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During yesterday's real-estate-backed U.S. dollar stablecoin Real USD (USDR) crisis, a trader appears to have swapped 131,350 USDR for 0 USD Coin (USDC), resulting in a complete loss on investment.According to the October 12 report by blockchain analytics firm Lookonchain, the swap occurred on the BNB Chain through decentralized exchange
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Amidst the constant price swings and uncertainties that plague the crypto market, stablecoins have become an invaluable asset for investors and traders.
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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.On June 15, an imbalance in Curve Finance’s 3pool led to a Tether (USDT) depeg scare as the stablecoin’s weightage in the pool
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Tether-issued USDT (USDT) stablecoin slightly deviated from its dollar peg value on June 15 due to an imbalance in the Curve 3pool. The price of USDT fell by 0.3% to around 0.997 as the USDT weightage in the curve 3pool increased to over 70% from the ideal 33.1%.Curve's 3pool is a
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied As the crypto market’s volatility continues, the total stablecoin market capitalization declined by 0.25% over the past 24 hours, with an average price change of 0.71%. The downward movement comes after the largest stablecoin by market cap,
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The DEX, however, has been unable to maintain elevated periods of trading volumes in the past, CCData noted. Source
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Other, smaller-circulation stablecoins lost their pegs, too, including BUSD, issued by Paxos, and crypto-backed stablecoin DAI, issued by MakerDAO. Only USDT seemed to benefit from the turmoil, briefly exceeding $1, most likely because of investors shifting out of the depegged stablecoins. Original Source
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The decision follows a turbulent period during which USDC temporarily lost its dollar peg when key banking partner SVB collapsed. Source
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At Paris Blockchain Week 2023, Tether chief technology officer Paolo Ardoino spoke with Cryptox reporter Joseph Hall to discuss topics such as USD Coin (USDC) breaking its dollar peg and how it highlights the importance of Bitcoin (BTC) and decentralization. Cryptox journalist Joseph Hall with Tether CTO Paolo Ardoino at Paris
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USD Coin (USDC), the world’s second-largest stablecoin, may simply have been in the wrong place at the wrong time. The place was Silicon Valley Bank (SVB), a commercial bank with $209 billion in assets, where USDC issuer Circle had deposited $3.3 billion of its cash reserves for safekeeping. The time was
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