Russia to Consider Ruble-Pegged Stablecoin to Challenge US Dollar Dominance

A Russian official proposes a ruble stablecoin to cut dependence on US dollar-backed crypto in global trade. The post Russia to Consider Ruble-Pegged Stablecoin to Challenge US Dollar Dominance appeared first on BeInCrypto.

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Crypto firms launch the Global Dollar stablecoin to boost adoption

The Global Dollar is issued out of Singapore by Paxos and is “substantially compliant” with the MAS Tether’s USDT stablecoin accounts for more than 75% of the market Kraken’s co-founder said there is a “lack of competition” in the stablecoin market A group of cryptocurrency and financial technology companies have introduced a joint stablecoin, the […] The post Crypto firms launch the Global Dollar stablecoin to boost adoption appeared first on CoinJournal.

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Stablecoin Issuer CEO Sounds The Alarm: US Dollar Faces Looming Threat

The CEO of stablecoin issuer Circle, Jeremy Allaire, issued a stern warning, emphasizing the urgent need for Congress to regulate stablecoins in order to safeguard the US dollar’s status as a global reserve currency.

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Circle CEO spells doom scenario for US dollar in warning to Congress

Jeremy Allaire claimed the U.S. dollar is “under threat” and urged lawmakers to pass stablecoin regulation to “build trust” in a digital dollar.

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Hong Kong Scholars Propose HKD Stablecoin Backed by Government Reserves

In a bid to assert dominance in the blockchain sector and drive the development of a digital Hong Kong dollar, a group of scholars led by Cai Wensheng, Vice President of the Hong Kong University of Science and Technology, has proposed the creation of an HKD stablecoin.

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Advocates call for Hong Kong govt stablecoin to compete with Tether and USD Coin

“Issuing a stablecoin pegged to the Hong Kong dollar not only helps to solidify Hong Kong’s leadership in the blockchain sector but also propels the progress of the digital Hong Kong dollar," said the report.

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Hong Kong University Paper Urges Government to Launch HKD-Backed Stablecoin

A Hong Kong University paper urges the government to issue a Hong Kong dollar stablecoin to promote the currency's liquidity and position Hong Kong as an advanced financial center. The post Hong Kong University Paper Urges Government to Launch HKD-Backed Stablecoin appeared first on BeInCrypto.

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Circle targets APAC’s 74% USD trade invoicing for digital dollar growth

Circle, the USDC stablecoin provider, appears to be targeting the 74% of Asia Pacific (APAC) trade invoicing processed in US dollars between 1999 and 2019, as per FED estimates. In a recent blog post, Circle’s executives underscored the potential role of the digital dollar, specifically USDC, in the APAC financial landscape, given the persistent use […] The post Circle targets APAC’s 74% USD trade invoicing for digital dollar growth appeared first on CryptoSlate.

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TrueUSD’s value dips against tether on Binance.US

TrueUSD (TUSD), a stablecoin pegged to the US dollar, has seen a significant drop in its value compared to tether (USDT) on Binance. US, the American branch of the global cryptocurrency exchange, Binance.

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Exodus integrates Sovryn stablecoin with wallet; adds asset to its $100M treasury

Crypto wallet provider Exodus said June 22 that it is adding the Sovryn Dollar (DLLR) to its corporate treasury and user wallets. Exodus adds DLLR stablecoin to treasury Exodus CEO and Co-Founder JP Richardson said: “Besides taking its place on our corporate balance sheet, the Sovryn Dollar asset will soon be available to all of […] The post Exodus integrates Sovryn stablecoin with wallet; adds asset to its $100M treasury appeared first on CryptoSlate.

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Coinbase raises USDC rewards to 4% amid SEC regulatory scrutiny

San Francisco-based crypto exchange Coinbase has raised its reward rates for USD Coin (USDC), a stablecoin tied to the US dollar. Users can now earn a 4% annual percentage yield (APY) on their USDC holdings.

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MakerDAO Hikes DAI Savings Rate, Ousts Paxos Dollar, Curbs Gemini Dollar in Reserve

The move could redefine baseline interest rates in the DeFi space, spurring higher stablecoin lending rates and making leverage more expensive, one analyst noted.

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Circle CEO urges Congress to lead stablecoin regulation

Circle CEO Jeremy Allaire is set to testify before the US House Financial Services Committee today, urging lawmakers to prioritize the primacy of the US dollar and pass essential stablecoin legislation.

