Tag: Stablecoin

Iran and Russia Consider Issuing Gold-Backed Stablecoin, Officials Unveil – Finance Bitcoin News

boss

Tehran and Moscow are discussing the possible launch of a stablecoin for international settlements, the Russian press revealed. In order to mint the gold-backed currency, however, authorities would need to first regulate crypto assets, a lawmaker noted. Russian, Iranian Representatives Talk Using Gold-Backed Stablecoin in Foreign Trade Iran’s central bank is considering the possibility of creating, with Russia’s participation, a digital token to facilitate trade in the Persian region, according to a report quoting the head of the crypto industry organization in the Russian Federation. The coin could be accepted…

Iran and Russia Jointly Working on Gold-Backed Stablecoin

The two countries shall use this stablecoin to facilitate cross-border transactions and foreign trade between the two. Amid the changing global geopolitical scenario, Iran and Russia have come together to issue a joint gold-backed stablecoin in the market. The executive director of the Russian Association of Crypto Industry and Blockchain, recently said that the Central Bank of Iran is considering the creation of such a stablecoin with its Russian counterpart. Gold-backed Stablecoin Russian news agency Vedomosti describes this stablecoin as a “token of the Persian Gulf region” and would serve…

Iran and Russia want to issue new stablecoin backed by gold

boss

The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold. Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade, Russia’s news agency Vedomosti reported on Jan. 15. The token is projected to be issued in the form of a stablecoin backed by gold, according to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain (RACIB). The stablecoin aims to enable…

Cornell Professor Warns of Disruption to US Bond Market From Potential Collapse of Major Stablecoin – Economics Bitcoin News

boss

A professor from Cornell University has warned about the potential effects a collapse of a major stablecoin could have on the U.S. bond market. Eswar Prasad said that if large stablecoins face a collapse, the number of Treasury bonds they would need to sell could disrupt the U.S. Treasuries market, affecting prices. Cornell Profesor Alerts About Stablecoin Collapse Danger Eswar Prasad, an economics professor at Cornell University, has warned about the potential damage a bank run on a possible collapse of a major stablecoin could bring to the traditional finance…

Orange Financial to Launch Innovative Yield Farming Treasury – Stablecoin Rewards for NFT Holders

Orange Financial, a multi-chain yield farming treasury, is excited to announce its public mint date on February 1st, 2023. As the only NFT project to offer stablecoin rewards through yield farming to its holders, Orange Financial will revolutionize the world of yield farming and NFTs. Through its innovative approach, Orange Financial has created a basket of DeFi assets and farming opportunities to provide yield for its NFT holders. The Treasury takes care of all the compounding and harvesting on behalf of its holders and routes the returns back through USDC,…

UK Nears Stablecoin Launch, Considers CBDC in Long Term

Griffith expects the stablecoin to lead up to the introduction of a CBDC. Following a meeting with the UK Parliament, the UK’s Economic Secretary to the Treasury has affirmed that the country will likely launch a stablecoin soon. Andrew Griffith stated this while speaking to the UK Parliament Treasury Committee about crypto assets on January 10. While emphasizing the country’s commitment to becoming a global crypto hub, Griffith said introducing a stablecoin would be the first step in the process. He noted that the stablecoin would be used for wholesale…

Tron’s USDD Stablecoin Experiences Fluctuations Again, Drops Below $1 Parity in Early 2023 – Bitcoin News

boss

The Tron-based stablecoin USDD fell below $1 parity again during the first week of 2023 and on Jan. 10. Four days ago, the stablecoin dropped to $0.972 per unit and on Tuesday, Jan. 10, 2023, USDD slipped to $0.977 per unit. At the time of writing, the Tron-issued stablecoin is trading at 98 cents per coin. USDD Stablecoin Dips Down to 97 Cents per Token There have been some slight fluctuations in USDD’s price at the start of the new year, as the stablecoin has dipped to the 97-cent range…

Binance pushes back against report stablecoin isn’t fully backed

boss

Major crypto exchange Binance initially pushed back against a Bloomberg report that its Binance-Peg BUSD stablecoin “doesn’t always appear to have been completely backed by BUSD”.  In a Jan. 10 blog post, Binance said the basis for the report — which was later amended to clarify the difference between a pegged and backed stablecoin — was a “timing mismatch in backing Binance-Peg BUSD with BUSD”. Based on an analysis from ChainArgo co-founder Jonathan Reiter, the news outlet reported that the Binance-peg BUSD was often undercollateralized between 2020 and 2021, a…

UK MP says stablecoin is a gateway to CBDC, only crypto can ‘disrupt’ settlements

boss

The United Kingdom remains committed to becoming a world crypto industry hub in spite of the recent negative events that have occurred on the market. It is “the sector I have dedicated the most time to,” Member of Parliament and HM Treasury Economic Secretary Andrew Griffith told a meeting of the UK Parliament Treasury Committee on Jan. 10, underscoring that commitment. The introduction of a wholesale stablecoin and the Financial Markets Infrastructure (FMI) sandbox will be next steps in the process. Those elements are included in the Financial Services and…