Tag: Stablecoin

Eco acquires stablecoin shopping app Join

With $95 million in funding, Eco plans to deliver on crypto’s promises of mass adoption and reliable decentralized payments inclusive of existing mainstream platforms.  Eco, the builders behind Ethereum layer-2 wallet Beam, announced its acquisition of the stablecoin-based shopping app Join to bridge the gap between major merchants like Amazon, Shopify, and crypto users.  Beam Wallet from Eco is a self-custody wallet allowing users to make payments on Ethereum L2 networks like Coinbase’s Base and Optimism, with features like account abstraction that unlock advanced security and recovery pathways. The Eco…

Emerging Bitcoin stablecoin poised to challenge market leaders, CoinShares reports

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CoinShares analysts anticipate the emergence of a Bitcoin-based stablecoin in 2024, which could potentially rival existing stablecoins in terms of transaction speed and cost efficiency. The development, highlighted in CoinShares’ latest outlook report released on Jan. 22, authored by the firm’s head of Bitcoin research, Christopher Bendiksen, and analyst Matthew Kimmel, suggests that 2024 will be a crucial year for Bitcoin in the stablecoin market. They predict the introduction of a Bitcoin project aimed at competing in the modern stablecoin sector, designed to be user-friendly and easily accessible. Bendiksen and…

Solana Stablecoin Volume Reaches Record High Of $300 Billion In January

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According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone in terms of the transfer volume of stablecoins this month. Solana Overtakes Tron In Stablecoin Transfer Volume Data from the blockchain analytics platform Artemis shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month. To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December.…

Aave community mulls new proposal to increase liquidity for GHO stablecoin

Aave Labs has published a new governance proposal for integrating the GHO stablecoin across multiple blockchain networks. In a forum post on Jan. 17, Aave Labs, a firm behind the Aave protocol, revealed a new governance proposal to integrate the GHO stablecoin across multiple blockchains. The initiative, as outlined by Aave Labs, is geared towards “enhancing GHO liquidity, accessibility, and interoperability while maintaining security and stability.” Example of CCIP implementation | Source: Aave Aave Labs particularly proposes utilizing Chainlink‘s Cross-Chain Interoperability Protocol (CCIP), a solution for both communication and interaction…

Aggregate stablecoin supply sees largest increase since October

Glassnode data recorded a $4.1 billion monthly increase in the aggregate stablecoin supply, a 21-month high for fiat-pegged cryptocurrencies following bullish momentum.  Since October last year, stablecoin supply has shot up steadily with Bitcoin’s price uptick. This ascent has impacted the aggregated stablecoin market cap, which stood above $128 billion as of Jan. 18. The increase marks the largest inflow since March 2022. Tether’s USDT dominated the scene with nearly 73% in market share. The market’s second-largest stablecoin, Circle USD Coin (USDC), followed with a 19% share.  Binance USD (BUSD)…

Cantor Fitzgerald’s Howard Lutnick Addresses Questions Around Tether’s Stablecoin Assets: ‘They Have the Money’

When asked about a more prominent topic in crypto news currently – the approval and listing of over a dozen spot bitcoin exchange-traded funds (ETFs) – Lutnick questioned the real value of bitcoin and stablecoins for Americans and argued that crypto currencies are attractive as speculative assets in this country, whereas people in other nations, such as Argentina, Venezuela and Turkey, hold crypto for more substantial reasons. Source BitcoincryptoexchangeExchanges CryptoX Portal

Stablecoin Takeover? Record Tether 71% Dominance Raises Questions About Crypto Future

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Tether, the issuer of the ubiquitous USDT stablecoin, cemented its dominance in 2023, ballooning its market share to a staggering 71%. This explosive growth, however, comes with a chilling undercurrent: a United Nations report linking USDT to a surge in cybercrime and money laundering in Southeast Asia. Glassnode data paints a stark picture of Tether’s ascent. Its market capitalization reached a record $95 billion in January 2024, fueled by a 40% increase in USDT supply over the past year. Meanwhile, competitors like Circle’s USDC saw their market share shrink, with…