“Since the halving, we have seen nearly zero growth in stablecoin inflows, and bitcoin futures leverage has been dramatically reduced. Contrary to the bullish tweets about a post-halving rally, crypto users have voted with their money by withdrawing or pausing inflows,” Markus Thielen, founder of 10x Research, said in a note to clients Monday. Source
The Bangko Sentral ng Pilipinas, the central bank of the Philippines, has approved PHPC, a stablecoin pegged to the Philippine peso, aimed at facilitating cost-effective remittances. Crypto exchange Coins.ph, the stablecoin issuer, plans to attract 20,000 to 30,000 users in the first month. The PHPC will be the first peso-backed stablecoin available for retail use, […] Source BitcoincryptoexchangeExchanges CryptoX Portal
Over the past 19 days, the stablecoin economy has stabilized with negligible growth after reaching the $160 billion threshold at April’s end. Out of the top five, FDUSD is currently the frontrunner in terms of 30-day growth, showing a 15.3% increase in supply. Stablecoin Valuation Holds Steady With Little Growth Following a period of rapid […] Source CryptoX Portal
Tether strongly criticized a Deutsche Bank report that raised concerns about the stability of stablecoins, including Tether’s dollar-pegged token, predicting a potential crisis similar to the 2022 collapse of Terrausd, which erased billions from the market. Deutsche Bank analysts, citing a study of 334 historical currency pegs, suggested that most stablecoins will face significant challenges […] Source CryptoX Portal
When examining the top three blockchain platforms and their stablecoin usage, TRON transactions are heavily dominated by USDT, with a dominance of 98.2%. On TRON, USDT transfers typically range from 95 cents to approximately $2, though gas fees can vary. Meanwhile, the TON wallet is natively integrated into the Telegram app, allowing users to conduct peer-to-peer USDT transactions within the TON wallet for free. Transactions between two USDT users outside the wallet reportedly incur a network fee of 0.0145 TON, which equates to about $0.09 as of May 6 2024.…
Recently, the Conservative party faced a blow as local election results indicated a large swing towards Labour. Labour managed to attain 1,158 local councilor seats and gained 186, whereas the Conservatives only attained 515 councilor seats and lost 474, falling behind the Liberal Democrat party, according to BBC data. Source
“This means trying to exclude all of trading, so not just automated trading,” he said. Trading, it shouldn’t have to be said, is a pretty big part of why people use crypto. Additionally, as far as Campbell can tell, Visa’s report cut out wallet addresses for centralized exchanges like Binance and Coinbase, which both hold stablecoins used in services like prepaid cards, “some of which are literally Visas.” Source
Bancolombia Group, one of the leading banks in Latin America and the biggest bank in Colombia, is entering the crypto business with the launch of Wenia, a cryptocurrency exchange. Wenia seeks to disrupt Bitso’s and Binance’s dominance in the cryptocurrency exchange industry in Colombia, and offer a Colombian peso-pegged stablecoin as part of its asset […] Source
In a recent report by Bloomberg, it has been revealed that more than 90% of stablecoin transaction volumes do not originate from genuine users, according to a new metric co-developed by Visa. Stablecoin Market Faces Data Reality Visa and Allium Labs have created a dashboard designed to filter out transactions initiated by bots and large-scale traders to isolate those made by real individuals. Out of approximately $2.2 trillion in total transactions recorded in April, a mere $149 billion was identified as “organic payments activity” by Visa. The data challenges the…
CoinspeakerOver 90% of Stablecoin Transactions Are Non-Organic In a surprising report from Bloomberg, Visa and Allium Labs’ recent study challenges the notion that stablecoins are poised to transform the global payments landscape. The report suggests that a startling 90% of stablecoin transactions in April 2024 did not originate from regular consumers, casting doubt on their potential as a mainstream payment method. Visa’s metric seeks to isolate “organic payments activity” by filtering out transactions driven by bots and high-volume traders. This revealed that only $149 billion out of a total of…