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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied For the 14th consecutive month, the total market cap of stablecoins continues to shrink, standing at a modest $130 billion in May – a startlingly low point unseen since September 2021. But, as their numbers
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Stablecoins anchor their price to an external asset, usually to a government-issued fiat currency, and allow cheaper and faster transactions using blockchain technology. Despite its growing adoption in developing countries, U.S. dollar-denominated stablecoins dominate the market, representing roughly 99% of the combined supply, according to CoinGecko data. Source
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“The uncertainty and conservatism inhibits deal-making in the short term, much of which is to pilot, test and improve banks’ experience and understanding of this market in a controlled manner,” Sahir Akbar, managing director of prudential regulation at lobby group the Association for Financial Markets in Europe (AFME), said of
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Some have speculated that stablecoins may pose risks to the broader financial system, citing the fact that Circle, which issues and manages USDC, held large deposits at the recently-shuttered Silicon Valley Bank. Chair Gensler himself attempted to make a connection between Silvergate and Signature Bank’s activities in crypto and their
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In answer to a further question from former U.S. Commodity Futures Trading Commission Chairman Timothy Massad, Campa also appeared to share concerns voiced by the U.S. central bank, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency that stablecoins on decentralized, permissionless blockchains could prove unsafe or
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A New York lawmaker has introduced a new bill that would see dollar-pegged stablecoins accepted as a legal form of payment for bail bonds. The partisan bill, introduced on May 10 by New York State Democrat Latrice Walker, details the pre-existing methods of paying bail bonds, including cash, insurance bonds, and
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Users of the Muun wallet, which utilizes both the bitcoin and lightning layers to process transactions, have been charged high fees, particularly those employing it for payments at South African retail chain Pick N Pay, said Kgothatso. Congestion on the mempool has meant that swaps in the Muun wallet are
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In summary, the market environment continues to be fluid, and there is no clear winner on either side. Ultimately, the coexistence of CBDCs, tokenized deposits and stablecoins hinges on striking the right balance to meet customers' needs and ensuring trust in their redemption as payment transactions. This coexistence should be
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While the stablecoin exchange balance has dropped 44% this year, bitcoin's price has rallied by 70%. Original Source
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When it comes to providing stable value, stablecoins and central bank digital currencies (CBDCs) appear to serve two sides of the same proverbial coin. Crypto stable assets, however, can provide entirely different use cases — and CBDCs simply cannot compete. The key is programmability — smart contracts that automate and add
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