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Do Kwon-founded Terraform Labs has again pointed the finger at market maker Citadel Securities for its role in an alleged “concerted, intentional effort” to cause the depeg of its stablecoin in 2022.On Oct. 10, Terraform Labs filed a motion in the United States District Court in the Southern District of
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Lookonchain, a blockchain tracking platform, now reveals that one stablecoin holder lost over $100,000 after panic selling USDR, a stablecoin issued on the Polygon
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During a recent fluctuation in USDR’s value, a transaction involving 131k stablecoins yielded no return for the trader. Following the startling revelation from yesterday’s events surrounding the real-estate-backed U.S. dollar stablecoin, Real USD (USDR), a trader encountered a grave setback by swapping a staggering 131,350 USDR for 0 USD Coin (USDC).
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Real estate-backed stablecoin USDR lost its peg to the U.S. dollar after a rush of redemptions caused a draining of liquid assets such as Dai (DAI) from its treasury, its project team has revealed. USDR — backed by a mixture of cryptocurrencies and real-estate holdings — is issued by Tangible protocol, a
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On-chain data suggests that USDR's treasury was drained of liquid assets, leading to a run on the stablecoin. Original Source
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Circle, the issuer of the U.S. dollar-pegged stablecoin, USDC (USDC), is increasing its presence in the Philippines with a new local partnership.On Oct. 10, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines.As part of the partnership, Coins.ph and Circle will
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The community of Frax Finance, a decentralized finance protocol, has announced its unveiling of FRAX v3, a stablecoin pegged to the U.S. dollar. The stablecoin employs AMO smart contracts and permissionless, non-custodial subprotocols to maintain its stability. Official documentation now live In a post updated 3 days ago, Frax Finance has released the
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The overall stablecoin market has witnessed a staggering 35% dip in the past year and a half. Terraform’s collapse last year and the subsequent fall of its native Terra USD (UST) stablecoin triggered a chain reaction, which caused the valuation of the stablecoin sector to shrink from $189 billion in May
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As Hong Kong progresses with the adoption of cryptocurrency trading for individual investors, a local official stressed that retail stablecoin trading is not yet allowed.Hong Kong has not adopted regulations for stablecoins like Tether (USDT) or USD Coin (USDC), which means retail investors are not allowed to trade those assets,
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The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it calls value-referenced crypto assets, with a particular focus on stablecoins.On Oct. 5, the umbrella organization of Canada’s provincial and territorial securities regulators published a clarification saying it may allow trading
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