stablecoins

Stablecoin Market Cap Hits New All-Time Low Following 18-Month Downtrend: Binance

With the global cryptocurrency market struggling with the bears seemingly in control, stablecoins are also facing a tough time. Over the past 18 months, the stablecoin market capitalization has experienced a consecutive decline in valuation, Binance’s research division revealed. Stablecoin Market Cap Drops to $123.8B Citing on-chain analysis on the blockchain price tracking platform DeFiLlama,...
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DeFi Protocol Linear Finance Suffers Liquidity Drain in LUSD Token Attack

Decentralized finance (DeFi) protocol Linear Finance has fallen victim to an attack that resulted in the complete depletion of liquidity in its Linear USD (LUSD) token. Following the incident, Linear Finance’s team apologized to the community and implemented various safety measures. LUSD Price Collapses to Zero On Sept. 21, Linear Finance announced it had experienced...
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PayPal’s PYUSD Stablecoin Launches On Venmo

After announcing its new payment stablecoin last month, PayPal revealed on Wednesday that Paypal USD (PYUSD) is now available to Venmo users for transacting with peers. Initially available to “select users,” access will expand to all Venmo users in the coming weeks, according to the company’s announcement. Venmo, a mobile payments app owned by PayPal,...
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Chainalysis: Nigeria’s Economic Struggles Fuel Grassroots Crypto Adoption

Sub-Saharan Africa is the region with the smallest cryptocurrency economy, representing only 2.3% of the global transaction volume from July 2022 to June 2023. During this period, the region accumulated an estimated $117.1 billion in on-chain value. No country exemplifies this better than Nigeria, according to blockchain Chainalysis, which ranks second overall on the blockchain...
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Coinbase CEO Dives Into Future Aspirations and Crypto Regulation

In a recent interview with Yahoo Finance, Coinbase CEO Brian Armstrong shared insights into the company’s plans and its interest in flatcoins. Armstrong also shared more details on the future of cryptocurrency and the necessary next steps amid growing regulatory scrutiny. Armstrong Discusses Coinbase’s Future Plans Coinbase’s exec talked about ‘flatcoins’ in the interview, which...
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USDC Launches on Base And Optimism

On the 29th of August, Jeremy Allaire – the CEO of Circle, the company that mints and holds governance over USDC – announced that the popular stablecoin would be coming to Base and Optimism within a week. The launch was part of Circle’s plan to improve the utility of USDC by bringing the stablecoin to...
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Crypto Funds See Large Outflows as Investors Lose Confidence in the Market: Bitfinex

The 70th edition of a weekly report by cryptocurrency exchange Bitfinex revealed that digital asset funds are seeing large outflows as investors lose confidence in the market. According to the paper, crypto funds have experienced the most significant outflows since March, as the U.S. Securities and Exchange Commission (SEC) continues to delay the long-awaited spot...
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Balancer Drained for Almost $1M Days After Disclosing Vulnerability

On the 22nd of August, Balancer Labs – a non-custodial portfolio manager, liquidity provider, and price sensor – received reports of a massive vulnerability affecting several of its lending pools. At the time, no attacks had been carried out – but that changed recently. Community Alerted As soon as the exploit was discovered, Balancer devs...
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Circle’s USDC Stablecoin Coming to Coinbase’s Base Next Week

After two years of split governance, the cooperation between the two companies has culminated in a new agreement, with Coinbase even acquiring a minority stake in Circle. Earlier this summer, Circle shared plans to upgrade USDC’s technical capabilities in order to pave the way for present and future projects – and the release of the...
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Binance to Discontinue BUSD Support in Q1 2024

Crypto exchange giant Binance will stop support for BUSD by 2024 after Paxos halted minting the stablecoin following a regulatory clampdown. The firm, meanwhile, has asked users to convert their BUSD to FDUSD, a stablecoin recently listed on the Binance platform. Binance, in an announcement on Aug. 31, revealed that it will delist BUSD spot...
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Coinbase Joins Crypto Exchanges In Listing PayPal’s Stablecoin PYUSD

