It appears that U.S. lawmakers have bigger fish to fry as stablecoin and crypto regulations remain on the back burner. During a financial conference on Oct. 18, representative Jim Himes said that the bill will not happen this Congress due to upcoming elections. “It’s probably not happening in early 2023,” Himes said as frustrations mount...Read More
A new study shows that over 18% of all crypto received by Eastern Europe comes from addresses associated with risky or illicit activity, far more than any other region. With the biggest news in the region being Russia’s invasion of Ukraine, both countries have seen a steady increase in cryptocurrency transfers. Prominent blockchain intelligence company,...Read More
When stablecoins are sent to exchanges in large quantities, it is usually a signal that institutions are preparing to buy. It has not happened yet, as stablecoins such as USDC have been leaving exchanges as the bear market deepens. On Oct. 8, CryptoQuant CEO Ki Young Ju observed that 94% of the USDC supply is...Read More
The decentralized stablecoin protocol MakerDAO has committed to converting $500 Million of its DAI reserves into bonds and U.S. treasuries. This marks the decentralized autonomous organization (DAO)’s the first investment in high-quality government debt. As MakerDAO explained over Twitter, MKR holders voted to deploy its peg stability module’s USDC on liquid bonds, using its recently...Read More
Two weeks ago, Celsius filed a motion asking for approval to sell stablecoins currently in its possession. At the time, a preliminary investigation did not find any reasons to deny the request outright – even though the cash generated by the sale would be used to fund Celsius’ operations, not pay back creditors. Further deliberation...Read More
Mhel Plabasan – a top executive at Bangko Sentral ng Pilipinas (the central bank of the Philippines), said the institution is highly in favor of stablecoins as they can aid the monetary system and ensure “affordable and faster” cross-border transactions. The organization also plans to launch a pilot version of its CBDC by the end...Read More
Circle is expanding its reach into other blockchains to maintain its influence in the crypto market after Binance and WazirX delisted its stablecoin USDC. This September 28, Circle Internet Financial, the firm behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is working on expanding into five major blockchains. Specifically, Circle plans to...Read More
Some blockchain projects have to deal with hackers, and others, like Alcala, have to deal with their own developers. A “human error” a few weeks ago almost killed the whole project. Still, thanks to the mutual effort of the community and the developers, the problem has been solved —kind of. On September 26, Acala network...Read More
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
