November 21, 2024 at 10:40 AM GST updated: November 21, 2024 at 10:15 AM 2 mins read News FINMA flags rising crypto money laundering risks, urging stronger oversight and risk management measures. Stablecoins increasingly misused for sanctions evasion, complicating anti-money laundering enforcement efforts. The Swiss crypto sector faces legal, reputational risks without robust compliance and…
Sky, the DeFi lending protocol that was formerly known as Maker, has rolled out its USDS stablecoin on the Solana blockchain. According to the official announcement, Sky said the launch positions USDS as “the first major DeFi-native stablecoin on Solana,” offering new avenues for borrowing, lending, and trading on the blockchain’s leading DeFi platforms. “Today’s…
Binance’s token BFUSD has already sparked speculation even before its launch. It all started with Binance’s introduction of the new asset on Monday which offers 19.55% APY, positioning itself as an alternative to conventional stablecoins. Not a Stablecoin, But a Reward-Bearing Asset According to the website, users can earn daily rewards simply by holding BFUSD…
This strategic move is aimed at accelerating Paxos’ commitment to compliant financial products and success of its stablecoins. USD-Backed Stablecoins in Europe Paxos, a regulated financial institution and provider of tokenized products has announced an agreement in principle to acquire Membrane Finance, a blockchain infrastructure company, subject to regulatory approval. With this acquisition, Paxos is…
The total stablecoin supply reached an all-time high of approximately $176.2 billion. According to data compiled by Token Terminal, stablecoin supply has steadily recovered after a decline from mid-2022 through early 2023, which likely mirrored broader market retracements during the crypto winter. Since then, the aggregated supply has shown consistent growth. Stablecoin Market Cap Growth…
Over the past 14 days since Nov. 2, an eye-popping $9.736 billion has flowed into the stablecoin economy, adding to the $555 million boost recorded in October. Near Record Highs: Stablecoin Economy Grows Stablecoins have cemented their role as a powerhouse in the crypto world, holding immense value and influence. Over the last two weeks,…
The British government plans to introduce legislation to regulate stablecoins and crypto staking. This move comes as President-elect Donald Trump lays out his plans to make the United States a global crypto hub, creating fresh competition for the UK to retain and attract digital asset businesses. Stablecoin and Staking Legislation According to a Bloomberg report,…
Societe Generale‘s crypto subsidiary, SG-FORGE, has announced plans to extend its EUR CoinVertible (EURCV) stablecoin to the Ripple-backed XRP Ledger (XRPL), according to a Nov. 14 statement. According to the lender, XRPL’s swift cross-border payments and efficient asset tokenization capabilities make it an ideal platform for EURCV’s continued growth. SG-FORGE explained that XRPL’s 3-5 seconds…
The Digital Chamber of Commerce has urged the US Office of Government Ethics to reconsider prohibiting federal employees from holding crypto. In a Nov. 13 letter to Acting Director Shelley Finlayson, the blockchain advocacy group proposed that the Ethics Office allow federal employees to own a small, limited amount of digital assets. Under current regulations…
A 23-year-old Ukrainian tourist in Phuket, Thailand, was kidnapped and forced to transfer $250,000 in USDT stablecoins (about 8.56 million baht) to two armed robbers. Viacheslav Leibov was threatened with violence until he complied with the robbers’ demands. Initially, the two robbers, an Armenian and a Ukrainian, demanded $500,000 in USDT but agreed to settle…
November 12, 2024 at 07:48 PM GST updated: November 12, 2024 at 07:07 PM 2 mins read News Waves and Vires Finance defrauded users of $500M through manipulative schemes and deceptive governance actions. Sasha Ivanov used $USDN to artificially pump $WAVES, causing massive losses and triggering a market collapse. The final rug pull by Sasha…
TL;DR Ripple’s RLUSD stablecoin is in beta testing, with a launch pending regulatory approval. The team has picked Bitstamp, Bitso, Uphold, and others as exchange partners for the upcoming introduction. RLUSD’s Progress so Far Ripple made the headlines in April this year, announcing plans to introduce a stablecoin pegged 1:1 to the US dollar. In…
