Tag: Stablecoin

Ankr deploys $15M to make users whole as Helio stablecoin recovers after exploit

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According to a Twitter post dated Dec. 7, stablecoin protocol Helio, which issues the HAY stablecoin pegged against the U.S. dollar, said that the firm had bought back $3 million worth of bad debt in HAY thus far in the open market. The day prior, blockchain infrastructure platform Ankr stated it would allocate $15 million to buy back the bad debt resulting from its recent exploit and the resultant over-circulation of HAY.ย  A series of seemingly unrelated incidents occurred on Dec. 2 when a hacker manipulated vulnerabilities in Ankr’s smart…

TRON Upbeat And Registers $1 Billion In Stablecoin Inflow

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TRON (TRX) remains in a stagnant phase, refusing to make any kind of momentum for an upward run despite a number of positive developments that, in many cases if not all, should have helped trigger a significant price movement. Letโ€™s consider this summary: TRONโ€™s seven-day jump was less than 2% During the last 30 days, TRX has already lost 12% of its value Tron blockchain enjoys a significant boost in its stablecoin inflow Instead, the asset continues to consolidate within a narrow range and is not showing any signs of…

New Cardano algorithmic stablecoin evokes old fears for the community

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With the new announcement that Cardano is on its way to release an algorithmic stablecoin in 2023, various community members expressed concerns, comparing the project to Terra USD (UST), which caused great losses within the crypto space in 2022.ย  According to its developers, the stablecoin project Djed will be pegged to the U.S. dollar and backed by Cardano (ADA). Apart from this, it will be using another token as its reserve coin. The project highlighted that it will be overcollateralized and will have on-chain proof-of-reserves. Despite the assurances given by…

President of Bank of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration and Payments Functionality โ€“ Blockchain Bitcoin News

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Roberto Campos Neto, president of the Bank of Brazil, explained the role that the Brazilian central bank digital currency (CBDC), the digital real, might play in the future of personal finance. At an event, Neto explained the concept of โ€œopen finance,โ€ showing a โ€œsuper appโ€ that featured PIX (a payments network) functionality, and also integration with other stablecoins already available. Digital Real Might Connect Directly With Cryptocurrencies The proposed Brazilian CBDC, the digital real, is ostensibly growing to have more and more functions. Roberto Campos Neto, president of the Bank…

Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity โ€“ Altcoins Bitcoin News

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Itโ€™s been six months since Terraโ€™s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe thereโ€™s a chance USTC can regain its peg. Terra Supporters Want to Repeg the Once-Stable Coin USTC Amid the craziness surrounding the FTX collapse, fans of another stunted crypto project want to get Terra Moneyโ€™s former stablecoin UST (now USTC) back to…

Stablecoin Economy Continues to Shrink Shedding Close to 5% in 2 Months โ€“ Altcoins Bitcoin News

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During the last month, the market capitalization of all the stablecoins in existence dropped by more than 2%, shedding roughly $2.98 billion since the end of October. Statistics show that tether, the largest stablecoin by market valuation, saw its market cap lose more than 5% during the last 30 days. Tetherโ€™s market cap slipped from last monthโ€™s $69.13 billion to todayโ€™s $65.48 billion. Stablecoin Economy Drops Lower, Tether Market Cap Sheds 5% Statistics show that the stablecoin economyโ€™s market valuation has reduced during the last 30 days by roughly 2.02%.…

Leading Cardano stablecoin project shuts down after excruciating launch delays

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On Nov. 24, Ardana, a leading decentralized finance (DeFi) and stablecoin ecosystem building on Cardano (ADA), abruptly halted development, citing “funding and project timeline uncertainty.” The project will remain open-source for builders while treasury balances and remaining funds will be held by Ardana Labs “until another competent dev team in the community comes forward to continue our work.” “Development on Cardano has been difficult with alot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being…

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Cardano (ADA) Stablecoin Unveiling Is Just Around The Corner

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You can call it Djed, but the game is stablecoin. According to reports, Cardanoโ€™s stablecoin, Djed, will be released on the Cardano mainnet in the first month of 2023. They call this type of stablecoin โ€œalgorithmic,โ€ which means that the assetโ€™s stability is guaranteed by some very advanced, but (they say) โ€œultimately important,โ€ mathematics. Cardano collaborated with COTI on this mammoth project. in light of Djedโ€™s declaration, let us quickly review ADAโ€™s persformance of late: Price activity as of late indicates further pain If Crunchzone rises above $0.3160, the bears…