A separate 2021 wallet bungle by the crypto custodian, taken into receivership in July, cost it $76 million, the CEO said in a court filing. Source
Prime Trust Lost $8M in Doomed Terra Stablecoin Investment, CEO Says
Tag: Stablecoin
Num Finance launches Colombian peso stablecoin on Polygon
Argentina-based Num Finance has announced it has gone live with a n stablecoin pegged to the Colombian peso, the company announced Aug. 24 in an X post. The stablecoin — called nCOP — is an overcollateralized, Polygon-based stablecoin and is aimed at the remittance market. Colombia receives over $6.5 billion a year in remittances, Num stated in a blog post. Remittances are one of the key use cases for stablecoin. The nCOP logo. Source: Num Finance The nCOP incorporates the “Num yield feature,” which allows user rewards to be paid…
Colombian Peso Stablecoin Goes Live on Polygon, Aiming for $10B Remittances Market
Num Finance already issues stablecoins pegged to the Argentine and Peruvian local currencies. Source
MakerDAO’s DAI Stablecoin Surpasses $5B on Higher Yield, Lifting DeFi Lender Spark Protocol
The extra payout has drastically bitten into Maker’s profits, Kunal Goel, analyst at Messari noted in a report. “Higher rates on higher deposits ballooned the protocol’s interest expense [and] has dried up profit expectations,” he wrote. The too-high rate also opened up opportunities for arbitrage, Goel added. Source
Coinbase invests in stablecoin operator Circle
Coinbase (COIN), a US-based cryptocurrency exchange, has secured a minority stake in a payment company Circle. This collaboration comes as both entities take the significant step of dissolving their Centre Consortium partnership, which had been instrumental in the issuance of USD Coin (USDC), currently ranked as the world’s second-largest stablecoin. An updated agreement According to Fortune, this updated agreement was made on Monday, Aug. 21, which comes as a response to regulatory uncertainty and potential competition from stablecoins, including Tether and now PayPal’s new stablecoin, PYUSD. USDC was originally launched…
Coinbase (COIN) Buys a Stake in Stablecoin Operator Circle and USDC Adds 6 New Blockchains
“I really do believe PayPal grows the pie for us,” McDonnell said in an interview with CoinDesk. “Crypto is so small today compared to the overall financial world. And, so, getting a lot of people in, whether they come through the PayPal door, or some other door, a lot of them eventually will find their way to other things in crypto, including us at Coinbase.” Source
Stablecoin Issuer Tether (USDT) Stops Support for Bitcoin Layer Omni Citing Lack of Demand
“Over the years, the Omni Layer faced challenges due to the lack of popular tokens and the availability of USDT on other blockchains. This led many exchanges to favor alternative transport layers, leading to a decline in USDT usage on Bitcoin using the Omni Layer,” Tether said in the announcement. Original
G20 Nations, IMF, FSB Set to Crystalize Global Cryptocurrency and Stablecoin Rules Ahead of Leaders’ Summit As India Wraps Up Presidency
At the same meeting, key U.S. Treasury official Jay Shambaugh said drafting global crypto rules wouldn’t normalize the sector’s disasters, much like how mandating seat belts didn’t normalize car crashes. The roundtable, which was hosted by India as the current G20 president, was conducted under Chatham House rules and thus closed to the media. Source
Singapore Wraps Up Stablecoin Framework: Pathway to Global Adoption?
The Monetary Authority of Singapore (MAS) has unveiled the features of a new regulatory framework aimed at ensuring a high degree of stability for stablecoins in the country. This is the outcome of the central bank’s public consultation, which commenced in October 2022. Feedback from this public consultation was considered during the design of this new set of stablecoin rules in Singapore. According to MAS, these rules will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency – including the US dollar. MAS Releases “Key…
Singapore's Central Bank Releases Stablecoin Regulatory Framework
Stablecoins must hold minimum base capital 1 million Singapore dollars ($740,000) and provide redemption within no more than five business days of a request. Source