Coinbase has announced that it will start trading in PayPal’s newly launched stablecoin, PYUSD, on Aug. 31, provided that liquidity conditions are met. Trading will begin on or after 9AM PT on 31 August 2023, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our PYUSD-USD trading pairs will...
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Stablecoins Settled as Much Value as Visa in 2022: Analysis

Stablecoin payment adoption continued to thrive last year despite massive capital outflows from the crypto market at large, according to a new report from European hedge fund manager Brevan Howard. Analysts found that the stablecoin market settled over $11 trillion in value in 2022 and that over 25 million blockchain addresses held over $1 in...
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Stablecoin Pegged to the Colombian Peso Targets Multi-Billion Dollar Market

Although the lion’s share of the stablecoin market is occupied by USD-pegged assets – with a smaller subset of such pegged to the euro – companies all over the world have started launching stablecoins pegged to their native currencies in a bid to offer companies and consumers an alternative to traditional payment services. One of...
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Singapore’s Central Bank Unveils Stablecoin Regulation as Global Trailblazer

Following last year’s stablecoin implosion, international leaders have emphasized the importance of setting up global regulations and norms for this sector. Despite such calls, only a few have taken concrete steps to enact these measures. In contrast, Singapore’s central bank has taken a proactive approach by introducing a structured framework, outlining various prerequisites, aiming to...
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Zunami Protocol Exploited for Over $2 Million, Native Stablecoin (UZD) Plunges 99%

On the 13th of August, DeFi project Zunami Protocol was attacked by bad actors, resulting in an estimated loss of $2.1 million. A decentralized revenue aggregator project allowing users to stake stablecoins for yield, the exploit of Zunami focused on its Curve pools, adding one more victim to the list of protocols affected by the...
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Federal Reserve Launches New Program to Oversee Crypto Activities of Banks

On Aug. 8, the Federal Reserve elaborated that “novel activities” included complex, technology-driven partnerships with non-banks. These partnerships provided banking services to customers and activities that involve cryptocurrencies and blockchain technology, it stated. @federalreserve provides additional information on its program to supervise novel activities in the banks it oversees: https://t.co/6MiItQwO7V — Federal Reserve (@federalreserve) August...
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PayPal Launches USD Stablecoin For Payments and Transfers

Global payments giant PayPal has deepened its footsteps into the crypto industry by launching a dollar-backed stablecoin dubbed PayPal USD (PYUSD). The move makes PayPal one of the first large U.S. financial companies to launch its own stablecoin despite regulatory uncertainty around crypto assets in the country.  As a USD-pegged stablecoin, PayPal USD maintains a...
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CZ Sheds Light on Binance’s Plans About Launching its Own Stablecoin

The Chief Executive Officer of Binance – Changpeng Zhao (CZ) – said one reason why his company recently introduced the stablecoin FDUSD is the terminated partnership with Paxos. While the two entities teamed up in 2019 to launch the USD-denominated BUSD, the New York state regulators told Paxos to stop minting new tokens earlier this...
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Curve Finance Hacker Returns $5.4 Million, But CRV Dumps 15%

On July 30, Curve Finance suffered exploits on a number of its stable pools that were using Vyper, which is a smart contract programming language for the Ethereum Virtual Machine (EVM). Curve alerted its users that alETH, msETH, and pETH stable pools using Vyper 0.2.15 have been exploited “as a result of a malfunctioning reentrancy...
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Republicans Blast White House For Failure To Compromise On Stablecoin Bill

The House Financial Services Committee (HFSC) failed to reach an agreement for stablecoin legislation on Thursday due to a number of disagreements Democrats had with its existing text. Committee Chair Patrick McHenry (R-NC) blamed the White House for holding up the bill, while Democrats alleged that Republicans were attempting to rush incomplete legislation. No Compromise...
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Ripple (XRP) Forms New Partnership to Foster Stablecoin Adoption

