Tag: Stablecoin

Waves-backed stablecoin USDN breaks peg again amid protocol upgrade

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As the crypto community tries to navigate the bear market and recover from the onslaught brought about by stablecoin incidents like the Terra crash, another algorithmic stablecoin shows signs of struggle as it falls below its dollar peg.  Algorithmic stablecoin Neutrino Dollar (USDN) has deviated from the dollar once again, marking the fourth time that USDN struggled to maintain its dollar peg this year. The Waves-backed stablecoin is trading at $0.90 at the time of writing. Correlation =/ Causation here But every time #USDN from #WAVES has depegged There has…

Stablecoin Issuer Tether Won’t Freeze Tornado Cash Addresses, Says Premature Freezing Could Jeopardize Investigations – Bitcoin News

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While the crypto community is still talking about the U.S. government banning the ethereum mixing platform Tornado Cash, the stablecoin issuer Tether Holdings Limited revealed on Wednesday that the company would not “freeze Tornado Cash addresses.” Tether’s recently published blog post about the subject says the company is waiting for instructions from law enforcement. Tether Has No Plans to Freeze Tornado Cash-Associated Private Wallets and Is Waiting to Hear From Law Enforcement Officials On August 8, the U.S. Treasury Department’s financial watchdog, the Office of Foreign Asset Control (OFAC), banned…

Acala community votes to burn 2.97 billion of erroneously minted aUSD stablecoin

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According to a new post by Acala Network co-founder Bette Chen, the community has voted to burn 2.97 billion worth of Acala USD (aUSD) stablecoin. Acala is a decentralized finance platform built on the Polkadot (DOT) ecosystem. The week prior, the price of aUSD fell to less than $0.01 from its dollar peg after it was discovered that 3.022 billion aUSD had been erroneously minted through a misconfiguration of the iBTC/aUSD liquidity pool, which went live on August 14.  The misconfiguration has since been rectified, and wallet addresses that had…

Stablecoin issuers hold more US debt than Berkshire Hathaway: Report

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Stablecoin issuers like Tether (USDT) and Circle have accumulated a significant share in the United States Treasury market, outperforming major traditional finance players. Various stablecoin providers collectively held $80 billion worth of short-term U.S. government debt as of May 2022, according to a study by the investment bank JPMorgan, The Financial Times reported on Aug. 20. Tether, Circle and other stablecoin firms accounted for 2% of the total market for the U.S. Treasury bills, holding a bigger share of T-bills than totally owned by Warren Buffett’s investment giant Berkshire Hathaway.…

Huobi explains what went wrong with HUSD after stablecoin is back on track

After recovering the HUSD stablecoin’s dollar peg, crypto exchange Huobi explained what caused the short-term liquidity problem and assured users that it has been resolved.  On Aug. 18, HUSD started to fall from its dollar value, trading at $0.92 at the start of the day and falling as low as $0.82 a few hours later. This alarmed community members, speculating what may happen if the stablecoin doesn’t recover its dollar peg. HUSD was once one of the safest stablecoins. Now it’s off its peg. If HUSD doesn’t return to $1,…

Another Stablecoin Fluctuates Wildly as HUSD Slips Below USD Peg to $0.82 per Token – Bitcoin News

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The stablecoin HUSD, originally associated with the crypto exchange Huobi Global, lost its peg with the U.S. dollar on Wednesday, August 17, and it dropped even lower in value the following day on Thursday, August 18. On Thursday, Huobi addressed the public on Twitter and the exchange said “we are aware of the current liquidity issues associated with the HUSD stablecoin.” Market data shows HUSD slid to a low of $0.827 per unit on Thursday. 22nd Largest Stablecoin HUSD Depegs From USD Parity After the AUSD incident four days ago…