The Russian government and the Central Bank of Iran are reportedly mulling a partnership to create a new stablecoin that can facilitate cross-border settlements. The token will be pegged to the valuation of gold. The Mutual Operation According to a report by the Russian media outlet Vedomosti, the local authorities could collaborate with Iran’s central bank...Read More
Seychelles-headquartered crypto exchange – Huobi Global – has been in trouble for quite some time now, which has translated into losing significant market share. The company has been mired in controversy for allegedly shutting down internal com and feedback channels and canceling various employee benefits, among other things. Its market share is also under threat...Read More
The cryptocurrency firm – Juno – advised its users to withdraw their assets and store them in self-custody wallets or sell their holdings for cash because of “uncertainty” with its partner. The company plans to solve the issues by finding a new associate. A Warning Before the Storm? In a recent Twitter thread, Juno revealed...Read More
Stablecoins have continued to play a very critical role in the crypto economy. The ongoing bear market also demonstrated that dollar-pegged coins like USDT and USDC witnessed a parabolic growth in market cap this year. However, top stablecoin issuers seemingly took a break from printing in December amidst a great deal of market turmoil and...Read More
Blockchain protocol Coti announced the successful hard fork event – MultiDAG 2.0 – that aims to transition the ecosystem from a single currency infrastructure to a multi-token network. In a press release shared with CryptoPotato, Coti also revealed the launch of the Mainnet on December 29th, during which Explorer 2.0 was also deployed alongside the...Read More
Japan became one of the first big countries to establish a legal framework for stablecoins in June. Six months later, it is taking yet another crucial step to tweak the existing ban as the Financial Services Agency (FSA) is looking to lift the ban on foreign-issued stablecoins. It is still unclear which tokens will be...Read More
Waves blockchain platform founder, Sasha Ivanov, announced plans to launch a new stablecoin as Waves-backed Neutrino Dollar (USDN) failed to secure its peg. As per the Twitter update, Ivanov vowed that the new stablecoin would be “undepeggable.” The Waves founder also revealed that there will be a “USDN situation resolution plan set in motion before”...Read More
Coinbase founder and CEO Brian Armstrong, for one, believes that ideal crypto regulations should start with centralized actors since most of the damage to the consumers has been done by these entities. In a recently released “realistic blueprint,” Armstrong highlighted the need to pursue legislation early instead of waiting for something comprehensive and perfect. Regulations...Read More
In a new blog post, the centralized crypto exchange encouraged users to switch from USDT to USDC by waiving the conversion fees while highlighting the latter stablecoin as a “trusted and reputable digital dollar.” The development comes amidst a stablecoin war in the industry. Exchanges are stepping up to claim dominance of their native stablecoins....Read More
On Dec. 1, the Wall Street Journal published another attack on the crypto industry, targeting Tether this time. The outlet claims that the company has “increasingly been lending its own coins to customers rather than selling them for hard currency upfront.” It added that these loans add risk that the “company may not have enough...Read More
Shahaf Bar-Geffen – CEO of COTI, a stablecoin development company – revealed the launch date for Cardano’s new algorithmic stablecoin at Cardano Summit on Monday. After a successful audit, the over-collateralized DJED token will go live in January 2023. What is DJED? DJED is Cardano’s attempt to create a price-stable digital asset backed by ADA...Read More
USDC issuer Circle announced plans to expand native support of its Euro-backed stablecoin – Euro Coin (EUROC) – to the Solana blockchain in the first half of 2023. Sheraz Shere, Head of Payments at Solana Labs, said the availability of EUROC on Solana will set the scene for new use cases for instant foreign exchange,...Read More
The hyperinflation, the collapse of the local banking system, and the significant depreciation of the currency prompted numerous Lebanese residents to embrace cryptocurrencies, including stablecoins. Some locals have also focused on bitcoin mining since they can use cheap hydropower from rivers and generate “fresh dollars.” What Triggered the Collapse? Lebanon, considered one of the most...Read More
The Canadian government will begin consultations on cryptocurrencies, stablecoins, and CBDCs. The ruling body maintained that such assets should function under strict supervision since they could facilitate illicit operations and pose “a challenge to democratic institutions.” Crypto is Among the Budget’s Priorities As disclosed in its mini-budget 2022, Canada’s federal government will aim to impose...Read More
Huobi’s native stablecoin – HUSD – lost its parity with the American dollar and tumbled by nearly 70% after the exchange delisted the asset last week. At one point, its valuation dropped to $0.28, the lowest level in its three-year existence. The leading cryptocurrency platform Huobi announced last week it will no longer support trades...Read More
