Tag: Stablecoin

First Mover Asia: Bitcoin Holds Steady Over 20K; USDC’s ‘Flippening’ of USDT and the Continued Stablecoin Bear Market

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USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists Stablecoin Has Not Depegged – Bitcoin News

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Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an “on-chain mechanism [and] collateralized assets.” USDD Trades Below $1 for an Entire Week USDD has been…

Record stablecoin market share points to crypto upside: JPMorgan

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The rapid surge in share of stablecoins like Tether (USDT) in the cryptocurrency market may point to an upcoming crypto upside, according to analysts at the American investment bank JPMorgan Chase. The percentage of stablecoins in the total crypto market value has been on the rise, reaching new historical highs in mid-June, JPMorgan strategists believe. Led by JPMorgan crypto market analyst Nikolaos Panigirtzoglou, the analysts provided their industry insights in the bank’s new investor note shared with Cointelegraph. Released on June 15, the investor note reads that the share of…

Decoupling of Lido’s Staked ETH Differs From Stablecoin Collapse, CoinShares Says

This is not the same as the UST crash because the underlying asset, ETH, is not directly affected by the market price of stETH, CoinShares said. The benefit of stETH is that it allows users to earn yield from staking ether, using a technique known as liquid staking. The ETH that’s been staked continues to secure the network as planned, while users have access to a liquid asset that can be invested. Lido’s product can be classified as “premature” because the inability to un-stake makes the stETH feature incomplete, according…

BIS to launch market intelligence platform amid stablecoin, DeFi collapse

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The Bank for International Settlements (BIS) Innovation Hub announced the launch of a new set of projects targeting various aspects of traditional and crypto payments — including a cryptocurrency market intelligence platform and security for retail central bank digital currency (CBDC). BIS’s cryptocurrency market intelligence platform will be launched under the Eurosystem Centre initiative, which aims to provide vetted data about crypto projects. One of the key drivers for the project’s commencement is the collapse of numerous stablecoins projects and decentralized finance (DeFi) lending platforms such as Terra (LUNA) and…

Defi Protocol Abracadabra’s Stablecoin MIM Briefly Slides to $0.91 During the Crypto Market Rout – Altcoins Bitcoin News

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Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s recent volatility last week. Stablecoin Magic Internet Money Loses $1 Parity But Regains Strength After the Fall to $0.91 In mid-May 2022, the entire world witnessed an algorithmic stablecoin called terrausd (UST) depeg from its $1 parity and slide below…

Circle Launches Second Major Stablecoin Backed 1:1 by the Euro – Altcoins Bitcoin News

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On Thursday, Circle’s CEO Jeremy Allaire announced that the company has launched a new stablecoin pegged to the value of the euro (EUR). Allaire said that the new EUROC token is now live on the Ethereum network and will be “available to mint and redeem on June 30th.” Circle Launches EUROC Circle has announced the launch of the company’s second major fiat-pegged crypto asset called euro coin (EUROC). The announcement stemmed from Circle’s CEO Jeremy Allaire on Thursday who explained that EUROC already has “broad industry support.” Circle also follows…

Circle, The Company Behind The USDC Stablecoin, Announces Euro Coin

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Does the world need Euro Coin? There are already stablecoins pegged to the Euro in the market. The difference here, however, is Circle. As the issuer of the well-regarded USDC, they have the reputation, the know-how, and the clientele to make this happen. Even with all of those advantages, it’s the market that will decide if the world needs Euro Coin. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse On the project’s page, they describe it as, “Euro Coin (EUROC) is issued by Circle…

USDC Issuer Circle to Introduce Euro-Backed Stablecoin in U.S.

It is unclear how a euro-backed stablecoin issued under U.S. standards might be perceived by EU leaders, and how Circle is anticipating the EU’s pending legislation. A representative for Circle told CoinDesk the company will not comment publicly on conversations, or the existence of conversations, with U.S., EU, or other regulators. Source