22 / 24 Relevant items tagged with #stablecoins

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Moscow City Crypto Exchanges Ready to Send Cash to London, Report

[Mar 17, 2023 1:30 AM] An investigation into digital asset exchanges in the Russian capital has established that some of them are ready to buy digital coins and deliver paper money in the U.K. The transfer of funds does not usually involve the identification of the…

Federal Reserve confirms July launch for FedNow instant payment service

[Mar 15, 2023 9:08 PM] The Fed Now service aims to reduce the gap in payment time between US financial institutions.

Debtors saved over $100M using de-pegged stablecoins to repay loans

[Mar 13, 2023 11:53 PM] Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar.

Stablecoin Trading Dominates Monday’s Crypto Market, Tether and BUSD Sell at Premiums

[Mar 13, 2023 1:30 PM] On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several…

Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum

[Mar 13, 2023 11:30 AM] On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant…

How and why do stablecoins depeg?

[Mar 12, 2023 6:07 AM] Discover the causes and mechanisms behind stablecoin depegging.

Makerdao Issues Emergency Proposal to Address $3.1B in USDC Collateral After Stablecoin Depegging Incident

[Mar 11, 2023 12:30 PM] On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC…

​​Stablecoins and Ether are ‘going to be commodities,’ reaffirms CFTC chair

[Mar 8, 2023 9:37 PM] In the tug-of-war between the US regulators over control of crypto assets, the CFTC chair has triple-downed his stance — that Ether and stablecoins are commodities.

Ethereum Co-Founder Vitalik Buterin’s Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet

[Mar 8, 2023 3:30 PM] On March 7, onchain observers noticed that Vitalik Buterin, the co-founder of Ethereum, had allegedly sold billions and trillions of airdropped ERC20 tokens, resulting in a gain of an estimated $700,000 in value. The market liquidity of the…

Redemption and Reshuffling: BUSD’s Exit From Top 10 Cryptocurrencies Shakes Market Valuations

[Mar 6, 2023 8:30 AM] It has been 21 days since Paxos revealed that it would no longer mint the stablecoin BUSD. Since then, over 7 billion BUSD stablecoins have been redeemed. Prior to the announcement, BUSD was once a top-ten crypto asset. However, the top ten…

Ebb and Flow of Stablecoin Economy Continues With BUSD’s Market Cap Dropping Below $10 Billion Range

[Mar 3, 2023 9:00 AM] The realm of stablecoins is an ever-evolving landscape and the number of coins in circulation for the stablecoin BUSD has fallen below the 10 billion mark to approximately 9.68 billion on March 3, 2023. Over the last 30 days, BUSD’s token…

Bitcoin leverage ramps up as BTC's margin long-to-shorts ratio hits a record $2.5B high

[Mar 2, 2023 3:49 PM] BTC traders at Bitfinex and OKX are unwilling to use margin markets for bearish bets, creating an alarming imbalance that investors should pay close attention to.

US Treasury and White House to Hold Regular Meetings on CBDCs and Payment Innovations

[Mar 2, 2023 9:30 AM] On March 1, 2023, Nellie Liang, undersecretary for domestic finance at the U.S. Treasury, delivered a speech to the Atlantic Council in Washington concerning the subject of central bank digital currencies (CBDCs). Liang detailed during her speech…

Innovations Help to Substantially Reduce the Gap Between Decentralized and Centralized Exchanges — Dexalot COO

[Mar 2, 2023 4:00 AM] While centralized exchanges are thought to be safer and more efficient, proponents of decentralized platforms like Tim Shan insist that user experience on decentralized exchanges has improved. In addition, inherent benefits associated with…

Crypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn

[Mar 1, 2023 9:00 AM] Nine years and nine months ago, on May 9, 2013, coinmarketcap.com recorded 14 cryptocurrency assets, and bitcoin’s overall valuation was $1.24 billion, with 11.13 million bitcoins in circulation at the time. Today, the same website indicates…

IMF prefers to regulate crypto than banning it outright: Report

[Feb 26, 2023 10:36 PM] On the sidelines of the G20 meeting in India, IMF managing director Kristalina Georgieva said the agency would prefer to regulate crypto than an outright ban.

5 High-Profile Cryptocurrency Implosions Shatter Trust, Wipe out Billions in Value During 2022’s Crypto Winter

[Feb 26, 2023 9:30 AM] 2022 was a year of phenomenal cryptocurrency blowouts, as several projects collapsed and many more are on life support after the entire ecosystem was shattered. The fallout from these digital currency projects has not only removed billions of…

BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance

[Feb 25, 2023 1:00 PM] After Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market…

SEC is not the appropriate regulator for stablecoins: Circle CEO

[Feb 23, 2023 9:20 PM] Circle boss Jeremy Allaire maintains that "payment stablecoins" are payment systems, not securities.

Stablecoins Market Cap Continues To Slump – Here’s Why

[Feb 23, 2023 8:37 AM] Stablecoins are cryptocurrencies built to withstand the market’s volatility as it is backed by a specific asset. In the case of most stablecoins, the US dollar backs the cryptocurrency, pegging the coin’s value to one USD. Investors use stablecoins…

Frax Finance to retire algorithmic backing amid stablecoin crackdown

[Feb 22, 2023 10:37 PM] The vote was passed to fully collateralize Frax Finance's native stablecoin, thus phasing out its algorithmic backing.

This CBDC Act Will Prevent The US Government From Surveilling Citizens’ Finances

[Feb 22, 2023 2:30 PM] Tom Emmer, the House Majority Whip serving as the representative for Minnesota’s 6th congressional district for the last seven years, is introducing the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to prevent the…

BIS General Manager Casts Doubt on Stablecoins, Claiming Tokens Do Not Benefit From Regulations or Central Planning

[Feb 22, 2023 11:30 AM] According to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority…

Ethereum derivatives data suggests $1,700 might not remain a resistance level for long

[Feb 21, 2023 3:40 PM] ETH derivatives data shows bullish traders becoming more comfortable with the $1,700 price level, creating an opportunity for further rallies.

Yield platform Stablegains sued for promoting UST as a 'safe' investment

[Feb 19, 2023 11:05 PM] The stablecoin yield platform is being sued for customer losses following exposure to the Anchor Protocol and UST collapse last year.

Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Days

[Feb 19, 2023 5:30 PM] Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the…

NBA Hall of Famer Paul Pierce Charged by SEC for Touting EMAX Tokens

[Feb 17, 2023 11:31 AM] The U.S. Securities and Exchange Commission (SEC) has charged Basketball Hall of Famer Paul Pierce for touting EMAX tokens and making misleading comments about unregistered crypto securities. The former Boston Celtics small forward agreed to settle…

Bitcoin Breaks Above $24,000 As Stablecoin Inflows Explode

[Feb 16, 2023 8:25 AM] Bitcoin has broken above $24,000 in the last 24 hours as on-chain data shows a sharp spike in the stablecoin exchange inflows. Stablecoin Exchange Inflows Have Been Elevated Recently As pointed out by an analyst in a CryptoQuant post, there is…

SEC to target crypto firms operating as 'qualified custodians' — Report

[Feb 14, 2023 12:40 AM] If a majority of the five-member SEC panel votes in favor of the draft proposal, it will proceed to the next stage, which will be reviewed by other members of the SEC.

Stablecoins not the target in BUSD crackdown: Matrixport head of research

[Feb 13, 2023 11:51 PM] Crypto financial service Matrixport’s head of research believes regulators are not targeting all stablecoins with the regulatory crackdown on BUSD issuer Paxos.