Stablecoins like USDT and USDC are shining stars of digital finance. Their stability is due to their 1:1 peg to the US dollar. As a result, their use for everyday transactions and overall acceptance are increasing quickly worldwide. In Singapore, for example, the stablecoin payment value reached $1 billion in the second quarter of the…
Donald Trump’s win triggered massive gains for not just digital assets but also crypto-related stocks, and ETF flows on November 6 and 7 as stakeholders await potential regulatory clarity, legislative advancements, and expected shifts within the Securities and Exchange Commission. Following the results, data showed billions worth of ERC-20 stablecoins flowing into exchanges. This could…
Crypto market maker and liquidity provider Wintermute has proposed a fee switch framework for the Ethena protocol. The main objective behind this move is to establish revenue alignment with sENA token holders and clarify Ethena’s protocol revenue structure. Wintermute’s Fee Switch Proposal According to Wintermute, sENA holders – those who have staked their Ethena tokens…
A consortium of crypto and fintech giants is launching the Global Dollar Network for seamless cross-border payments. A New Frontier: Crypto Leaders Launch Global Dollar Network for Payments Leaders in fintech and digital assets announced Monday the launch of the Global Dollar Network, which they described as “an open network designed to accelerate stablecoin usage…
On Nov. 5, crypto, venture capital, and fintech firms Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood announced the launch of the “Global Dollar Network.” The partners are combining resources and expertise to increase stablecoin adoption and expand real-world use cases with the launch of the Global Dollar USDG stablecoin. Paxos will be…
Venture capital firm Sequoia Capital stands to make approximately $100 million following Stripe’s $1.1 billion purchase of Bridge. The substantial return is particularly notable in the crypto sector, where venture funding has significantly declined since its peak in 2022. Other Investors Also Set for Major Returns According to reports from Bloomberg, Sequoia invested $19 million…
According to the latest data, the stablecoin economy now holds a value of $172.892 billion, with October adding $555 million to the fiat-pegged token market. Stablecoin Market Continues to Climb Last month saw stablecoins grow modestly, with the market inching up 0.32% from $172.337 billion to $172.892 billion. Leading the pack, tether (USDT) now boasts…
Injective has announced the launch of Agora’s AUSD stablecoin on the mainnet. AUSD reserves are backed by VanEck and custodied by State Street. AUSD Injective’s first native stablecoin and will be key to the blockchain network’s DeFi ecosystem. Injective has launched AUSD, a fully collateralized US dollar backed stablecoin Agora, as its first native stablecoin….
The stablecoin boom in Brazil has caught the attention of the central bank, which is currently exploring several ways to tax stablecoin remittances, including issuing a special license for crypto exchanges that provide these services. Central Bank of Brazil Explores Tax on Stablecoin-Based International Transactions, but There’s a Catch The Central Bank of Brazil is…
Speaking at the current Binance Blockchain Week in Dubai, the CEO of Circle, the issuer of the second-largest stablecoin, expressed optimism regarding global regulation toward the sector. He also asserted that people would prefer privately-issued stablecoins over government-launched CBDCs, which has been evident in China. Allaire spoke a lot about the current regulatory environment in…
October 31, 2024 at 02:20 PM GST updated: October 31, 2024 at 12:30 PM 2 mins read News Stablecoins now drive significant Treasury bill demand, with $120B in collateral tied to T-bills and repos. Treasury warns of stablecoin risks, noting past financial crises and potential for T-bill market disruptions. Tokenization of T-bills via blockchain is…
October 30, 2024 at 01:50 PM GST updated: October 30, 2024 at 11:14 AM 2 mins read News Paxos CEO warns U.S. risks losing financial influence without blockchain and stablecoin regulations. Cascarilla calls for bipartisan action, urging stablecoin policy to maintain U.S. competitive edge in finance. Blockchain tech could boost U.S. financial inclusion, but regulatory…
Donald Trump’s latest foray into cryptocurrency, World Liberty Financial (WLF), is said to be preparing to issue its own stablecoin as part of an ambitious expansion plan. The news comes even as the project’s recent sale of its native token, WLFI, has only secured about $14 million from slightly more than 16,000 buyers. WLF Stablecoin…
