In a thread on X, the team addressed some of these concerns, pointing out that while USDe has remained stable despite recent bearish conditions, it can dynamically adjust its backing between basis positions and liquid stable products and may incorporate UStb during periods of weak funding rates if needed. Source
On Wednesday, Ethereum founder Vitalik Buterin cheered Celo’s progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data. Source link
“WormholeOracle” proposed reducing the upper limit on TUSD backing for crvUSD to zero, meaning that TUSD tokens can no longer underpin crvUSD if the proposal is passed. They also recommended reducing the minting capacity of crvUSD with PayPal’s stablecoin, PYUSD, from $15 million to $5 million, aiming for a more balanced reliance on different collateral assets. Source
Bitcoin-backed stablecoin USDh launches on Stacks L2, offering new DeFi options. Hermetica has expanded its Bitcoin-backed stablecoin, USDh, to the Stacks (STX) Layer 2 network, marking a significant step for Bitcoin-based decentralized finance. This move allows users to hold USDh, a stablecoin pegged to the US dollar and fully backed by Bitcoin (BTC), while earning yields of up to 25%, according to a press release shared with crypto.news. Unlike typical stablecoins backed by fiat reserves in banks, USDh is fully tied to Bitcoin. This allows Bitcoin users to earn yield…
“TrueCoin and TrustToken sought profits for themselves by exposing investors to substantial, undisclosed risks through misrepresentations about the safety of the investment,” said Jorge G. Tenreiro, acting chief of the SEC’s Crypto Assets & Cyber Unit, in a statement. “This case is a prime example of why registration matters, as investors in these products continue to be deprived of the key information needed to make fully informed decisions.” Source
“Under Chair Gensler, the SEC has become a rogue agency,” McHenry said. He lamented aggressive SEC crypto enforcement even as the House approved a widely bipartisan bill, the Financial Innovation and Technology for the 21st Century Act (FIT21), that showed that most of Congress disagreed with the agency’s approach to digital assets. Source
Stablecoins are becoming systemically important to the global financial economy, Bernstein wrote in a recent report. Source
Crypto-friendly Revolut is said to be quite far along in creating its own stablecoin, according to two people familiar with the plan. Source
BNB Chain has announced new developments aimed at becoming the core infrastructure for stablecoin payments and digital financial transactions. This initiative focuses on gasless transactions across centralized exchanges, wallets, and bridges, making stablecoin payments faster, cheaper, and more accessible. Gas-free transfers for USDT, USDC, and FDUSD will be supported. Key partnerships with exchanges like Binance, […] Source
“The main reason for launching USDS is that, while existing stablecoins serve a good function, we see an opportunity to create a more open and fair system that promotes innovation and, most importantly, rewards those who build the network,” CEO Mike Belshe said in an interview with CoinDesk before his keynote at Token2049. “A stablecoin’s true value comes from the people using it, the liquidity they provide, and the access points for interchange.” Source