The token issued by Stable Universal has dropped to 8% below its $1 peg. Source
Cash-Backed HUSD Stablecoin Loses Peg, Drops to $0.92
Tag: Stablecoin
US Federal Reserve Minutes Show More Rate Hikes Coming, Concern About Stablecoin Risks
The FOMC boosted the interest rate by a robust 75 basis points in July as part of its hawkish monetary campaign to tame inflation, which has hit a four-decade high. The committee, which meets regularly to set U.S. monetary policy, is widely expected to increase the rate by a similar amount at its September meeting. Original Source ComingConcernFederalHikesMinutesRateReserveRisksShowStablecoin CryptoX Portal
UK Group to Test Stablecoin Payments, Provide Data to Bank of England
“With the advent of DLT [distributed ledger technology] and blockchain technology, digital assets are ushering in a new era for money, with potentially transformative benefits for consumers, businesses, financial institutions and states,” said Kunal Jhanji, a managing director and partner at Boston Consulting Group. Source
UK Crypto Industry Welcomes New Stablecoin Rules, Awaits Guidance
The BoE will detail its plans to regulate systemic stablecoins, including whether it will be authorizing firms next year, in a consultation, where the government lays out proposed regulatory measures in a document and invites the public or industry representatives to weigh in. The PSR, too, is planning to issue guidance on how it would regulate DSAs, including stablecoins. Source
Acala’s Stablecoin Falls 99 Percent After Hackers Issue 1.3 Billion Tokens
A bug in the protocol’s newly-deployed iBTC-aUSD liquidity pool left the door wide open for hackers to exploit. Source
Another Stablecoin Depegs From USD Parity, Polkadot-Based AUSD Loses 98% in Value – Bitcoin News
2022 has been the year of broken stablecoins as a myriad of dollar-pegged crypto assets depegged from their dollar value this year. On August 14, the Polkadot-based stablecoin alpaca usd (AUSD) dropped below a U.S. penny in value, only to bounce back to the $0.95 region hours later. Reports say that the Acala protocol was compromised and an attacker managed to mint 1.2 billion AUSD. Polkadot’s AUSD Stablecoin Slides Well Below the $1 Parity Besides USDT, USDC, DAI, and a couple of others, a number of stablecoins have had an…
Billions erased from cryptocurrency market this week
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io The always volatile cryptocurrency market took a dive after a major sell-off, and the crash in prices wiped out more than $300 billion this week. Crypto trader and investor Scott Melker, who hosts “The Wolf of All Streets” podcast, joined CBS News to discuss what’s next for the digital currencies. CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is…
Interlay launches trustless BTC stablecoin bridge on Polkadot
Interlay, a London-based blockchain firm, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot (DOT). Named interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers and nonfungible tokens (NFTs), among others. interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO’s DAI token, a stablecoin on the Ethereum blockchain. The iBTC vaults use mixed-asset collateral to insure BTC reserves, making iBTC redeemable 1:1 with BTC over the Bitcoin blockchain. As a preventive…
Former Terra-Affiliated Project Kujira to Issue Stablecoin
“As we plan to focus on payments and commerce and launch our own high-quality Kujira wallet, we felt that we would have far more flexibility for future integrations if we were able to launch our own native stablecoin,” the announcement said. “We rebuilt Kujira from the ashes of Terra Classic’s collapse. We understand just how important it is to handle a stablecoin correctly by pursuing transparency, community involvement, sustainable governance, while focusing on adoption and tangible value.” Source
Once-hacked for $77M, Beanstalk’s algo stablecoin protocol relaunches
Ethereum-based algorithmic stablecoin project Beanstalk Farms has relaunched its protocol just under four months after going offline after suffering a devastating $77 million governance exploit. The protocol and its governance have been paused since April following the governance exploit and flash loan attack, but were relaunched as of Aug. 6 in an event called the “Replant.” In an announcement shared with Cointelegraph, Beanstalk said it has come out of the ordeal stronger than ever, likely in reference to protocol’s governance and security. “Beanstalk has come out on the other end…