Stablecoin dominance slides as market cap falls to near 2-year lows: CCData
After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization.
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After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization.
The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. [...]
The post USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement appeared first on Crypto Breaking News.
On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) [...]
The post USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity appeared first on Crypto Breaking News.
While the exact reason for the investigation hasn’t been revealed, it has been reported that the New York regulator plans on upping its efforts to protect consumers this year.
The approvals came after the Monetary Authority of Singapore issued two consultation papers that proposed to ease regulatory hurdles for digital asset service providers.
BAC has given more clarification on how Binance’s automatic conversion of other stablecoins could impact its business as well as its own BUSD stablecoin. (Read More)
Binance said the move aims to improve liquidity and capital efficiency for customers. (Read More)
Binance has revealed that it would remove USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) as tradeable assets on its platform and convert its users’ balance in these stablecoins to Binance USD (BUSD) by September 29.
The post Binance will stop supporting USDC, certain other stablecoins by Sept. 29 appeared first on CryptoSlate.
Meta Platforms cryptocurrency wallet, dubbed Novi, will enable sending and receiving money through the popular messaging app–WhatsApp.
The post WhatsApp launches crypto payments pilot powered by Meta’s digital wallet appeared first on CryptoSlate.
Facebook has unveiled the Novi digital currency wallet pilot in the United States and the Central American nation of Guatemala on Oct 19. While the wallet is free of any charges (at this time), operates with KYC and primarily focused on remittances, the interesting part is that Facebook has retired its Diem cryptocurrency project in favor of the Ethereum based Paxos issued USDP stablecoin - an ERC 20 token with custody services being sourced from Coinbase. The limited rollout carries the "Move the money instantly with no fees" allows the user to send/receive and hold United States Dollars (USD) equivalent USDP stablecoin. It also offers the users to deposit and withdraw from / into their local currency.
https://twitter.com/novi/status/1450447507385950220There aren't many details available on how Facebook's Novi makes use of the Ethereum blockchain, but the general explanations are either Ethereum L2 usage or usage for only final settlements, while the rest of the time, only the internal ledger is updated. Facebook's Diem is a Libra rebrand to build a permissioned payment system on the blockchain. It appears that it has been shelved for the time being, because of the regulatory concerns
https://twitter.com/RyanSAdams/status/1450580346286878725Facebook's decision to use the Paxos's issued highly regulated stablecoin USDP and the Ethereum blockchain is not very surprising. The social media company has faced severe criticism and warnings of regulatory repercussions from several sections of the United States Government. Even after Novi's launch, several US lawmakers asked Facebook to halt the project saying it poses risks to financial stability, however it's unlikely that the existing regulations would have much impact on open source system's component that Facebook has sourced it's latest product from.
In a letter sent by US Senators Brian Schatz (D-HI), Sherrod Brown (D-OH), Elizabeth Warren (D-MA), Richard Blumenthal (D-CT) and Tina Smith (D-MN) on Oct 19. The senators remarked that "Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape".
They also expressed dissatisfaction on the Novi plans in the following words " Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient. We urge you to immediately discontinue your Novi pilot and to commit that you will not bring
Diem to market"
Diem is a project by Facebook, launched under the "banking the unbanked" initiative. It is designed around the same promises of faster transactions, lower fees, and making banking services available worldwide. The project was first called “Libra”, but was faced with too many obstacles from financial regulators. Facebook rebranded the whole Libra project to Diem, somewhere in the mid 2020.
It's a pseudo decentralized permission blockchain payment system with the aim of handling digital transactions. Facebook's vision for Diem includes allowing easy access to anyone with basic internet services, guaranteed price stability, less processing time, scalable interface and a walled ecosystem.
facebook novi wallet pilot usdp© Cryptoticker
The post Facebook Launches Novi Wallet Pilot With Ethereum Based USDP Stablecoin appeared first on CryptoTicker.
Facebook is launching Novi digital wallet. The social giant has hired Coinbase to serve as a custody partner. (Read More)
DeFi blog Rekt claims that FTX failed to adhere to its own terms and conditions by imposing the fee.
Recent information suggests that both sharks (experienced traders with large capital) and whales (entities with substantial cryptocurrency holdings) are closely observing the price range of Bitcoin, specifically in the $30k to $31k range. This indicates that these market participants are interested in this particular price level and are likely assessing the market conditions before making […]
Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022. Stablecoin [...]
The post Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions appeared first on Crypto Breaking News.
Stripe introduces USDC payments, marking a significant moment for crypto adoption as stablecoin transactions see global demand.
Paypal has introduced its own stablecoin, representing the first venture of its kind by a leading financial firm. Initially reported by Bloomberg, the launch could notably accelerate the slow integration of cryptocurrencies for payment purposes. A New Era for Paypal: Introduction of PYUSD Stablecoin to Facilitate Cryptocurrency Trading and Payments On Monday, the internet is [...]
The post Payments Giant Paypal Launches Dollar-Backed Stablecoin PYUSD appeared first on Crypto Breaking News.
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