Cryptocurrency Analysis and News Portal
USDT’s market capitalization has grown some $5.3 billion this year so far to $71.6 billion, with $3 billion of the gains after mid-February. Circle’s rival stablecoin, USD Coin (USDC), has also gained $3 billion since the Paxos announcement; however, its $44 billion market cap is still lower than at the
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Europe could lead the world in developing the Internet of Things (IoT) by harnessing the potential of stablecoins, the Digital Euro Association argues in a new report. Machine-to-machine (M2M) payment is a field poised for growth, and stablecoins, in particular, offer advantages for it, the report says.There are growing use cases
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OKX has decided to compensate all the impacted users by air-dropping more than 3 million USDT by putting its own 1 million USDT in addition to the seized amount. On Tuesday, February 28, crypto exchange OKX seized more than $2 million worth of Tether’s USDT stablecoins allegedly linked to
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Last week was relatively calm regarding enforcement news but brought some peculiar local developments in regulation. United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency (CBDC). According to the Minnesota lawmaker, the bill
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Binance branded stablecoin, Binance USD (BUSD), is a dollar-backed stablecoin issued by blockchain infrastructure platform Paxos Trust Company, and is the third largest stablecoin after Tether’s (USDT) and Circle’s USD Coin (USDC).Paxos has claimed in the past that BUSD is fully backed by reserves held in either fiat cash or
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The United States Securities and Exchange Commission is not the appropriate agency to regulate stablecoins, according to Circle founder and CEO Jeremy Allaire.In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent moves to clamp down on the crypto industry,
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The crypto asset trading platforms will now be forbidden from allowing clients to trade and deposit stablecoins, or any other type of “Value Referenced Crypto Assets” (VRCAs), without the CSA’s prior written authorization. The Canadian Securities Administrators (CSA) issued a notice on February 22nd elaborating on the novel commitments required for
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According to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority of Singapore on Wednesday, Carstens stressed that stablecoins are not reliable because they lack the “institutional arrangements
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The Canadian Securities Administrators (CSA) published a notice on Feb. 22 describing new commitments it expects from crypto asset trading platforms (CTPs) seeking registration in Canada. The CTPs will enter into a new version of preregistration undertakings (PRUs), which are legally binding documents. Registered CTPs will be contacted by their
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The recommendations target consumer protection, risk management and prudential requirements, the Bank of Israel said. Original Source
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