September 3, 2024 at 10:44 AM GST 2 mins read News The SEC reserves the right to challenge the legality of FTX’s plan to repay creditors using stablecoins. FTX’s repayment plan involves compensating creditors with $14.5B-$16.3B by May 2024, raising SEC concerns. The SEC’s scrutiny of FTX’s use of stablecoins highlights regulatory uncertainties that may…
Current stablecoin metrics show that USDE, the popular yield-bearing stablecoin, has slipped to fifth place among the top U.S. dollar-pegged tokens by market capitalization. Over the past three days, Ethena’s USDE supply has decreased by 130 million, pushing First Digital’s FDUSD into the fourth largest spot. Stablecoin Shakeup: USDE Slips to 5th, FDUSD Rises to…
Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not explicitly deem these transactions illegal, it retained the right to contest them, leading to frustration within the crypto community. This uncertainty has…
The U.S. Securities and Exchange Commission (SEC) has raised concerns over FTX’s plan to pay back claims using its “crypto asset securities.” The SEC’s Senior Trial Counsel, Therese Scheuer, has reserved the right to challenge these transactions under federal securities laws. FTX’s Crypto Repayment Plan Faces Potential SEC Challenge The FTX bankruptcy saga is moving…
A recent report by Bitso, one of the largest crypto exchanges in Latin America, found that Argentines were especially inclined to use and purchase stablecoins over other cryptocurrencies. Six out of every ten cryptocurrency purchases in Argentina involved stablecoins during Q1 and Q2, as these are used as a hedge against inflation and devaluation. Bitso:…
Blockchain technology is set to transform the payments industry by tackling persistent issues in cross-border transactions. A detailed report by Binance Research suggests that incorporating blockchain into payment systems could substantially lower costs and speed up settlements, offering a new direction for global payments infrastructure. Blockchain Gains Momentum in the Payments Industry as Binance Highlights…
The Tether network quietly achieved a 5-month high in new wallet creation, surpassing 31.3K addresses in a single day, and the highest since March 2024. This surge has coincided with rising network growth in Multi Collateral Dai, indicating a broader trend across stablecoins. According to Santiment’s analysis, 732 new DAI wallets were created, representing the…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 The decentralized finance (DeFi) project Sky (formerly called Maker) is facing backlash following the announcement of an upgraded stablecoin that some fear could compromise the project’s commitment to decentralization. The new stablecoin, USDS, has drawn criticism for including a so-called “freeze function,” a feature that would allow the token’s…
Coinbase CEO Brian Armstrong reflects on the past decade of the cryptocurrency industry, highlighting his initial expectation that payments would be the primary application for crypto. Instead, trading became the dominant force. Looking ahead, Armstrong remains optimistic about the future of crypto payments, citing advancements in stablecoins, layer two technologies, and simpler onboarding processes as…
The Bank of Russia is exploring the use of stablecoins in cross-border transactions, considering them as digital financial assets (DFAs) under existing regulations if they have a responsible entity. The initiative may involve a limited group of qualified investors and would require testing for regulatory feasibility. Bank of Russia Explores Stablecoin Use for Cross-Border Transactions…
Stablecoins have reached an all-time high market cap of $169.57 billion following nearly a year of uninterrupted growth. Leading assets such as Tether’s USDT and Circle’s USDC have seen a significant resurgence this year, in addition to a newcomer. Stablecoin Market Cap Surge Data compiled by DefiLlama revealed that this is the highest market cap…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 The stablecoin market is seeing its total market capitalization soaring to a new all-time high of $168 billion. This marks the culmination of 11 consecutive months of growth, underscoring the increasing demand and adoption of stablecoins within the crypto ecosystem. Data from DeFiLlama highlights that this current market cap…
Russia is reportedly exploring the establishment of two crypto exchanges to facilitate foreign economic activities, local media outlet Kommersant reported on Aug. 23. The proposed exchanges will be located in Moscow and St. Petersburg, serving as hubs for international trade. Mikhail Uspensky, a member of the State Duma’s legislative committee on crypto regulation, stated that…
TL;DR Ripple plans to launch a stablecoin called Ripple USD (RLUSD) on the XRP Ledger and Ethereum, aiming to bridge crypto with traditional finance. A few days ago, Ripple minted the first portion of RLUSD tokens as part of a private beta testing. The Latest Development Ripple became the talk of the town earlier this…
Recent data from Cryptoquant researchers indicate that bitcoin demand growth continues to show signs of weakness. Despite this, the report notes that long-term holders have been accumulating bitcoin at unprecedented levels, providing some resilience to the market. Report Shows Bitcoin Demand Craters Amid Weak Market Signals Bitcoin demand has seen a significant decline since early…
Bitcoin has made a recovery back towards the $61,000 level during the past day. Here are the factors that could be behind this surge. Bitcoin Has Made Some Recovery During The Last 24 Hours After showing lackluster price action under $60,000 during the past few days, Bitcoin has finally shown some momentum in the last…
EURC, a Euro-pegged stablecoin by Circle, the issuer of USDC, has reached a market cap of over €50 Million ($55.37 million). According to Patrick Hansen, Circle’s Senior Director, EU Strategy & Policy, the stablecoin has experienced significant growth, registering a 36% increase in its issuance due to its recent launch on base, a Coinbase incubated…