Tag: Stablecoin

Acala Network to resume operations after burning 2.7B in aUSD stablecoin

boss

After the mining failure involving its stablecoin aUSD, the Acala Network announced on Monday that it had resumed its operations following a referendum allowing LPs to withdraw liquidity from pools or unstake LP tokens. The community referendum for Stage 1 of resuming Acala operations has passed and been executed. LPs who choose to unstake LP tokens or withdraw liquidity on Acala now have the option to do so. https://t.co/yzvOz7zwxT — Acala (@AcalaNetwork) September 26, 2022 In August, a misconfiguration of the iBTC/aUSD liquidity pool led to a 3.022 billion aUSD…

Tether Stablecoin Goes Live On Polkadot Blockchain

Tether USDT is the largest stablecoin by market cap. Also, the token ranks among the top five in the overall market capitalization of all crypto assets. Through several progressive road maps and other development plans, Tether USDT has risen over the years. Recently, the stablecoin announced its launch on Polkadot. USDT is a product of Tether Limited, a Hong Kong-based firm launched in 2014. It stands as the first stablecoin to exist in the crypto space. The stablecoin is pegged to the US dollar in the ratio of 1:1. The…

3 reasons why USDC stablecoin dropping below $50B market cap is Tether’s gain

boss

The market capitalization of USD Coin (USDC), a stablecoin issued by U.S.-based payment tech firm Circle, has dropped below $50 billion for the first time since January 2022. On the weekly chart, USDC’s market cap, which reflects the number of U.S. dollar-backed tokens in circulation, fell to $49.39 billion on Sep. 26, down almost 12% from its record high of $55.88 billion, established merely three months ago.  USDC versus USDT weekly market cap chart. Source: TradingView In contrast, the market cap of Tether (USDT), which risked losing its top stablecoin position to…

MiCA is already stifling stablecoin adoption in the EU

boss

The digital asset landscape in the European Union is evolving ahead of the passage of the Markets in Crypto-Assets (MiCA) regulation framework that aims to instill regulatory clarity around crypto assets. While well-intentioned, the current structure of MiCA may throttle innovation. But if a revised version of this policy passes, it could see the European Union become one of the leaders in the digital payment space. If not, then there is a genuine possibility of the continent falling behind. MiCA aims to set a regulatory framework for the crypto asset industry…

Tether Reveals USDT Stablecoin Is Now Supported by Polkadot – News Bitcoin News

boss

Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin’s new support follows the token being added to the Near Protocol 11 days ago. The news further follows Tether being ordered by a New York judge to produce financial documents last Tuesday. Polkadot Blockchain Ecosystem Adds Tether Just recently Tether Operations Limited announced that it was added to the Near Protocol on September 12 and 11 days…

Stablecoin bill has ‘outside chance’ of finalizing this year

boss

There is a small chance the U.S. House of Representatives could pass the bill to regulate stablecoins by year-end, though it’s more likely it will pass in the first quarter of 2023, says U.S. Congressman Warren Davidson.  According to a Thursday report from Kitco, Davidson made the remarks at the Annual Fintech Policy Forum on Sept. 22, where he suggested: “There’s an outside chance we find a way to get to consensus on a stablecoin bill this year.” The “stablecoin bill” seemingly refers to draft legislation aimed at “endogenously collateralized…

Draft US stablecoin bill would ban new algo stablecoins for 2 years

boss

Draft legislation in the United States House of Representatives would place a two-year ban on new algorithmic stablecoins such as TerraClassicUSD (USTC) which de-pegged from the US dollar earlier this year causing widespread crypto market contagion. The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins,” according to a current draft of the legislation obtained by Bloomberg. However the legislation includes a grace period of two-years for existing algorithmic stablecoin providers to change their models and collateralize their offering differently. The definition would reportedly cover stablecoins which…

Robinhood Lists USDC, It’s First Stablecoin

boss

Robinhood hasn’t been shy about it’s desire to be a player in crypto. The platform has had a few years of ups and downs as it’s navigated it’s crypto offerings. This week, however, the platform secured a win on the crypto front by listing it’s first stablecoin, USDC. What We Know The news first came straight from the horses mouth, as Robinhood’s Twitter posted a tweet this morning sharing the news. The token is Robinhood’s 17th supported crypto, and third largest in market cap behind blue chips Bitcoin and Ethereum.…