TRON DAO Reserve is prepared to withdraw another 3 billion TRX tokens from a centralized exchange and a decentralized finance (DeFi) lending protocol as part of efforts to prevent a similar occurrence of Terra’s UST collapse. The foundation made the announcement in a tweet on Thursday (June 16, 2022). However, the DAO did not name...Read More
Another algorithmic stablecoin appears to be in danger of losing its peg following the UST-Terra debacle. Investors are also currently in fear of having to face the same fate as Terra’s UST historical fall. USDD is a stablecoin that runs on TRON’s blockchain and has a similar algorithm to UST but is tethered to TRX....Read More
The last thing Justin Sun – founder of TRON – would like to see is the UST-Terra fiasco being repeated again on his stablecoin project USDD. The confident founder, who had vowed the lost peg of the stablecoin would be soon recovered, injected $220 million on Wednesday to purchase TRX on Binance. According to the...Read More
Novatti Group has announced the integration of its stablecoin AUDC into Ripple’s XRP Ledger. The company said it will benefit from faster and low-cost transactions on XRPL. AUDC will also be integrated into Novatti’s existing suite of payment solutions. It will potentially create a low-cost domestic and cross-border payment system, including stablecoin-linked payment cards, the...Read More
The international financial technology company that processes payments – Checkout.com – enabled customers to use the popular stablecoin USDC as a payment method. The offering became available after striking a partnership with the crypto security firm Fireblocks. Saying ‘Yes’ to Payments in USDC Checkout.com revealed that merchants will be allowed to use the new offering...Read More
Betting on India’s impending launch of CBDC, T Rabi Sankar, Deputy Governor of the nation’s central bank, the Reserve Bank of India (RBI), dismissed the idea that stablecoins should be accepted as 1-to-1 fiat-pegged cryptocurrencies. CBDCs Can Kill Crypto “We believe that central bank digital currencies (CBDCs) could actually be able to kill whatever little...Read More
The Parliament of Japan reportedly passed legislation that will put stablecoins under enhanced scrutiny. The initiative aims to give local investors further protection when dealing with such assets. Japan Sees Stablecoins as Digital Money According to a recent Bloomberg report, the Japanese authorities issued new guidelines on stablecoins. The lawmakers granted the assets a legal...Read More
John Williams – President and CEO of the Federal Reserve Bank of New York – believes the institution should closely monitor the transformations of the cryptocurrency industry and, if needed, make necessary updates on its financial policies. He also opined that stablecoins and central bank digital currencies (CBDCs) have a better chance of succeeding in...Read More
Imagine waking up and finding out that you’ve lost over 60% of your supposed savings. Last month, Investors lost more than 99% of their savings in the UST-LUNA collapse, which shook the entire Crypto space. Over $800 million worth of cryptocurrency long positions were liquidated in one day. This is due to the selloff caused...Read More
The catastrophic event sparked renewed effort from the global regulators to address key inefficiencies in the stablecoin market that many consider could potentially jeopardize financial stability. The UK government, for one, is introducing measures in a bid to protect investors against the potential collapse of stablecoins. Changing Existing Legislation In a consultation paper released on...Read More
One of the largest money transfer services in the world – MoneyGram – plans to enable users to send stablecoins and convert them to fiat currency. The company will collaborate with Stellar Blockchain to execute the move. In addition, CEO Alex Holmes shared his optimistic view on the crypto industry, predicting it is “here to...Read More
Vitalik recently shared his thoughts on the future of algorithmic stablecoins in the wake of TerraUSD’s failure. While he believes that skepticism and scrutiny of existing protocols is “highly welcome,” he says that recent attempts at permanently dismissing all automated stablecoins are unwarranted. A Better Model for Automated Stables TerraUSD (UST) – an algorithmic stablecoin...Read More
Crypto exchange Bybit collaborated with blockchain analytics platform Nansen to publish another monthly report on the state of the crypto industry. It focused on the broader market condition, DeFi activities, and NFT markets. The paper regarded Terra’s notorious collapse as fundamentally destructive to the nascent crypto community but beneficial to other Layer-one competitors since they...Read More
The recent havoc in the crypto market wreaked by Terra’s collapse has put stablecoins under the spotlight again. As of now, the next move by America’s top financial watchdog (the Securities and Exchange Commission) on crypto regulations remains unclear. An SEC Commissioner revealed in a recent interview that stablecoin regulations might not fall into SEC’s...Read More
