backed by President Donald Trump and his family, has launched a stablecoin. The stablecoin, dubbed USD1, will be pegged to the U.S. dollar and be backed by short-term U.S. government treasuries, U.S. dollar deposits, and other cash equivalents. It joins an increasingly crowded market of stablecoins. The market cap for dollar-backed stablecoins has grown more than 46% in the past year, according to CryptoQuant. World Liberty Financial, the decentralized finance venture backed by President Donald Trump and his family, has launched a stablecoin,...

State Bank of India raised $1 billion in the largest dollar-denominated syndicated loan this year from the nation, giving a boost to the lagging foreign-currency debt market. The borrower opted not to exercise a greenshoe option to increase the five-year facility by as much as $250 million, said people familiar with the matter, who asked not to be identified discussing private information. SBI declined to comment. Foreign-currency loans taken out by Indian issuers have declined 30 per cent to $3.2 billion so far in 2025 from the year-earlier period, and are...

OpenAI's Sam Altman is reportedly in talks with Visa to enhance World Wallet with cross-asset functionality. The collaboration aims to develop a sophisticated wallet strategy, enabling seamless cross-platform transactions with crypto, cards, and fiat currencies. Altman, known for his impact on the global AI landscape with ChatGPT, also leads Worldcoin (World)—a controversial Web3 project designed to offer ‘proof of personhood' in response to the growing presence of AI and bots online.Altman reportedly launched World Wallet alongside the Worldcoin project in July 2023. By integrating Visa, he aims to evolve it...