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Tuesday Express: New York OKs 2 stablecoins; fintech startup raises $33M

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Tuesday Express: New York OKs 2 stablecoins; fintech startup raises $33M

* The New York State Department of Financial Services authorized limited purpose trust companies, Gemini Trust and Paxos Trust, to offer a price-stable cryptocurrency pegged to the U. S. dollar, commonly known as stablecoin.

* Baltimore-based fintech startup Facet Wealth, raised $33 million in a series A funding round led by private equity firm Warburg Pincus.

* Insured U.S. commercial banks and thrifts reported trading revenue of $6.9 billion in the second quarter, down 16.2% from the first quarter and 3.5% from the year-ago quarter, according to a report by the Office of the Comptroller of the Currency.

* The OCC invited comments on a proposed rule that would give federal savings associations with assets below $20 billion an option to operate like national banks.

* Goldman Sachs Group and Bank of America are serving as sell-side advisers in Saudi Aramco's potential deal to acquire a majority stake in petrochemicals firm Saudi Basic Industries from the Public Investment Fund, while JPMorgan Chase and Morgan Stanley are advising the buyer, sources for Bloomberg News say. Citigroup is reportedly advising the target.

* Bermuda-based Hamilton Insurance Group plans to establish a U.S. reinsurance business that will target regional insurers looking to cede business, The Insurance Insider reported.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.