Tag: Stablecoin

Fed governor Bowman doubles down on CBDC skepticism, likes stablecoin no better

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Federal Reserve Board governor Michelle Bowman shared her views on financial innovation in a speech at Harvard Law School on Oct. 17. Bowman has spoken several times on the topic, and her position seems to be growing more bearish.  Bowman spoke at length about central bank digital currency (CBDC) and stablecoin. She also considered “unified ledger” technology and distributed ledger technology as a bridge between existing systems, as well as ways to improve existing technology. She repeated questions she has raised before about the need for such innovations and suggested…

Genesis Ordered to Comply With Subpoenas Linked to Do Kwon’s Terra Stablecoin TerraUSD

Rakoff is also grappling with how to extract information from Kwon in connection with the case. Kwon’s lawyers have argued he can’t come to the U.S. as he is serving a jail sentence in Montenegro for possession of a fake passport, but “the laws of physics do not make it impossible for him” to be deposed, Rakoff said in a September order, warning that Kwon wouldn’t be allowed to make any declaration in the case without having been available for cross-questioning. Original Source complyGenesisKwonsLinkedOrderedStablecoinSubpoenasTerraTerraUSD CryptoX Portal

The Stablecoin Bill Is a Vital Upgrade for US Financial Plumbing

Today, digital currencies are poised to upgrade America’s decades-old financial plumbing, bolster the U.S. dollar, and make it easier, faster, and cheaper for families and businesses to send, spend, lend, and exchange their money. But this can happen only if Washington unites behind payment stablecoin legislation that puts financial stability and consumer safety first. Source

Stablecoin issuer Tether appoints Paolo Ardoino as new CEO

The firm behind the USDT stablecoin says its current boss Jean-Louis van der Velde will transition to an advisory role for Tether. The issuer of the largest stablecoin by market capitalization USDT, Tether Limited, has appointed Paolo Ardoino as the firm’s new head. In a blog announcement on Friday, Oct. 13, the Virgin Islands-based firm said Ardoino will take the new position in December 2023, succeeding Jean-Louis van der Velde, who will “transition to an advisory role for Tether while retaining his position as CEO for Bitfinex.” In this role,…

Tether stablecoin firm appoints CTO Paolo Ardoino as CEO

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Tether, the issuer of the world’s largest stablecoin by market capitalization, is replacing its CEO as the company works to expand its areas of focus. Paolo Ardoino, who has been serving as Tether’s chief technology officer since 2017, will become the new CEO of the firm in December 2023, Tether announced on Oct. 13. Ardoino will replace Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as CEO of Tether’s sister company Bitfinex. Ardoino will continue in his roles as CTO for…

Terraform Labs contends Citadel Securities had a hand in its stablecoin collapse

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Do Kwon-founded Terraform Labs has again pointed the finger at market maker Citadel Securities for its role in an alleged “concerted, intentional effort” to cause the depeg of its stablecoin in 2022. On Oct. 10, Terraform Labs filed a motion in the United States District Court in the Southern District of Florida to compel Citadel Securities LLC to produce documents relating to its trading actions in May 2022, around the time its stablecoin, now known as TerraUSD Classic (USTC), depegged. Screenshot from filing from Terraform compelling Citadel to provide additional…

Trader Loses $107,000 To MEV Bot Panic Selling Obscure Stablecoin

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Lookonchain, a blockchain tracking platform, now reveals that one stablecoin holder lost over $100,000 after panic selling USDR, a stablecoin issued on the Polygon network, for zero USDC after it depegged on October 11. The stablecoin holder swapped 131,350 USDR for zero USDC, allowing an MEV bot to swoop in and claim $107,000 in profit.  USDR to USDC swap| Source: Lookonchain on X The USDR Depegging, Stablecoin Falls To $0.50 The stablecoin is issued by Tangible protocol, a decentralized finance (DeFi) protocol that claims to be tokenizing housing and other real-world assets.…

$131k USDR stablecoin trade results in $0 during value fluctuation

During a recent fluctuation in USDR’s value, a transaction involving 131k stablecoins yielded no return for the trader. Following the startling revelation from yesterday’s events surrounding the real-estate-backed U.S. dollar stablecoin, Real USD (USDR), a trader encountered a grave setback by swapping a staggering 131,350 USDR for 0 USD Coin (USDC). This unfortunate event reflects the high-risk nature of decentralized exchanges (DEXs) and the looming vulnerabilities of asset-backed tokens. The data, sourced from the prominent blockchain analytics firm Lookonchain, highlighted that the swap took place on the BNB Chain via…

USDR stablecoin depegs to $0.53, but team vows to provide solutions

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Real estate-backed stablecoin USDR lost its peg to the U.S. dollar after a rush of redemptions caused a draining of liquid assets such as Dai (DAI) from its treasury, its project team has revealed.  USDR — backed by a mixture of cryptocurrencies and real-estate holdings — is issued by Tangible protocol, a decentralized finance project that seeks to tokenize housing and other real-world assets. USDR is mostly traded on the Pearl decentralized exchange (DEX), which runs on Polygon. An update on $USDR Over a short period of time, all of the…