stablecoins | ForkLog

ForkLog 8 14.08.2024

Stablecoin Issuance Could Propel Bitcoin’s Continued Rally, Says 10x Research

The surge in stablecoin issuance might be the key to sustaining Bitcoin’s rally, according to Marcus Thielen, founder and CEO of 10x Research. #Bitcoin Traders Speculate on Potential Bullish Impact of $2.5 Billion Stablecoin Inflow ?1-10) Monitoring and analyzing crypto money flows is crucial for assessing market conditions that can act as tailwinds or headwinds […]

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ForkLog 38 10.08.2024

Ripple Initiates Testing of RLUSD Stablecoin

Ripple has announced the commencement of a closed beta test for the RLUSD stablecoin on the XRP Ledger and Ethereum mainnet. Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for […]

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ForkLog 9 08.08.2024

Ethena Labs Incorporates Solana as Collateral for USDe

Ethena Labs, the issuer of USDe, has added Solana (SOL) as collateral for its “synthetic dollar.” The official token contracts are below, do not interact with any others: USDe: https://t.co/KrR2HFgk6B ENA: 72QvBVwpxqmheEPfaCwWSWqEFsUy3rhWt6JhQBMNTwD1 sUSDe: Eh6XEPhSwoLv5wFApukmnaVSHQ6sAnoD9BmgmwQoN2sN — Ethena Labs (@ethena_labs) August 7, 2024 Previously, users could only use Bitcoin, Ethereum, stETH, or USDT as collateral for the […]

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ForkLog 16 06.08.2024

USDe Redemptions Surpass $100 Million Amid Market Downturn

Since August 5, the issuer of the collateralized stablecoin USDe, Ethena Labs, has redeemed approximately $100 million. This was spurred by a general downturn in the cryptocurrency market. Data: Parsec Finance. The token maintained its peg to the US dollar, slightly dipping to $0.997 before recovering to its target level of $1. According to Parsec […]

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ForkLog 34 01.08.2024

Elixir Launches Decentralized Synthetic Dollar as Rival to Ethena Labs’ USDe

The Elixir team has introduced a “fully decentralized synthetic dollar” called deUSD, positioning it as a competitor to Ethena Labs’ USDe, reports The Block. deUSD is designed to provide liquidity for order book-based decentralized exchanges (DEX). Operating within the DeFi ecosystem, USDe relies on interactions with centralized exchanges and custodians. Like Ethena Labs’ stablecoin, deUSD […]

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ForkLog 26 01.08.2024

Tether’s Net Profit Reaches $5.2 Billion in First Half of 2024

The company behind the USDT stablecoin, Tether, reported a record net profit of $5.2 billion for the period from January to June. According to the report, operating profit amounted to approximately $1.3 billion, primarily from interest income on US Treasury bills. Direct investments in these instruments exceeded $80.9 billion, and including cash and other equivalents, […]

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ForkLog 11 26.07.2024

FSB Warns of Stablecoin Risks for Emerging Economies

The adoption of global stablecoins in emerging economies entails significant financial risks and regulatory challenges, according to a report by the FSB under the G20. Analysts highlighted the growing popularity of “stablecoins” in these countries, citing limited access to banking services, large remittance flows from developed nations, and the volatility of national currencies as reasons. […]

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ForkLog 15 19.07.2024

Hong Kong’s ZA Bank to Partner with Stablecoin Issuers

Hong Kong’s virtual bank ZA Bank will provide reserve services for stablecoin issuers. According to its representatives, the bank is in talks with ten companies regarding potential partnerships. ZA Bank, the largest virtual bank in Hong Kong, announced that it will provide reserve bank services for stablecoin issuers and is currently negotiating cooperation with nearly […]

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ForkLog 14 12.07.2024

SEC Concludes Investigation into BUSD

The issuer of Binance’s BUSD stablecoin, Paxos, has received a notification from the SEC indicating no plans for enforcement action. In February 2023, the NYDFS initiated an investigation into the firm. Later, the regulator ordered Paxos to cease issuing BUSD. The SEC also announced its intention to sue the company. The Commission’s notice claimed the […]

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ForkLog 9 10.07.2024

Bank of Russia Rules Out Stablecoins for Domestic Payments

Stablecoins lack the characteristics of a universal payment method, such as the national currency, and thus their use in transactions between Russian residents is deemed unacceptable, according to a statement from the Bank of Russia. An analytical report highlighted that the emergence of “stable coins” was a response to the excessive volatility of cryptocurrencies and […]

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ForkLog 22 09.07.2024

PYUSD Market Capitalisation Surpasses $500 Million Following Solana Integration

The total market capitalisation of PayPal USD (PYUSD) stablecoins has exceeded $500 million, according to DeFi Llama. This milestone was achieved following the addition of support for Solana. Over the past month, the figure has risen from $270 million to over $531.9 million. The increase in PYUSD supply followed its expansion to the Solana network […]

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ForkLog 9 08.07.2024

TRON to Introduce ‘Gas-Free’ Stablecoins

The TRON team is developing a solution for fee-free P2P stablecoin transfers, as announced by the project’s founder, Justin Sun. Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves. — […]

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