Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Days
Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion in global trade volume over […]
BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert
Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion. Stablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny The stablecoin BUSD […]
Celsius Faces Trouble Selling Its Stablecoins Amid CEO Resignation
Regulators in Texas and Vermont oppose the plan to sell the stablecoin funds that keep the company bankrupt. The agencies believe that Celsius’s request is actually trying to further muddy the waters around the notorious case that is being settled in court. It’s unclear why controversial Celsius CEO Alex Mashinsky this week submitted his resignation. […]
IMF Renews Risk Warning On Stablecoins, But Admits Their Benefits
A study carried out by the IMF acknowledges the necessity of stablecoins to some economies, and the subsequent difficulty in prohibiting them. The body proposes the creation of “complete, consistent, and coordinated global standards” for the purpose of regulating and supervising the issuance and trading of cryptocurrencies. According to the study, the popularity of stablecoins […]
Circle Introduces Cross-chain Protocol To Launch The USDC Stablecoin On Five New Blockchains
Circle Internet Financial, the issuer of USD Coin (USDC) and Euro Coin (EUROC), has announced a Cross-Chain Transfer Protocol that will enable the launch of its USDC stablecoin on five new blockchains. USDC to Launch on Five New Chains Three weeks after the world’s biggest crypto exchange, Binance announced the delisting of Circle’s USDC, the […]
Jerome Powell Urges Broader Regulation For Stablecoins
During a virtual conference in which ECB President Christine Lagarde also participated, the Federal Reserve Chairman offered his opinion on stablecoins. Powell acknowledged that interest rate hikes this year contributed to the crypto winter. The president of the US central bank said that the Fed has not yet decided when it will make a decision […]
Acala Network Resumes Operations After Burning $2.7 Billion Wrongly Minted aUSD Stablecoin
Acala Network has announced that it has resumed its operations following the burning of the wrongly minted aUSD tokens and a referendum allowing liquidity pools (LPs) to withdraw liquidity from pools or unstake LP tokens. Acala Network Resumes Operations On August 15, Acala Network announced that a vulnerability in the DEX saving code led to […]
Tether And Lugano Will Give Away 1 Bitcoin (BTC) To Plan ₿ Forum Attendees
The company that powers the largest stablecoin by market capitalization explained that the contest seeks to inspire more people to join the digital world. During the event that will take place in the city of Lugano in Switzerland, an in-depth debate will be opened on freedom of communication and finances. The contest will divide the […]
Algorithmic Stablecoins Could Be Banned For Two Years, According To U.S. Bill
The bill, which will be discussed in the House of Representatives next week, outlines a series of steps to be undertaken before the issuance and circulation of Terra-like stablecoins is approved. The launch of any new stablecoin project in the country would also be subject to prior approval by U.S. regulators. Algorithmic stablecoins similar to […]
Premier Indian Exchange WazirX Delists Stablecoins To Boost Binance’s BUSD
WazirX, India’s largest cryptocurrency exchange by trade volume, has followed in the footsteps of Binance, delisting three stablecoins as part of an effort to boost the use and value of Binance’s BUSD stablecoin. WazirX to Delist Stablecoins Two weeks on from Binance’s decision to delist the USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) […]