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European Central Bank’s head (and former International Monetary Fund’s head) Christine Lagarde said that the stablecoins market is gaining momentum and the officials need to keep up with changes:“My personal conviction is that giving the developments we are seeing, not so much in the bitcoin segment, but in the stablecoins projects.
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In a press release Thursday, Terra announced its stablecoin issuance protocol would act as Mongolian messaging app memeChat’s new financial backbone. That app, which has attracted 50,000 users since its March launch, now features the Terra-backed memePay payment service as well. Source
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According to CEO Alex Melikhov, Equilibrium’s EOSDT is now backed by smart contracts that pay out consumers if the dollar-pegged token crashes through its collateralized floor. Much like how America’s FDIC insures consumers’ traditional bank deposits against a run, Melikhov says these smart contracts inject certainty, and stability, in the
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Saga Monetary Solutions, a UK-based blockchain company, has come up with a daring plan to launch a stable digital currency (stablecoin) called Saga token (SGA) which will allow users to store and transfer their digital coins across borders with minimal restrictions.By design, the Saga tokens will be pegged to traditional
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Its value will rely solely on the “basket of national currencies” whose collective worth backs up SGA’s list price. Meant to mimic the International Monetary Fund’s Special Drawing Rights, a currency-like reserve asset pegged to the dollar, euro, renminbi, pound sterling and yen, this “basket” will ensure SGA’s stable price. Source
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Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai (DAI), a stablecoin pegged to the United States dollar.According to a blog post on Dec. 6, Dai is the first stablecoin that is available on Coinbase Card, alongside major cryptocurrencies such as Bitcoin (BTC)
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Premier cryptocurrency lending service BlockFi has introduced a new feature. It is trading at no fees for Bitcoin, Ethereum and the stablecoin GUSD. The startup has been known to allow users access to returns on their cryptocurrency holdings by offering loans to borrowers against users’ cryptocurrency holdings and then passing
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Cryptocurrency exchange Gemini burnt about one-fifth of its Gemini Dollar (GUSD) stablecoin total supply on Dec. 3.Whale Alert — a Twitter account dedicated to tracking large cryptocurrency transactions — reported on Dec. 3 that 1,035,020 GUSD were burnt in a single operation. This number of tokens is equivalent to
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The non-profit Human Rights Foundation (HRF) has analyzed the censorship and privacy landscape of stablecoins in a report published on Nov. 20.For privacy coins that are not stablecoins, the largest single-week losses so far this year have ranged between 24% and 34%, the HRF notes; a fact that bolsters
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American lawmakers have reportedly introduced a bill aiming to put Facebook’s Libra under the jurisdiction of the Securities and Exchange Commission (SEC). Two Texas representatives, Sylvia Garcia and Lance Gooden, have proposed legislation that would put even more regulatory scrutiny on Facebook’s not-yet-launched Libra stablecoin and related projects, CNBC
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