Tag: Stablecoin

Trio of Japanese Banks Look to Embark on Stablecoin Experiment

Japanese banks Tokyo Kiraboshi Financial Group, The Shikoku Bank, and Minna no Bank are reportedly launching a stablecoin to enhance payments. Three Japanese banks are planning a stablecoin experiment toward implementing a payment system that satisfies legal requirements. According to a press statement released Thursday, the involved banks are Tokyo Kiraboshi Financial Group, The Shikoku Bank, and Minna no Bank. The trio plans to deploy a system developed by Web3 infrastructure company GU Technologies on the Japan Open Chain. The press release, which shed light on the Japanese banks’ stablecoin payment scheme,…

Three Japanese Banks Start Stablecoin Experiment

Japan has been moving toward allowing stablecoins. Following the collapse of multibillion-dollar algorithmic stablecoin issuer Terra in 2022, parliament passed a set of stablecoin-specific rules focused on investor protection. The government also plans to allow stablecoins issued outside the country to be listed on local exchanges. Additionally, new rules to be implemented in June will allow Japanese exchanges to apply for a special license to trade stablecoins. Original Source BanksExperimentJapaneseStablecoinStart CryptoX Portal

Binance Moved $1.8B in Stablecoin Collateral to Hedge Funds Last Year: Forbes

According to the report, Binance transferred the collateral to hedge funds including Alameda and Cumberland/DRW and did so without informing its customers. According to blockchain data from Aug. 17 to early December examined by Forbes, a period which encompassed the collapse of fellow crypto exchange FTX, holders of more than $1 billion of crypto for B-peg USDC tokens had no collateral for instruments that Binance said would be fully backed by the token they were pegged to. B-peg USDC are digital replicas of dollar-pegged stablecoin USDC. Source

Crypto Exchange Coinbase to Suspend Binance USD Stablecoin, Saying It Doesn’t Meet Listing Standards

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BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance – Altcoins Bitcoin News

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After Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, slipping below dogecoin’s valuation with a market cap of around $11.12 billion, compared to the meme coin’s $11.24 billion. BUSD Redemption: Almost $5 Billion Worth of Stablecoins Removed from Circulation in 12 Days Since Paxos announced on Feb. 13, 2023, that it would no longer issue the dollar-pegged crypto asset BUSD,…

TUSD Leverages Chainlink Proof of Reserve for Real-Time Verification of Stablecoin Minting – Bitcoin News

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On Wednesday, the stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens. The trueusd crypto asset has a circulating supply of over 968 million tokens and is the sixth-largest stablecoin by market capitalization. Archblock Uses Chainlink to Verify Reserves Before Minting New TUSD Stablecoins Archblock, the issuer of the trueusd (TUSD) stablecoin, has announced that it is using Chainlink to verify reserves before minting new TUSD stablecoins. According to the project, it is the first…