The case was brought by Fabrizio D’Aloia, who said he was the victim of a cryptocurrency scam, and relates mainly to crypto exchange Bitkub, named as one of seven defendants including two unidentified people and Binance, the largest crypto exchange by volume traded. The case against Binance was settled, according to the filing. Source
The USDC issuer will move into One World Trade Center, and New York Mayor Eric Adams – who has sought to make the city a crypto hub – will attend the Friday ribbon cutting. Source
The European Banking Authority estimates that 15 technical standards for crypto platforms like stablecoin issuers will become official before the end of 2024. Source
Crypto investors have started depositing stablecoins in centralized exchanges, showing potential bullish momentum for Bitcoin and altcoins. According to data provided by Santiment, the total exchange net inflow of the top three stablecoins — Tether (USDT), USD Coin (USDC) and Dai (DAI) — reached $141.2 million in the past 24 hours. BTC price, stablecoin exchange net flows – Sept. 10 | Source: Santiment USDT alone saw a net inflow of $101.95 million, followed by USDC’s $34.87 million, per data from Santiment. DAI, the third-largest stablecoin by market cap, recorded an…
The largest Japanese banks—MUFG, SMBC, and Mizuho—plan to use a stablecoin-based system to facilitate cross-border payments in the future. The initiative, Project Pax, replaces correspondent banks with blockchain technology, linking it to SWIFT to allow users to initiate payments conventionally using regular banking rails. Japanese Banks Aim to Ditch Intermediaries for Blockchain-Based Stablecoin System Traditional […] Source CryptoX Portal
Crypto market maker DWF Labs has plans to launch a stablecoin product that may compete with Ethena’s USDE. According to Andrei Grachev, co-founder of DWF Labs, the crypto trading and market-making startup has finalized the design for its synthetic stablecoin. Synthetic stablecoins operate on a soft peg with fiat currencies like the U.S. dollar and are underpinned by collateral assets like Bitcoin (BTC) and other assigned cryptocurrencies. To maintain parity, synthetic stablecoins rely on opening and closing short-leveraged positions for the underlying collateral. While supposedly decentralized, this design could introduce…
Tether and Mahidol University International College (MUIC), a prestigious institution in Thailand known for its diverse and international academic programs, have signed a Memorandum of Understanding (MOU) to integrate stablecoin, blockchain, and peer-to-peer (P2P) technology into MUIC’s curriculum. This collaboration will feature workshops, guest lectures, and research projects aimed at enhancing finance education and fostering […] Source CryptoX Portal
Plans for the stablecoin come amid further boosts to the XRP Ledger network in the form of Ethereum-compatible smart contracts, which will let users build out on-chain exchanges and issue tokens, among other financial services, as they do on Ethereum. Source
A recent report by Bitso, one of the largest crypto exchanges in Latin America, found that Argentines were especially inclined to use and purchase stablecoins over other cryptocurrencies. Six out of every ten cryptocurrency purchases in Argentina involved stablecoins during Q1 and Q2, as these are used as a hedge against inflation and devaluation. Bitso: […] Source BitcoincryptoexchangeExchanges CryptoX Portal
In a bold move to reduce its reliance on the U.S. dollar and circumvent the impact of Western sanctions, Russia is set to launch two state-backed cryptocurrency exchanges in Moscow and St. Petersburg. This strategic initiative aims to integrate digital currencies into Russia’s trade settlement processes and promote the use of local currencies like the Russian ruble and Chinese yuan over the U.S. dollar. Introduction of a Yuan-Pegged Stablecoin To further strengthen its position within the BRICS alliance, Russia is also introducing a new stablecoin pegged directly to the Chinese…