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Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity – Altcoins Bitcoin News

It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe there’s a

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Onchain Research Shows FTX’s Falling BTC, ETH, Stablecoin Balances ‘Suggest Cracks Had Formed as Far Back as June’ – Bitcoin News

While the analytics firm Nansen published a report that points to the Terra collapse igniting the flames of FTX’s and Alameda Research’s financial problems, onchain data from the intelligence and research firm Glassnode suggests FTX’s “cracks had formed as far back as May-June.” Glassnode’s report highlights a “growing pool of

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Cardano, blockchain payment firm Coti to launch algorithm stablecoin Djed in Jan 2023

Proof-of-stake blockchain platform Cardano and blockchain payment platform Coti will launch an algorithmic stablecoin Djed in January 2023, according to a Monday press release.See related article: SBF: FTX stablecoin, ‘Second Great Stablecoin War’ are comingFast factsThe algorithmic stablecoin is undergoing audit and stress tests, said the press release.Djed, backed by

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Hong Kong believes stablecoin volatility can spillover to traditional finance

The fall of crypto giants this year reignited questions about the stability of cryptocurrencies and their impact on fiat ecosystems. Hong Kong Monetary Authority (HKMA) assessed the situation and found that the instabilities of crypto assets, including asset-backed stablecoins, can potentially spill over to the traditional financial system.The HKMA assessment

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Circle marks a possible $3B loss from Binance stablecoin conversions

Circle, the company behind the issuance of USDC Coin (USDC) said recent events have caused it to miscalculate its financial projections — referring to the collapse of FTX and a decision by rival exchange Binance.In September, crypto exchange Binance announced it will auto-convert USDC to its own stablecoin Binance USD (BUSD), last

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