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TrueUSD (TUSD) Stablecoin Briefly Loses Dollar Peg After This Announcement: Details

Binance-backed TUSD stablecoin briefly loses dollar peg

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Stablecoin TrueUSD Struggles: Depeg Causes Turmoil in Crypto Market

In a surprising development, TrueUSD (TUSD) has deviated from its US Dollar peg, creating ripples in the crypto market and raising questions about the stability of stablecoins. The post Stablecoin TrueUSD Struggles: Depeg Causes Turmoil in Crypto Market appeared first on BeInCrypto.

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ERD team unveils innovative decentralized lending platform and USDE stablecoin at EDCON 2023

Stablecoins are cryptocurrencies that afford users the low-fee transactions of cryptocurrencies while enjoying the stability that characterizes fiat currencies such as the US Dollar. However, the challenge has been maintaining price stability and decentralization.

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ERD DeFi Lending Platform and USDE Stablecoin Unveiled at EDCON 2023

At EDCON 2023 in Montenegro, the Ethereum Reserve Dollar (“ERD”) team introduced their innovative decentralized lending platform and USDE stablecoin to the industry. ERD is a lending platform that allows users to borrow USDE, a USD-pegged stablecoin native to the platform, using liquid staking derivatives (LSDs) and blue-chip DeFi tokens as collateral.

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Stablecoin Market Cap Decreases, But Whales Remain Unfazed: Santiment

According to data from leading crypto analytics firm Santiment, a distinct trend has unfolded in the stablecoin sphere. Even as stablecoins designed to maintain parity with a reserve asset like the US dollar, continue to hold their $1 peg, the combined market capitalization of the top five stablecoins – Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD) – has been experiencing a consistent decrease.

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Tether invests in El Salvador’s $1B renewable energy project

El Salvador’s plans to build a billion dollar renewable energy precinct has found a first-round investor in stablecoin issuer Tether.

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Hong Kong-based First Digital launches new USD-backed stablecoin

First Digital’s stablecoin FDUSD will be pegged on the US dollar and regulated in Asia, the Hong Kong-based company said. All reserves will be held in segregated accounts at regulated financial institutions.

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MakerDAO votes to drop Pax Dollar (USDP) stablecoin from its reserves

The MakerDAO community has voted to ditch Pax Dollar (USDP) stablecoin worth $500 million from its reserves. Maker’s treasury holds roughly half of the USDP’s $1 billion supply. New York state regulators in February forced Paxos to halt minting Binance USD (BUSD) stablecoin.

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Tether’s market cap surges to new all-time high, reaching record levels

Tether (USDT), the stablecoin pegged to the U.S. dollar, has reached an all-time high (ATH) market capitalization exceeding $83 billion, demonstrating its continued market dominance.

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Hong Kong-based First Digital Group launches redeemable USD-backed stablecoin

The Hong Kong trust company says the new FDUSD combines the stability of the U.S. dollar with the reliability of Asian regulation.

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MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets

The result is a significant blow for Paxos as MakerDAO currently holds roughly half of USDP’s total supply.

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First Digital unveils Hong Kong-based USD stablecoin

Hong Kong-based trust company First Digital is set to introduce a new stablecoin, "First Digital USD" (FDUSD), which will be pegged to the US dollar and regulated in Asia.

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Stablecoin Issuer Tether To Begin Bitcoin Mining Operations In Uruguay

The company behind the most widely used U.S. dollar stablecoin is set to enter the mining industry through collaborations in Uruguay.

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Stably Launches #USD as the First BRC20 Stablecoin on the Bitcoin Network

Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, is aiming to revolutionize the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD.

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Stably Launches #USD as the First BRC20 Stablecoin on the Bitcoin Network

Renton, United States, May 25th, 2023, Chainwire Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, is aiming to revolutionize the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD.

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Stably Launches #USD as the First BRC20 Stablecoin on the Bitcoin Network

Renton, United States, May 25th, 2023, Chainwire Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, is aiming to revolutionize the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD.

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Stablecoin survival: Navigating the future amid global de-dollarization

The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users?

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Australia marks first FX transaction using a CBDC as eAUD pilot continues

The Australian digital dollar was used in a trade for a U.S. dollar stablecoin using an Ethereum layer 2 blockchain.

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Tether Holds $3.4 Billion In Gold Reserves, Nears ATH Market Cap 1 Year Post Terra Collapse

Tether (USDT), the world’s largest stablecoin by market capitalization, was one of the dollar-pegged cryptocurrencies to have been affected by the collapse of the Terra ecosystem. Now – a year later, the stablecoin has reclaimed its stable dollar peg and boasts one of the deepest reserves in the cryptocurrency industry.

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USTC: Will Proposal To Re-Peg Stablecoin Push LUNC To $1?

