On September 19, WazirX, one of India’s leading cryptocurrency exchanges, announced the delisting of Circle’s USDC, Paxos’ USDP, and TrueUSD (TUSD) stablecoins, effective September 26, following in Binance’s footsteps. According to the statement, USDC, USDP, and TUSD deposits have already been suspended. In addition, users will have to withdraw their funds by October 05, or...Read More
Crypto derivatives exchange, Bybit announced a partnership with Circle, the company behind the second-largest stablecoin by market cap, USDC. As per the press release shared with CryptoPotato, the agreement states that expansion of USDC spot pair listings and advancing awareness for USDC and related products while simultaneously collaborating on other potential initiatives are Bybit’s focus...Read More
The Seychelles-based cryptocurrency exchange Huobi has provided a timeline explaining its actions during HUSD’s de-pegging event on Thursday. The exchange confirmed that the problem began with the stablecoin’s issuer. According to a tweet from Huobi, the firm detected “unusual price fluctuations” from its namesake stablecoin at 10:05 UTC on August 18. Within five minutes, Huobi...Read More
The United Nations Conference on Trade and Development (UNCTAD) believes the impact of cryptocurrencies should be limited in developing nations. According to the agency, digital assets are unstable financial products that could cause further issues to already shattered economies. Amid the global monetary crisis, numerous residents of emerging countries chose to convert their depreciating fiat...Read More
In order to continue strengthening its algorithmic stablecoin USDD, the TRON DAO Reserve has tapped another institution to mint and burn it as a collaborator – Wintermute. The latter has extensive experience with the digital asset universe and operates as an established global algorithmic trading firm. USDD’s Recent Issues Algorithmic stablecoins garnered people’s attention a...Read More
After three months of continuous slumps, Tether’s USDT supply is starting to rise again. This trend could be indicative of a potential market recovery. The market cap of the world’s largest stablecoin saw a modest uptick of around 0.7%. The cash injected into USDT has been relatively small and was under $500 million. The first...Read More
Solana-based decentralized finance yield protocol, Nirvana, is the latest victim of a flash loan attack in the cryptocurrency space. Data from blockchain security firm, PeckShield, revealed that the attacker managed to drain nearly $3.5 million worth of funds from the protocol. It all started when the entity behind the exploit used a $10 million flash...Read More
The crash of Nigeria’s national currency (naira) reportedly pushed many residents to turn to alternative assets such as bitcoin and stablecoins to preserve their wealth. The peer-to-peer exchange LocalBitcoins marked a 258% increase in BTC purchases compared to last week’s figures. Nigerians View Crypto as a Lifeboat Nigeria’s official currency – the naira – is...Read More
The South Korean Ministry of Justice reportedly approved the prosecutors’ request that the notorious Co-Founder of Terraform Labs – Do Kwon – be ordered to notify authorities when he returns to his country. He is believed to be currently residing in Singapore. The Prosecution Wants to Hold Kwon Accountable The collapse of Terra’s native token...Read More
The House Financial Services Committee has pushed back its long-awaited stablecoin bill to September following objections from Treasury Secretary Janet Yellen. This will delay congressional discussions on the subject until after the August recess, which ends on September 5th. Stablecoins and Bankruptcy The legislation – negotiated between Committee Chair Maxine Waters (D-Calif) and Patrick McHenry...Read More
CryptoQuant – a blockchain analytics firm – has released a report evaluating data around stablecoins and their peg-robustness. It found that holding almost any of the current top stablecoins throughout 2022 was slightly more profitable than holding actual U.S. dollars. The Slight Stablecoin Premium According to the report, the historical mean daily closing price for...Read More
Long-term bitcoin holders have not disposed of their holdings into the market weakness as short-term speculators are mainly responsible for the heavy selling that exacerbates the asset’s nosedive, according to Coinbase’s latest monthly report. Miners and crypto firms that are forced to liquidate their positions to stay solvent amid a liquidity exodus have shown that...Read More
After the collapse of the Terra ecosystem (which included its native token LUNA and its algorithmic stablecoin UST), the crypto community started to become more cautious about stablecoins, pushing large projects such as Tether’s USDT and Circle’s USD Coin (USDC) to be more transparent about their finances. On July 14, Circle Internet Financial released its...Read More
It comes as no surprise that the central bank wants to curtail crypto as much as it possibly can, advising EU lawmakers with a recent research paper. On July 12, crypto venture advisor at Presight Capital, Patrick Hansen, broke down the report, which focused primarily on what the ECB considers financial risks. It acknowledged that...Read More
Crypto winter may be extended until the physical winter in Q4 and even the early Q1 next year, implied CoinShares Chief Security Officer Meltem Demirors in the latest interview with CNBC. According to data collected by Demirors, no signs indicate that an upside catalyst is in sight, sparking a speedy recovery from the months-long downward...Read More
