Palladium and Botanix Labs have announced the launch of a new stablecoin, PUSD, on Bitcoin’s first EVM-equivalent Layer 2 network, according to a press release sent to Bitcoin Magazine. The PUSD stablecoin, developed by Palladium Labs, boasts a unique feature of being over-collateralized by 110%, a strategic measure aimed at enhancing its resilience against potential…
The significant outflow could be attributed to TrueUSD’s January 10 report, where the company informed users about a full upgrade to their fiat reserve audit system in collaboration with the Hong Kong-based accounting firm MooreHK. TrueUSD (TUSD), a stablecoin supposedly associated with Chinese-born crypto entrepreneur Justin Sun, has been on a downward trajectory since January…
Despite the increasing involvement of the USDT stablecoin in criminal activities, the UN has reported that law enforcement authorities have successfully dismantled various money laundering organizations responsible for transferring illegal funds using USDT. The United Nations (UN) has warned that Tether’s USDT stablecoin has become the preferred cryptocurrency for money laundering schemes and other illicit…
Circle Internet Financial confidentially filed for an initial public offering (IPO) in the US. It has become known that Circle Internet Financial confidentially filed for an initial public offering (IPO) in the US which can be viewed as one of the steps in its move to become a publicly-traded company. Circle, which is the issuer…
The House Financial Services and House Agriculture Committees have advanced bills actively seeking to provide a clear regulatory framework to govern the crypro and stablecoin market. In 2023, the crypto industry witnessed a substantial surge in lobbying efforts aimed explicitly at shaping stablecoin regulations and influencing legislative outcomes in the United States, Bloomberg reported. According…
To uphold the token’s value, stablecoin issuers often reserve cash or liquid assets. Amid rising interest rates, DWS is poised to manage the reserves for the new stablecoin. Deutsche Bank’s DWS Group, along with Dutch market maker Flow Traders Ltd. and crypto fund manager Galaxy Digital Holdings Ltd, is set to establish a new entity…
S&P Global Ratings senior analyst Lapo Guadagnuolo believes that the growth of stablecoins does not mean that they are immune to risk factors. The S&P Global Ratings introduced a stability assessment for stablecoins on Tuesday. According to S&P Global, the idea is to determine how truly “stable” the coins are in maintaining their pegs to…
Unlike what JPMorgan offers with its JPM Coin, the EUR ConVertible will be available for trading, thus opening up immediate access for a wide range of investors. Societe Generale, the third-largest bank in France is set to launch its EUR CoinVertible stablecoin on the crypto exchange Bitstamp. The move represents a pioneering effort by the…
The recent price surges seen in both the USTC and LUNC, once again highlight the undying resolve and commitment of the Terra Classic community to bring value to both assets. Algorithmic stablecoin TerraClassicUSD (USTC) has received a massive boost in the last 24 hours, posting over 283% gains within the period. As of publication, CoinMarketCap…
Tether’s strong financial muscle and deep pockets will help it position strongly among other competitors in the Bitcoin mining space. In a major revelation, Tether chief executive Paolo Ardoino announced that the company is eyeing a move in the Bitcoin mining market. As per reports, the $87 billion stablecoin operator has already made hefty investments in…
The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. Blockchain infrastructure firm Paxos has announced plans to issue a US dollar-backed stablecoin for its customers in Singapore. The initiative comes after Paxos reportedly received…
At the launch of the Verified USD (USDV) dozens of leading CeFi and DeFi like Animoca Brands, BIT exchange, Coin98 Finance, Matrixport, SushiSwap, and Stargate Finance, among many others will offer support for the revolutionary stablecoin project to its users. Verified USD Foundation, a non-profit and community-based organization that is working on revolutionizing the stablecoins…
The newly introduced Midas stablecoin, set to integrate with DeFi platforms in the current quarter before a retail launch early next year in 2024. Midas, a stablecoin backed by US Treasuries, plans to join the growing trend of convergence between cryptocurrency and traditional finance. The project plans to introduce its stUSD token to decentralized finance…
A Circle spokesperson confirmed that a public listing is not exactly far from the firm’s aspirations. Circle, the issuer of the USD Coin (USDC) stablecoin, is reportedly in talks with its advisers over an initial public offering (IPO) for early 2024. According to Bloomberg, which cited sources with inside knowledge about Circle, the deliberations may…
Last week, PayPal, alongside their infrastructure partner Paxos, announced an integration of their PYUSD stablecoin product with Venmo, one of the largest mobile financial applications on the market. With over 78 million users, Venmo is currently one of the largest platforms for purchasing, selling, and transacting bitcoin. As the extended digital asset realm continues to…
This partnership is also a significant stride in the Japanese government’s endeavor to embrace blockchain technology and cryptocurrencies, fostering their broader adoption within the country and beyond. Binance Japan is partnering with Mitsubishi UFJ (MUFG) Trust Bank, a move squarely aligned with the Japanese government’s new Web3 policy. This collaboration aims to birth a new…
Individuals with compatible external wallets, as well as merchants who embrace PYUSD for payments, will be able to receive transfers from Venmo users. In the latest development, financial payments giant PayPal announced that its PYUSD stablecoin will be now available to users on Venmo. In its blog post on Wednesday, September 20, PayPal said that…
