Tag: Stablecoin

FTX collapse followed by an uptick in stablecoin inflows and DEX activity

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On-chain data from Glassnode show Bitcoin’s (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week.  A similar movement occurred in April 2020, November 2020 and June 2022 with the current outflow leaving around 2.25 million BTC on exchanges. Bitcoin exchange balances with net position change line. Source: Glassnode Exchange exodus for Ether, but not stablecoins While Ether (ETH) did not see an all-time high outflow from exchanges, 1.1 million Ether were withdrawn from exchanges over…

Tron’s stablecoin USDD loses dollar peg on suspected selloff by Alameda Research

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In April 2022, the Tron network launched USDD, a token pegged to the U.S. dollar, as an “over-collateralized stablecoin,” meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation. USDD stablecoin slips below $1 peg But it was not enough to keep USDD’s price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later, USDD’s price fell to as low as $0.96, followed by…

Tron Network USDD Stablecoin Wobbles from Dollar Peg Amid Latest Crypto Crisis

The USDD liquidity pool on the decentralized finance protocol Curve, where users can trade USDD for other stablecoins such as USDT, USDC and DAI, is heavily imbalanced, with USDD accounting for almost 80% of assets in the pool. This imbalance suggests that more investors want to sell USDD than buy, putting downward pressure on USDD’s price. The USDD exchange rate for other stablecoins was most recently around 98.5 cents. Source

Stablecoin Issuer Circle Plays Down FTX, Alameda Exposure

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Stablecoin GUSD’s Supply Jumps Close to 130% Higher in 30 Days – Altcoins Bitcoin News

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While the stablecoin economy has seen fluctuations from specific stablecoin tokens either increasing the project’s number of tokens in circulation or decreasing the supply, the stablecoin GUSD issued by Gemini has increased by 129.5% during the last 30 days. GUSD Sees Supply Balloon by Nearly 130% There’s been a number of changes within the stablecoin economy as Bitcoin.com News reported events like the demise of Terra’s stablecoin terrausd (UST), which is now referred to as terrausdclassic (USTC). Following the Terra stablecoin depegging event in mid-May, a number of other stablecoin…

EverEarn Expanding to Ethereum Blockchain With $USDC Stablecoin Rewards – Press release Bitcoin News

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press release PRESS RELEASE. It’s no secret to anyone that the past several months have been some of the worst performing markets in virtually every sector, thanks to the macroeconomic effects of high inflation around the world, alongside global uncertainty. The EverEarn team however has spent this time planning their next steps and getting ready for expansion; which is happening now! The EverEarn token ($EARN) launched on the BNB Chain in January 2022 with a simple goal; to show that a new startup cryptocurrency can be run like a business…

Canada Announces Crypto, Stablecoin Consultation in New Budget Statement

The Fall Economic Statement, a mini-budget released by Deputy Prime Minister Chrystia Freeland, is the government’s fiscal roadmap over the coming months. Among provisions on taxes, recovering from COVID and hurricanes, and budget projections was a section on the “digitalization of money,” which highlighted cryptocurrencies and digital assets and their use worldwide. Source