Stablecoin Archives

Blast-incubated stablecoin USDB briefly loses peg amid market turmoil

August 5, 2024

Decentralized stablecoin USDB, backed by DAI, has temporarily lost its peg to the U.S. dollar, dropping 6% in value. USDB, a decentralized stablecoin, has come under heavy pressure as its price in a moment dropped by as much as 6% amid market panic triggered by chaos in Japan. Developed by Blast, USDB offers a 5% yield sourced from MakerDAO’s on-chain T-Bill protocol. Typically, users can redeem USDB for (DAI) when bridging from Blast to Ethereum. However, market instability caused USDB’s price to plummet to $0.94, though it later bounced back…

Canza Finance Partners With Stablecoin Issuer to Bring Efficient Financial Solutions to Africa

August 4, 2024

Canza Finance has partnered with stablecoin issuer WSPN to provide secure and efficient financial solutions to users in Africa and other emerging markets. With the integration of WUSD into Canza Finance’s ecosystem, African users will be able to smoothly convert fiat currencies to the WUSD stablecoin. Boosting RWA and Defi Adoption Africa-focused fintech firm Canza […] Source CryptoX Portal

BIS and UK Bank of England Project Successfully Shows Stablecoin Balance Sheets can be Supervised

July 31, 2024

“Should a mismatch occur between a stablecoin issuer’s liabilities (the coins in circulation) and the assets backing that stablecoin, this could undermine confidence in the ability of the issuer to offer redemption at par and prompt a ‘run,’ ie a sudden loss of belief in the stablecoin’s value,” the report said. Source

Bank of England (BOE) Says It Wants to Carry Out a Series of WCBDC, DLT and Stablecoin Experiments

July 30, 2024

The bank said it will work with the Treasury, Payments Systems Regulator and the Financial Conduct Authority to also ensure the singleness of money is maintained even when stablecoins are involved. That is, making sure all forms of money – cash, bank deposits and so on – are interchangeable with each other. Source

Stablecoin Market Cap Jumps to $164B After Months of Stagnation; BTC, ETH Nurse Losses

July 25, 2024

The expansion “indicates growing investor optimism, underpinning a bullish outlook,” Wintermute said in a note shared with CoinDesk. “The increase in stablecoin supply indicates that money is being deposited into on-chain ecosystems to generate economic activity, either through direct on-chain purchases that can catalyze price appreciation or yield-generation strategies that could improve [market] liquidity. This activity ultimately fosters positive on-chain growth.” Source

Standard Chartered, Animoca, Three Others Join HKMA’s Stablecoin Sandbox as Participants

July 18, 2024

“During the assessment process, these institutions were able to demonstrate genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and that their proposed operations under the sandbox arrangement would be conducted within a limited scope and in a risk-controllable manner,” the announcement said. Source

Visa’s Data Partner Allium Labs Raises $16.5M as Their New Findings Show Stablecoin Activity is Back Up

July 18, 2024

“Currently, something as essential as accurately tracking digital currency volumes requires continually normalizing data across 40+ blockchain networks and parsing thousands of smart contracts, equating to petabytes of data,” said Ethan Chan, CEO and Co-Founder of Allium. “Our goal is that our customers never need to worry about any of this.” Source

State Street Mulls Creating Stablecoin, Deposit Token as RWA Tokenization Heats Up

July 17, 2024

The report comes as State Street is increasing its presence in the digital asset space. State Street Global Advisors, the investment management arm of the company, also inked a deal with crypto investment firm Galaxy (GLXY) to develop crypto trading products, CoinDesk reported in late June based on regulatory filings. The Information reported early last month that State Street was rebuilding its digital asset division only six months after cutting the team, with plans for offering crypto custody services. Source

Hong Kong to Prepare Stablecoin Legislation as Public Consultation Ends

July 17, 2024

The regulators confirmed their initial proposal that any person who issues a stablecoin in Hong Kong must obtain a license. While they say keeping reserve assets with banks licensed in Hong Kong could provide greater user protection, they are open to considering proposals on placing reserve assets in other jurisdictions. Source

Satoshi Protocol Secures $2 Million Seed Funding to Build Universal Stablecoin for Bitcoin

July 10, 2024 boss

PRESS RELEASE. Satoshi Protocol, a pioneering project building a “universal” stablecoin designed specifically for the Bitcoin ecosystem, successfully closed a $2 million seed funding round in May 2024. Led by CMS Holdings and RockTree Capital, the round signifies strong investor confidence in Satoshi Protocol’s vision of unlocking Bitcoin’s full potential. This funding round also saw […] Original