In the wake of Binance’s former CEO Changpeng Zhao’s (CZ) resignation and reports stating that terrorists choose Justin Sun’s Tron over Bitcoin for enabling terror funding, among other things, the TrueUSD (TUSD) stablecoin depegged and fell to a low of $0.995. The current price of TUSD, after an unsuccessful repeg
Podgorica, Montenegro, June 9th, 2023, Chainwire At EDCON 2023 in Montenegro, the Ethereum Reserve Dollar (“ERD”) team introduced their innovative decentralized lending platform and USDE stablecoin to the industry. ERD is a lending platform that allows users to borrow USDE, a USD-pegged stablecoin native to the platform, using liquid staking
Early on Monday, Justin Sun said on Twitter that he had swapped over $773,000 worth of Tron’s native stablecoin USDD. Sun said that he has converted over $200,000 worth of USDC. And $570,000 worth of USDT to the stable currency USDD. Although it is supposed to be pegged to the
Justin Sun, the founder of Tron, plans to provide a “holistic solution” to alleviate the liquidity crisis facing FTX. Meanwhile, on-chain data indicated that the algorithmic stablecoin USDD has unexpectedly begun depegging and was last trading at $0.98. A previous response from Justin Sun indicated that it is likely that
Circle’s USDC stablecoin is used to collateralize the vast majority of MakerDAO’s DAI. The DeFi protocol has a total locked value of approximately $11 billion. Many prominent leaders in the cryptocurrency sector are reevaluating their dependence on U.S.-based centralized services and products in the wake of the Treasury Department’s shocking
Legislation outlining a legal framework for payment stablecoins has been introduced by US Senators Kirsten Gillibrand and Cynthia Lummis. The Lummis-Gillibrand Payment Stablecoin Act, which the two senators announced on April 17, had been in the works for some months and was scheduled to be unveiled in 2024. Prohibiting “unbacked,
Bitcoin (BTC) experienced a significant and sustained price crash in the past 24 hours, resulting in unprecedented crypto sell-offs across more than 97% of the top 100 altcoins. CoinGlass data indicates that the market witnessed total liquidations amounting to approximately $162.7 million during this period. Bitcoin’s price slipped below the
The Securities Commission of the Bahamas (SCB) has instituted stringent new regulations for Virtual Assets Service Providers (VASPs) seeking to operate within its jurisdiction as a means of demonstrating that it has learned from the demise of the FTX Derivatives Exchange. The SCB claims it has raised financial and reporting
USB is a decentralized, Bitcoin backed stablecoin that’s dollar pegged using a new approach to retain its peg by shorting Bitcoin through a perpetual swap. Stabolut, a startup working on a global payment system, announced the launch of its decentralized stablecoin USB today though its been in development since May
Q1 2023 goes down as the period that recorded significant recoveries in the cryptocurrency market. Bitcoin, Ethereum, and other altcoins displayed astounding rallies amid bank runs and Fed’s regulatory crackdown. Out of them all, stablecoins captured the major attention. The USDC brief depegging, due to Silicon Valley Bank (SVB) collapse,
