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".
TrueUSD Partners with Alchemy Pay to Facilitate Direct Crypto Purchases in 173 Countries
Alchemy Pay partners with TrueUSD to enable direct crypto purchases via fiat in 173 countries, enhancing accessibility and transparency in the crypto industry.
FSB Releases High-Level Recommendations for Global Stablecoin Regulation
The Financial Stability Board (FSB) has published a comprehensive report outlining key recommendations for the regulation, supervision, and oversight of global stablecoin (GSC) arrangements. The report aims to address potential financial stability risks posed by GSCs at both the domestic and international level.
Multichain CEO's Arrest Triggers Operational Freeze
In a series of unfortunate events, the Multichain protocol, a cross-chain router protocol, has been left in a state of uncertainty following the arrest of its CEO, Zhaojun, on May 21, 2023. The arrest led to a series of operational disruptions, including the revocation of operational access keys to the Multichain's MPC node servers, which were under Zhaojun's personal control.
Circle CEO Expects Yuan-Backed Stablecoins Despite China's Crypto Ban
According to SCMP, despite the stringent ban on cryptocurrencies in mainland China, Jeremy Allaire, the co-founder and CEO of Circle, a leading operator of the USDC stablecoin, foresees a significant role for yuan-backed stablecoins in the global crypto market.
Bitcoin Miners Move 54,000 BTC to Binance as Liquidity Drops
Recently, significant Bitcoin transactions have been observed in the market. According to Ki Young Ju, the CEO of CryptoQuant, Bitcoin miners have reportedly transferred a whopping 54,000 BTC to Binance over the last three weeks.
HKUST Vice-President Urges Hong Kong to Issue Stablecoin HKDG
According to TKWW, key figures including HKUST Vice-President suggest that the Hong Kong government should issue its own stablecoin, referred to as HKDG, as a strategic move to bolster the city's digital economy.
IMF: Latin America and the Caribbean Embrace CBDC and Crypto Assets
Interest in central bank digital currencies (CBDCs) is on the rise in Latin America and the Caribbean (LAC), with several countries making significant advancements in their adoption, according to IMF.
TrueUSD (TUSD) Strives to Resume Minting with Prime Trust
In recent updates, the TrueUSD (TUSD) team has announced that they are actively engaged in efforts to resume TUSD minting on Prime Trust. This announcement was made following an unexpected pause in TUSD minting via Prime Trust, an event that took place on June 10.
Heath Tarbert Joins Circle as Chief Legal Officer and Head of Corporate Affairs
Circle Internet Financial has appointed Heath Tarbert as its new chief legal officer and head of corporate affairs, effective from July 1, 2023.
Tether Ventures into Sustainable Energy Production and Bitcoin Mining in Renewable-Rich Uruguay
Tether, the company renowned for powering the world's foremost stablecoin, announced today its ambitious venture into energy production and sustainable Bitcoin mining in Uruguay.
NY Fed New Rules Cast Uncertainty on Circle's Access to Reverse-Repurchase Program
The New York Federal Reserve has updated its rules for reverse repurchase agreements (RRP), potentially hindering Circle's access to the Fed's reverse-repurchase program. The Circle Reserve Fund is a money market fund only available to Circle and could be deemed ineligible under the Fed's updated guidelines.
US Crypto Crackdown Hurts USD Coin
Circle CEO Jeremy Allaire has blamed the declining market capitalization of USD Coin (USDC) on the cryptocurrency crackdown by US regulators. Allaire cited global concern about the US banking system and regulatory environment as major factors.
Visa New Crypto Initiative
Visa is developing a new crypto product to promote the adoption of public blockchain networks and stablecoin payments. The company is seeking software engineers with experience in programming, Web3 technologies, and Solidity to build the product.
Terraform Labs Co-Founder Indicted for Terra Stablecoin Collapse
Shin Hyun-seong, co-founder of Terraform Labs, has been indicted along with nine other individuals for the collapse of the Terra stablecoin ecosystem. They are accused of fraud, breach of trust, and embezzlement, with illicit profits of nearly $350 million suspected. Prosecutors have seized assets worth a total of $180 million.
Terraform Labs co-founder defends against SEC allegations
Do Kwon, co-founder of Terraform Labs, has defended himself against allegations of fraud from the US Securities and Exchange Commission (SEC). Kwon’s lawyers have requested the dismissal of the lawsuit, claiming that the SEC's allegations are unfounded and that US law prohibits regulators from asserting jurisdiction over the digital assets in question. The lawyers also argued that the SEC failed to prove Kwon’s involvement in the collapse of Terra’s stablecoin, UST.