In one of the most catastrophic events to ever hit the crypto industry, the prominent algorithmic stablecoin TerraClassicUSD (USTC) – formerly UST – became depegged from the US dollar around a year ago.

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US Congress can use stablecoin bill to strengthen Dollar competitiveness: Circle CEO

Circle CEO Jeremy Allaire said the U. S. Congress shouldn’t miss the opportunity of using the stablecoin bill to strengthen the dollar’s competitiveness and safety. In an April 25 Twitter thread, Allaire noted that the earlier draft of the stablecoin bill included provisions that would strengthen the U.

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Crypto Regulatory: New Stablecoins Draft Bill Introduced in US House of Representatives

Coinspeaker Crypto Regulatory: New Stablecoins Draft Bill Introduced in US House of Representatives The United States Congress is set to discuss a new bill geared towards providing requirements for payment stablecoin issuers, and research on a digital dollar.

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Stablecoin Bill is an ‘Extraordinary Moment For the Future of Dollar,’ Says Circle CEO

The draft bill makes sweeping recommendations that address stablecoins, CBDCs, and the future of the digital dollar. The post Stablecoin Bill is an ‘Extraordinary Moment For the Future of Dollar,’ Says Circle CEO appeared first on BeInCrypto.

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Can TUSD, USDP overtake BUSD? Analyzing the shifting stablecoin market

TUSD and USDP gained popularity in market share, with TUSD leading the race. The mean dollar invested age, market capitalization, and exchange reserve metrics show TUSD and USDP's steady growthThe post Can TUSD, USDP overtake BUSD? Analyzing the shifting stablecoin market appeared first on AMBCrypto.

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Largest LatAm investment bank launches stablecoin

BTG Pactual, the most significant investment bank in Latin America, is launching its first stablecoin called BTG Dol on April 5. The stablecoin will be backed by the US dollar on a 1 to 1 parity to provide a better connection between the digital economy and the traditional one.

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Circle’s USDC Remains Dominant in DeFi as Pressure Eases on the Stablecoin

USDC, the key stablecoin in decentralized finance, temporarily lost its dollar peg earlier this month after the collapse of its key banking partner.

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Stablecoin Issuer MakerDAO Votes to Retain USDC as Primary Reserve Even After Depeg

The decision follows a turbulent period during which USDC temporarily lost its dollar peg when key banking partner SVB collapsed.

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Sovryn Introduces Decentralized Bitcoin-Backed Sovryn Dollar, to Combat Centralized Stablecoins

London, United Kingdom, 16th March, 2023, Chainwire Sovryn, the leading Bitcoin-based decentralized finance (DeFi) platform, launches the Sovryn Dollar (DLLR). The Sovryn Dollar introduces a new standard of stablecoin, 100% backed by Bitcoin to provide unparalleled censorship-resistance, security, and reliability.

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USDC Redeemable to Dollar Again as Stablecoin Regains Peg

Coinbase resumes USDC to USD conversion as the banks reopen after the weekend break. The stablecoin has regained its $1 peg. The post USDC Redeemable to Dollar Again as Stablecoin Regains Peg appeared first on BeInCrypto.

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Circle partners with Cross River as other banks collapsed

Circle has partnered with Cross River as regulators shut down Silicon Valley Bank and Signature. The partnership ensures that USDC maintains its 1:1 peg to the US dollar. Circle, one of the largest stablecoin issuers in the crypto ecosphere, announced…

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DAI recovers after severe depeg caused by USDC ripple effect

MarketDAO’s stablecoin DAI recently experienced a recovery following a de-pegging event that saw the stablecoin drop from the $1 value to $0.88. As the Silicon Valley Bank saga continues, the price of USDC, which is pegged to the US dollar,…

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Circle Pledges To ‘Stand Behind’ USDC And Cover Missing Liquidity In Failed Silicon Valley Bank

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USDC Stablecoin Loses Dollar Peg Following Collapse of Major Banking Partner

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‘NakaDollar’: Ex-BitMEX CEO Proposes Stablecoin Backed By Bitcoin And Exchanges

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Bitmex Co-Founder Calls For A Bitcoin-Based Stablecoin

Former CEO and co-founder of BitMex crypto exchange Arthur Hayes proposed a new stablecoin design with a value pegged to Bitcoin. He called it Satoshi Nakamoto Dollar (NUSD) or NakaDollar. The crypto community continues supporting stablecoins despite several misgivings among global regulators and central banks.

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SEC Charges Terra’s Don Kwon With Fraud

The US Securities and Exchange Commission has charged Do Hyeong Kwon and his Singapore-based company Terraform Labs with orchestrating a multi-billion dollar crypto asset securities fraud involving the UST stablecoin and other crypto asset securities.

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