The automatic conversion of other stablecoins could increase BUSD supply by $908 million, the bank said. Source
Crypto Exchange Binance to Benefit From Increased Supply of Its Own Stablecoin, BofA Says
Tag: Stablecoin
BofA Says Crypto Exchange Binance to Benefit From Increased Supply of Its own Stablecoin
CryptoX – Cryptocurrency Analysis and News Portal The automatic conversion of other stablecoins could increase BUSD supply by $908 million, the bank said. Source The post BofA Says Crypto Exchange Binance to Benefit From Increased Supply of Its own Stablecoin appeared first on CryptoX. CryptoX Portal
Fed Vice Chair Brainard Calls for Crypto-Specific Regulations, Notes Stablecoin Risks
“We have seen that the crypto financial system has all the same risks that we’re very familiar with from traditional finance,” she said in a speech at the Clearing House and Bank Policy Institute 2022 annual conference on Wednesday. But given the unique characteristics of crypto, there’s a need for “creating clear regulatory guardrails.” Source
Circle CEO, Paxos, and Trueusd Speak on Binance’s Stablecoin Auto-Conversion Decision – Bitcoin News
On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.” Circle’s Jeremy Allaire Thinks Binance’s Forced Stablecoin Conversions Will Likely Lead to More USDC Flowing to the Exchange Circle’s CEO Jeremy Allaire spoke about Binance’s recent move to “enhance liquidity and capital-efficiency for users” by…
A Stablecoin Law May Not Happen This Year
That being said, the bill isn’t dead. Rep. Maxine Waters (D-Calif.), who chairs the committee, and Rep. Patrick McHenry (R-N.C.), who is the ranking member, are the lead negotiators on this effort, and they’re both coming back in the new year (though it’s possible their titles will be swapped). Source
DeFi Platform Curve Finance Takes First Steps Toward crvUSD Stablecoin
Details on the actual usage of crvUSD are scanty at writing time, and Curve developers denied sharing more information about the tokens with CoinDesk. Source
Russian gov’t working on stablecoin settlement platform between friendly nations: State media
Russia’s Finance Ministry has reportedly begun working with the governments of “friendly” nations to establish a cross-border stablecoin-based payments platform. According to a Tuesday report from Russia state-owned news agency TASS, Deputy Finance Minister Alexey Moiseev said the government was looking to create the settlement platform to avoid the use of U.S. dollars and euros. The finance minister reportedly said the Russian government would need to impose additional regulations to enact the platform between itself and friendly nations — possibly including China, Belarus and North Korea. “We offer mutually acceptable…
Who Benefits From Binance Converting USDC to Its Own Stablecoin?
Gaevoy’s, and perhaps Binance’s, argument is that this cuts out steps for USDC users who want to trade on Binance. People can still issue USDC as before, deposit it on Binance, do what they want to do and withdraw in USDC. Notably, exchange FTX has had automatic conversion of USDC, which has benefited market makers, he added. Source
Russia Exploring Stablecoin Settlements With Friendly Nations: Report
Tass quoted Russia’s Deputy Finance Minister Alexey Moiseyev as saying “We are currently working with a number of countries to create bilateral platforms in order not to use dollars and euros. We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries.” Source
Stablecoin USDN Trades Below $1 Parity for 14 Days in a Row, Token Taps $0.91 Low This Week – Altcoins Bitcoin News
Approximately 14 days ago, the stablecoin neutrino usd (USDN) tapped a high of $0.994 per unit, and ever since then, USDN has not been able to rise above the $0.97 per unit range. The dollar-pegged asset is associated with the Waves blockchain protocol, and recently the Neutrino Protocol decided to add a token called SURF to USDN’s reserve basket in order to “improve the mechanics of recapitalizing USDN reserves.” Waves Stablecoin USDN Falters, Team Adds SURF to Improve Algorithmic Stablecoin’s Reserve Mechanics, Waves Founder Dismisses Critics Another stablecoin has shown…