Tag: Stablecoin

UK native stablecoin integrates into 18,000 ATMs nationwide

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A partnership between Poundtoken and BitcoinPoint will make the country’s first 100% backed GBP stablecoin ($GBPT) accessible to retail consumers via a network of 18,000 ATMs across the United Kingdom. The move marks another step towards the U.K. becoming a “crypto hub” and is in line with the government’s push to use stablecoins for wholesale settlements. Bitcoin Point is a Lightning Network-enabled Bitcoin (BTC), and cryptocurrency exchange, licensed and registered in the U.K. Poundtoken is the sole issuer of the GBPT ($GBPT) stablecoin. Poundtoken states that its stablecoin GBPT is…

Hong Kong Plans to Make Stablecoin Licensing Mandatory This Year

The Hong Kong regulator HKNA noted that algorithmic stablecoins like TerraUSD won’t be entertained as part of the region’s new stablecoin legislation. Over the last few months, Hong Kong has been working to revive its cryptocurrency market and has been looking to establish itself as a major crypto hub in Asia. As part of this development, Hong Kong is all set to introduce mandatory licensing for stablecoin issuers said its top financial regulator earlier today, January 31. Stablecoin Licensing This means that all those regulated crypto entities operating in Hong…

ADA-backed algorithmic stablecoin Djed launched on Cardano

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Since the fall of the Terra (LUNA) algorithmic-stablecoin in mid-2022, many users in the crypto space have developed a weariness towards that particular asset class. The market for algorithmic stablecoins has dropped 10 times what it was at its all-time high prior to the Terra incident. However, this has not stopped developers on the Cardano network pushed forward with the launch of the ecosystem’s overcollateralized stablecoin. Djed (DJED) launched on the Cardano mainnet on Jan 31. and is pegged to USD and backed by Cardano’s native coin ADA (ADA). It…

Stablecoin Economy Sheds Another $3 Billion in 44 Days – Altcoins Bitcoin News

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The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd coin’s market cap slid by 2.9%, BUSD valuation shed 7.2% over the last month and gemini dollar’s market capitalization slid by 1.5%. $3 Billion in Dollar-Pegged Tokens Erased in 44 Days as Stablecoin Swaps Represent Nearly 80% of Global Crypto Trade Volume The overall value of the top stablecoins…

Traditional Banks Set to Dominate Crypto Stablecoin Market as Regulatory Certainty Grows

Algorithmic stablecoins use self-regulating mechanisms to keep their private stablecoins pegged to another currency, a system that has had a rocky history. Typically, on-chain collateral consists of cryptocurrencies like BTC or ETH, fiat-backed stablecoins like USDC or USDT and a few nascent traditional financial assets brought on-chain (for example, there is a tokenized money market fund on Stellar, a tokenized green bond on Ethereum and some other efforts to tokenize traditional financial assets). Source

Moody’s to Develop New Stablecoin Scoring System

With the proposed Moody’s stablecoin scoring system, the shift to the stablecoin regulations can be fast-tracked. Moody’s, the credit rating arm of Moody’s Corp (NYSE: MCO) is developing a new stablecoin scoring system that will see it classify as many as 20 stablecoins in the digital currency ecosystem. According to a report from Bloomberg citing sources who wish to remain anonymous, the scoring system will be hinged on the quality of the attestations on the reserves backing each of these stablecoins. Stablecoins are digital currencies whose prices are not subject…