Approval for Bank-to-Bank Stablecoin Use in ND & More

ND Regulators Approve Bank-to-Bank Stablecoin Use

North Dakota’s Industrial Commission approved the use of the state bank’s planned stablecoin, the Roughrider Coin, for bank-to-bank transactions. Ten banks have expressed interest in participating in the North Dakota Banks’ pilot program for the stablecoin, which will be tied to the value of the U.S. dollar. (NORTH DAKOTA MONITOR)

Protection from Crypto Insurance May be More Limited than Customers Realize

With cryptocurrency theft on the rise—up 22% to over $2.7 billion last year, according to researcher Chainalysis—a growing number of companies have started selling supplementary criminal insurance. But customers may not be as well protected as they think.

Signing up and paying the $4.99 to $299.99 monthly fee for one of the most popular offerings, from Coinbase Global Inc.—which the company says nearly 1 million people have done—doesn’t automatically confer protection. According to the service’s legal agreement, subscribers must also submit photo identification and register for an approved method of two-factor authentication. And some forms of theft aren’t covered, such as transactions subscribers authorize as a result of being duped by a third party or “fraudulent activities.” (INSURANCE JOURNAL)

—Compiled by SNCJ Managing Editor KOREY CLARK

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