Tether, the company behind the largest stablecoin by market capitalization USDT, has seen a reduction in the asset’s circulating supply after investors withdrew over $7 billion from it. Investors Losing Confidence in Stablecoins Data from CoinGecko shows that USDT’s circulating supply is currently at $75.9 billion, which is a reduction from around $83 billion a...Read More
The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate...Read More
Industry analytics firm DappRadar has just released a report on the situation, and it doesn’t look pretty. On May 13, the firm reported that DeFi’s total value locked (TVL) is down more than 40% over the past seven days. It stated that the slump had been caused by investors flipping tokens into stablecoins in preparation...Read More
The VeChain Foundation has published its Q1 report, stating that its treasury amassed $1.2 billion in cryptocurrencies by the end of the quarter, a slight drop from $1.38 billion as recorded in Q4 2021. Surprisingly, the foundation behind VeChain only spent roughly 4.1 million during the first three months of 2022 – mainly for business...Read More
Peirce, also affectionately known as ‘Crypto Mom,’ said that there might soon be movement on stablecoin regulations in the U.S. The comments came at an online panel debate hosted by the London-based Official Monetary and Financial Institutions Forum (OMFIF) policy think tank on May 12. “One place we might see some movement is around stablecoins,”...Read More
Tron founder Justin Sun has announced plans to launch a decentralized algorithmic stablecoin called USDD on the TRON blockchain network. In an open letter on Thursday (April 21, 2022), Sun revealed that USDD will be “a fully decentralized stablecoin underpinned by mathematics and algorithms.” According to the Tron founder, USDD will not rely on any...Read More
Circle Internet Financial, the issuer of USDC stablecoin, is planning to apply for a crypto bank license in the US in the near future. According to co-founder and CEO Jeremy Allaire, the company has been in talks with regulators on the issue since August 2021, when it first revealed plans to convert into a bank,...Read More
Tether Operations Limited, the operator of Tether.io, has announced the launch of USDT on Polkadot’s canary network – Kusama. The company said the move will enable developers to compose trustless applications across chains, communities, and networks. Tether on Kusama According to the press release shared with CryptoPotato, USDT will be deemed with the asset ID...Read More
Stablecoins are cryptocurrencies that usually peg 1:1 to fiat currencies like the US dollar. For every stablecoin in circulation, supposedly, there should be a $1 bill or its equivalents as redeemable in the reserves. The rising concern regarding the security of stablecoins has caught lawmakers’ attention. The US Lawmakers Ask for Transparency According to the...Read More
Fantom Foundation (FantomFDN) – a blockchain platform for DeFi, cryptocurrency dApps, and enterprise applications – designed a stablecoin called USDB. The product’s landscape encompasses Bridge, Traditional Finance, Staking, xFHM, Mint USDB, and USDBank. Details Around USDB The team behind USDB surmised the highlights from its latest event on Twitter. One of the details includes the...Read More
Founded in 1993, Voyager Digital offers numerous brokerage platforms for different assets, including cryptocurrencies. The company now wants to combine the world of crypto and equities by allowing investors to purchase the latter via Circle’s stablecoin – USDC. The report from Bloomberg informed that the feature will most likely see the light of day by...Read More
Currently, DAI is the fifth-largest stablecoin by market capitalization. Tether (USDT) may have continued to be the market leader after all these years, but DAI has the perk of being open-source and decentralized – something that’s sought after in the DeF community. DAI Ascends According to Makerburn, the total supply of MakerDAO’s DAI, a decentralized...Read More
The financial services company – Mitsubishi UFJ Trust – hopes to enhance its transaction system by utilizing blockchain technology for trading and a cryptocurrency for payments. As such, it will create a stablecoin tied to the value of the Japanese yen, claimed a new report. Mitsubishi’s Stablecoin According to a recent report by Nikkei Asia,...Read More
Financial services company Circle, the issuer of USDC, has enabled support for the dollar-backed stablecoin on the Flow network, making it the eighth integration for the second-largest stablecoin on a blockchain network. USDC Now on Flow Network Circle announced the news of the USDC support on Flow via a press release on Monday (January 31,...Read More
Although US authorities continue to dabble with the idea of issuing their own central bank digital currency, the Bank of America believes such a product is “inevitable.” Additionally, researchers from the large banking organization see stablecoins continue to flourish and take a massive role in the monetary system. Inevitable US CBDC? CBDCs are a growing...Read More
In an interview with CNBC’s ‘Squawk on the Street’ on Jan. 19, Paxos co-founder and chief executive Charles Cascarilla said that there will be plenty of changes in institutional appetite in 2022. “The amount of interest and the amount of mainstream adoption that I see coming is tremendous,” he said before adding that changes in...Read More
