A consortium of U.S. banks or “an association of FDIC-insured financial institutions” including New York Community Bank (NYCB), NBH Bank, FirstBank, Sterling National Bank, and Synovus Bank is set to launch a “bank-minted” stablecoin with the ticker USDF. According to a press release published on Wednesday 12th of January, the coalition of banks is aiming…
The volatility of the Turkish lira is pushing Turks to adopt cryptocurrencies as both a means of payment and a store of value. The country’s national currency has lost 40% of its value against the dollar since September 2021, leading many to turn to Bitcoin and Tether as alternatives. Turks ditch the lira, trading gold…
The International Monetary Fund (IMF), recently warned about a growing connection between crypto and equity markets that pose risks to financial stability. In its recent report, the international body estimated the potential for spillovers between crypto and equity markets in the US and in emerging markets–analyzing daily data on price volatility and returns. “Cryptic” connections …
In recent times, one of the major economic crises countries around the world have been facing is inflation; especially as a number of them are having to battle with the dwindling purchasing power of their national fiat currency due to the effect of the coronavirus pandemic. Turkey is battling an economic crises One country fighting…
In most climes, the arrival of a new year is an opportunity to make projections for what the future holds. Already, some crypto enthusiasts and analysts have already begun making different predictions for what they believe the future holds for the digital asset industry. However, rather than making new predictions, Ethereum’s co-founder Vitalik Buterin is…
Senator Elizabeth Warren in her recent submission to the US Senate Banking, Housing, and Urban Affairs Committee has urged regulators to place a lid on the burgeoning DeFi sector by paying more attention to stablecoins. DeFi is the most dangerous space in crypto While describing DeFi, the U.S Senator said decentralized finance is the most…
Tether’s circulating supply has increased to $76 billion as the team minted an additional $3 billion worth of the asset during the last 2 weeks, and most notably $1 billion of those new coins were minted on Tron Network on December 4. Tether mints new coin, faces scrutiny about its backing According to available data,…
After several months of research, a report from Protos managed to identify exactly who acquired 70% of all USDT ever issued. The report looked at every single USDT ever sent to and from Tether across eight blockchains and layers it currently exists on, finding that the company distributed $108.5 billion in USDT since 2014. The…
The US Securities and Exchange Commission (SEC) is about to play a leading authority role when it comes to proposing legislation and overseeing the stablecoin sector, Bloomberg recently reported, citing anonymous sources. The sources “familiar with the matter” leaked that a report expected this week by the US Treasury Department and other agencies will also…
Terraform Labs, the South Korean company behind the blockchain project Terra (LUNA), continues focusing on advancing the developer activity on the network. Meanwhile, the true impact of the network’s cardinal upgrade, dubbed Columbus-5, is yet to unravel, as the launch of Inter-Blockchain Communication (IBC) protocol and Wormhole support for Terra approaches. 160 more projects on…