Tag: Stablecoin

Bitcoin-backed Hermetica secures $1.7m to expand stablecoin USDh

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Hermetica, the company behind the Bitcoin-backed stablecoin USDh, has raised $1.7 million in seed funding.  The funding will support the growth of USDh, a stablecoin designed to be backed by Bitcoin (BTC). A stablecoin is a type of cryptocurrency that aims to keep its value tied to a stable asset, like the U.S. dollar, instead of fluctuating like Bitcoin. USDh allows Bitcoin holders to transact with a digital asset pegged to the value of the U.S. dollar without leaving the Bitcoin ecosystem. For example, 1 USDh equals 1 USD worth…

Ripple Reveals Exchanges for Stablecoin RLUSD Launch

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Ripple has announced that its new USD-denominated stablecoin, RLUSD, will be available globally through strategic partnerships with major platforms, including Uphold, Bitstamp, Bitso, Moonpay, Independent Reserve, Coinmena, and Bullish. Fully backed by U.S. dollar reserves, government bonds, and cash equivalents, RLUSD is positioned to enhance financial solutions while ensuring transparency and stability. Ripple Introduces RLUSD […] Source

MiCA Spurs Major Shift in Euro Stablecoin Market, Kaiko Analysis Shows

The European Markets in Crypto-Assets Regulation (MiCA) has made a noticeable impact on the euro stablecoin landscape, according to a fresh report by Kaiko. The research points out that MiCA’s rollout has triggered several delistings and adjustments to offerings on major exchanges. Study: Euro Stablecoin Market Transformed by MiCA Three months into MiCA’s enforcement, the […] Source CryptoX Portal

Ripple Announces Initial Exchange Partners for Ripple USD (RLUSD) Stablecoin Launch

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Payments firm Ripple is announcing exchange partners for the launch of RLUSD, the company’s new dollar-pegged stablecoin. According to a new press release, Ripple Labs is collaborating with crypto platforms Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish to launch Ripple USD. Beta testing for RLUSD rolled out on the Ethereum (ETH) mainnet and the XRP Ledger (XRPL) two months ago. Ripple first announced plans for RLUSD in April 2024. In a court filing in May, the U.S. Securities and Exchange Commission (SEC) argued that the planned stablecoin represented an “unregistered crypto asset.”…

Ripple Steps Toward RLUSD Launch By Announcing Exchange Partners for Its Stablecoin, Awaits Approval From NYDFS

MIAMI, U.S. – Ripple named exchange and market maker partners for its upcoming dollar-pegged stablecoin, RLUSD, on Tuesday at the Ripple Swell 2024 conference in Miami, Florida. The firm also added ex-Federal Deposit Insurance Corporation (FDIC) chair, Sheila Bair, and David Puth, the former CEO of Centre, a consortium which set standards for USD Coin (USDC), to the advisory board for its stablecoin. Source

AED Stablecoin Gets Green Light From UAE Central Bank

AED Stablecoin LLC has received approval from the Central Bank of the United Arab Emirates (UAE) to launch its stablecoin, AE Coin. This makes AED Stablecoin the first entity in the UAE to issue stablecoins, aligning with the government’s digital strategy. AE Coin is a fiat-backed stablecoin, meaning each coin is backed by the AED […] Source CryptoX Portal

Tesla’s automation will help with stablecoin adoption: Pompliano

Anthony Pompliano, founder of Professional Capital Management, believes Tesla’s push into automation could be the catalyst for widespread stablecoin adoption. In a recent post, Pompliano highlighted Tesla’s new autonomous vehicles and humanoid robots, introduced at the company’s Robotaxi Day event, as a potential turning point for digital currencies.  He argued that these innovations could lead to a new era in which stablecoins become the primary transaction medium in a machine-driven economy. Tesla’s advancements = more stablecoin use cases Tesla, led by CEO Elon Musk, unveiled a range of products at…

Latam Insights: Venezuela Reaches Crypto Milestone, Consortium Announces Real Stablecoin

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Chainalysis states Venezuela was the country where cryptocurrency markets grew most last year, Brazilian giants team to launch a real-pegged stablecoin, and Littio leveraged Avalanche to offer yield-bearing dollar-based savings accounts. Chainalysis Latam […] Source CryptoX Portal

State Street Works on Tokenized Bonds and Money Market Funds, Has No ‘Current Plans’ of Stablecoin Project: Report

Traditional finance heavyweights and global banks are getting increasingly involved in the tokenization of traditional financial instruments, or real-world assets (RWA), placing bonds, funds, credit or commodities onto blockchain rails. The process promises operational benefits such as increased efficiency, faster and around-the-clock settlements and lower administrative costs. Source