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
Coinbase, a leading cryptocurrency exchange based in the US, has unveiled plans to include QCAD on its platform. This move aligns with Coinbase’s strategy to diversify its asset offerings, presenting users with a broader range of trading choices. Notably, QCAD stands out from previously listed altcoins as it is a
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’
