Centralized Stablecoins Could Impact Future Ethereum Hard Forks – Vitalik Buterin

During a recent Korea-based tech conference, BUIDL Asia, Vitalik Buterin shared his views on the future of stablecoins.  In his statement, the Ethereum co-founder asserted that centralized assets such as USDC and USDT could play key roles in certain prospective hard forks.  How Centralized USDT Could Tie into Hard Forks The event took place on Wednesday, August 3rd, and saw Buterin in attendance to speak about Ethereum’s approaching update, the Merge. Illia Polosukhin, co-founder of Near Protocol was also present…

More Stablecoin Failures Could Be Coming, Warns IMF

Tobias Adrian – Director of Monetary and Capital Markets for the IMF – thinks crypto may still have blood left to lose. He recently warned that crypto markets may continue to decline while more coin offerings, such as stablecoins, fail like Terra. No Stablecoin is Safe Speaking in an interview with Yahoo Finance published on Wednesday, Adrian said selloffs across both crypto and equities may continue. The dropoff would be even harder in the event of a recession. “There could…

Russia’s Central Bank Prefers a Digital Ruble Over Private Stablecoins

A representative of Russia’s Central Bank recently denounced private stablecoins in favor of a possible digital ruble. He claimed that the former is unsafe because its owners do not control the assets backing their value. CBDC VS Stablecoins As reported by local media on Monday, the unnamed representative argued that stablecoins are not in fact “stable” in value. Stablecoins are cryptocurrencies that attempt to circumvent industry volatility by pegging their value to relatively stable, real-world assets. They typically rely on…

New York’s Financial Regulator Releases Guidelines For Stablecoin Issuers

Under the DFS’ regulatory guidance, stablecoin issuers will have to fully back their tokens with reserve assets like U.S Treasury bills, notes, and bonds. The New York State Department of Financial Services (DFS) has announced new regulatory guidance for the issuance of stablecoins pegged to the U.S. dollar in the state, a press release unveiled. These guidelines will apply to all DFS-regulated stablecoin issuers. At the moment, these include Gemini Trust Company, Paxos Trust Company, and GMO-Z.com Trust Company. The…

Terra Should Have Backed UST With Bitcoin From The Start (Opinion)

Terra co-founder Do Kwon became an industry hero when he promised to buy $10 billion of Bitcoin back in March. Now, he’s become crypto public enemy number one. Two months after the announcement, his blockchain’s dollar-based stablecoin, TerraUSD (UST), has depegged to just $0.15. Meanwhile, Terra’s governance token LUNA has collapsed to absolute zero, destroying investors who HODL’d through its collapse. Kwon and the Luna Foundation Guard fought to defend the peg by selling their Bitcoin reserves to pump UST’s…

Stablecoin DEI Follows UST’s Lead, Drops Under $0.6

DEUS Finance's algorithmic stablecoin DEI appears to be going the same route as the ravaged Terra USD (UST). DEI is the third stablecoin to depeg from the $1 mark in the past 14 days.  DEI Drops to All-Time Low Price charts from CoinGecko show that the token failed to maintain its dollar peg starting late Sunday. Earlier today, DEI plummeted to an all-time low of 52 cents. The stablecoin has undergone a slight recovery and is hovering at $0.65 at…

Terra Empties Bitcoin Reserve Wallet as UST Stablecoin Loses Peg

On Monday, the Luna Foundation Guard (LFG) temporarily emptied its entire Bitcoin wallet of 42,530.82 BTC. Due to crypto market volatility, the foundation says it's trying to preserve TerraUSD (UST)’s peg to the dollar. According to on-chain data, the LFG’s Bitcoin wallet sent out all of its Bitcoin at 14:34 EST, only to recover 28,205 BTC just 2 hours later. Terra co-founder Do Kwon explained yesterday that the Guard voted to deploy $1.5 billion from its reserves to maintain UST’s…

The UK Royal Mint to Start Working on NFTs

Rishi Sunak, Chancellor in the UK, has ordered the Royal Mint to create a government-backed NFT for trading. The Chancellor expects the NFTs by the Summer as the government examines new possibilities to use blockchain.  What does the Government wish to achieve with this new political action? And what can the impact of the news be on the NFT and blockchain market? More Information About the Project One of the hottest topics in blockchain technology right now is the use…

1inch Launches “Earn” Service For Obtaining APY On Stablecoin Liquidity

1inch – a popular decentralized exchange aggregator – has now launched “Earn”, an investment product offering APY for liquidity providers.  The first pool features a USDC/USDT stablecoin pair. This is meant to provide reliable yield at a time of intense volatility in the crypto market, while preventing slippage. An Extra-Efficient AMM According to a press release shared with CryptoAdventure, Earn – previously “Trading Strategies” – is a hyper-efficient AMM pool. It’s design is similar to Uniswap V3’s range orders, which…

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