Visa is set to incorporate four new stablecoins that work on distinct blockchain networks into its cryptocurrency expansion effort. The payment processing giant shared the intention during its latest earnings call, a key milestone in the drive for mainstream digital commerce. CEO Ryan McInerney said the firm would support two
Stablecoins aren’t just for parking crypto profits and hedging volatility anymore: they’re now yield machines powering this year’s booming DeFi landscape. With the sector exploding to a $15B market cap for yield-bearing stables, savvy farmers are stacking APYs from synthetic dollar protocols that utilize delta-neutral strategies to source yield from
Citigroup has expanded its digital asset footprint through an investment in BVNK, which reflects the rapid popularity of blockchain payment technology on Wall Street. The bank’s investing unit funded the London-based stablecoin infrastructure company, which now has a value of over $750 million from its most recent rounds of funding.
Dubai-based fintech company Fasset has acquired regulatory clearance from Malaysia’s Labuan Financial Services Authority to establish a digital banking service combining Islamic finance principles with the help of stablecoins. The provisional license allows the financial technology company to work within a controlled regulatory environment while developing Shariah-compliant products for underserved
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
