Tag: Stablecoin

United States to Prioritize Stablecoin Regulation, Says Chairman of Subcommittee

It remains unclear which regulator will have jurisdiction and control over different types of assets. A newly-formed United States House of Representatives committee on digital assets, financial technology, and inclusion, has revealed its plans to make stablecoin regulation its top priority. Speaking to CoinDesk on Thursday, the chairman of the committee, Rep. French Hill, says the committee has a lot on its plate and would be pursuing several legislations. That will include going for a privacy statute on the federal level, which, according to him, is also very vital to…

Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit – Finance Bitcoin News

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Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative. Iran and Russia Talk Stablecoin Payments for Bilateral Trade Settlements The Russian Federation is considering the creation of a stablecoin backed by gold that can be employed for cross-border settlements, including with Iran, the chairman of the Financial Market Committee at the lower house of Russian parliament,…

Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worries

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Stablecoins in the cryptocurrency market help provide U.S. dollar-pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets; and in bear markets, investors seek shelter in low-volatility stablecoins, thus increasing their market caps. On Jan. 26, the total market capitalization for stablecoins like Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) is over $131 billion. Stablecoin supply dominance. Source: Glassnode Stablecoins are so crucial to the future of crypto that Moody’s, a well-respected…

Algorithmic stablecoin market share dropped by 10x from ATH: Report

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The notorious failure of the Terra USD (UST) stablecoin affected the crypto market, but the algorithmic stablecoins took the harshest punch. Since its peak in April 2022, the market share of algorithmic stablecoins shrank almost tenfold.  According to a new report from CryptoCompare, the current market share of algorithmic stablecoins stands at 1.71%, while its all-time high record in April 2022 reached 12.4% of the whole crypto market. Before its crash, Terra USD accounted for 79.8% of the algorithmic stablecoin’s market share. The stablecoin market is generally suffering, with January…

Stablecoin data points to ‘healthy appetite’ from bulls and possible Bitcoin rally to $25K

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Bitcoin (BTC) rallied 11% between Jan. 20 and Jan. 21, reaching the $23,000 level and shattering bears’ expectations for a pullback to $20,000. Even more notable is the move brought demand from Asia-based retail investors according to data from a key stablecoin premium indicator. Traders should note that the tech-heavy Nasdaq-100 index also gained 5.1% between Jan. 20 and Jan. 23, fueled by investors’ hope in China reopening for business after temporary shutdowns caused by the CCP’s virus contagion measures and weaker than expected economic data in the U.S. and…

Fluid Finance Proposes to Integrate the DAI Decentralized Stablecoin Directly Into the Traditional Financial System – Press release Bitcoin News

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press release PRESS RELEASE. Fluid Finance submitted a proposal to integrate the DAI decentralized stablecoin directly into the traditional financial system. It would be the first time that a stablecoin could be purchased directly from a bank account. Jessica Walker at Fluid said: “One of the problems with crypto is the lack of connection to the real world. Fluid solves that by integrating Dai directly into our accounts. Users can buy Dai directly from us using dollars, euros, pounds and dozens of other currencies. Dai holders can also now buy…