Tag: Stablecoin

WEMIX gains 200%+ after stablecoin and boosted staking rewards announcement

boss

Blockchain-based gaming, also known as GameFi, is an up-and-coming sector that could potentially be one of the primary catalysts for kickstarting the mass adoption of blockchain technology. WEMIX, a gaming protocol that operates on the Klaytn network, aims to get in on the GameFi revolution and this week, the project’s native token (WEMIX) rallied even as the wider market continued to sell-off. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.27 on May 12, WEMIX price climbed 269% to hit a daily high at…

How Terra’s collapse will impact future stablecoin regulations

boss

The collapse of the Terra ecosystem, which subsequently depegged its algorithmic stablecoin TerraUSD (UST) value and crashed it to an all-time low of $0.30, has cast doubt over the future of not just algorithmic stablecoins but all stablecoins in general. UST’s success and stability were intertwined with its sibling, LUNA, which creates arbitrage opportunities that, in theory, should keep UST’s price steady. If UST’s price drops below $1, it can be burned in exchange for LUNA, which lowers the supply of UST and raises its price. Conversely, if UST’s price…

Two key takeaways from Nansen’s UST stablecoin depeg report

boss

As the dust settles on the cataclysmic collapse of the Terra ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways. The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token plummeting in value as a result. Nansen undertook an investigation leveraging on-chain data from the Terra ecosystem…

Tether Seems to Have Found a New Home in Latin America With Mexican Peso-Pegged Stablecoin

boss

One of the key features of cryptocurrency is the ease of cross-border payment. Tether seems to have taken this concept a step further in order to explore the multibillion-dollar remittance market in Latin America by creating a Mexican Peso-pegged stablecoin. Tether announced on Thursday that it has added Mexico to its list of stablecoins, announcing it has launched its MXNT token that is pegged to Mexico’s peso. This is actually a great move, as seen in an analysis done by Marianna Palacious, as regards the state of Bitcoin in Latin…

Tether ingresa a América Latina con una stablecoin vinculada al peso mexicano

“Hemos visto un aumento en el uso de criptomonedas en América Latina durante el último año, lo que hizo evidente que necesitamos expandir nuestras ofertas”, dijo el director de tecnología de Tether, Paolo Ardoino. La compañía anunció este esfuerzo como un “programa de prueba” en América Latina que espera “allanar el camino” para crear otros tokens vinculados a dinero fiat en la región. Source

Tether Enters Latin America With Mexican Peso-Pegged Stablecoin

Tether isn’t the first to notice the Mexican remittance phenomenon, which previously caught the attention of large crypto players like Coinbase, Bitso, and Circle. Earlier this year, Coinbase (COIN) launched a cash-out service to convert local pesos to crypto at more than 37,000 physical retail outlets and convenience stores across the country. Source

Tether launches stablecoin pegged to pesos on Ethereum, Tron and Polygon

boss

Amid market issues surrounding stablecoins, Tether (USDT) launched a new digital asset that will be pegged to the Mexican peso on Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks.  In an announcement sent to Cointelegraph on Thursday, Tether mentioned that the token will have the MXNT ticker and will join Tether’s roster of fiat-pegged stablecoins that includes dollar-pegged USDT, euro-pegged EURT and Chinese yuan-pegged CNHT. Citing data that reports blockchain and crypto demand among Mexican companies, the stablecoin issuer believes that there’s a unique opportunity to provide a cheaper option…

Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

boss

Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout. Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days. Acala launches a $250 million aUSD ecosystem fund…

Crypto Whales Ditched Tether for USDC After Stablecoin Panic

For example, DAI, the largest decentralized and overcollateralized stablecoin, is holding USDC instead of USDT in its treasury. DAI, the currency of the blockchain protocol MakerDAO, has a market capitalization of more than $6 billion and keeps its 1:1 exchange ratio to the U.S. dollar by amassing much more crypto assets than the market value of all the DAI tokens in circulation. Source