Due to rising competition caused by the issuance of new tokens, the total quantity of stablecoins linked to the US dollar seems to be heading back up towards its previous all-time high. The Block Data Dashboard reports that the total supply of USD-pegged stablecoins reached $165 billion at the end
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,
This year, new capital is flooding into the crypto market, driving optimism and speeding up the growth of the stablecoin sector. According to CoinMarketCap, the entire market capitalization of stablecoins surpassed $140 billion in February. According to DefiLlama, this is the most amount seen since December 2022. Stablecoins are digital
New Zealand’s central bank governor Adrian Orr has voiced serious worries about digital assets, particularly stablecoins. Furthermore, he emphasized that fiat-pegged stablecoins cannot be considered a replacement for actual fiat currency. Reserve Bank of New Zealand Governor Adrian Orr warned about stablecoins’ seeming stability, calling them “the biggest misnomers” and
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’
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
To propel the adoption of the USDC stablecoin and advance Web3 services in Japan, Circle, the renowned issuer of USDC stablecoin, has entered into a promising partnership with SBI Holdings, a prominent Japanese financial conglomerate. The collaboration was solidified with the signing of a memorandum of understanding (MOU) on November
A new research report from the Bank of International Settlements (BIS) details the institution’s growing worries about the stability of stablecoins. BIS expressed serious doubts regarding their dependability as both an investment and a medium of exchange in their study report. The research analyzes 68 stablecoins and finds that none
After its reserves of DAI were depleted, the value of the polygon-based stablecoin Real USD (USDR), which is backed by real estate holdings, plummeted to almost $0.51 within a few hours yesterday. On-chain data revealed by USDR’s creator, Tangible DAO, shows that the treasury has no DAI and that the
With an emphasis on stablecoins, the Canadian Securities Administrators (CSA) has offered guidelines to exchanges and cryptocurrency issuers on its preliminary approach to what it refers to as value-referenced crypto assets. Canadian provincial and territorial securities authorities issued a clarification on the possible trading of cryptocurrencies that peg their value
