The token will be “100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents.” according to the company. Source
Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC
Tag: Stablecoin
Stablecoin Expansion Continues Even as Bitcoin (BTC) Rally Appears to Stall
However, during the same time, the cumulative supply of the top three stablecoins, tether (USDT), USD Coin (USDC), and DAI (DAI), which dominate the stablecoin market with over 90% share, increased by 2.1% to $141.42 billion, reaching its highest level since May 2022, according to data from charting platform TradingView. The cumulative supply is up over $20 billion this year. Original
Celo Cements Its Stablecoin Allegiance: Transaction Fees Now Can Be Paid With Stablecoins
Celo, a low-fee, usability-focused blockchain network, has approved a proposal to allow transaction fees to be paid with stablecoins. Network users can now transact only by holding USDC in their wallets, abstracting the complexity of holding other tokens. This also benefits newcomers, making it easier for them to make transactions. Celo Aims for Usability in […] Source CryptoX Portal
Angle Protocol Unveils Dollar-Pegged Stablecoin USDA, Aims to Create Blockchain-Based Forex Hub
“The forex market represents trillions of dollars of daily volume. However, today it’s difficult to find a DeFi protocol offering on-chain currencies trading at true forex rate,” said Pablo Veyrat, CEO of Angle Labs, the development organization behind the protocol. Source link
BadgerDAO partners with Lido to launch Bitcoin-pegged stablecoin
BadgerDAO, a prominent player in the Bitcoin (BTC) decentralized finance (defi) sector, has announced a partnership with Lido, a premier provider of liquid staking solutions on the Ethereum network. According to a press release shared with crypto.news, a new eBTC system has launched offering users the ability to secure loans without encountering any interest, repayment, or initiation fees. Instead, the protocol utilizes the Ethereum collateral by staking it with Lido to generate staking rewards, which potentially offers a more cost-effective borrowing option. The protocol aims to enhance existing wrapped Bitcoin…
Yala’s Strategic Roadmap Unveiled: Bring Bitcoin Liquidity Across Blockchain With a Meta-Yield Stablecoin
PRESS RELEASE. [Singapore, Mar 22, 2024] Yala, a project that enables the seamless transfer of Bitcoin liquidity through a meta yield stablecoin, is thrilled to announce a comprehensive brand upgrade. This reflects our commitment to making Bitcoin liquidity universally accessible across blockchain ecosystems, enhancing DeFi liquidity efficiency. The upgrade includes a refreshed branding message, a […] Original
Key U.S. Lawmaker McHenry Says House Has ‘Workable’ Stablecoin Bill
“The administration’s willingness to move forward with stablecoin legislation, I think, makes it by far the most optimal portion of this to move forward,” Lummis said, noting that Sen. Chuck Schumer (D-N.Y.), the majority leader of the Senate, has said he’s willing to consider such a bill. Source
Stablecoin Project Gyroscope to Conduct Points Program, Launch High-Yield Liquidity Pools
Gyroscope’s Rehype liquidity pools are long on yield maximization. Lewis Gudgeon, co-founder of the project’s development team, FTL Labs, said depositors will have exposure to at least three sources of yield from lending assets into the pool. According to a press release, the pool’s true returns are “expected to often reach” around 15%. Source
Stablecoin Sector Expands by $4.95B in 12 Days, USDE Sees 376% Supply Increase, Tether Hits $103B
In the past 12 days, the stablecoin sector has experienced a growth of $4.95 billion, reaching a new 2024 high of $149.03 billion in market valuation. Among various dollar-tied tokens that have seen their supply numbers go up over the last 30 days, Ethena’s USDE stands out with a 376% increase in its supply during […] Source CryptoX Portal
Hong Kong Monetary Authority Launches Stablecoin Issuer Sandbox
On March 12, the Hong Kong Monetary Authority (HKMA) launched what is known as the stablecoin issuer sandbox arrangement. The HKMA stated that applicants interested in establishing a stablecoin business in Hong Kong should have a sound business plan. The regulator also clarified that admission into the sandbox does not imply endorsement or support for […] Source CryptoX Portal