STABLECOIN
A stablecoin (or stable coin), as its name indicates, is a stable cryptocurrency designed to be resistant to the type of price volatility synonymous with cryptocurrencies like Bitcoin and Ether. The key is to understand "stable": what is "stable"? which references are pegged to make its value "stable"? In terms of what we measure the "stability".
Binance CEO Responds to Forbes Article on Fund Shuffling
Binance CEO Changpeng Zhao responded to a Forbes article that focused on the movement of funds by the cryptocurrency exchange. The article drew parallels between Binance and the now-defunct FTX and discussed the failed Voyager bid by Binance.US, as well as the United States Securities and Exchange Commission’s planned legal action against Paxos Trust Company, the issuer of the Binance-branded stablecoin, Binance USD (BUSD). Binance transferred $1.8 billion in stablecoin collateral to hedge funds such as Tron, Amber Group and Alameda Research between August and December 2022. Binance says it still supports BUSD and is now looking into non-USD stablecoins.
Citizens Trust Bank Holds $65 Million in USD Coin reserves
Citizens Trust stated the USDC reserves would support financial literacy and small business funding.
Circle CEO Criticizes SEC Stablecoin regulations
As payment systems, stablecoins are not securities, according to Circle's CEO.
Frax Finance has voted to fully collateralizing
Frax Finance decided to completely collateralize the $1 billion capitalization Frax stablecoin.
Circle Plans to Increase Workforce by 15-25%
Circle's $42 billion USDC is the second-largest stablecoin behind Tether's USDT.
US Congress needs to take control of crypto legislation
Blockchain Association CEO Kristin Smith said crypto regulation is occurring "behind closed doors" and asked for a more collaborative and "transparent approach."
Paxos Discusses BUSD Stablecoin With SEC Following Wells
Paxos CEO Charles Cascarilla said the business was "engaged in productive negotiations" with the SEC and will continue to communicate privately.
Stablegains Sued for Allegedly Misleading Investors
Stablegains, a DeFi yield platform that closed in May, is being sued in California.
Binance CEO Denies Report That Company Is Cutting Ties With US
Binance CEO Changpeng Zhao denied that the business is contemplating leaving the US on Twitter.
The Financial Stability Board (FSB) is pushing for international regulations
Global standard-setting organisations are helping the Financial Stability Board evaluate DeFi legislation in numerous countries.
LidoDAO is considering selling or staking its $30 million
LidoDAO, the decentralized autonomous organization behind Lido, is considering staking or selling its $30 million ETH treasury to meet unexpected market swings.
Circle Denies Receiving 'Wells Notice' Over USDC
Circle's CSO refused SEC Wells notices for its USDC token.
BUSD, Paxos, and the Recent Scrutiny of Paxos
Matrixport's director of research believed Paxos' BUSD supervision was too lax, prompting regulatory attention. Stablecoins are not the goal.
Binance sees surge in withdrawals amid spooked investors
Investors have pulled billions from Binance in the past day due to US Securities and Exchange Commission and New York Department of Financial Services action against BUSD and Paxos.
Paxos Trust Company Disagrees With U.S. Securities
Paxos, a stablecoin issuer, received an SEC Wells notice earlier this month and "categorically denies" that BUSD is a securities.
