As of June 20, Circle added $2.2 billion of T-bills to the fund, while repos constituted some 90% of the fund’s $24.7 billion in assets, according to BlackRock’s website. The company held an additional $3.5 billion in bank deposits, the “vast majority, over 90%” stored at the Bank of New York Mellon, Fox-Geen said. Source
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The Monetary Authority of Singapore (MAS), in collaboration with the IMF and other central banks, is proposing common conditions for retail payments with digital money on a distributed ledger. Source
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)…