Tag: Stablecoin

Raft halts stablecoin minting following security breach

The defi platform Raft has temporarily suspended the minting of its R stablecoin due to a security vulnerability that resulted in a substantial loss.  The company is currently investigating the incident and has promised to keep its users updated. Existing users, however, can continue with loan repayments and collateral retrieval. We are aware of a potential security vulnerability. We are currently investigating and will provide an update as soon as we can. — Raft (@raft_fi) November 10, 2023 Raft co-founder David Garai confirmed the attack on their platform, which saw…

A New Yield-Bearing Stablecoin Investing in U.S. Treasuries

A new addition to the current convergence trend between crypto and traditional finance is Midas, a stablecoin backed by U.S. Treasuries that’s planning to unleash its stUSD token on decentralized finance (DeFi) platforms like MakerDAO, Uniswap and Aave in the coming weeks, according to a presentation deck seen by CoinDesk. Source

Progmat stablecoin platform takes shape as wallet, liquidity providers join

boss

The Progmat Coin ecosystem is taking shape in Japan. With a market maker, wallet provider and cryptocurrency exchanges on board, Progmat and Mitsubishi UFJ Financial Group (MUFG) hope to launch two stablecoins in the summer of 2024. Stablecoin platform Progmat Coin, MUFG and wallet provider Ginco have begun a study with the goal of issuing a yen-denominated XJPY stablecoin and dollar-denominated XUSD stablecoin, Progmat said in a statement. This is in addition to the platform’s function enabling stablecoin issuance. #japan #stablecoin #crypto #payments@ginco_inc, Mitsubishi UFJ Trust and Banking, and #Progmat…

Stablecoin Issuer Circle Considers Going for IPO in 2024

A Circle spokesperson confirmed that a public listing is not exactly far from the firm’s aspirations. Circle, the issuer of the USD Coin (USDC) stablecoin, is reportedly in talks with its advisers over an initial public offering (IPO) for early 2024. According to Bloomberg, which cited sources with inside knowledge about Circle, the deliberations may or may not end up in a public listing. If it does go public, however, sources did not share what valuation Circle is expected to hit. But the valuation likely remains around the $9 billion…

Stablecoin issuer Circle weighing up 2024 public launch: Report

boss

USD Coin (USDC) issuer Circle is contemplating an initial public offering (IPO) in early 2024, according to Bloomberg. A Nov. 7 Bloomberg report citing people with knowledge of the matter said the stablecoin issuer is talking to its advisers about the move but there’s no certainty the deliberations will result in a public listing. Circle first agreed to go public in a $4.5 billion merger with Concord Acquisition in July 2021 but that deal fell through. “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations,” a…

Federal Reserve Vice Chair advocates for stablecoin regulations

Michael Barr, vice chair for Supervision at the Federal Reserve, called for stronger stablecoin policies in the U.S. to protect investors and set up guardrails designed to address pressing issues. Speaking at the 7th Annual D.C. Fintech Week, Barr pointed to strong interest from stakeholders regarding a framework to regulate stablecoins which are digital assets pegged to fiat currencies like the U.S. dollar. These assets “borrow the trust of the Fed,” said Barr, adding that private money needs to be well regulated in a way that allows the Federal Reserve…

Wintermute claims NEAR backed out of $11M stablecoin redemption deal

boss

The NEAR Foundation and Aurora allegedly reneged on an offer to convert $11 million worth of USN stablecoins, Wintermute founder and CEO Evgeny Gaevoy has claimed. In a Nov. 7 X (Twitter) post, Gaevoy claimed NEAR refused to honor a commitment to facilitate the sale of $11.2 million worth of its stablecoin USN for the FTX estate. 3. Summary To reiterate, I see this situation very clearly as: – NF committed to backstop USN and earmarked money for it– Aurora accepted the redemption in August (and only last week backtracked…

U.S. Federal Reserve’s Barr Holds Line on Central Bank Needing Stablecoin Powers

The U.S. Federal Reserve needs to regulate and enforce the law against stablecoin issuers, said Federal Reserve Vice Chairman for Supervision Michael Barr, making the federal-oversight argument that has been the major sticking point as the U.S. House of Representatives debates legislation. Republican lawmakers have leaned into a state-oversight route for companies issuing stablecoins – the steady tokens whose value is pegged to a less volatile asset such as the dollar – and Democrats have favored a dominant role for the Fed. Barr is decidedly in the latter camp. “We…

Moody’s Analytics Finds over 600 Stablecoin Depegs YTD Triggered by High-Interest Rates

Moody’s Analytics launched its AI-enabled Digital Asset Monitor meant to track the volatility and risk in DeFi amid the mainstream adoption of stablecoins by institutional investors. The fast growth of fiat-backed stablecoins to over $120 billion by retail users in the past years has attracted major attention from institutional investors seeking to tap into emerging technology to revolutionize global payment systems. However, the global stablecoins market has struggled with frequent depegs, thus attracting the attention of more regulatory scrutiny. The United Kingdom is the recent major economy to map out…