Seychelles-based crypto exchange Huobi will no longer support trades for its native stablecoin, HUSD. Users with funds stored in that token will have their assets auto-converted into USDT – the world’s largest stablecoin – at a 1:1 ratio. In an announcement on Thursday, the exchange explained that the delisting is “in compliance with Article 11...Read More
The CEO of the popular exchange asserted in a recent interview that the firm is working on launching its own stablecoin. He also confirmed previous reports that FTX is looking to raise more funds and spoke about the recent and possible future acquisitions. Without providing any further details, Sam Bankman-Fried said the exchange knows how...Read More
As one of the more prominent networks, the NEAR protocol is a building block for many blockchain ecosystems. One of these is USN, a stablecoin built on top of NEAR in April and run independently by Decentral bank. In an effort to prevent a catastrophic collapse mirroring that of Terra earlier this year, Decentral Bank...Read More
South Korea’s top monetary regulator – the Financial Service Commission (FSC) – thinks cryptocurrencies and stablecoins could facilitate money-laundering activities. As such, it will reportedly closely monitor the actions of the country’s largest crypto holders (those who own over $70,000 worth of digital assets). According to a local coverage, the Financial Intelligence Unit (a division...Read More
Binance has been selling its USDC reserves and converting them into its own stablecoin, BUSD. On Oct. 23, The Block’s Frank Chaparro noticed the supply shift as the amount of BUSD topped $20 billion for the first time ever. Its supply currently stands at an all-time high of $21.7 billion, according to CoinGecko. This represents...Read More
The crypto industry showed a mild recovery in Q3 after taking a significant plunge amid volatile conditions over the first half of 2022. According to the latest quarterly report published by cryptocurrency aggregator CoinGecko, the overall crypto market cap increased by 6.5%, about $100 billion, in Q3 compared to Q2. Bitcoin Outperformed Other Assets Despite having...Read More
On-chain data revealed that the bitcoin holdings of larger investors – typically referred to as whales – have been on the decline for the past several months. At the same time, smaller investors’ BTC bags are on the rise, tapping a fresh all-time high. Whales Vs. Retail Santiment classifies BTC investors holding between 100 to...Read More
It appears that U.S. lawmakers have bigger fish to fry as stablecoin and crypto regulations remain on the back burner. During a financial conference on Oct. 18, representative Jim Himes said that the bill will not happen this Congress due to upcoming elections. “It’s probably not happening in early 2023,” Himes said as frustrations mount...Read More
A new study shows that over 18% of all crypto received by Eastern Europe comes from addresses associated with risky or illicit activity, far more than any other region. With the biggest news in the region being Russia’s invasion of Ukraine, both countries have seen a steady increase in cryptocurrency transfers. Prominent blockchain intelligence company,...Read More
When stablecoins are sent to exchanges in large quantities, it is usually a signal that institutions are preparing to buy. It has not happened yet, as stablecoins such as USDC have been leaving exchanges as the bear market deepens. On Oct. 8, CryptoQuant CEO Ki Young Ju observed that 94% of the USDC supply is...Read More
The decentralized stablecoin protocol MakerDAO has committed to converting $500 Million of its DAI reserves into bonds and U.S. treasuries. This marks the decentralized autonomous organization (DAO)’s the first investment in high-quality government debt. As MakerDAO explained over Twitter, MKR holders voted to deploy its peg stability module’s USDC on liquid bonds, using its recently...Read More
Two weeks ago, Celsius filed a motion asking for approval to sell stablecoins currently in its possession. At the time, a preliminary investigation did not find any reasons to deny the request outright – even though the cash generated by the sale would be used to fund Celsius’ operations, not pay back creditors. Further deliberation...Read More
Mhel Plabasan – a top executive at Bangko Sentral ng Pilipinas (the central bank of the Philippines), said the institution is highly in favor of stablecoins as they can aid the monetary system and ensure “affordable and faster” cross-border transactions. The organization also plans to launch a pilot version of its CBDC by the end...Read More
Circle is expanding its reach into other blockchains to maintain its influence in the crypto market after Binance and WazirX delisted its stablecoin USDC. This September 28, Circle Internet Financial, the firm behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is working on expanding into five major blockchains. Specifically, Circle plans to...Read More
Some blockchain projects have to deal with hackers, and others, like Alcala, have to deal with their own developers. A “human error” a few weeks ago almost killed the whole project. Still, thanks to the mutual effort of the community and the developers, the problem has been solved —kind of. On September 26, Acala network...Read More
