The venture-capital arm of the USDC stablecoin issuer backed Nomad and Slope, which were both exploited this week. Source
Circle Invested in 2 Hacked Crypto Companies, Adding to Its Headaches Amid Stablecoin Scrutiny
Tag: Stablecoin
Crypto Exchange Binance Reveals Reserves Backing BUSD Stablecoin in Push for Transparency
The world’s largest cryptocurrency marketplace is sharing data about the money behind its own US dollar-pegged stablecoin. In a new announcement, Binance says that it will regularly provide updates about the reserves behind the popular Binance USD (BUSD). The move comes after several digital assets and their affiliated projects have collapsed this year while causing tens of billions of dollars in losses worldwide. Binance says that, unlike other so-called stablecoins, BUSD is not only “100% backed by cash and cash equivalents” but also regulated and approved by the New York…
Singapore's Central Bank to Consult Public on Stablecoin Regulations
The MAS is reviewing a regulatory regime targeting risks involving stablecoins, the minister in charge of the bank said. Source
Aave Wallet Activity Reaches 2022 High on GHO Stablecoin Decision
Last year, as many as 6,200 wallets were active in February and transactions involving Aave touched a record 1.1 million daily figure in May. They slumped to as few as 96,000 transactions a day earlier this year amid a market-wide price decline, IntoTheBlock data shows. Source
Aave DAO approving overcollateralized stablecoin splits crypto community
Aave DAO, the governance body behind decentralized finance (DeFi) giant Aave (AAVE) protocol, has unanimously voted in favor of creating an overcollateralized stablecoin called GHO. The Aave company put up the GHO creation proposal on July 28, which received an overwhelming 99.9% community vote over the course of three days. The proposal ended on Jul 31 at 10:00 am GMT with 501,000 AAVE tokens pledged in favor of creating the crypto-collateral backed stablecoin. Aave DAO GHO Voting Snapshot GHO would be an Ethereum-based and decentralized stablecoin pegged to the U.S.…
Aave Passes Proposal for Yield Generating Stablecoin GHO
The token would work similarly to existing algorithmic stablecoins, which mint exactly $1 worth of tokens when users provide $1 worth of cryptocurrency. In GHO’s case, a user must supply collateral (at a specific collateral ratio) to be able to mint GHO. If a user repays a borrow position (or is liquidated), the GHO protocol burns that user’s GHO, the proposal explained. Source
Aave DAO Approves the Launch of a Collateral-Backed Stablecoin Called GHO – Bitcoin News
On Sunday, the non-custodial market protocol Aave announced that the Aave DAO has approved a new stablecoin for the ecosystem called “GHO.” Aave Companies proposed the stablecoin during the first week of July and the collateral-backed stablecoin will be pegged to the U.S. dollar’s value. A New collateral-Backed Stablecoin Crafted by Aave Companies Is Due to Launch After the Aave DAO Votes on Genesis Parameters Aave explained on Sunday that the Aave decentralized autonomous organization (DAO) approved a proposal to create a stablecoin token called “GHO.” “The community has given…
Solana-based stablecoin NIRV drops 85% following $3.5M exploit
Solana-based algorithmic stablecoin NIRV has become the latest stablecoin to fail, after dropping 85% from its dollar peg following a hack on adaptive yield protocol Nirvana Finance on Wednesday. The flash loan attack, which also saw Nirvana Finance’s native token ANA drop by 85%, resulted in the loss of $3.49 million worth of Tether (USDT), with the SolanaFM team being the first to confirm that the funds were siphoned via a flash loan attack on July 27: “Utilizing Solend Protocol’s Flash Loans, the hacker borrowed $10M USDC from the Solend…
US Senate Republican Seeking Bipartisan Support for Stablecoin Effort
The top Republican on the U.S. Senate Banking Committee, Sen. Pat Toomey (R-Pa.), said he’s dealing with Democrats to make his earlier proposal on stablecoin oversight a bipartisan effort, and Chairman Sherrod Brown (D-Ohio) confirmed he’s been involved in the discussion. Original Source BipartisanEffortRepublicanSeekingSenateStablecoinSupport CryptoX Portal
Senate’s Toomey Says He’s Seeking Bipartisan Support for Stablecoin Effort
“The first place where we should be able to find common ground, and I actually think in many cases are close, is to chart a path forward for clear and sensible regulations on stablecoins,” Toomey said at a Wednesday committee hearing, mentioning his own push for oversight of the tokens. Source