Tag: Stablecoin

Shortage.Finance is an advanced safe asset. The network leverages Ethereum and proprietary intelligent contracts as its primary backing. The project's goal is to provide the DeFi community with a HODL-centric alternative. Specifically, the program improves the store of value aspects of cryptocurrencies and builds user confidence. Safe Assets vs Stablecoins Safe assets differ from stablecoins in a couple of different ways. Primarily, stablecoins derive value from a pegged asset or assets. They can also integrate smart contracts to improve these…

Pat Toomey – a crypto-supportive Republican senator – recently spoke at a congressional hearing discussing stablecoins and their risks. He proposed that stablecoin issuers should operate under three different regulatory models – including under bank charter. This comes following the stablecoin report’s release last month, which recommended that chartered banks only issue them. Three Models For Stablecoin Issuers On Tuesday, the hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” happened. While there,…

It looks like Meta is bringing the world of crypto to social media apps beyond just Facebook. The company recently announced that Novi – its native digital currency wallet – has been integrated into WhatsApp's messaging service. This comes shortly after David Marcus, head of Novi, announced plans to leave the project at the end of the month. Crypto Payments Through WhatsApp Stephane Kasriel – incoming head of Novi – revealed the wallet’s WhatsApp compatibility in a tweet on Wednesday.…

Stablecoins are cryptocurrencies that peg their values to other assets to avoid massive market volatility. When Bitcoin appeared, many investors envisioned it as a means of payment for everyday products like pizza. For instance, Laszlo Hanyecz paid 10,000 BTC for two pizzas in 2010. At that time, BTC’s value was dismal and below one dollar. However, today, the same order would cost someone over $600 million. In the past decade, Bitcoin has increased in value exponentially. However, it was also the…

Stablecoins are virtual currencies that help minimize crypto market volatility. These crypto-assets are often pegged to the value of fiat money, exchange-traded commodities like gold and silver, or cryptocurrency. These tokens operate on blockchain technology and offer investors more safety than other crypto assets. Over the years, stablecoins have increasingly brewed up a storm in the crypto space. For instance, most of them chose the US Dollar as the primary asset to peg their value and reach global acceptance. Nevertheless, not all stablecoins…

The Biden administration recently released its long-awaited stablecoin report – and one government official isn’t entirely on board. Pat Toomey – Republican Senator and ranking member of the Senate Banking Committee –disagrees with treating stablecoins issuers as banks. Amid a booming crypto market and allegations against Tether, he adds fuels the fire surrounding crypto regulations. Toomey: Stablecoin Issuers Aren’t Banks Pat Toomey shared his thoughts on the report in an interview with Yahoo Finance earlier today. The Senator acknowledged that…

One of the unique features of cryptocurrency is its decentralized and unregulated nature. However, many governments worldwide, including the American authorities, do not worry about this particular trait. Recently, cryptocurrency regulation has been a hot topic in different parts of the world. We count here China’s crackdown on Bitcoin in September 2021 to El Salvador’s Bitcoin Law endorsing Bitcoin as a legal tender. Simply put, cryptocurrency is increasingly prevalent in the economies of various governments. Despite the varying levels of crypto acceptance,…

Steve Mnuchin– former Treasury Secretary of the United States– recently discussed stablecoins and FinTech investment opportunities. While he sees potential in blockchain technology and stablecoins, he also says they shouldn’t operate like “casino chips." Stablecoins and Casino Chips Mnuchin aired his thoughts earlier today in an interview with Bloomberg Invest Global. He begins stating that there’s “gigantic opportunity” in “real-time, cross border currencies,” and calls both blockchains and stablecoins “interesting”. [caption id="" align="aligncenter" width="755"] Steve Mnuchin. Source: NBC[/caption] However, he…

Cryptocurrency fans and investors just breathed a major sigh of relief. Jerome Powell– Chairman of the Federal Reserve– has confirmed that he “has no intention” to ban cryptocurrency in the US. Powell’s Position on Crypto The chairman confirmed and clarified his position today while testifying in front of congress. House Representative Ted Budd asked Powell to explain one of his previous statements on the matter.  [caption id="" align="aligncenter" width="967"] Jerome Powell. Source: Reuters[/caption] In July, Powell joined a slew of…