Tag: Stablecoin

Bitcoin Dominance Increases, ETH’s Market Share Slides, Stablecoin and Smart Contract Coins Rise – Market Updates Bitcoin News

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On Wednesday, the crypto economy of 12,620 coins across 543 exchanges is hovering just above the $2 trillion mark. Ever since the crypto economy’s market slump, bitcoin’s market dominance among all the coins in existence has slowly risen from 37% zone back over the 38% range. Meanwhile, Ethereum’s market dominance has diminished as it has slid from 18.6% to 17.7% since January 6. Bitcoin and Ethereum Dominance Shifts, Top Stablecoin and Smart Contract Tokens Command More Than 44% of the $2 Trillion Crypto Economy Bitcoin’s (BTC) market dominance has increased…

A Former US Senator and Ambassador to China on the Need for Stablecoin Regulation

This episode is sponsored by Nexo, Abra and FTX US. Download this episode This week’s “Long Reads Sunday” reading is Max Baucus’ “The Urgent Need for Regulatory Clarity on Stablecoins.” See also: Strike App Won’t Support Bitcoin in Argentina “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our…

Stablecoin USDC’s ERC20 Issuance Surpasses USDT’s Total Supply on Ethereum – Altcoins Bitcoin News

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On Saturday, January 15, 2022, the market capitalization of all the stablecoins in existence is $173 billion, which represents 7.93% of the $2.18 trillion crypto-economy. The market valuations of stablecoins tether and usd coin represent 71.84% of the entire stablecoin economy’s value. This week, the current total supply of usd coin surpassed tether, in terms of tokens issued on the Ethereum blockchain, as usd coin has a 0.568% larger fully diluted market capitalization on the smart contract network. USDC Issuance on Ethereum Surpasses Tether’s ERC20 Supply The current total supply…

Hong Kong begins discussions to introduce stablecoin regulatory framework

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Hong Kong’s central banking institution, the Hong Kong Monetary Authority (HKMA), released a questionnaire to gauge public opinion on regulations for crypto-assets and stablecoins. The state-backed regulator intends to establish a regulatory framework by 2023-24. HKMA’s “Discussion Paper on Crypto-assets and Stablecoins” highlights the explosive growth of the stablecoin market in terms of market capitalization since 2020 and the concurrent regulatory recommendations put forth by international regulators including the United States’ Financial Action Task Force (FATF), the Financial Stability Board (FSB) and The Basel Committee on Banking Supervision (BCBS). Market…

NYCB and Group of Banks Join to Launch USDF Stablecoin – Bitcoin News

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A group of U.S.-based banks is launching their own stablecoin, USDF. The stablecoin will be issued by the USDF Consortium, which will allow its members (financial and banking institutions) to issue USDF. The proposed stablecoin will be the first currency of its kind to be minted by FDIC-insured institutions and compliant with the recommendations on the use of stablecoins made by the president’s working group. USDF Consortium to Launch Stablecoin The USDF consortium, a membership-based group of banks, is launching the first bank-minted stablecoin, also called USDF. According…

Tether Freezes Over $150M+ Worth Of USDT Stablecoin

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Tether has been one of the biggest question marks in crypto in recent years, and that hasn’t changed as adoption has grown. Decentralization has been a hot topic, and while the word itself isn’t mentioned once throughout Satoshi Nakamoto’s Bitcoin whitepaper, it is a core identity that has been latched on to bitcoin, and crypto in general, since near inception. Of course, decentralization is the core component of just one of many question marks around Tether. However, this week the spotlight is on just that, as Tether announced that roughly…

FDIC Still Unclear if USDF Stablecoin Is FDIC-Insurable

The consortium has been in dialogue with several regulatory bodies, including the Office of the Comptroller of the Currency, the Federal Reserve, and the FDIC, since before the announcement, Wade Perry, chief administration officer at FirstBank said on CoinDesk TV. However, he did not respond to a question about the insurability of UDSF, either. Source

Palau President Talks Stablecoin Plans Following Island Nation’s ‘Digital Residency’ Rollout

CryptoX – Cryptocurrency Analysis and News Portal “One of the challenges that we have in Palau is, it’s hard to get pennies, it’s hard to get quarters,” Whipps said. “Cash shortages are a real thing here, so what digital wallets would really provide is freedom, freedom from having to go to the bank.” Source The post Palau President Talks Stablecoin Plans Following Island Nation’s ‘Digital Residency’ Rollout appeared first on CryptoX. CryptoX Portal

Tether Freezes $160M of USDT Stablecoin on Ethereum Blockchain

Stablecoin issuer Tether froze three Ethereum addresses holding over $160 million worth of USDT, according to data from Etherscan. The three accounts will now not be able to move funds anymore. In total, Tether has blacklisted 563 addresses on the Ethereum blockchain since November 2017, according to the Bloxy block explorer. Tether has said in the past that it regularly works with regulators to supervise suspicious accounts. An address with over $1 million in USDT was frozen in late December. Tether, which issues tokens on several blockchains, began blacklisting addresses…

OCC Chief Hsu Says Regulation Could Boost Stablecoin Innovation

Regulating stablecoin issuers like banks could encourage innovation in the crypto industry, according to top U.S. banking regulator Michael Hsu. Speaking at an event on Thursday, Hsu – the acting comptroller of the Office of the Comptroller of the Currency (OCC) – told attendees that increased regulations for the stablecoin industry could also make innovations longer-lasting. “While innovation thrives in uncertain environments, solid foundations can help,” Hsu said. “Especially when it comes to money and trust.” As the stablecoin market continues to grow, surpassing $150 billion last year, lawmakers and…