Another algorithmic stablecoin from Deus Finance, DEI, fell to as low as 54 cents on Monday, continuing what has been a tumultuous week for stablecoins. The stableocoin first lost its peg against the dollar on Sunday but fell further in the last 24 hours. Though it is gradually recovering, it’s still trading below a dollar….
The world’s largest exchange by trading volume, Binance, has delisted its trading pairs for Terra’s LUNA. The exchange announced that it had canceled all pending orders, ceased trading, closed user positions, and conducted an automatic settlement of all LUNA trading pairs. Binance decided to delist LUNA when its value fell by 100% after the UST…
Pro-crypto commissioner of the Securities and Exchange Commission (SEC) Hester Peirce, popularly known as crypto mom, said there might be some developments towards stablecoin regulation soon, according to a Reuters report. Pierce commented on the development at an online debate organized by the London-based Official Monetary and Financial Institutions Forum (OMFIF) policy think tank. Stablecoin…
A former Terra Labs employee has reportedly revealed that Terra co-founder Do Kwon was one of the creators of Basis Cash. This algorithmic stablecoin failed last year, a Coindesk report has revealed. Citing a former engineer at Terraform Labs, Hyungsuk Kang, the report stated that Basis Cash was, in fact, the early works of Terra creators,…
Cardano founder Charles Hoskinson said that ADA’s $723 million treasury is decentralized. Hoskinson, who is also an Ethereum co-founder, said this in response to a tweet made by dcSpark founder Sebastian Guillemot about the Cardano treasury. And that’s only going to grow. Cardano has its own growth fund and its decentralized! https://t.co/uzTUaciMPE — Charles Hoskinson…
The founder of Ava Labs, Emin Gün Sirer, has offered his opinions on the crash of Terra’s algorithmic stablecoin, UST. According to Gün Sirer, there is a need for decentralized algorithmic stablecoins in the ecosystem due to the censorship vulnerability of fiat-backed stablecoins. Even fully-collateralized fiat stablecoins have depegged. Even some of the weak algo stablecoins…
Luna Foundation Guard (LFG) said on May 9 that it will lend out $1.5 billion worth of Bitcoin (BTC) and UST to defend the algorithmic stablecoin’s peg to the U.S. dollar. Terra’s UST suffered a coordinated attack on May 8, which led to de-pegging from its $1 mark to below $0.992. While the de-pegging lasted…
Terra’s UST is now the third-largest stablecoin by market cap behind that of Tether’s USDT and Circle’s USDC despite the fact that its trading volume pales significantly against that of Binance USD (BUSD), according to data from CoinGecko. Per the data, UST’s market cap is now at $17.58 billion, which is slightly above that of…
The market price of bitcoin stayed pretty much flat for most of the first week in April. But as the U.S. Federal Reserve signaled higher and faster interest rate hikes, and quantitative tightening of its $9 trillion balance sheet, the general market took a turn downwards, and bitcoin (BTC) went down with it as the…
Terra, in recent weeks, has emerged as one of the best-performing digital assets, with its price-performance outpacing the majority of its competitors. The network, however, made a startling revelation recently through its CEO, Do Kwon, who stated that they would be purchasing $10 billion Bitcoin to Luna reserve. According to Kwon’s announcement, Terra would be…