Stablecoins and central bank digital currencies (CBDCs) have been an ongoing point of discussion for a while now. Ripple – the company behind one of the world’s largest cryptocurrencies, XRP – has entered into a new partnership aimed at fostering support for both. According to a recent blog post, Ripple partnered with a company called ...
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Stablecoin Dominance Tumbles Despite Tether (USDT) Notching Record High Market Cap: Report

The stablecoin market witnessed a declining market capitalization for the 16th consecutive month. According to the latest crypto analytics platform, CCData, the figure fell by 0.82% to $127 billion in July, hitting the lowest level since August 2021. The market cap dominance of stablecoins also plummeted to 10.3% from 10.5% in July. On the brighter...
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Aave Stablecoin GHO Launches to Mainnet on Ethereum

Over the weekend, the Aave DAO successfully launched the GHO stablecoin on the Ethereum mainnet. The dollar-pegged stablecoin was proposed in July 2022 as a way to allow users to mint GHO by supplying crypto collateral to Aave v3 in a similar system to MakerDAO’s DAI. The Aave DAO has successfully launched @GHOAave on the...
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Hong Kong Dollar Stablecoin to Compete with USDT and USDC Proposed: Report

On July 4, the Vice President of Hong Kong University of Science and Technology, Cai Wensheng, penned a proposal for an HKD stablecoin. The policy proposal was also made by Wang Yang, Lei Zhibin, and Wen Yizhou but was not endorsed by the Hong Kong government. The academics have a vision for a local currency...
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Paxos Gives USDP Stablecoin Access to Mexico With Mercado Libre Partnership

Blockchain fintech company Paxos has announced partnering with online marketplace Mercado Libre to bring the Pax Dollar (USDP) stablecoin to users in Mexico. Transactions will be facilitated by MercadoPago, which happens to be a digital wallet app by Mercado Libre. The latest move is part of Paxos’ vision to position itself as an “established leader”...
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Japan’s Biggest Bank Might Launch Global Stablecoins (Report)

Mitsubishi UFJ Financial Group (MUFG) – the largest finance institution in Japan – is reportedly considering issuing global stablecoins via its blockchain platform.  The bank has previously revealed plans to introduce such tokens tied to the value of the Japanese yen.  MUFG’s New Crypto Idea As reported by Bloomberg, the entity is in talks with industry...
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Federal Reserve Chairman Refers To Stablecoins As A “Form Of Money”

Stablecoins are a “form of money” over which the central bank ought to have some level of authority, said Federal Reserve Chairman Jerome Powell before Congress on Wednesday. The chairman also confirmed that the Fed does not intend to directly issue a Central Bank Digitial Currency (CBDC) in the United States.  During a hearing related...
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UK House of Lords Approve Crypto Regulatory Bill

The UK’s Financial Services and Markets Bill (a proposed legislation that touches upon traditional monetary services and cryptocurrencies) has moved forward after the Parliament’s upper chamber – the House of Lords – gave its nod.  It will now enter into final reading, where the House of Commons is authorized to make amendments. The legislation can...
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USDC Dethrones USDT as the Most Liquid Stablecoin on Centralized Exchanges: Data

An analysis by crypto market data provider Kaiko revealed that USD Coin (USDC) is currently the most liquid stablecoin on centralized exchanges (CEXs), with approximately $38 million bids preventing a .1% price deviation of the asset. USDC’s liquidity is followed by that of Tether (USDT), Binance USD (BUSD), True USD (TUSD), and Dai (DAI). The...
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Stablecoin Race: DAI Surpasses BUSD Amid Binance-SEC Regulatory Row

DAI stablecoin, with a circulation of around $4.6 billion, has surpassed BUSD amidst mounting legal troubles for the world’s largest crypto exchange, Binance. The market capitalization of BUSD has declined to $4.3 billion following the regulatory drama that started earlier this year. According to data from CoinMarketcap, BUSD circulation is down over 70% since the...
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