Tag: Stablecoin

Solana Leads in Blockchain Payments, Faces Limitations, as Stablecoin Market Expands: Bernstein

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

Sony Bank Leverages Polygon Blockchain For Stablecoin Pilot Program

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…

Ethena Labs Adopts Bitcoin to Back USDE Stablecoin; Supply Surpasses 2 Billion

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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

What Does Ripple’s Stablecoin Mean for XRP?

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

Ripple Prepares To Shake Up $150B Market With Imminent Launch Of New Stablecoin

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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…

Stablecoin Expansion Continues Even as Bitcoin (BTC) Rally Appears to Stall

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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

BadgerDAO partners with Lido to launch Bitcoin-pegged stablecoin

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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…