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...Read More
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...Read More
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”...Read More
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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
The stablecoin ecosystem has also been impacted by America’s war on crypto, with a clear divergence happening between the top two issuers. Tether supply has reached an all-time high of 83.36 billion USDT, according to the firm’s transparency report. Industry analyst Will Clemente commented: “The divergence from USDC is striking, reflecting easier access to treasuries...Read More
Tether (USDT), the world’s largest stablecoin, achieved a groundbreaking milestone by surpassing its previous all-time high market cap of $83.2 billion, a record set back in May 2022. This remarkable feat further cements Tether’s unrivaled dominance in the rapidly expanding stablecoin market, which currently totals an astonishing $130 billion, with USDT’s market cap surpassing the...Read More
Chinese police have reportedly arrested and detained some employees of Trust Reserve, the company behind the yuan-backed CNHC stablecoin. According to a report from local media PANews, the Trust Reserve’s core team was apprehended at noon on May 29, and their family members have been notified. Police Arrest CNHC Issuance Team Representatives for PANews visited...Read More
Stably – a stablecoin-as-a-service provider and fiat to crypto on-ramp – has launched the first-ever dollar-pegged stablecoin issued directly on the Bitcoin blockchain. The token, Stably USD ($USD) is based on the emerging BRC-20 token standard around which many Bitcoin-based memecoins popularized earlier this month. Stably USD and the Meme Economy Per a tweet from...Read More
The European Systemic Risk Board (ESRB) published a report on Thursday outlining the top 3 nightmare scenarios in which a crypto industry crisis could bleed in and pose “systemic risk” to the broader financial system. The top risk listed is a potential run on a “large reserve-backed stablecoin,” such as Tether (USDT) or USD Coin...Read More
The authorities of New York state proposed certain amendments to the law that could allow residents to settle bail bonds in stablecoins instead of fiat currency. The bill could become official six months after the relevant regulators greenlight it. Domestic lawmakers have previously introduced legislation that aims to make certain cryptocurrencies an official means of...Read More
Societe Generale’s crypto arm – SG Forge – has announced the launch of a stablecoin pegged to the euro on Ethereum, dubbed EUR CoinVertible. The latest offering will be accessible to only those institutional investors qualified on the basis of Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. The EURCV Stablecoin According to the...Read More
Democrats blasted draft legislation regarding stablecoins on Wednesday for not being as “bipartisan” as initially planned. The bill, created by Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.) last year, was praised by Republicans, but criticized by their left-wing counterparts as ‘outdated.’ Starting From Scratch The House Financial Services Committee published a draft version of...Read More
TrueUSD (TUSD) has emerged as the fifth largest stablecoin by market cap after Binance began using the token as its dollar-pegged crypto of choice in late February. Last week, the BTC/TUSD trading pair surpassed 50% of Binance’s Bitcoin trading share, overtaking BTC/USDT. Is TUSD Tether’s Next Rival? According to an analysis from crypto market data...Read More
On April 12, Andrew Bailey, governor of the Bank of England, stated during a press conference at the Institute of International Finance in Washington that stablecoins should be regulated in the same way as fiat money. According to Bailey, stablecoins lack an “assured value,” one of the main characteristics that people look for when investing...Read More
The banking sector could potentially undergo a much-needed revamp, but until then, investors appear to be scrambling for a safety net. As the traditional financial world is rocked by the Credit Suisse chaos and the failure of a series of US banks, investors have flocked to the largest stablecoin, Tether (USDT). The turmoil has once...Read More
The USDC depeg caused significant turmoil in the market last week. The stablecoin issuer Circle claimed that it has cleared “substantially all of the backlog of minting and redemption requests for USDC.” In a recent statement, Circle said it had redeemed $3.8 billion of USDC tokens over the period and minted $800 million. The Boston-headquartered...Read More
Arthur Hayes, the co-founder of cryptocurrency derivative trading platform BitMEX, has proposed a new type of stablecoin, NakaDollar (NUSD), which would be backed by bitcoin (BTC) and bitcoin derivatives. Hayes noted in a blog post that, unlike a majority of already existing stablecoins, including Tether USD (USDT), USD Coin (USDC), and Binance USD (BUSD), NUSD...Read More
A new study by digital asset data provider Kaiko has found that Silvergate’s decision to shut down its instant payments network will likely boost stablecoin adoption among investors in crypto trading. Last week, Silvergate Capital announced the closure of its payments network, SEN, which crypto exchanges and investors used to move large amounts of U.S....Read More
Babel Finance co-founder Yang Zhou is banking on a new stablecoin to pull the troubled crypto lender from the financial crisis. Last June, Hong Kong-based project was one of the three prominent firms that floundered, forcing it to halt withdrawals. The company’s proprietary trading desk directed customer funds worth $766 million to risky trading activities....Read More
In a post-FTX world, it’s really hard being a crypto executive. Not only are your bags empty and revenues down, but you also have United States financial regulators breathing down your neck with subpoenas one day, and lawsuits the next. It’s understandable, then, why industry leaders like Brian Armstrong may wish to present themselves to...Read More
Following the most recent crackdown by the US Securities and Exchange Commission against several crypto companies, Jeremy Allaire opined that the agency is not the best fit to oversee stablecoins in particular. He believes these assets are part of the banking sector, thus, they need to be regulated by another watchdog in the States. The...Read More
Calls for more transparency in the process of crypto regulation in the U.S. are mounting. The latest to join the trend is the Blockchain Association, with the spate of enforcement action continuing as the Securities and Exchange Commission ramps up its war on crypto. On Feb. 22, Blockchain Association CEO Kristin Smith told Bloomberg that...Read More
Major blockchain infrastructure platform Paxos Trust Company is holding discussions with the US Securities and Exchange Commission (SEC) concerning Binance stablecoin BUSD, according to a report by Reuters. The company earlier received a notice from New York authorities to cease minting BUSD. According to Reuters on Tuesday (Feb. 21, 2022), Charles Cascarilla, CEO of Paxos,...Read More
The Financial Stability Board (FSB) has revealed that many stablecoins will not meet the standards stipulated in its recommendations for crypto asset regulations that will be released later this year. The regulator noted that the recommendations would be aimed at maintaining effective “stabilization” mechanisms and strengthening redemption rights. The FSB is a global organization that...Read More
Binance has started minting True USD (TUSD) in response to a U.S. regulatory crackdown on its own stablecoin BUSD. On Feb. 16, the world’s largest crypto exchange minted 50 million TUSD, according to blockchain sleuths. True USD was launched in 2018 and listed on Binance in May of that year. TUSD is the sixth largest...Read More
Following the SEC crackdown on Kraken last week and its subsequent threat of action against BUSD issuer Paxos, rumors have been flying about Circle being next. Crypto Twitter was awash with unfounded claims that Circle had been issued a Wells notice by the SEC. A Wells notice is a threat of legal action giving the...Read More
