Tag: Stablecoin

A Committee of Celsius Creditors Objects to Celsius Selling Its Stablecoin Cache โ€“ Bitcoin News

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A committee of unsecured creditors stemming from the Celsius bankruptcy case has filed a motion with the court to stop the now-defunct crypto lender from selling the companyโ€™s stablecoin holdings. The written protest by the group of creditors against the sale follows objections from a slew of securities regulators filed on Sept. 29. Creditors Object to Celsius Selling $23 Million in Stablecoins On Sept. 15, the embattled cryptocurrency lending firm Celsius filed a motion with the bankruptcy court to get permission to sell $23 million in stablecoins. The court filing…

Crypto Exchange FTX Plans To Develop a Stablecoin, Says CEO Sam Bankman-Fried: Report

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The Bahamas-based crypto exchange FTX could soon develop its own stablecoin, according to the firmโ€™s chief executive, Sam Bankman-Fried. In a new interview with European Web3 media company The Big Whale, Bankman-Fried teases the possibility that FTX could make moves on issuing a stablecoin soon. โ€œWeโ€™ve held off on doing it because I think to some extent we think that collaboration on that could be really powerful, and with us trying to find the partners that weโ€™d be really excited to work with there. But I think youโ€™ll probably be…

Huobi Global to Delist HUSD โ€” Stablecoin Slips Below $1 Parity to $0.89 โ€“ Altcoins Bitcoin News

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On Thursday, the cryptocurrency exchange Huobi Global announced that the trading platform plans to delist the stablecoin HUSD and the delisting will begin at 08:00 (UTC) on October 28, 2022. Furthermore, users with HUSD held on the exchange will see their balances auto-converted to the stablecoin asset tether and the exchange expects to complete the full conversion by November 4. Huobi Global Reveals Plans to Delist HUSD and Auto-Convert Balances to Tether, HUSD Stablecoin Drops Below $1 Peg Following Announcement Huobi is set to delist the stablecoin HUSD according to…

Stablecoin Issuer Frax Finance Unveils Ether Staking Service With a Dual Token Model

Called Frax Ether, the liquid staking system, went live on Oct. 13 in a soft community launch with an official announcement expected soon. The system has three components โ€“ frax ether (frxETH), staked frax Ether (sfrxETH), and the Frax ETH Minter. Staking refers to locking up coins in a crypto wallet in return for rewards. Liquid staking is the process of locking up funds to earn rewards while still having access to the funds locked via their liquid derivative coins. Source

UK Stablecoin Rules Approved by Lawmaker Committee

โ€œCertain crypto assets and distributed ledger technology could drive transformational changes in financial markets,โ€ recently-appointed Economic Secretary to the Treasury Andrew Griffith told the committee probing the Financial Services and Markets Bill, adding that there are also โ€œrisks to consumers and financial stability.โ€ Source

Singapore Central Bank Proposes Stablecoin Rules to Reign in Crypto Sector

The rules, which were published on Wednesday, come after a turbulent year for crypto markets. The downturn is particularly frustrating for Singapore regulators, as a number of collapsed multi-billion dollar crypto enterprises like stablecoin issuer Terraform Labs and crypto hedge fund Three Arrows Capital have ties to the country. The MAS had since promised to tighten regulations for the sector. Source

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Binance USD Supply Increases Amid Heated Stablecoin Wars

The aim behind stablecoins development was to provide stability over the highly volatile nature of crypto assets. This means that stablecoins hedge your funds against the impact of macroeconomic factors like inflation. Currently, stablecoins represent about 15% of the total crypto market cap of over $933 billion. Several prominent firms have created their stablecoins. Usually, the coins are pegged on a ratio of 1:1 to major global fiat currencies like USD, EUR, or GBP. The Binance USD (BUSD) is a notable stablecoin from the leading crypto exchange, Binance. It is…