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The Frax community recently approved a proposal to make its FEI stablecoin fully backed by USD equivalents, rather than maintaining a partially backed and semi algorithmic stablecoin. With Frax’s decision, the days of experimentation with algorithmic stablecoins could finally be behind us.The decentralized stablecoin space has only proved effective with
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According to an official Telegram statement on March 1, Singaporean cross-chain crypto wallet developer BitKeep says it has reimbursed 50% of user assets lost during a security breach stemming from Dec. 26, 2022. On the date of the incident, an estimated $8 million was stolen by hackers after BitKeep's APK
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Binance hopes to ensure that reserves do not mix with client funds henceforth. Cryptocurrency exchange giant Binance has just launched what it calls a semi-automated system for its tokens. According to a Bloomberg report, this system will enable the exchange to properly manage its token reserves. Just last month, the crypto
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The vote is a step for Frax’s native stablecoin frxUSD to retire its algorithmic element. Source
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This upgrade will encompass all wallets, Hotspots, and Helium Network state, and will take place over a 24-hour transition period on the decided date. Source
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Bloomberg reported on Monday that Circle tipped off the New York Department of Financial Services (NYDFS) in the fall of 2022, complaining that blockchain data revealed Binance did not have enough reserves to back up the BUSD tokens it had issued through Paxos. Bloomberg cited a source familiar with the
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The amendments to the package, which is designed to ensure that traditional institutions issue enough capital to sustain lending levels, are set to be voted on by EU Parliament’s Committee on Economic and Monetary Affairs on Tuesday. The text seen by CryptoX asks the European Commission to propose a bill
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Major crypto exchange Binance initially pushed back against a Bloomberg report that its Binance-Peg BUSD stablecoin “doesn’t always appear to have been completely backed by BUSD”. In a Jan. 10 blog post, Binance said the basis for the report — later amended to clarify the difference between a pegged and backed
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The resiliency of stablecoins and whether they're backed by a reliable pile of money is a contentious one in the cryptocurrency industry. Stablecoins are meant to closely track the value of something else, often the U.S. dollar. So if investors have put, say, $10 billion into a stablecoin, there should,
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Crypto technology could “turbocharge all of those (financial) industries,” Economic Secretary to the Treasury Andrew Griffith said in a meeting. Source
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