Following criticism of Ethena’s USDE stablecoin, which brought back memories of the Terra blockchain’s Anchor protocol failure, Ethena backer Arthur Hayes introduced a risk tracker by intotheblock.com that monitors aspects like the token’s adherence to its U.S. dollar peg. Intotheblock.com’s Ethena Risk Radar Dashboard At the time of reporting, Ethena’s recently launched USDE stablecoin boasts […] Source CryptoX Portal
In the last 12 days of April, the stablecoin sector expanded by $4.46 billion, reaching a current valuation of $155.86 billion. Additionally, the top five dollar-pegged cryptocurrencies experienced an increase in their supplies over the last 30 days. Top Dollar-Pegged Cryptos See Growth Amid April’s First 12 Days As of Friday, April 12, 2024, the […] Source CryptoX Portal
Unlike asset-backed stablecoins like tether (USDT) and USDC, whose value is secured against dollars or dollar-equivalents such as U.S. government debt, USDe calls itself a synthetic stablecoin with its $1 value maintained through a financial technique known as the cash-and-carry trade. The trade, which involves buying an asset and simultaneously shorting a derivative of the asset to collect the funding rate, or the difference between the two prices, is well known in traditional finance and doesn’t carry directional, or delta, risk. Source
On the crypto event circuit, McHenry has repeatedly contended that it’s still possible to get his panel’s stablecoin bill passed for President Joe Biden to sign it into law, including in remarks earlier this week. McHenry is retiring from Congress this year and has put a priority on the legislation to provide guardrails to issuers of the tokens that, among other uses, provide a steadier foundation for the trading of more volatile cryptocurrencies. Source
“This integration will have a profound impact on the Sui community, fueling enhanced liquidity, expanding the network’s utility, and unlocking new possibilities for builders and users,” Greg Siourounis, managing director of ecosystem development organization Sui Foundation, said in an emailed statement. Source
Solana is conducting pilots with Visa and Shopify, but it’s unclear whether the blockchain can break into more mainstream consumer and business-to-business payments, which would require a massive jump in scalability, the note said. “Scalability requirements for consumer payments would require 15-20 fold growth from here (Solana ~700 TPS versus 10K+ for payment networks), and general purpose blockchains are yet to cross that chasm,” the report added. Read more: Stablecoin USDC Is Making a Comeback: Coinbase Source link
According to local media reports in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency. In collaboration with blockchain company SettleMint, one of the most notable aspects of the pilot program is that the trial will take place on the Polygon blockchain. Sony Bank’s Strategic Move Sony Bank’s move to explore stablecoin issuance highlights the company’s strategic focus on leveraging blockchain technology and digital assets to increase its financial services offerings. By pegging the stablecoin to traditional fiat currencies such…
On Thursday, Ethena Labs unveiled its new strategy to back USDE with bitcoin, enhancing the stablecoin’s foundation. The stablecoin, known for delivering yields in the double digits, has rapidly ascended to become the fifth-largest stablecoin by market capitalization, now valued at over $2 billion. USDE to Utilize Bitcoin as Collateral An update shared by Ethena […] Original
It’s possible, facing as much as a $2 billion fine from the U.S. Securities and Exchange Commission (SEC), Ripple is looking for a new, proven revenue source. Garlinghouse is apparently unfazed by the crowded competition, telling CNBC: in the future the stablecoin “market will look different, certainly based on size.” Source
In a notable development, blockchain developer Ripple Labs recently announced its plans to launch a stablecoin pegged 1:1 to the US dollar (USD). Ripple Enters Booming Stablecoin Market According to the company’s announcement on Thursday, the stablecoin’s reserves will consist of US dollar deposits, short-term US Treasury bills, and other undisclosed cash equivalents. All of these will be audited by a third-party accounting firm. Ripple plans to publish monthly certifications to ensure transparency. With the stablecoin market currently valued at around $150 billion, Ripple’s entry is significant. The market is…