Tag: Stablecoin

Opera Taps Celo to Launch Stablecoin Wallet for African Users

Celo’s inclusion with Opera’s MiniPay wallet augurs well for Africa’s expanding digital finance sector. Opera, the well-known web services provider, has announced intentions to integrate a non-custodial stablecoin wallet built on the Celo blockchain into its mobile web browser. This product, dubbed “MiniPay”, is intended to empower Opera’s enormous user base across the African continent by giving an easy and safe means of accessing and dealing with stablecoins. MiniPay seeks to make digital finance more accessible by allowing people to transfer and receive stablecoins using their existing mobile phone numbers. Exciting…

Stablecoin de-pegging plagued USDC and DAI more than others: Analysts

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Dollar-pegged stablecoins are not immune to dropping their pegs, but some such as Circle’s USD Coin (USDC) and MakerDAO’s Dai (DAI), have been more prone to depegging than others, according to analysts at S&P Global. A September research paper from Dr. Cristina Polizu, Anoop Garg and Miguel de la Mata, delved into stablecoin valuation and depegging for five leading stablecoins: Tether (USDT), Binance USD (BUSD), Paxos (USDP), USDC and DAI. The analysis revealed that USDC and DAI have spent more time below a dollar than USDT and BUSD over the past two…

Fed vice chair Barr gives update on CBDC research, plugs stablecoin legislation

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The United States Federal Reserve Bank vice chairman spoke at the Philadelphia Fed’s fintech event on Sept. 8 about the central bank’s role in financial innovation. Research and supervision was the short answer and a nod to the FedNow Service. Along with the standard disclaimer about it making no decisions without Congressional authorization, Barr provided an overview of the Fed’s “current focus” of central bank digital currency (CBDC) research. He characterized it as “basic research […] that might support a CBDC payments backbone, or for other purposes in the existing…

Palau to freeze USD-backed stablecoin after pilot launch in July

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Palau, a country in the western Pacific Ocean, is wrapping up its United States dollar stablecoin project after launching the pilot in August. Jay Hunter, a Palau Ministry of Finance member and head of the digital residency program, took to X (formerly Twitter) to announce that the government will cease the distribution of the Palau Stablecoin (PSC) on Sept. 8. Following the distribution halt, Palau Stablecoin will also be frozen after Sept. 15, becoming unavailable for spending by users, Hunter said, noting: “After Sept. 15, you will no longer be…

Stablecoin USDC Expands to Base and Optimism Networks

Circle said that businesses and institutions can access on/off-ramps for $USDC to OP Mainnet and Base through Circle Account. Circle’s native stablecoin USDC has recently launched on two Layer-2 networks – Base and Optimism. this launch will allow the Circle account holders to send USDC from their accounts to either of the networks. Coinbase also announced that it has made USDC transfer available to Base. Circle has stated that it is collaborating with “ecosystem partners” to create a mechanism enabling users to exchange outdated, bridged editions of USDC for the…

VISA’s Stablecoin Payments On Solana Propel SOL To 5% Gain, Bulls Eye Price Breakout

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Payment giant VISA has significantly moved in the digital currency space by expanding its stablecoin settlement services to the Solana (SOL) blockchain.  According to recent announcements, the company aims to enhance the capabilities of traditional payment systems through this pilot program, which is currently in the testing phase.  This initiative is expected to improve cross-border settlement speeds and offer a modern option for clients to send and receive funds through Visa’s treasury.  In collaboration with merchant acquirers Worldpay and Nuvei, this expansion reinforces Visa’s commitment to staying at the forefront…

Circle rolls out USDC stablecoin on Base and OP Mainnet

The Boston-based stablecoin issuer previously unveiled a plan to roll out USDC on six blockchain networks, including Polygon PoS. Users of Base, a Coinbase-incubated decentralized network, can now access native USDC and USDC liquidity on the layer-2 blockchain. This means there’s no need to use a bridge to send crypto’s second-largest stablecoin to Base’s mainnet.  The announcement on Sept. 5 comes two weeks after Circle disclosed plans to support native USDC on six more blockchains: Base, Cosmos, Near, Optimism, Polkadot, and Polygon PoS. Circle also rolled out USDC on OP…

Tether market cap slips as stablecoin ecosystem shifts

Tether, the world’s largest stablecoin, experienced its first market cap dip in nine months. The decline comes as the stablecoin ecosystem undergoes significant changes, reshaping crypto market dynamics. Stablecoins dip Tether (USDT), a highly controversial digital asset in the Web3 space, recently faced a setback. In August, its market capitalization dropped by 1.2%, settling at $82.9 billion, as reported by Bloomberg citing CCData. Although this marks the first decline in almost a year, Tether still maintains a substantial lead over its closest competitor, USDC. Stablecoins are digital assets typically tied…