stablecoins | ForkLog

ForkLog 9 06.03.2024

FDUSD Stablecoin Temporarily Loses Dollar Peg

On March 5th, the value of Binance-backed stablecoin First Digital USD (FDUSD) briefly dropped to $0.92. 15-minute FDUSD/USDT chart on Binance. Data: TradingView. The “stablecoin” quickly regained parity with the US dollar. FDUSD was launched in June 2023 by the Hong Kong-based custodial and trust company First Digital. The asset is available on the Ethereum […]

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ForkLog 16 01.03.2024

BIS Issues Guidelines for Global Stablecoin Agreements

The Bank for International Settlements (BIS) has released guidelines for the regulation, supervision, and monitoring of global stablecoin arrangements. The organization described GSC as widely used “stable coins” with potential reach and usage across multiple jurisdictions. “GSCs have the potential to become systemically important in one or many countries,” the document states. The report outlines […]

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ForkLog 16 21.02.2024

Circle to Cease USDC Support on TRON Network

Circle has announced a phased discontinuation of support for its dollar-pegged stablecoin USDC on the TRON blockchain. 1/ We are discontinuing USDC on the TRON blockchain in a phased transition. Effective immediately, we will no longer mint USDC on TRON. Transfers and redemptions of USDC on TRON will continue to operate normally through February 2025. […]

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ForkLog 38 20.02.2024

Doubts Arise Over Ethena Labs’ Stablecoin Viability

Members of the cryptocurrency community have raised concerns regarding the 27.6% annual yield offered by Ethena Labs’ newly launched stablecoin, USDe. The project made the stablecoin available on the Ethereum mainnet on February 19. Announcing the @ethena_labs public mainnet ? Details on our “Shard Campaign” in the following tweet pic.twitter.com/kXU5WjJ4rB — Ethena Labs (@ethena_labs) February […]

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ForkLog 29 18.02.2024

Fed Governor: Stablecoins Bolster the Dominance of the US Dollar

Approximately 99% of the total market capitalization of stablecoins is pegged to the US dollar, reinforcing its status as a reserve currency. This was stated by Christopher Waller, a member of the Board of Governors of the Federal Reserve. “People often assume that cryptocurrencies like Bitcoin could replace the US dollar as the world’s reserve […]

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ForkLog 31 16.02.2024

JPMorgan Highlights US Regulatory Influence Over Tether’s USDT

The allure of Tether’s USDT compared to other stablecoins is likely to diminish as forthcoming US regulations demand greater transparency and adherence to new KYC/AML standards, according to JPMorgan. This was reported by CoinDesk, citing an analyst report. Although Tether operates outside the United States, regulators can exert “some control” over the offshore use of […]

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ForkLog 14 15.02.2024

FDUSD Trading Pairs Reach Record Volume on Binance

Trading pairs with the stablecoin First Digital USD (FDUSD) accounted for 38% of the total spot trading volume on Binance, according to experts from The Block. Data: The Block. The figure rose by 42.6% over the month. “It was quite expected that FDUSD would gain some popularity on Binance, considering that BTC/FDUSD trading is fee-free, […]

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ForkLog 42 12.02.2024

New Zealand’s Central Bank Chief Criticizes ‘Stablecoin’ as an Oxymoron

Adrian Orr, Governor of the Reserve Bank of New Zealand, expressed significant concerns about cryptocurrencies and stablecoins while addressing the parliamentary Finance Committee. According to him, Bitcoin is neither a medium of exchange, a store of value, nor a unit of account, despite attempts by people to use it as such. Orr added that stablecoins […]

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ForkLog 17 07.02.2024

Hong Kong Proposes Yuan-Pegged Stablecoins

The Hong Kong Chamber of Commerce urged the local government to include the issuance of yuan-pegged stablecoins in the upcoming budget. The proposal also includes the option to issue stablecoins backed by a basket of various currencies, including yuan. Currently, tokens based on the HKD and USD are permitted. Separately, the organization called on the […]

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ForkLog 14 07.02.2024

Polish City Launches Stablecoin for Local Businesses

The authorities of Minsk Mazowiecki, a Polish city with a population of 37,500, have introduced a stablecoin called MinsCoin, aimed at local entrepreneurs, on the UrbanChange platform. This was reported by Blockworks. UrbanChange issues stablecoins backed by USDC for use in cities. The developer is Colu Technologies from Israel. The technical solution was made possible […]

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ForkLog 15 07.02.2024

HAI Stablecoin Project Announces Airdrop Ahead of Mainnet Launch

The team behind the lending protocol and decentralized stablecoin HAI has announced an airdrop of the governance token KITE ahead of its mainnet launch on the Optimism platform. The countdown has started! HAI DAO is now accepting applications for DAO delegates and distributing its governance token$KITE governance tokens will be available for claim by @reflexerfinance, […]

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ForkLog 20 02.02.2024

JPMorgan Highlights Risks to Industry from Tether’s Dominance

The increasing dominance of Tether poses a negative factor for the stablecoin market and the broader crypto ecosystem, according to analysts at JPMorgan, reports The Block. Data: JPMorgan. “Tether is at risk due to a lack of regulatory compliance and transparency,” the report states. Experts noted the US Congress’s consideration of the Stablecoin Transparency Act […]

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