Remittances are one of the most compelling use cases for stablecoins, offering fast, non-stop settlements and cheap transactions using blockchains as payment rail. Source
In the wake of Ripple’s announcement regarding the integration of an Automated Market Maker (AMM) into the XRP Ledger (XRPL), the community has been abuzz with speculation and debate. Central to this discourse is the potential transformation of XRP in light of this update, particularly in regard to its classification and function as a digital asset. Ripple’s Chief Technology Officer, David Schwartz, previously hailed this update as the most significant for XRPL, raising expectations among stakeholders. Additionally, at the recent Swell conference, Ripple revealed plans to integrate its rebranded Ripple…
At the launch of the Verified USD (USDV) dozens of leading CeFi and DeFi like Animoca Brands, BIT exchange, Coin98 Finance, Matrixport, SushiSwap, and Stargate Finance, among many others will offer support for the revolutionary stablecoin project to its users. Verified USD Foundation, a non-profit and community-based organization that is working on revolutionizing the stablecoins market, has announced the launch of Verified USD (USDV). According to the company, the USDV is a community-driven stablecoin that is fully backed by the United States Treasury Bills (T-bills) and provides complete on-chain transparency…
In a recent filing for a spot Bitcoin ETF, BlackRock, the world’s largest asset manager, has highlighted the indirect risks posed by stablecoins, emphasizing the nuanced complexities of the crypto market. BlackRock, the world’s largest asset manager, has made headlines with its application for a spot Bitcoin Exchange-Traded Fund (ETF). The application, keenly awaited by the digital asset sector, includes a notable mention of stablecoins as a risk factor, an aspect that has drawn considerable attention. Stablecoins, digital currencies like Tether USD (USDT) and Circle USD (USDC), are designed to…
Users and traders can no longer create new GHO stablecoins by minting, but they still can be purchased on secondary markets, says the top Aave contributor. Marc Zeller, founder of the Aavechan initiative, said demand for GHO has driven the token to its minting cap, meaning that users would be unable to create new coins for the foreseeable future. However, interested parties can still scoop the stablecoin on secondary markets where GHO trades five cents below its promised $1 peg. The crypto is available on Balancer, Maverick, and Uniswap, per…
Major stablecoin issuer Tether has been increasingly minting new USDT (USDT) tokens, issuing 4 billion USDT over the past month. Tether issued another 1 billion of Tether on the Tron blockchain on Nov. 10, the blockchain data provider Whale Alert reported. The latest USDT minting came just a few days after Tether issued another 1 billion USDT on Ethereum on Nov. 9, in addition to 2 billion USDT issued in two batches on the Tron blockchain on Nov. 3 and Oct. 19, according to Whale Alert data. Tether chief technology…
The newly introduced Midas stablecoin, set to integrate with DeFi platforms in the current quarter before a retail launch early next year in 2024. Midas, a stablecoin backed by US Treasuries, plans to join the growing trend of convergence between cryptocurrency and traditional finance. The project plans to introduce its stUSD token to decentralized finance (DeFi) platforms such as MakerDAO, Uniswap, and Aave in the upcoming weeks. The Midas stablecoin initiative aims to acquire Treasuries through asset manager BlackRock, utilizing Circle Internet Financial’s USDC stablecoin as an on-ramp, as outlined in…
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 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
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…