Tag: Stablecoin

Paypal Puts Stablecoin Plans on Hold as US Regulators Crack Down on Crypto Industry – Bitcoin News

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During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has put the concept on hold for now amid the regulatory scrutiny of the crypto industry. Paypal Pauses Stablecoin Development as Regulatory Concerns Loom On Jan. 7, 2023, it was reported that Paypal was exploring the creation of a stablecoin.“We are…

Top US Crypto Exchange Coinbase Adds Circle’s Euro-Backed Stablecoin to Listing Roadmap

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Customers at top US crypto exchange Coinbase could soon trade their digital assets with a euro-backed stablecoin. The exchange added Euro Coin (EUROC) to its listing roadmap on Thursday, putting the stablecoin on the path to being tradeable. Euro Coin is issued by Circle, the global fintech company known for working in a consortium with Coinbase to issue USD Coin (USDC), the second-largest dollar-pegged stablecoin. Circle says Euro Coin is “100% backed by euros held in euro-denominated banking accounts,” in order to ensure it’s always redeemable at a 1:1 ratio…

Tether’s Attempt to Block CoinDesk’s Request for Stablecoin Reserve Records Dismissed by New York Court

A New York judge on Friday rejected an attempt by iFinex and related companies, which include include cryptocurrency exchange Bitfinex and stablecoin issuer Tether, to block CryptoX’s request for information about the financial reserves backing the USDT token. Source AttemptBlockCoinDesk039sCourtDismissedRecordsRequestReserveStablecoinTether039sYork CryptoX Portal

Stablecoin issuer Paxos reportedly probed by New York regulators

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Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department of Financial Services (NYDFS). A “person familiar with the matter” told Bloomberg in a Feb. 10 report that the exact motive behind the probe is currently unclear. An NYDFS spokesperson declined to comment on ongoing investigations but noted that the department is broadly working to protect consumers from risks associated with investing in the cryptocurrency market: “The department is in continuous contact with regulated…

Aave Launches Stablecoin GHO on Ethereum Goerli Testnet with Open Source Codebase and Audits – Altcoins Bitcoin News

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Aave Companies, the firm behind the decentralized finance (defi) project Aave, has announced the launch of a stablecoin called GHO on the Ethereum testnet network Goerli. The codebase is available on Github and has undergone audits by Open Zeppelin, Sigmaprime and ABDK. Aave Invites Programmers to Test GHO Before Mainnet Deployment On Thursday, Aave Companies announced the launch of its native stablecoin GHO on the Ethereum Goerli testnet. The company also released the open-source codebase on Github. The developers of Aave are inviting programmers and prospective integrators to begin testing…

Decentralized Finance Protocol MakerDAO Integrates Blockchain Data Provider Chainlink to Maintain DAI Stablecoin Stability

“The advancement of the technology backing stablecoins is a necessary component to unlock the future of finance,” said Johann Eid, vice president of Go-To-Market at Chainlink Labs, the developer firm behind Chainlink. “As more and more traditional financial institutions partner with MakerDAO and assess the applicability of DeFi, the required underlying infrastructure becomes increasingly complex,” he said about the integration. Source

Aave Deploys Native Stablecoin GHO on Ethereum Testnet

Prior to the testnet release, the GHO deployment was audited by blockchain code auditing firms Open Zeppelin, SigmaPrime, ABDK, and it is currently under audit by Certora, the press release said. The protocol also started a Bug Bounty program which encourages community members to discover and report security vulnerabilities for up to $250,000 reward. Source