Binance started to promote TUSD on its platform after New York state regulator’s forced issuer Paxos to mint Binance-branded stablecoin BUSD in February. Now, the exchange’s crypto wallets hold at least 90% of the stablecoin’s $3.1 billion total market capitalization, according to Arkham data. Source
Stablecoin protocol Reserve is investing $20 million into the governance tokens of yield farming apps Curve (CRV), Convex (CVX) and Stake DAO (SDT), according to a June 20 announcement. The investment is intended to increase the liquidity of Reserve’s stablecoins, called RTokens. It will also increase Reserve’s voting power within these apps’ governance systems. Reserve is a stablecoin protocol that allows users to create their own coins backed by any asset they wish. Electronic USD (eUSD), High-Yield USD (hyUSD), Reserve (RSV), Reserve Dollar (RSD) and ETH+ are a few examples…
After recently suffering a recent exploit on its platform, decentralized finance (DeFi) protocol Sturdy Finance has reopened its stablecoin market. On June 16, the lending platform announced that it had unpaused the stablecoin market, allowing users to access their funds. The DeFi protocol told its users that no funds were at risk and the decision to pause the market was simply done out of “an abundance of caution.” The stablecoin market is now unpaused, enabling users in this market to access their funds! No funds in this market were ever…
Gemini – the crypto exchange founded and run by Tyler and Cameron Winklevoss and the issuer of GUSD – pays a 2% annual reward to MakerDAO for using the token as a reserve asset. The proposal, however, argued that the platform could enjoy better revenue opportunities, for example by investing in short-term U.S. Treasuries, which currently offer about a 5% yield. Source
The Hong Kong Monetary Authority has completed a public consultation on stablecoin regulations with an aim to introduce clear regulatory guidelines around the stablecoin market by the end of 2024. Joseph Chan Ho-Lim, deputy director of the Hong Kong Financial Services and Treasury Bureau, said that over the past five years, Hong Kong has emerged as a growing destination for fintech firms. Chan added that the Hong Kong authorities are actively working to promote the Web 3 ecosystem with a focus on investor protection. Hong Kong started its stablecoin regulations…
Curve Finance founder Michael Egorov has deposited $24 million worth of Curve DAO (CRV) tokens to decentralized lending platform Aave to mitigate against liquidation risk on a $65 million stablecoin loan. Source
TrueUSD (TUSD) has halted the minting of TUSD stablecoin tokens via fintech infrastructure provider, Prime Trust, causing a brief depegging. TrueUSD pauses minting of TUSD on Prime Trust In a June 10 post on its verified Twitter account, TrueUSD informed its users that the minting of TUSD tokens via Prime Trust had been temporarily paused until further notice. Announcement: TUSD mints via Prime Trust are paused for further notification. Thanks for your understanding and we are sorry for any inconvenience. Please contact [email protected] for any further questions. — TrueUSD (@tusdio)…
The appointment comes as a House committee weighs a stablecoin bill that would appoint the Federal Reserve as crypto issuers’ primary regulator, and increase oversight of token issuances. At the same time, federal regulators have executed enforcement actions against key crypto industry players such as Coinbase, which alongside Circle co-founded the Centre Consortium, a member-based organization that manages USDC issuances. Source
The United States House Financial Services Committee has released the third draft of the stablecoin bill presented by its chair, Representative Patrick McHenry. The latest draft of the bill is bipartisan and includes specific proposals from Republican and Democratic committee members. The draft bill titled, The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem, was first proposed on June 8 and is expected to be discussed during the upcoming committee hearing on June 13. The bill’s latest version proposes the U.S. Federal Reserve as the key regulator…
The panel’s chairman, Rep. Patrick McHenry (R-N.C.), has considered stablecoin legislation a priority since last year, before he took over the committee. When he won the gavel, he continued the work, though Democrats had complained that Republicans were re-writing the bill without their input. They later released their own version. The narrow scope of the bill and its past bipartisan support had been the strengths of the effort to date, but it’s not yet clear what Democrats think of the latest version. Source