Vantard is a new project offering access to an index of the top Solana meme coins. The project’s token sale is ongoing, with VTARD attracting a lot of investor attention. World Financial Liberty, the project by Donald Trump, recently raised $14 million in a token sale and is eyeing a stablecoin. World Liberty Financial, the…
Jeremy Allaire, CEO of Circle, has predicted that stablecoins will grow to capture up to 10% of the money supply in the next 10 years. Allaire highlighted that even with the recent expansion of stablecoins, it is still in the early stages of this crypto class. Circle CEO States Stablecoins Will Become a $10 Trillion…
Trump’s WLFI plans to launch a dollar-pegged stablecoin after raising $14M. The project faces challenges, with only 4.7% of its $300M token sale target met. Trump opposes a US CBDC and vows to outlaw government-issued stablecoins. Donald Trump’s World Liberty Financial (WLFI) is gearing up to enter the cryptocurrency market with plans to launch a…
Banco Bisa, the fourth-largest bank in Bolivia, has launched a USDT custody service. Cutstomers can buy, hold and send USDT from their bank accounts. Banco Bisa, Bolivia’s fourth-largest bank, has introduced a stablecoin service aimed at bolstering security for holders as well as promoting their use in cross-border transfers. The custody service will allow Banco…
October 26, 2024 at 09:48 PM GST updated: October 26, 2024 at 08:30 PM 2 mins read News Tether’s recent unpeg stirs stability concerns, spotlighting Ripple’s RLUSD as a potential alternative for cautious investors. With Tether’s legal scrutiny intensifying, Ripple-backed stablecoins gain attention for regulatory transparency and reliability. Bitcoin and altcoins dip amid USDT’s volatility,…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 The digital finance landscape is shifting, with tokenized U.S. treasuries emerging as a serious contender for yield-hungry crypto investors. Analysts at JPMorgan mentioned that although tokenized treasuries show promises. They are likely only partially to overtake stablecoins soon. Tokenized Treasuries: Growing, But Still Small in Scale Tokenized U.S. treasuries…
The United States government has announced a formal investigation into crypto firm Tether, the developer of the USDT stablecoin. According to a report from the Wall Street Journal, authorities looking at possible violations of anti-money-laundering and sanctions rules by the firm. The company’s CEO, however, says that the investigation is not true. JUST IN: 🇺🇸…
Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His…
Ki Young Ju, CEO of CryptoQuant, predicts that Bitcoin will likely evolve into a widely accepted “currency” by 2030, aligning with the original vision of its pseudonymous creator, Satoshi Nakamoto. Ju shared this outlook in an Oct. 24 post on X (formerly Twitter). ‘Declining volatility’ Ju pointed out that Bitcoin’s mining difficulty has surged by…
Guillermo Goncalvez, founder and CEO of El Dorado, a Latam-focused P2P exchange, has reflected on the rise of stablecoins from a niche product to a widely used tool in Venezuela. Goncalvez states that, as Venezuelans shift to using the dollar due to devaluation, stablecoin remittances have soared, demonstrating that these are a viable alternative when…
Fintech giant Stripe has finalized a deal to acquire stablecoin platform Bridge for $1.1 billion. This purchase marks the largest acquisition in the crypto industry to date. Record $1.1 Billion Deal TechCrunch founder Michael Arrington revealed the news in a post on X, stating, “This deal is done. $1.1b.” Bridge, co-founded by Sean Yu and…
Payments company Stripe has acquired stablecoin platform Bridge in a $1.1 billion transaction, marking the largest acquisition in the crypto industry to date. Techcrunch founder Michael Arrington confirmed the news through a post on X, emphasizing the significance of this milestone deal. The acquisition of Bridge reflects Stripe’s growing commitment to cryptocurrency. Bridge offers software…
Since October kicked off, the stablecoin market has experienced a modest boost, though overall growth has remained quite slow. Currently, the sector is valued at $172.7 billion, with 48.9% of stablecoins residing on Ethereum and 34.92% circulating on Tron. Although the stablecoin landscape has expanded considerably since the start of the year, transfer volumes have…