Circle emphasized that Circle Account and Circle APIs will exclusively facilitate the use of Polkadot USDC, natively issued within the Polkadot Asset Hub. Circle’s native stablecoin USDC, also the second-largest stablecoin by market cap, is now gearing up for a launch on the Polkadot blockchain, as it continues to expand across different blockchain platforms. On…
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) might provide a lasting solution to the challenge posed by blockchain fragmentation. In a recent development, the Australia and New Zealand Banking Group (ANZ), one of Australia’s major banks, is taking significant steps toward the launch of its bank-issued stablecoin A$DC. This move follows a successful test transaction conducted using…
Celo’s inclusion with Opera’s MiniPay wallet augurs well for Africa’s expanding digital finance sector. Opera, the well-known web services provider, has announced intentions to integrate a non-custodial stablecoin wallet built on the Celo blockchain into its mobile web browser. This product, dubbed “MiniPay”, is intended to empower Opera’s enormous user base across the African continent by…
Circle said that businesses and institutions can access on/off-ramps for $USDC to OP Mainnet and Base through Circle Account. Circle’s native stablecoin USDC has recently launched on two Layer-2 networks – Base and Optimism. this launch will allow the Circle account holders to send USDC from their accounts to either of the networks. Coinbase also…
Binance will delist BUSD as a loanable asset on September 6 and will suspend withdrawals of Binance-pegged BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron on September 7. Renowned crypto exchange Binance has officially announced its decision to discontinue support for its native stablecoin, Binance USD (BUSD), by February 2024. Paxos’ Role in Binance’s…
By integrating the USDC for users in Chile, Circle will be hoping to offer them the stability of the U.S. dollar while also creating diverse payment options for them. Stablecoin issuer Circle has partnered with retail giant Mercado Libre to bring the USD Coin (USDC) to Mercado Pago. According to Circle CEO Jeremy Allaire, this…
Along with Bitcoin Omni Layer, Tether has also decided to discontinue the stablecoin versions of Bitcoin Cash and Kusama. Tether, the issuer of the world’s largest stablecoin USDT, has announced to discontinue its Bitcoin Omni Layer version amid the lack of interest from the users. This Bitcoin stablecoin from Tether was one of the first…
Coinbase noted that Tether’s USDT doesn’t meet their listing standards for Canada and thus they decided to suspend the stablecoin. By the end of this month on August 31, crypto exchange Coinbase has decided to suspend the trading of Tether’s USDT stablecoin along with DAI, and RAI, for Canadian users. The crypto exchange sent an…
While PayPal’s new crypto service allows users to explore the crypto industry, access to this innovative feature has been restricted in certain jurisdictions and for specific individuals. Leading American payment company PayPal has taken another step into the digital asset industry with the launch of its Cryptocurrencies Hub. This feature allows users to interact with…
The introduction of PayPal stablecoin (PYUSD) represents a groundbreaking development in the realm of stablecoins and digital currencies. In a recent move that captured the attention of the financial world PayPal Holdings Inc (NASDAQ: PYPL) announced the launch of its own stablecoin PayPal USD (PYUSD). While the launch of PYUSD is expected to drive efficiencies…
David Schwartz seems unsurprised that the Fed is reacting negatively to the new stablecoin issued by PayPal. Ripple’s chief technology officer (CTO) David Schwartz has commented on the increased regulatory requirements imposed by the US Fed for the country’s cryptocurrency environment. Schwartz tweeted a shady remark, referring to PayPal’s newly launched stablecoin (PYUSD) and whether or not…
US House leadership is calling for robust regulatory framework for the new PayPal stablecoin despite being on opposing ends of the discuss. The leadership of the United States House of Representatives is reacting to the USD stablecoin that PayPal Holdings Inc (NASDAQ: PYPL) recently launched. While a Republican leader generally has positive sentiments toward the…
As investors and consumers battle with the risks of regular cryptocurrencies, stablecoins provide a dependable shelter where value remains generally stable over time. Prominent brokerage firm Bernstein has unveiled an astounding prediction that the stablecoin market, currently valued at $125 billion, is on track to experience an exponential surge and can top a remarkable $2.8…
PayPal’s recent entry into the stablecoin arena with PYUSD is marked by both anticipation and caution. Despite the promising prospects of stablecoins, challenges, and uncertainties loom on the horizon. The entry of PayPal Holdings Inc (NASDAQ: PYPL) into the stablecoin space, highlighted by the launch of its own dollar-pegged digital asset, PayPal USD (PYUSD), has…
I going to make a greatest artwork as I can, by my head, my hand and by my mind. This may be just what the crypto payments space needs. PayPal Holdings, Inc. (PYPL) is getting into the stablecoin business. It is the first major financial institution to go so far into this market. PayPal USD….
PayPal assures its users that PYUSD is fully backed by USD, reserve with funds supporting the stablecoin, while addressing concerns about issuing unbacked tokens. The payment giant is stepping into the crypto market with the introduction of its native stablecoin PayPal USD (PYUSD). The crypto which was announced in January has finally been launched. Stablecoins…