Tag Archives: Stablecoins

South Korea’s top monetary regulator – the Financial Service Commission (FSC) – thinks cryptocurrencies and stablecoins could facilitate money-laundering activities. As such, it will reportedly closely monitor the actions of the country’s largest crypto holders (those who own over $70,000 worth of digital assets). According to a local coverage, the Financial Intelligence Unit (a division of the FSC) will oversee the transactions of South Korea’s crypto whales. The regulator...

The crypto industry showed a mild recovery in Q3 after taking a significant plunge amid volatile conditions over the first half of 2022.  According to the latest quarterly report published by cryptocurrency aggregator CoinGecko, the overall crypto market cap increased by 6.5%, about $100 billion, in Q3 compared to Q2. Bitcoin Outperformed Other Assets  Despite having a choppy Q3, BTC outperformed every asset class except the U.S. dollar Index, which measures the exchange rate...

When stablecoins are sent to exchanges in large quantities, it is usually a signal that institutions are preparing to buy. It has not happened yet, as stablecoins such as USDC have been leaving exchanges as the bear market deepens. On Oct. 8, CryptoQuant CEO Ki Young Ju observed that 94% of the USDC supply is off exchanges, and a large portion of it is held by traditional finance institutions. “The next Bitcoin parabolic bull run might begin when massive USDC flows into...

The decentralized stablecoin protocol MakerDAO has committed to converting $500 Million of its DAI reserves into bonds and U.S. treasuries.  This marks the decentralized autonomous organization (DAO)’s the first investment in high-quality government debt.  As MakerDAO explained over Twitter, MKR holders voted to deploy its peg stability module’s USDC on liquid bonds, using its recently created real-world asset Maker Vault. The allocation will consist of 20% investment-grade...

Guido Cannetti – an Argentinian mixed martial artist who competes in the UFC – partnered with the crypto-focused payment company Bitwage to become its ambassador. In addition, he will start receiving all his earnings in the stablecoin USDC instead of fiat currency. ‘USDC is Safer’ In a recent announcement, Bitwage said it is “thrilled” to collaborate with Cannetti. Using the platform, the athlete, known as “El Ninja,” will get 100% of his salary in USDC via the Stellar...

On September 29, Gemini co-founder Tyler Winklevoss published a proposed “marketing incentive” on the MakerDAO forum to drive the adoption of his stablecoin GUSD through a three-month strategic plan. According to Tyler Winklevoss’ proposal, Gemini will pay monthly fixed annual interest of 1.25% on all the GUSD stored in MakerDAO PSM vaults, as long as the average monthly balance is at least 100 million GUSD by the end of the month. “As we’d like GUSD usage to increase...

Mhel Plabasan – a top executive at Bangko Sentral ng Pilipinas (the central bank of the Philippines), said the institution is highly in favor of stablecoins as they can aid the monetary system and ensure “affordable and faster” cross-border transactions. The organization also plans to launch a pilot version of its CBDC by the end of 2022. On that note, it is worth noting that the central banks of Israel, Norway, and Sweden collaborated with the Bank for International...

Some blockchain projects have to deal with hackers, and others, like Alcala, have to deal with their own developers. A “human error” a few weeks ago almost killed the whole project. Still, thanks to the mutual effort of the community and the developers, the problem has been solved —kind of. On September 26, Acala network announced the reactivation of its operations after having recovered $2.970 million in aUSD of the $3.022 million its teammistakenly printed in August. The...

The Seychelles-based cryptocurrency exchange Huobi has provided a timeline explaining its actions during HUSD’s de-pegging event on Thursday.  The exchange confirmed that the problem began with the stablecoin’s issuer. According to a tweet from Huobi, the firm detected “unusual price fluctuations” from its namesake stablecoin at 10:05 UTC on August 18.  Within five minutes, Huobi contacted the issuer of HUSD, Stable Universe Limited.. By 10:30, both the exchange and issuer...

The United Nations Conference on Trade and Development (UNCTAD) believes the impact of cryptocurrencies should be limited in developing nations. According to the agency, digital assets are unstable financial products that could cause further issues to already shattered economies. Amid the global monetary crisis, numerous residents of emerging countries chose to convert their depreciating fiat currencies into stablecoins. However, the UNCTAD warned that such tokens also pose...