Tag: Stablecoin

$22M of Curve Finance algo stablecoin minted since mainnet launch

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Decentralized finance (DeFi) protocol Curve Finance has launched its native algorithmic U.S. dollar-pegged stablecoin, dubbed “crvUSD” on the Ethereum mainnet — minting more than $22 million worth of the crvUSD so far. According to data from blockchain explorer Etherscan, the contract has minted more than $22 million worth of crvUSD in the past 8 hours, with $20 million of that amount minted within the first 5 minutes. Screenshot of crvUSD transaction data. Source: Etherscan The deployment of crvUSD on the Ethereum network is a significant step towards the public release…

Visa stablecoin plan, debt ceiling’s effect on Bitcoin price: Hodler’s Digest, April 23-29

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Top Stories This Week Circle launches cross-chain USDC transfer protocol Circle launched a cross-chain protocol that enables USDC transfers between the Ethereum and Avalanche blockchains. The protocol works by burning the selected amount of native USDC on the source chain, and minting an equivalent amount of new USDC on the intended destination chain. The protocol essentially makes USDC transfers between the two networks faster and more user-friendly, as prior to its launch, people had to use third-party bridges or a Circle partner to facilitate transfers between the two networks. Additional…

EU bank agency chief advocates for diverse stablecoin reserves

José Manuel Campa from the European Banking Authority (EBA) urged crypto market players to start adjusting their operations now. The new rules passed by the E.U. last week emphasize the need for market players to comply with the regulations and make necessary preparations for the upcoming changes. The governance of stablecoins The European Banking Authority‘s chairman since March 2019, José Manuel Campa, has written an article for think tank Eurofi about forthcoming European Union rules that will govern stablecoins.  The rules, known as the Markets in Crypto Assets (MiCA), are…

Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31 – Altcoins Bitcoin News

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While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time. Four of the Top Five Stablecoins Experience Net Redemptions in the Past 30 Days On March 31, 2023, the top stablecoins by market capitalization represented $133.63 billion in value, and now the valuation is down to…

House Republicans Release New Bill on Stablecoin Regulation

US lawmakers recently slammed SEC Chair Gary Gensler over “rushed” rulemaking on crypto. On Monday afternoon, Republicans on the House Financial Services Committee revealed a discussion draft of legislation to regulate stablecoin issuers. The new draft by Republicans may revive negotiations with Democrats. GOP aides refer to it as a “starting point” for conversations about stablecoin regulation with House Democrats, the Senate, and the White House. Last year, the House Financial Services Committee negotiated a bill that would subject stablecoin issuers to Federal Reserve oversight. Part of the aim is also to…