Stablecoin Financial News

The Tron DAO Reserve (TDR), the entity in charge of managing Tron-based stablecoins, aims to deploy another USD 500m worth of the stablecoin USD coin (USDC) to defend the peg of its algorithmic stablecoin USDD.

“Everything is bigger in Texas” proved to be true during Consensus 2022. The crypto conference took place June 9–12 in Austin, Texas, this year, attracting 17,000 people from across the globe, despite the 100-degree plus weather. According to the event sponsors, Consensus 2018, which was held at the Hilton Hotel in New York, had previously drawn in almost 9,000 attendees. 

Researchers at the federally-funded Lawrence Livermore National Laboratory in California have combined statistical mechanics and information theory to design a stablecoin they call Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information. Livermore’s Maxwell Murialdo and Jonathan L. Belof say their innovation would make it possible to transmit electricity without physical wires or a grid and create a fully collateralized stablecoin pegged to a physical asset – electricity – that is dependent on its utility for is value. 

Binance U.S. and its CEO were sued on Monday by a U.S. investor who alleges the cryptocurrency exchange falsely marketed Terra USD as a safe asset ahead of the so-called stablecoin's collapse in value last month.

The price to short the Tron blockchain’s native token TRX reached as high as 500% annually on crypto exchange Binance today, as traders rush to place bets that the token will fall further.

The ongoing crisis of Celsius’s native token has nothing to do with the stablecoin provider Tether and will not impact its USDT reserves, according to the company.

While the market has not yet fully recovered from the onslaught caused by the TerraUSD (UST) depeg, another stablecoin project shows signs of distress, causing fears and speculation within the community. 

The spectacular implosion of the Terra ecosystem in mid-May left the crypto industry scarred. Though there were some brave critics who understood just how thin the razor’s edge was for TerraUSD (UST) — now TerraUSD Classic (USTC) — I think it’s safe to say that most people didn’t expect Terra to fail so fast, so dramatically and so completely irrevocably.

Stablecoins are a controversial subject in crypto. Questioning the legitimacy and backing of Tether (USDT) is a right of passage for many entering the crypto market for the first time. The meltdown of the Terra ecosystem left little doubt that algorithmic stablecoins don’t have a future beyond Do Kwon’s fantasies. Pesky regulators are constantly poking and prodding at dollar-pegged assets in order to carve out firmer rules on their usage. 

Reports that Terra (LUNA2) founder Do Kwon allegedly withdrew $80 million monthly before the project crashed surfaced Friday, leading members of the community to voice their opinions on the matter.

Circle, a peer-to-peer financial services firm, has agreed to acquire Cybavo, a digital asset infrastructure platform. The deal will allow Circle to provide "infrastructure as a service" for firms wanting to develop on Web3.

Cross-border transfer service MoneyGram officially launched its stablecoin-powered payment channel on Friday, giving users the ability to send USD Coin (USDC) payments worldwide that can be withdrawn as cash by recipients. 

On a sunsplashed day in the Swiss Alps, the CTO of Bitfinex and Tether, Paolo Ardoino shed light on the Plan B Lugano strategy, Tether as an onramp into Bitcoin (BTC) and–crucially–his favorite pizza toppings. 

Terra (LUNA2) reversed a portion of the losses this June 9 as its price per token rose by as much as 67.5% on the day, catching many traders off-guard with their perpetual swap positions.

Leading cryptocurrency stablecoin Tether has announced the launch of a new asset, Tether (USDT) tokens built on the Tezos blockchain, and with the ambition of expanding their digital footprint across the digital payments and decentralized finance (DeFi) sector.

The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities. According to a DFS statement, it is the first regulator in the United States to impose such expectations on a stablecoin issuer.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

The parliament of Japan passed the bill on Friday, giving investors a cushion after multi-billion dollars were wiped out from their pockets. Japan is one of the first major economies to pass specific laws over cryptos, stablecoins in particular. However, the legislation will come into effect after a year.

prices in the years before the crisis was a bubble, and that many of the seemingly sophisticated financial instruments that helped inflate housing would eventually be revealed as worthless junk. Why were so few willing to bet against the bubble? A large part of the answer, I would suggest, was what we might call the incredulity factor — the sheer scale of the mispricing the skeptics claimed to see. Even though there was clear evidence that housing prices were out of line, it was hard to believe they could be that far out of line — that $6 trillion in real estate wealth would evaporate, that investors in mortgage-backed securities would lose around $1 trillion. It just didn’t seem plausible that markets, and the conventional wisdom saying that markets were OK, could be that wrong. But they were. Which brings us to the current state of crypto.

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Global payment processor Checkout.com has launched a new stablecoin settlement system that will allow merchants to process crypto payments from their customers in real time — potentially widening the use cases of stablecoins within e-commerce.