Stablecoin Financial News

Stablecoins are taking an increasingly growing market share of the overall crypto markets as the demand for digital dollars continues to rise among crypto investors.

Amid the sharp pullback across Bitcoin (BTC) and the wider crypto market this week, the Luna Foundation Guard (LFG) is set to deploy $1.5 billion worth of capital to “help protect” Terra USD’s peg to the U.S. dollar.

Fortress, decentralized finance (DeFi) lending protocol with an algorithmic money market and a synthetic stablecoin, has suffered an oracle price manipulation attack that resulted in the loss of all of its funds.

Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).

The United States continues to be a global leader in embracing the cryptocurrency industry thanks to the work of Sen. Patrick Toomey, with the White House being at the forefront of crypto regulation. Last year, President Joe Biden signed a $1.2 trillion bipartisan infrastructure bill — and it included some new legislation that would impact the crypto sector. And more recently, the U.S. president announced a “whole-of-government” approach to regulating cryptocurrency in an across-the-board executive order directing multiple government agencies to answer specific questions on cryptocurrencies. The U.S. for the last year has clearly been seeking to help make the crypto industry more sustainable, which will make it significantly easier for cryptocurrency platforms to operate.

The Bahamas Prime Minister Philip Davis told Cointelegraph that the region has a regulatory regime in place that will enable crypto businesses to operate within its jurisdiction. During an interview at SALT’s Crypto Bahamas conference, Davis shared that The Bahamas recently published a white paper framework that will allow crypto businesses to “grow and prosper,” while letting companies understand the region’s expectations. He added:

Development within the Polkadot (DOT) ecosystem has been slowly unfolding over the past year and a half, and the work put in by developers is finally starting to bear fruit as parachain auctions finish and the first chains launch on the mainnet. 

A rising number of central banks globally have the legal authority to issue central bank digital currencies (CBDCs), and, compared with a year earlier, the share of central banks which are currently developing a CBDC or running a pilot nearly doubled from 14% to 26%, according to a new report by the Bank for International Settlements (BIS) 

Luna Foundation Guard (LFG), a Singapore-based nonprofit tied to the Terra Luna ecosystem, has raised another $1.5 billion to further expand its already hefty Bitcoin (BTC) reserves.

Italian luxury brand Gucci will accept crypto payments across five flagship stores in the US by the end of the month and aims to expand the pilot to include all of its directly-operated stores in North America by this summer.

Terra (LUNA) price lost 31% over the past four weeks, erasing all of the gains accrued year-to-date and even though the token continues to outperform the broader cryptocurrency market by 20%, Terra is struggling to hold above the $85 support.

The smart contract platform Cardano (ADA) launched a testnet version of the new algorithmic and decentralized stablecoin Djed, and is requesting feedback from the public. ADA jumped on the news.

Large-cap cryptocurrency continue to slump as investors await comments from the Federal Open Markets Committee regarding the exact size of the next interest rate hike.

The crypto community and Wall Street converged last week in Nassau, Bahamas, to discuss the future of digital assets during SALT’s Crypto Bahamas conference. The ​​SkyBridge Alternatives Conference (SALT) was also co-hosted this year by FTX, Sam Bankman-Fried’s cryptocurrency exchange.

For years, cryptocurrency advocates have touted the world-changing capability of digital currency and blockchain technology. Yet with the passing of each market cycle, new projects come and go, and the promised utility of these “real-world use case” projects fails to satisfy.

A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC).

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Another day, another exploit. Deus Finance DAO seems to have lost at least USD 13m in its own latest flashloan attack.

The Hong Kong Monetary Authority (HKMA) has warned that stablecoins could undermine the Hong Kong dollar in a just released discussion paper about its retail central bank digital currency, e-HKD. 

Michael Hsu, the acting head at the United States Office of the Comptroller of the Currency, said stablecoins need standards comparable to the early internet.

The Market Report with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss the top three trending altcoins you might want to consider looking at in 2022.