Tag: Stablecoin

Stablecoin BUSD’s Supply Shrunk by 3.24 Billion in 3 Days, Market Cap Is Down 20% Since Last Month – Altcoins Bitcoin News

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While billions of dollars in crypto assets have been withdrawn from Binance, the world’s largest exchange in terms of volume, the stablecoin BUSD has seen its coins in circulation drop considerably during the last three days. While 20% of BUSD’s supply was drained since last month, statistics show that 14.77% of the reduction took place on Dec. 13. BUSD’s Supply Declined by 3.24 Billion Since Dec. 13 Amid the speculation surrounding Binance and the large number of withdrawals (over $3B) that took place on Dec. 13, 2022, the stablecoin BUSD…

Origin Launches Yield Earnings for OUSD Stablecoin Holders

The interesting thing about the OUSD V2 offering is that the tokens are not locked up and the earnings are not subjected to any form of fees. Origin Protocol, a Web 3.0 infrastructure and innovative products developer, has announced the launch of Origin Dollar (OUSD) V2 as it looks to build on its one-of-a-kind yield-bearing stablecoin products for all. The OUSD V2 protocol introduces a number of new enhancements for the OUSD offering in that it lets all holders of the stablecoin earn competitive yields on their tokens right from…

Argentine Province of San Luis to Issue Dollar-Pegged Stablecoin and Local Art NFTs – Regulation Bitcoin News

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San Luis, a province of Argentina, has approved a bill allowing it to issue a blockchain-based, dollar-pegged stablecoin. The bill, which also approves the issuance of local artistic assets as NFTs (non-fungible tokens) seeks to enable the promotion of social development, and economic, cultural, and financial inclusion using blockchain. San Luis Approves Blockchain Development Bill San Luis, an Argentine province, has taken its first steps to include blockchain-based tech as part of its digitization push. The legislators of the province recently approved a bill designated with the number VIII-1085-2022, called…

Jewel Bank, Polygon to launch Bermuda’s first USD-backed stablecoin

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Institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin with a 1:1 ratio with the United States dollar, Jewel Bank’s founder and chairman Chance Barnett told Cointelegraph.  Called Jewel USD (JUSD), the first stablecoin to be released in the territory is powered by the Polygon blockchain, enabling transactions between wallets available to institutional clients. In the future, the bank plans to use the Polygon ecosystem for commercial and retail stablecoin-based payment solutions, including transactions between institutions, businesses, and payments between individuals. “The need for a…

Platypus Launches Native Stablecoin USP

Place/Date: Hong Kong – December 13th, 2022 at 2:24 pm UTC · 3 min read Contact: Platypus Marketing Team, Source: Platypus Platypus Finance is launching USP, a protocol-native stablecoin. USP’s deployment has emerged from Platypus’ goal of improving capital efficiency for its users. USP also resolves long-running collateral issues associated with stablecoins. The native Platypus Finance stablecoin has been designed to reduce the liquidity fragmentation and scattered assets that are endemic to many protocols. USP is pegged to the US dollar, operating as an overcollateralized stablecoin that provides a layer…

STASIS Deployed the Largest Euro Stablecoin EURS on XDC Network to Boost Web3 Payments

Place/Date: Singapore – December 12th, 2022 at 4:59 pm UTC · 4 min read Source: STASIS STASIS, the issuer of the largest euro-backed stablecoin, has deployed its EURS stablecoin on XDC Network, enabling the XDC community to advance their crypto journey into stablecoins. Turbulence is a familiar feeling to dwellers in the crypto realm. In a record-breaking bear market, even trusted companies lose crowns and go bankrupt, while stablecoins and ecosystems can fail in the blink of an eye. Recent events have only strengthened the need for transparent solutions that…

Tron’s Stablecoin USDD Deviates From the $1 Peg, Justin Sun Says Team Deployed More Capital – Altcoins Bitcoin News

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The Tron-based stablecoin USDD has once again dropped below the $1 parity to a low of $0.969 on Monday, Dec. 12, 2022. Amid the drop in USDD’s value, Tron founder Justin Sun tweeted that his team was “deploying more capital,” and the stablecoin’s web portal usdd.io claims the project is overcollateralized by 200.8% at the time of writing. Justin Sun Tells Crypto ‘Lads’ to Hold ‘Steady’ as USDD Team Deploys More Capital Tron’s stablecoin USDD is the eighth largest dollar-pegged token and it’s ranked 57 in terms of the largest…

Waves-backed stablecoin USDN drops further after regulator warning and exchange delisting

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Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions.  The UST implosion created a domino effect that caused another stablecoin, Magic Internet Money (MIM) to de-peg. Despite the fragility of algorithmic stablecoins, new projects like Djed by Cardano (ADA) are still planning on launching, but that doesn’t mean that…