Stablecoin giants like USDT and USDC continue to strengthen their hold on the market, expanding their dominance and market share. However, a new contender is making waves – PayPal’s PYUSD. While still relatively smaller, this emerging stablecoin is gaining momentum, signaling a potential shift, as per recent data. Stablecoin Power Shift? According to a report…
TL;DR Ripple plans to launch a stablecoin, RLUSD, later this year, which could boost confidence in its technology and possibly result in a rallying XRP price. Another element that could impact the token’s volatility is the Ripple v. SEC case, whose official end seems to be prolonged in the future. ChatGPT’s Estimation In April this…
A Federal Reserve governor questioned whether decentralized finance (defi) can truly eliminate the need for intermediaries, despite bitcoin’s revolutionary promise. While decentralized systems aim to bypass traditional structures, he argues that trust in intermediaries still resurfaces. Could crypto ever be fully decentralized, or will it mirror traditional finance? The potential regulatory challenges and the role…
The President of the Central Bank of the Latin American giant announced plans to expedite the regulation of asset tokenization and stablecoins by 2025. The bank will issue a new consultation this month to gather more input on the rules for approving VASPs’ operations in the country. Central Bank of Brazil to Expedite Asset Tokenization…
The stablecoin market is growing, increasing liquidity and stabilizing the crypto space. This growth can be seen in the two largest stablecoins, Tether USD (USDT) and USD Coin (USDC), which are now responsible for a large portion of the crypto market’s transaction volume. A tweet by the decentralized finance analysis platform IntoTheBlock revealed that USDT…
Mountain Protocol has integrated Chainlink’s cross-chain transfers technology. The cross-chain interoperability protocol, CCIP, will help USDM users transfer yield-bearing stablecoin across Ethereum, Base and other chains. Mountain Protocol has announced that it will tap into oracle network Chainlink’s technology for cross-chain transfers of its yield-bearing stablecoin USDM. The USDM token is fully backed by US…
Global investment bank JPMorgan is bullish on cryptocurrency into 2025, driven by regulatory shifts and geopolitical tensions. Analysts suggest a Donald Trump re-election as the U.S. president could propel BTC higher, reinforcing the “debasement trade” as investors seek refuge in digital assets. With major liquidations behind and institutional support increasing, JPMorgan sees strong momentum for…
Paxos, a regulated tokenization infrastructure platform, has unveiled its new stablecoin payments platform, with Stripe as its inaugural customer. This innovative solution powers Stripe’s Pay with Crypto product, enabling merchants to seamlessly accept stablecoin payments. By leveraging Paxos’ comprehensive infrastructure for onboarding, pay-ins, conversions, and payouts, businesses can reduce costs and expand their international reach…
Stripe partners with Paxos to launch a stablecoin payments platform. Paxos’ platform supports PYUSD, USDC, and USDP for instant conversions. The initiative aims to cut costs and expand businesses’ global reach. Stripe has taken a significant step toward enhancing global payment solutions by partnering with Paxos, a blockchain and tokenization infrastructure platform, to integrate Paxos’…
Crypto payments company Ripple has revealed its preliminary exchange and market maker partners for the launch of its dollar-pegged stablecoin Ripple USD (RLUSD). The exchange partners are Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold. In addition, B2C2 and fellow market maker Keyrock will provide liquidity support for RLUSD. Advisory Appointments “With our initial…
The latest data highlights that the stablecoin market currently sits at $173 billion, with two recently introduced U.S. dollar-backed stablecoins showing significant growth. The decentralized finance (defi) project Sky, previously known as Makerdao, has minted 1.11 billion USDS, adding approximately 104 million coins to its supply over the past five days. In a parallel development…
On Monday, the team behind the decentralized finance (defi) project World Liberty Financial (WLF), backed by the Trump family, announced that over 100,000 accredited U.S. investors have been added to the whitelist. During the X Spaces event, WLF founders Zachary Folkman and Chase Herro shared that the project was inspired by “the vision of Donald…