Tag Archives: Stablecoins

Stablecoin issuers now hold over $120 billion in US Treasury notes, becoming the 18th largest holder of US Debt and overtaking numerous nations. Out of the $120 billion, Circle holds about $29 billion and Tether holds a whopping $91 billion. The former holds short-dated US Debt, like repos, and the latter holds Treasuries. However, concerns begin to mount as demand for US Debt grows in the crypto industry and elsewhere, and the US needs to consider appropriate debt management measures....

Circle CEO Jeremy Allaire has stated that stablecoins could account for 10% of “global economic money” within the next decade or so. Allaire shared his vision in a June 19 X post, revealing the biggest reasons he’s “more optimistic” about crypto and stablecoins than ever before. Stablecoins Could Revolutionize Global Economy Allaire noted that stablecoins, a ‘killer app’ for crypto, have enhanced cross-border commerce, reduced remittance costs, and provided banking solutions...

On June 17, Tether CEO Paolo Ardoino announced aUSDT, a new synthetic dollar over-collateralized by XAUt, Tether’s gold-backed digital asset. In a post on X on June 18, industry analyst and stock-to-flow creator Willy Woo said it was “A genius business idea by Tether.” Tether’s USDT is currently earning on U.S. Treasury Bills, but now the firm can issue a stablecoin that earns on gold gains, he explained. This has greater potential for profits as, over the long term, gold...

TL;DR Ripple plans to launch a stablecoin, Ripple USD (RLUSD), in 2024 on the XRP Ledger and Ethereum, despite SEC’s criticism. Meanwhile, XRP’s price is down, but some analysts see the current level as a buying opportunity. What’s New Around Ripple? One of Ripple’s latest developments is its upcoming stablecoin pegged to the American dollar, which should serve as a bridge between traditional finance and the crypto industry. Earlier this week, the company said it will be...

Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by 65 individuals, Bloomberg reported Thursday, citing an internal email. According to the report, Paxos’ chief executive officer and co-founder Charles Cascarilla said the reduction in headcount would allow the company to capitalize on future opportunities in the tokenization and stablecoin sectors. Paxos intends to phase out some of its services to focus on tokenization and...

TL;DR Ripple plans to introduce a stablecoin on the XRP Ledger and Ethereum later this year, aiming to bridge traditional finance and the cryptocurrency sector. The United States Securities and Exchange Commission (SEC) has labeled the product an “unregistered crypto asset,” continuing its longstanding legal battle with the company. Here’s the Latest Info Ripple made the headlines earlier this year when it disclosed that it would launch a stablecoin pegged to the American...

Fiat-pegged stablecoins have grown in market cap over the past ninety days as they collectively witnessed $16 billion flow into their side of the crypto market. However, the past month has been relatively calm for the stablecoin economy. USDT’s (Tether) market cap has grown to $112.5 billion on June 8 from $101.18 billion in March. That is over $11 billion in the three months, with USDT representing 69% of the $16 billion that flowed into stablecoins. Its market cap barely rose over the past...

Paxos Trust Company, the issuing entity behind famous stablecoins PayPal USD (PYUSD), Pax Dollar (PUSD), Pax Gold (PAXG), and the now defunct Binance USD (BUSD), has introduced its new stablecoin – the USD Lift (USDL). The stablecoin will be distributed by Paxos’ UAE-based affiliate, Paxos International. USDL is a yield-generating stablecoin that allows users to accrue interest as they hold the asset, thus working as a “savings product than a checking account product,” said Charles...

In May 2024, the stablecoin ecosystem rebounded, achieving a market capitalization of $161 billion, marking a 0.63% increase from the month’s outset. According to CCData, this marks the highest level since April 2022, following eight months of steady growth. Tether Dominates as Stablecoin Market Rebounds While the stablecoin market has been surging, its dominance slightly dropped from 7% in March to 6.07% this month. The fall was due to crypto assets recovering in price after...

Nearly a year after launching on Ethereum, PayPal’s stablecoin PYUSD is being introduced on the Solana blockchain. This move will enable users to choose between multiple blockchain networks, providing greater flexibility and control over their transactions and holdings. PayPal Brings PYUSD to Solana According to the official announcement, PayPal highlighted Solana’s ability to handle a massive volume of transactions at high speeds and extremely low costs as a key driver...