The Cronos-based cryptocurrency lending protocol Orby Network has made interest-free $USC borrowing available. Because of this, borrowing Orby’s native stablecoin over the Cronos network for decentralized finance objectives is possible without having to pay exorbitant or variable interest costs. On the Cronos EVM blockchain, Orby is one of the most popular contemporary
Grand Cayman, Cayman Islands, February 7th, 2024, Chainwire Ondo’s Sui upcoming integration will bring native access to new tokenized assets such as treasuries, securities, and stablecoins on chain Sui, the Layer 1 blockchain which has experienced explosive growth since its inception eight months ago, today announced that Ondo Finance is
Decentralized platform Abracadabra.money’s stablecoin, MIM, had a precipitous decline to $0.76 after news of a $6.5 million vulnerability. Initial details of the hack were revealed by blockchain security company PeckShield at 11:35 UTC Tuesday. The organization went on to say that the attack was funded using Tornado Cash, a sanctioned
With a new record set in January, the amount of stablecoin transfers on the layer-1 Solana blockchain has been constantly increasing. For Solana, the stablecoin transfer volume surpassed $300 billion in January, according to blockchain analytics company Artemis. The amount of Solana stablecoin transfers for December 2023 was $297 billion,
In light of worries over de-dollarization, renowned financial institution Morgan Stanley expects stablecoins to support the US dollar (USD). In light of the proliferation of digital currencies, this report examines the threats that the US dollar faces. It also highlighted international initiatives aimed at promoting de-dollarization. Despite the United States’
Launched in August via a cooperation with custodian company Paxos, PayPal’s stablecoin has seen significant growth in market value, presently surpassing $290 million. By the end of August, the total supply of PYUSD had increased to 43.3 million after its launch. During that period, a concentrated distribution was evident as
An IPO in the United States has been formally filed by Circle Internet Financial, the business that created the well-known stablecoin USDC, according to reports. The announcement, which was made recently, is a major step forward for the Boston-based company’s plans to go public and become more widely accepted. Circle
The Africa Stablecoin Consortium (ASC) has been granted permission by the Central Bank of Nigeria (CBN) to test the cNGN stablecoin in a regulatory sandbox. On February 27, 2024, the new stablecoin will be released. Moreover, the cNGN stablecoin is in full compliance with all regulations and standards imposed by
As a move toward becoming a center for virtual assets, Hong Kong has suggested strict restrictions for stablecoins. But the new change might make things tough for widely used stablecoins. Tether (USDT) and USD Coin (USDC), according to experts, might be in jeopardy since the regulation is more stringent than
Investors and the Nigerian economy stand to benefit from the new stablecoin, the cNGN, which is being developed and managed by a consortium of Nigerian institutions. Anonymous insiders within the project have confirmed that the cNGN token is linked to and supported by the Nigerian naira, the official currency of
