Donald Trump’s latest foray into cryptocurrency, World Liberty Financial (WLF), is said to be preparing to issue its own stablecoin as part of an ambitious expansion plan. The news comes even as the project’s recent sale of its native token, WLFI, has only secured about $14 million from slightly more than 16,000 buyers. WLF Stablecoin...Read More
Fintech giant Stripe has finalized a deal to acquire stablecoin platform Bridge for $1.1 billion. This purchase marks the largest acquisition in the crypto industry to date. Record $1.1 Billion Deal TechCrunch founder Michael Arrington revealed the news in a post on X, stating, “This deal is done. $1.1b.” Bridge, co-founded by Sean Yu and...Read More
Stablecoin giants like USDT and USDC continue to strengthen their hold on the market, expanding their dominance and market share. However, a new contender is making waves – PayPal’s PYUSD. While still relatively smaller, this emerging stablecoin is gaining momentum, signaling a potential shift, as per recent data. Stablecoin Power Shift? According to a report...Read More
The stablecoin market is growing, increasing liquidity and stabilizing the crypto space. This growth can be seen in the two largest stablecoins, Tether USD (USDT) and USD Coin (USDC), which are now responsible for a large portion of the crypto market’s transaction volume. A tweet by the decentralized finance analysis platform IntoTheBlock revealed that USDT...Read More
Crypto payments company Ripple has revealed its preliminary exchange and market maker partners for the launch of its dollar-pegged stablecoin Ripple USD (RLUSD). The exchange partners are Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold. In addition, B2C2 and fellow market maker Keyrock will provide liquidity support for RLUSD. Advisory Appointments “With our initial...Read More
The leading stablecoin issuing company, Tether, is celebrating its tenth anniversary and a decade of innovation that has contributed to the advancement and development of the digital asset landscape. According to a press release by Tether, the crypto firm will commemorate the anniversary by releasing a documentary titled “Stability and Freedom in Chaos.” The documentary...Read More
Stablecoin dynamics are flashing positive, reaching record highs and boosting liquidity within the crypto market. As historical data shows, this is good news for bitcoin (BTC) and the entire crypto industry because more liquidity often correlates with higher prices. A recent CryptoQuant report revealed that the total market capitalization of major USD-backed stablecoins now stands...Read More
South Korea’s Ministry of Strategy and Finance announced on October 8 that it is reviewing measures to regulate stablecoins more strictly. This decision comes amidst increasing criticism that stablecoins are emerging as a hidden threat in the foreign exchange landscape due to inadequate government oversight. Rising Cross-Border Use and Industry Criticism According to local media...Read More
A Coinshares report has revealed that the role of Ethereum (ETH) in crypto is being shaped by two main pillars: marketplaces and stablecoins. However, while the network is making waves in these areas, the path forward for new applications remains unclear. Decentralized Exchanges Dominate The report, released on September 24, indicated that marketplace and stablecoins...Read More
Vitalik Buterin, co-founder of Ethereum, took to social media platform X to commend Celo’s growth. The blockchain network recently outpaced Tron in daily active addresses for stablecoin usage. Celo’s Growth In his post, Buterin expressed enthusiasm for the achievements, stating: “This is amazing to see. Improving worldwide access to basic payments and finance has always...Read More
Palo Alto-based crypto custody firm BitGo has launched a new stablecoin, USDS, that is set to go live in January 2025. The company says the stablecoin will be fully backed by U.S. dollars through a mix of short-term Treasury bills, overnight repos, and cash in a bid to ensure liquidity and minimize risk. New Approach...Read More
Think stablecoins are just a vehicle for anonymous crypto trading? A new survey from Castle Island Ventures would suggest otherwise. In a report sponsored by Visa, the firm showed that crypto users in five developing countries – Nigeria, India, Indonesia, Turkey, and Brazil – are turning to stables largely as a means of payment and...Read More
The Tether network quietly achieved a 5-month high in new wallet creation, surpassing 31.3K addresses in a single day, and the highest since March 2024. This surge has coincided with rising network growth in Multi Collateral Dai, indicating a broader trend across stablecoins. According to Santiment’s analysis, 732 new DAI wallets were created, representing the...Read More
Stablecoins have reached an all-time high market cap of $169.57 billion following nearly a year of uninterrupted growth. Leading assets such as Tether’s USDT and Circle’s USDC have seen a significant resurgence this year, in addition to a newcomer. Stablecoin Market Cap Surge Data compiled by DefiLlama revealed that this is the highest market cap...Read More
In a post on X on Aug. 15, ETF Store president Nate Geraci cited a report stating that Fidelity’s digital asset management division was evaluating stablecoins and tokenized treasury products. He added that the firm is also reportedly researching on-chain credit and structured products before commenting that the “space is moving *fast*.” Head of Fidelity...Read More
