Tag: stablecoin
Justin Sun’s USDD stablecoin is no longer supported by Bitcoin
After removing over $750 million worth of bitcoin backing the USDD stablecoin on Wednesday, Tron founder Justin Sun is reassuring users that they shouldn’t be concerned. Launched in 2022 as…
Algorithmic stablecoins: what are they? Important Elements and Their Danger
Important lessons learned A cryptocurrency known as a stablecoin is one that is based on the value of a real asset, such as gold or fiat money. Because such tokens…
Justin Sun suggests that Tron will launch a gasless stablecoin by year’s end, with Ethereum and EVM chains to follow
Justin Sun, the founder of Tron, revealed intentions on X to create a stablecoin that users may move between without having to pay gas fees. Rather, Sun claims that the…
Yield-Generating Stablecoin Lift Dollar Revealed via Paxos
The Lift Dollar (USDL), a yield-generating stablecoin authorized in the United Arab Emirates (UAE), has been released by cryptocurrency trading platform Paxos, the firm announced on Wednesday. The stablecoin is…
USDT currency balance rises to its highest point in a year
Exchanges are storing more USDT, or Tether,. Earlier this month, the 7-day moving average of the change in USDT held by exchanges hit $568 million, the highest level in a…
Venezuela’s PDVSA Turns to Cryptocurrency Amid Renewed US Sanctions
Amidst the resurgence of US oil sanctions, Venezuela’s state-controlled oil company PDVSA is ramping up its utilization of digital currencies for crude oil and fuel exports, as reported by Reuters….
Crypto wallet Zengo purchases Minke wallet, which focuses on stablecoins
Ouriel Ohayon, the CEO and co-founder of Zengo said that the deal talks started less than a month ago, and the acquisition happened quickly after. “Minke was looking for a…
U.S. Senators Propose New Stablecoin Regulation Bill
U.S. Senators Kirsten Gillibrand and Cynthia Lummis have introduced a new bill aimed at regulating stablecoins in collaboration with the Federal Reserve and the New York State Department of Financial…
Senators in the US unveil a new stablecoin law
The bill was created in collaboration with the Federal Reserve and the New York State Department of Financial Services, according to a press statement. To support their tokens, stablecoin issuers…
Umoja and Merlin Chain Collaborate to Launch Bitcoin’s First High-Yield Synthetic Dollar
The smart money protocol Umoja has announced a partnership with the Bitcoin layer two (L2) project Merlin Chain to introduce a groundbreaking high-yield synthetic dollar backed by Bitcoin. This new…
Amid the volatility in the cryptocurrency market on Saturday, USDE and FDUSD saw brief depegs
The stablecoin market is under scrutiny once more after the USDE and FDUSD momentarily dropped below the intended peg. Both Ethena’s USDE and First Digital’s FDUSD dropped below their goal…
Circle Introduces USDC Smart Contract Support for BlackRock BUIDL Investors
Circle, the issuer of the stablecoin USDC, has launched smart contract support for investors in the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). This new feature allows BUIDL investors to…
CEO of Cantor Fitzgerald supports tokenization and stablecoins
“Dollar hegemony is essential to the US Constitution.” At the Chainalysis conference in New York, Lutnick stated, “It matters to us, to our economy,” reiterating his support for stablecoins with…
Russian Fintech Ventures Embrace Digital Ruble Initiative
Russian fintech startups have embarked on a journey to participate in the digital ruble pilot program initiated by the country’s Central Bank, signaling a significant step in the development of…
Sony Bank Explores Stablecoin Trial on Polygon Blockchain
Sony Bank, the banking division of the renowned Japanese entertainment conglomerate, has initiated a proof-of-concept endeavor to introduce its own stablecoin pegged to fiat currency, as reported by Nikkei. This…
EU Unveils Guidelines for Addressing Complaints from Stablecoin Issuers
The European Union (EU) has unveiled preliminary rules aimed at facilitating the resolution of complaints from stablecoin issuers within the bloc’s regulatory framework known as Markets in Crypto Assets (MiCA)….
Hong Kong Unveils Regulatory Sandbox for Stablecoin Issuers
The Hong Kong Monetary Authority (HKMA) has announced the launch of a regulatory sandbox aimed at fostering future regulations for stablecoin issuers, marking a significant step in the government’s efforts…
BIS Outlines Regulatory Framework for Global Stablecoins
The Bank for International Settlements (BIS) has put forth comprehensive recommendations for the regulation, supervision, and oversight of global stablecoins (GSCs). The move comes in response to the increasing adoption…
Seneca Stablecoin Protocol Hit by $6 Million Exploit Due to Smart Contract Vulnerability
In a significant setback, the stablecoin protocol Seneca fell victim to an exploit, resulting in a substantial loss exceeding $6 million across Ethereum and Arbitrum networks. The exploit’s origins were…
Hong Kong Seeks Public Input on Proposed Stablecoin Legislation
The Hong Kong Monetary Authority (HKMA) and the Financial Services and Treasury Bureau (FSTB) have initiated a public consultation on potential stablecoin legislation, signaling a significant step in the region’s…