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NEWS: Wolfsberg Group in new guidance warns banks on reserves at stablecoin firms

illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

By PAUL O’DONOGHUE, Senior Correspondent

THE Wolfsberg Group has warned banks that they must be able to verify claims on reserves from stablecoin firms.

It also said financial institutions must know if stablecoin firms are regularly audited, to be assured of their financial health.

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