Users can convert eUSD to peUSD, which aims to be friendlier for high-frequency traders – a term that describes a wide range of automated trading firms, including market makers and other vital liquidity providers – that use decentralized finance protocols, said 0xP, Lybra’s pseudonymous head of commercial partnerships. Source
“To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CoinDesk in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis.” Source
“While staying true to the investment objectives of the Funds, we believe that commencing ETH staking offers the best of both worlds to our investors – providing additional yield while eliminating the complexities of directly handling digital assets,” Fred Pye, Chairman and CEO of 3iQ, said in a statement. Source 3iQCanadianCoinbaseETFETHIssuerOfferStakingWork CryptoX Portal
Following the issuer’s decision to temporarily halt mints and redemptions through its banking partner, Prime Trust, a trader has taken advantage of the situation by initiating an on-chain short position on the stablecoin TrueUSD (TUSD). According to on-chain data, an Ethereum user utilized Aave’s V2 lending platform by depositing 7.5 million USDC, a stablecoin, as collateral. They then borrowed 4 million TUSD, another stablecoin, and promptly sold it for USDC. This strategy of borrowing and immediately selling is frequently employed to establish a short position on a particular asset. Earlier…
As of June 20, Circle added $2.2 billion of T-bills to the fund, while repos constituted some 90% of the fund’s $24.7 billion in assets, according to BlackRock’s website. The company held an additional $3.5 billion in bank deposits, the “vast majority, over 90%” stored at the Bank of New York Mellon, Fox-Geen said. Source
Tether Holdings Limited, the Hong Kong-based company and the issuer of USDT, the world’s largest stablecoin by circulating supply, has frozen an account holding over $4.1 million of the token on Ethereum, on-chain data on June 19 reveals. Tether freezes $4.1 million of USDT on Ethereum Tether froze $4.11 million of USDT on June 19 without explaining, records captured by WhaleAlert on the same day reveal. On Etherscan, an analytics platform for tracking ethereum (ETH) and Ethereum-based tokens, records show that the USDT issuer had marked the wallet as frozen. At the same…
Stablecoin-issuer Tether has published a lengthy response to reports that the reserves of Tether (USDT), one of the largest stablecoins, once included securities issued by Chinese companies. On June 16, mainstream media outlets including Bloomberg reported that the company once used held securities issued by Chinese state-owned firms. Bloomberg cited documents released by New York’s Attorney General (NYAG) and highlighted that USDT was once backed by securities from firms like the Industrial & Commercial Bank of China, China Construction Bank Corp. and Agricultural Bank of China. Everything You Need To…
The appointment comes as a House committee weighs a stablecoin bill that would appoint the Federal Reserve as crypto issuers’ primary regulator, and increase oversight of token issuances. At the same time, federal regulators have executed enforcement actions against key crypto industry players such as Coinbase, which alongside Circle co-founded the Centre Consortium, a member-based organization that manages USDC issuances. Source
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While the biggest stablecoins, Tether’s USDT and Circle Internet Financial’s USDC, are backed by conventional assets like U.S. Treasurys, those backed instead by crypto assets have had mixed success. MakerDAO’s DAI, which is collateralized by a combination of Ethereum-based tokens, stablecoins and real-world assets such as U.S. government bonds, has accumulated about $4.6 billion of market capitalization. Meanwhile, Do Kwon’s UST – which was backed by his LUNA token – collapsed spectacularly a year ago. Source