Tag: Stablecoin

Hong Kong-based First Digital Group launches redeemable USD-backed stablecoin

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First Digital Group, a Hong Kong-based qualified custodian and trust company, announced the launch of its First Digital USD (FDUSD) United States dollar-pegged stablecoin on June 1. The new stablecoin is programmable and described as being capable of executing contracts, escrow services and insurance without intermediaries. It will operate on the BNB Smart Chain. FDUSD is being issued by First Digital Labs, a subsidiary of digital asset custodian First Digital Trust, which is regulated under the Hong Kong Trustee Ordinance. Under the law, FDUSD will be backed one-for-one with U.S.…

First Digital Group Launches FDUSD Stablecoin amid Hong Kong’s Regulation Move

FDUSD will not be used in Hong Kong until its stablecoin regulations are fully in place. First Digital Group announced the introduction of its USD stablecoin FDUSD. The company, which has its headquarters in Hong Kong, is launching the stablecoin on the Ethereum and BNB blockchains. Having a coin on multiple blockchains can facilitate better interoperability and broader adoption. It also heightens the chances of gaining access to a wider community and benefiting from each blockchain’s advantages. Lastly, this can also reduce the risk of over-dependence on one blockchain. The…

CNHC stablecoin issuer detained by Chinese police: Report

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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…

Stablecoin giant Tether to mine bitcoin in Uruguay using renewables

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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…

Circle Unveils New Stablecoin On The Avalanche Blockchain

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…

Stably USD stablecoin enters bitcoin’s on-chain economy

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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…