The Financial Stability Board (FSB) – an organization created by the G20 countries that supervises the international monetary system – will reportedly propose a regulatory framework focused on digital assets. The draft bill comes as a result of the recent turmoil in the market and will have a global character. “Robust” Rules to Limit the...Read More
The United States Office of Government Ethics (OGE) outlined that cryptocurrencies and stablecoins do not qualify as “publicly traded securities” according to the agency’s regulations. As such, it banned individuals who privately own digital assets from participating in Federal policies that could affect the valuation of such tokens. The OGE’s Recommendation In its latest legal...Read More
Tether still has the largest market share of all the stablecoins, but it is now around 43%, according to CoinGecko. Glassnode reports that the USDT market share is a slightly higher 45% but still shows the same downward trend of its dominance. According to the Tether transparency report, there are 66 million USDT in circulation,...Read More
DeFi protocol Aave proposed to its community to create a USD-pegged stablecoin, GHO. The project would allow users to mint GHO against their supplied collaterals, with all the interest payments being sent to AaveDAO. Backed by Multiple Types of Collaterals Similar to the MakerDAO-issued stablecoin Dai, GHO would be minted based on users supplying a...Read More
The anonymous leader of Shiba Inu, known under the pseudonym Shytoshi Kusama, revealed that the project will introduce a new reward token called TREAT. In addition, the team will focus some of its efforts on its SHI stablecoin to prevent it from suffering the fate of Terra’s UST. Enter TREAT and SHI “Shib Army We...Read More
Circle – the company behind the second-largest stablecoin by market cap, USDC – reiterated its positive financial position amid a rumor calling the company on the brink of collapse. As the reports went viral, CEO Jeremy Allaire laid out detailed documents on the company’s latest status on transparency and trust, audits and attestations, as well...Read More
Circle has tapped a New York state-based community bank as its latest custodial provider for USDC reserves. The move reflects Circle’s strategy to deepen partnerships with Community Banks across the U.S., attempting to make payments more inclusive to underserved communities. Under the new agreement, New York Community Bancorp’s bank subsidiary, New York Community Bank, will...Read More
Her Majesty’s Treasury hosted the regulatory pillar of the US-UK Financial Innovation Partnership with its counterpart, the US Treasury Department, on Jun 29th. Both parties acknowledged the importance of teaming up to support safe innovation and strengthen regulatory outcomes for digital assets across jurisdictions. On Stablecoins According to the joint statement issued, top domestic watchdogs...Read More
On June 30, European Union policymakers hammered out an agreement on what will become the first major regulatory framework for the cryptocurrency industry. The Markets in Crypto-Assets (MiCA) legislation will make things more challenging for crypto exchanges and stablecoin issuers operating in Europe. Under the new regulations, stablecoin issuers such as Tether and Circle will...Read More
In the latest interview with Fox Business, Circle CEO Jeremy Allaire unveiled his thoughts on the turbulent crypto market with stablecoins being targeted by short sellers partly due to the Luna-UST fiasco. He reiterated his confidence in USDC attracting net inflows amid the market crash due to its compliance with regulators. In regards to the...Read More
The recent crypto slump may have left many investors shaken in fear, as bad news like major crypto firms falling prey to liquidity crisis and exchanges drastically cutting headcounts continue occupying headlines. However, the crypto bull Cathie Wood – known for her aggressive bets on “disruptive innovation” – reiterated her confidence in digital assets in...Read More
The notorious hacker collective – Anonymous – said it will join numerous governments that are conducting investigations against Terra’s Co-Founder – Do Kwon. The native token of the cryptocurrency project – LUNA – and its algorithmic stablecoin – UST – crashed to zero last month, resulting in painful investors’ losses. As such, Anonymous vowed to...Read More
When traders and investors exit their crypto asset positions, they usually convert them into stablecoins before taking them off exchanges as fiat. That exodus has been going on for the past six weeks, causing the stablecoin market share to grow. Furthermore, this is despite the reduction in the supply of the world’s largest one, Tether....Read More
Bank of England Deputy Governor Jon Cunliffe became the latest person to juxtapose the dot-com bubble to the current cryptocurrency crash. BOE’s Take on Crypto Crash Cunliffe said he expects crypto technology and finance will continue to survive in the coming months. Amidst the incessant declines, the exec highlighted that crypto and its underlying tech...Read More
The Federal Reserve published the latest “Monetary Policy Report” on Friday, categorizing the stablecoin industry – particularly the algorithmic stablecoins – as a risk of financial instability. Meanwhile, it expressed concern regarding the concentration of fiat-backed stablecoins on Tether’s USDT and Binance’s BUSD. Fed’s Latest Take on Stablecoins Given the rapidly growing digital asset markets,...Read More
