The market cap of PYUSD, a stablecoin backed by PayPal, has surpassed the mark of $1.8 billion. It now ranks 53rd on the list of global cryptocurrencies, just behind Cosmos (ATOM). Tether USDT continues to dominate the stablecoin market and is closely followed by USDC. PayPal USD has achieved the
The tech industry in South Korea is experiencing a significant merger with Naver Financial on the verge of acquiring cryptocurrency exchange operator Dunamu. The relocation puts the internet giant in a position to take advantage of the booming market of digital assets in the country by strategically expanding into the
Australia’s corporate watchdog, the Australian Securities and Investments Commission. Which rolled out temporary exemptions from financial licensing rules for companies reselling stablecoins. The goal is to cut red tape in the digital asset world while bigger changes get sorted out. Easing Barriers for Stablecoin Growth ASIC announced the updates on
Tether and Circle, the companies behind the world’s top stablecoins, are meeting with leaders from South Korea’s four biggest banks this week. According to Yonhap News Agency, these talks will focus on possible partnerships. Including ways to distribute US dollar backed stablecoins like USDT and USDC in South Korea and
Concerns over liquidity and collateral quality caused the synthetic overcollateralized stablecoin Falcon USD (USDf) created by the decentralized finance (DeFi) protocol Falcon Finance to fall below its intended $1 peg on Tuesday. According to CMC, the value of one Falcon USD (USDf) token dropped as low as $0.9783 early Tuesday. Some
Origin of Stablecoins Stablecoins made their debut in 2014. It aims to combine the steady value of fiat currencies with the openness and flexibility of blockchain technology. The first of its kind, BitUSD, was introduced in July 2014 as a credit-backed stablecoin on the BitShares platform. Tether (USDT), which was
The major blockchain intelligence firms are resisting the fears that the recent warnings by the Financial Action Task Force that stablecoins are being used in criminal activities pose a threat to the cryptocurrency industry. Industry officials claim that regulatory scrutiny is not anti-crypto aggression but a required form of control
The governor of the South Korean central bank has voiced his cautious optimism regarding the issuance of a won-pegged stablecoin but has noted possible foreign exchange management issues. Bank of Korea Governor Rhee Chang-yong admitted that these digital assets may make currency exchanges easier but cautioned against unintended effects in
In a historic milestone for the crypto market, the U.S. Senate approved the Genius Act, a much-anticipated stablecoin bill that brings federal regulation and regulatory certainty to one of the most important parts of the digital asset ecosystem. The bill, which has gained bipartisan support, now heads to the House
BitMEX co-founder Arthur Hayes is sounding the alarm for anyone getting too comfortable with the new wave of stablecoin IPOs. In a recent blog post, he didn’t hold back, comparing these offerings to a “hot potato” and warning traders to treat them as short-term flips, not long-term investments. Hayes points
