The Securities and Exchange Commission issued a statement on Friday, clarifying that it does not deem certain stablecoins to be securities. Specifically, the agency’s Division of Corporate Finance refers to stablecoins that are “designed to maintain a stable value relative to the United States Dollar, or ‘USD,’ on a one-for-one basis, can be redeemed for USD on a one-for-one basis … and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation” – which it calls “covered stablecoins.” “It is the ... (full story)