PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has seen significant expansion since its inception, with its supply on Solana now exceeding that on Ethereum. In August 2023, PYUSD launched on Ethereum in partnership with custodian Paxos, and its initial supply grew to $230 million by the end of the year. Due to
In H1 2024, the stablecoin sector witnessed 24.3% growth in market cap according to CMC data. It also dominated the DeFi sector and is stated to be a fast emerging digital asset. Popular stablecoins such as USDT and USDC showed substantial growth in users apart from increases in market cap.
Hong Kong is in the enhanced crypto regulatory frame, embracing cryptocurrency and blockchain technology, and recent policy briefs from the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) show their clear and legible regulatory policies. Moreover, Hong Kong launched its first spot Bitcoin and Ether ETFs in
Satoshi Protocol, the first stablecoin protocol backed by Bitcoin, has secured $2 million in its seed round. Leading the fundraising round were CMS Holdings and RockTree Capital, with participation from prominent angel investors, Metalpha, Optic Capital, Side Door Ventures, and Cypher Capital, a multi-strategy crypto investment firm. With the help of the seed
In a notable development, Justin Sun, founder of TRON, announced a significant milestone as TRON’s issuance of USDT surpassed $60 billion, marking a milestone in the blockchain’s history. Sun highlighted TRON as the first blockchain to host a single stablecoin exceeding this threshold, underscoring its growing influence. The issuance of
Cardano gears up for the upcoming Chang hard fork to launch the Voltaire era, while also introducing the stablecoin Anzens (USDA) for DeFi development. Despite these advancements, ADA’s price experiences a decline, reflecting challenges in the market. Additionally, Pawfury (PAW) emerges as an innovative meme coin blending community-driven initiatives with
The latest congressional testimony by Federal Reserve Chair Jerome Powell revealed strong desire to have stablecoin legislation passed before the year closes. Recently, Fed Chair Jerome Powell voiced his support for stablecoin regulation. Rep. Wiley Nickel asked Powell about the Federal Reserve’s stance on stablecoin regulation. And Powell said that
Tether, the company behind the popular USDT stablecoin, has unveiled Alloy, a pioneering platform on Ethereum designed to mint a gold-backed stablecoin pegged to the U.S. dollar. aUSDT, the first Tethered asset, just launched!aUSDT is a synthetic dollar over-collateralised by XAUt (Tether Gold). Alloy by Tether is an open platform
Tether has frozen 5.2 million USDT from 12 Ethereum addresses linked to phishing groups. These addresses are tagged as USDT-banned addresses by MistTrack. It is an anti-money laundering tracking system developed by SlowMist AML, and used in on-chain analytics to trace illicit funds. Historically, stablecoin issuers ban suspicious addresses for
Recently, Deutsche Bank’s research analysts sounded the alarm about the stablecoin industry, predicting that the majority of pegged currencies would eventually collapse. Deutsche Bank examined 334 currency pegs and discovered that just fourteen percent had prevailed so far. An analysis by the analysts concluded, “Some may survive, although most will
