“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions,” Vincent Chok, CEO of First Digital, said in a release. Source
This is a significant change since the end of April, when the fund held more than $30 billion in U.S. Treasury bonds, according to Circle’s monthly attestation. The last Treasury bond worth $4 billion among the fund’s holdings matured on Tuesday, the fund’s website showed. Source
The Chinese government continues to crack down on the cryptocurrency industry with a new investigation targeting a major Chinese yuan stablecoin issuer. Employees of Trust Reserve — the issuer of the Chinese yuan-pegged stablecoin CNH Coin (CNHC) — have been detained by Chinese police, the local blockchain publication PANews reported on May 31. According to the report, Trust Reserve employees have been out of reach since the afternoon of May 29 due to multiple arrests. Some employees’ family members have reportedly been notified about the detentions. PANews also learned that…
Paolo Ardoino, Tether’s chief technology officer, said the company estimates that the excess reserve will increase by $700 million in the current quarter, which is not yet over. Justin Tallis | Afp | Getty Images Cryptocurrency giant Tether is setting up a bitcoin mining operation in Uruguay using renewable energy, as the company looks to diversify the revenue mix to support its USDT stablecoin. The company said Tuesday that it plans to invest its resources into renewable energy production, marking its first foray into the energy sector. Tether is also…
Lybra Finance was launched last month and uses liquid staking derivatives to offer an interesting-bearing stablecoin. Source
Circle, a leading stablecoin issuer, has introduced Euro Coin (EUROC) on Avalanche, marking a strategic step towards providing faster and more efficient payment solutions and financial services to developers and users. This launch is part of Circle’s comprehensive multi-chain strategy for EUROC, aimed at expanding its reach and functionality. By offering EUROC on the Avalanche network, Circle enhances the liquidity of the stablecoin and empowers users with the flexibility to transact in euros, complementing their existing USD-backed stablecoin, USD Coin (USDC). This development opens up new avenues for seamless and…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied To facilitate efficient trading within bitcoin’s (BTC) evolving on-chain economy, crypto startup Stably has introduced Stably USD, a new dollar-backed stablecoin. In a significant development for bitcoin‘s rapidly developing on-chain economy, a new dollar-backed stablecoin named Stably USD has been launched. Stably, the issuing firm, anticipates the token becoming a preferred currency for traders seeking to participate in the proliferation of new asset classes on the bitcoin platform. The company argues that their stablecoin could facilitate…
USDC stablecoin issuer Circle recently launched Euro Coin on the Avalanche protocol to exploit the network’s blazing transaction speed. Circle has launched a euro-based stablecoin on the Avalanche blockchain to deliver prompt and efficient payments and financial services. The Euro Coin (EUROC) launch is the first of a series of anticipated multi-chain launches to aid developers and users. According to Circle’s team, Euro Coin availability on Avalanche increases liquidity and provides users an additional transactional option alongside USD Coin (USDC). Last year, Circle launched EUROC as a regulated stablecoin backed 100% by euro reserves. Each…
The company’s first bitcoin-linked stablecoin will have to fare better than its other stablecoin products if it wants to succeed in the long term. Stably’s stablecoin in the ethereum ecosystem, called StableUSD (USDS) has only 752 holders and a market cap of $264,000, per etherscan – basically irrelevant when compared to market leaders Tether and USDC. Original
“Stablecoins are the liquidity of the crypto ecosystem. The more liquidity, the more ability for investment and speculation,” Tom Dunleavy, macro analyst said in a note to CoinDesk. “The continued reduction, despite the growing number of applications, says to me we are still not out of the woods for this secular bear market.” Source