The total stablecoin market capitalization grew by 2.11% in July, reaching $164 billion, according to CCData. This marks a ten-month consecutive ascent for major stablecoins, with their market dominance increasing to 6.93%. Tether Reaches New Peak Tether, the largest stablecoin by market cap, saw a 1.61% increase to $116 billion, setting a new all-time high....Read More
The MiCA regulation has created an increased demand for compliant stablecoin, with Circle’s USDC emerging as a primary beneficiary of the trend. In fact, USDC is leading the demand for regulated stablecoins, according to French blockchain analytics firm Kaiko. Increased Demand For USDC After MiCA In its latest report, Kaiko revealed that non-compliant stablecoins account...Read More
Bitcoin’s price has stagnated since its March peak due to tight U.S. monetary policy, which has reduced stablecoin supply, according to CryptoQuant analysts. “The reason for Bitcoin’s inability to rally further is fundamentally due to the tightening monetary policy in the U.S. since March 2022,” they reported on July 3. As a result, the overall...Read More
With Bitcoin trading sideways over the past few months, traders are waiting for their signal to re-enter the market before crypto reclaims its bullish momentum from earlier this year. In a Wednesday memo, an analyst from CryptoQuant highlighted one signal worth looking at: stablecoin liquidity. Stablecoins: The Key To Driving Bitcoin Higher “The bottom line...Read More
Stablecoins have witnessed significant growth this year. Among them, USDT remains a leader, but other ones, such as Circle-backed USDC, are also seeing considerable activity. As such, USDC’s recent deposits to centralized crypto exchanges could signal investors buying the dip amidst several market corrections in recent weeks. USDC Deposits Surge According to IntoTheBlock’s Head of...Read More
The crypto market is in the red amid significant bloodshed from bitcoin (BTC) and altcoins. There is currently no bullish momentum, and BTC is hovering around key levels, falling below traders’ on-chain realized price of $65,800. Regardless, CryptoQuant analysts insist in a recent report that the market is in a bull season. Lack of Bullish...Read More
According to Token Terminal data, the monthly stablecoin transfer volume surged to over $1.68 trillion in April, marking a significant increase from the $100 billion recorded in October 2020. This 16-fold rise highlights the potential of stablecoins in enhancing financial processes and facilitating cross-border transfers. Record-Breaking Stablecoin Volumes In a recent post on X, Token...Read More
Circle CEO Jeremy Allaire has stated that stablecoins could account for 10% of “global economic money” within the next decade or so. Allaire shared his vision in a June 19 X post, revealing the biggest reasons he’s “more optimistic” about crypto and stablecoins than ever before. Stablecoins Could Revolutionize Global Economy Allaire noted that stablecoins,...Read More
On June 17, Tether CEO Paolo Ardoino announced aUSDT, a new synthetic dollar over-collateralized by XAUt, Tether’s gold-backed digital asset. In a post on X on June 18, industry analyst and stock-to-flow creator Willy Woo said it was “A genius business idea by Tether.” Tether’s USDT is currently earning on U.S. Treasury Bills, but now...Read More
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by 65 individuals, Bloomberg reported Thursday, citing an internal email. According to the report, Paxos’ chief executive officer and co-founder Charles Cascarilla said the reduction in headcount would allow the company to capitalize on future opportunities in the tokenization and...Read More
Polygon has witnessed a remarkable surge in its stablecoin market capitalization this quarter. According to the latest report from Messari, the Ethereum Layer 2 solution’s stablecoin market cap soared to a whopping $1.5 billion, reflecting a significant 19% increase on a quarter-over-quarter basis. Stablecoin Adoption on Polygon Soars Tether’s solidified its position as the dominant stablecoin...Read More
In May 2024, the stablecoin ecosystem rebounded, achieving a market capitalization of $161 billion, marking a 0.63% increase from the month’s outset. According to CCData, this marks the highest level since April 2022, following eight months of steady growth. Tether Dominates as Stablecoin Market Rebounds While the stablecoin market has been surging, its dominance slightly...Read More
Nearly a year after launching on Ethereum, PayPal’s stablecoin PYUSD is being introduced on the Solana blockchain. This move will enable users to choose between multiple blockchain networks, providing greater flexibility and control over their transactions and holdings. PayPal Brings PYUSD to Solana According to the official announcement, PayPal highlighted Solana’s ability to handle a...Read More
On May 7, the crypto oracle solutions provider announced that RD Technologies was integrating Chainlink CCIP and Proof of Reserve to power its Hong Kong dollar stablecoin. Chainlink’s Cross-Chain Interoperability Protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and easier access to the new stablecoin. Additionally, the firm is also...Read More
Earlier this week, the largest stablecoin issuing company, Tether, revealed that it made more than $4.52 billion in net profit in the first quarter of 2024. With the firm having expanded its operations recently, a substantial portion of the profits came from its long-standing businesses and not the newly formed divisions. Tether revealed in an...Read More
