TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US banks can seize stimulus payments. Pictures from a China DCEP mockup wallet leak. Federal Reserve makes buys junk bonds. Stablecoins issued more than $2.7 billion to the cryptocurrency market since March. Bitcoin.com Wallet could offer interest for BCH in the future, and Gnosis launches Gnosis Protocol DEX.

US Banks Can Seize Stimulus Payments

With the news of US stimulus payments landing into the bank accounts of eligible citizens, a new loophole allowing banks to take this money from has been exposed. According to an article published by the American Prospect’s Ronda Kent, Chief Disbursing Officer with Treasury’s Bureau of the Fiscal Service, she explained there is “nothing in the law that precludes” this action, meaning banks will be first in line seizing stimulus payments to close outstanding or old debts customers might have with banks.

China DCEP Mockup Wallet Pictures Leak

DC/EP original pics, installation and interface* Direct link for installation: https://t.co/6WGFstyMAe *need to be on whitelist to register

**not sure if geofenced pic.twitter.com/sN7oa9P94F — Matthew Graham (@mattysino) April 14, 2020

A series of pictures showing the structure of what appears to be the wallet of the Chinese digital currency (named DCEP) were leaked to social media, spurring rumors about the possibility of a current public test. Despite this, several other reports on social media stated this was likely to be a mockup from a team of designers instead of a functioning wallet. DCEP (Digital Currency Electronic Payments) is reportedly going to be launched later this year, and it’s going to be tested first in Shenzhen and Suzhou, two Chinese cities.

Federal Reserve to Buy Junk Bonds

The Federal Reserve started to put resources into what is called “junk bonds,” in a desperate move to lend a hand to a market that has been predicted to fall without this injection of liquidity. A program aiming to invest $40 billion in eligible bonds has been approved, marking a first for the Federal Reserve. Experts believe this is just the first step, with the Federal Reserve likely to start buying stocks if present efforts are not enough to lift the economy after the coronavirus pandemic.

Stablecoins Introduced $2.75 Billion to the Crypto Market Since March

Stablecoins have onboarded $2.75 billion of fresh fiat into crypto since March 1 — Spencer Noon (@spencernoon) April 14, 2020

Stablecoins have issued $2.75 billion for the cryptocurrency market since April 1st, showing these are really important instruments for trading and speculating on exchanges. The numbers, coming from Coinmetrics, show Tether, the most popular cryptocurrency by market cap, jumped from $2.71 billion on March 1st to an astounding number of $4.89 billion yesterday on its Ethereum version. USDC also had an important rise of almost 100% of its market cap, taking it to $736 million in the same period.

Bitcoin.com Wallet to Offer Interest for BCH in the Future

The Bitcoin.com wallet could offer interest for saving Bitcoin Cash in the near future, according to Roger Ver, Executive Chairman of Bitcoin.com. Ver hinted to as much on a Reddit post proposing to “lock up” BCH in order to get dividends through mining. Ver answered the post stating they were “working with partners so soon you will be able to earn interest on your BCH,” not clarifying doubts about how it could be achieved. The new Bitcoin.com wallet introduced market alerts, and staking could be a new addition in the near future.

Gnosis Launches Price Focused Decentralized Exchange

Say hello to the Gnosis Protocol. You can start trading now! https://t.co/bZFRGFUOsthttps://t.co/scVNGtDMLQ — eric.eth (@econoar) April 15, 2020

Gnosis, a cryptocurrency company spun off from ConsenSys, the Ethereum software consortium launched Gnosis Protocol, a decentralized exchange, to the public. Having processed more than $2 million dollars in private beta, Gnosis Protocol puts emphasis on offering better prices instead of faster settlement times. “It’s probably only interesting if you trade larger amounts because the thing we want to compete on is price,” stressed Gnosis co-founder and CEO Martin Köppelmann, explaining how the system works.

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