On-chain data suggests that USDR’s treasury was drained of liquid assets, leading to a run on the stablecoin. Source
Real Estate-Backed Stablecoin USDR De-Pegs After Treasury Was Drained of Liquid Assets
Tag: Stablecoin
USDC issuer partners with Philippines exchange to promote stablecoin
Circle, the issuer of the U.S. dollar-pegged stablecoin, USDC (USDC), is increasing its presence in the Philippines with a new local partnership. On Oct. 10, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines. As part of the partnership, Coins.ph and Circle will work jointly to drive awareness of USDC payments and help Filipino people pay less for cross-border money transfers and make faster transactions, the companies said. The average cost of sending a $200 payment to Asia was 5.7% in…
Frax Finance unveils documentation for dollar-pegged stablecoin
The community of Frax Finance, a decentralized finance protocol, has announced its unveiling of FRAX v3, a stablecoin pegged to the U.S. dollar. The stablecoin employs AMO smart contracts and permissionless, non-custodial subprotocols to maintain its stability. Official documentation now live In a post updated 3 days ago, Frax Finance has released the official documentation for FRAX v3, a stablecoin designed to maintain its value through the use of AMO smart contracts and permissionless, non-custodial subprotocols. Among these subprotocols, Fraxlend, a decentralized lending market, and Fraxswap, an automated market maker…
Stablecoin market cap down 35% 18 months after Terra collapse
The overall stablecoin market has witnessed a staggering 35% dip in the past year and a half. Terraform’s collapse last year and the subsequent fall of its native Terra USD (UST) stablecoin triggered a chain reaction, which caused the valuation of the stablecoin sector to shrink from $189 billion in May 2022 to a mere $123 billion presently, per data from DefiLlama. According to analysts, the daily trading volumes of stablecoins have also been on a downward trajectory, nosediving from a peak of $150–300 billion to a mere $50 billion.…
Retail stablecoin trading in Hong Kong not allowed yet, official says
As Hong Kong progresses with the adoption of cryptocurrency trading for individual investors, a local official stressed that retail stablecoin trading is not yet allowed. Hong Kong has not adopted regulations for stablecoins like Tether (USDT) or USD Coin (USDC), which means retail investors are not allowed to trade those assets, according to Hong Kong’s Secretary for Financial Services and the Treasury, Christian Hui. The official provided remarks on cryptocurrency regulation in Hong Kong during an online investment committee meeting on Oct. 6, the local news agency Ming Pao reported.…
Canadian regulatory body clarifies stablecoin rules for exchanges and issuers
The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it calls value-referenced crypto assets, with a particular focus on stablecoins. On Oct. 5, the umbrella organization of Canada’s provincial and territorial securities regulators published a clarification saying it may allow trading of certain cryptocurrencies that reference the value of a single fiat currency, subject to terms and conditions. In February, the CSA reaffirmed its view that stablecoins “may constitute securities and/or derivatives” which Canadian crypto exchanges are prohibited from trading.…
Cardano stablecoin project gambled away investors’ money before rug: Report
In 2021, Ardana Labs claimed it would provide an innovative stablecoin platform for the Cardano network. The new project, called “Ardana,” would allow investors to lock up crypto collateral and mint fiat-pegged stablecoins, including a U.S. dollar-based token called dUSD. It raised $10 million from investors that year, but it suddenly closed up shop in November 2022, citing “funding and project timeline uncertainty.” Some investors blamed the loss on the “crypto winter” of 2022, during which many legitimate projects went bust from lack of funding in the extended bear market.…
Circle’s EURC stablecoin launches on Stellar network
Circle and Stellar join forces to integrate the euro-anchored stablecoin EURC into Stellar’s blockchain. USDC stablecoin provider Circle and a blockchain network, Stellar (XLM), have jointly announced the integration of the euro-anchored stablecoin EURC into Stellar’s blockchain infrastructure. The EURC stablecoin, which already operates on Avalanche (AVAX) and Ethereum (ETH) networks, will soon make its debut on the Stellar network. This critical development was unveiled at Stellar’s yearly Meridian conference held in Madrid today, Sept. 26. 2/ EURC on Stellar: Today, @circle‘s EURC is now live on the Stellar network.…
Circle Expands Euro Stablecoin (EURC) to Stellar (XLM) Blockchain, Crypto Payments Firm Ripio Adds Support
“The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management and aid disbursement,” Rachel Mayer, Circle’s vice president of product management, said in a statement. Source
Binance Japan and MUFG Trust Bank Forge Partnership for New Bank-Backed Stablecoin
This partnership is also a significant stride in the Japanese government’s endeavor to embrace blockchain technology and cryptocurrencies, fostering their broader adoption within the country and beyond. Binance Japan is partnering with Mitsubishi UFJ (MUFG) Trust Bank, a move squarely aligned with the Japanese government’s new Web3 policy. This collaboration aims to birth a new stablecoin, and the chosen platform for its development is the Progmat coin platform, a proprietary asset of MUFG. This platform diligently adheres to the strict Japanese regulations governing the issuance and management of cryptocurrencies. Back…