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"Over the years, the Omni Layer faced challenges due to the lack of popular tokens and the availability of USDT on other blockchains. This led many exchanges to favor alternative transport layers, leading to a decline in USDT usage on Bitcoin using the Omni Layer," Tether said in the announcement. Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In response to a shrinking market share and increasing competition, Circle is strengthening its position with a $1 billion cash buffer to counteract challenges posed by dominant non-crypto entities like PayPal. Circle’s USD coin faces market pressure The
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USD Coin (USDC) issuer Circle has released a beta version of a multiparty computation (MPC) wallet service, according to an Aug. 8 announcement. The new service will allow developers of decentralized finance (DeFi) apps, Web3 video games, e-commerce services and other blockchain applications to create customized wallets specifically for their
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“This new platform marks the first step for Circle’s Web3 services as we work to ease common pain points for developers, remove friction from value exchange, deliver more seamless user experiences and help drive blockchain-powered wallet adoption,” Jeremy Allaire, chief executive of Circle, said in a statement. Source
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Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an “operational profit” of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion. Although its $1 billion “operational profit” represents a decline from
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Users can convert eUSD to peUSD, which aims to be friendlier for high-frequency traders – a term that describes a wide range of automated trading firms, including market makers and other vital liquidity providers – that use decentralized finance protocols, said 0xP, Lybra’s pseudonymous head of commercial partnerships. Source
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"To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CryptoX in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At
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“While staying true to the investment objectives of the Funds, we believe that commencing ETH staking offers the best of both worlds to our investors – providing additional yield while eliminating the complexities of directly handling digital assets,” Fred Pye, Chairman and CEO of 3iQ, said in a statement. Source
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Following the issuer's decision to temporarily halt mints and redemptions through its banking partner, Prime Trust, a trader has taken advantage of the situation by initiating an on-chain short position on the stablecoin TrueUSD (TUSD).According to on-chain data, an Ethereum user utilized Aave's V2 lending platform by depositing 7.5 million
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As of June 20, Circle added $2.2 billion of T-bills to the fund, while repos constituted some 90% of the fund’s $24.7 billion in assets, according to BlackRock’s website. The company held an additional $3.5 billion in bank deposits, the “vast majority, over 90%” stored at the Bank of New
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