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Tag: stablecoins

Focus on DeFi, Stablecoins, NFTs, and More


Source: Adobe/ako photographySmaller markets with a lighter administration might lead the way in terms of crypto regulation.A standardized approach to regulating crypto is estimated to emerge.Traditional financial will insist on a level playing field in terms of regulation.A transaction involving smart contracts on-chain does often not fit into the basic legal concepts.Also, expect to see interesting debates around NFTs.If 2021 has been the year of talking about crypto regulation, then 2022 is likely to be the year of turning words into action. Because if nothing else, 2021 has shown that…

‘Financial Inclusion’ — A Buzzword for Central Banks Who Secretly Despise Economic Freedom – Op-Ed…

The World Economic Forum (WEF) has released its latest report on “digital currency governance” this month, addressing stablecoins, cryptocurrencies, and “barriers to financial inclusion.” Like most central banks, regulators, think tanks, and politicians, the WEF publication gives lip service to the power of crypto, but never addresses the elephant in the room: instead of actual access to the utility cryptocurrencies already freely provide, the “unbanked” and impoverished individuals of the world are forced to use a co-opted, fiat 2.0.
‘Financial Inclusion’ and…

5 Reasons for Crypto to Be Thankful

While there has been a great deal of attention in the U.S. and other developed countries on the flood of institutional investors into crypto assets (see point 3), there’s an equally important trend of adoption in the developing world. Bitcoin- and stablecoin-based cross-border remittances are increasing in many developing countries, crypto payments have rapidly expanded inside troubled economies such as Turkey and Argentina, and, most interestingly, new hubs of unique innovation have popped up in the developing world.

The Cronos-Based Decentralized Reserve Currency

Email Creating an alternative to centralized financial institutes has been a main aspiration of cryptocurrencies since their inception. However, trends such as centralized exchanges (CEXs) and the meteoric rise of stablecoins such as Tether have presented obstacles to this goal. Dove Finance is setting out to overcome them by launching a decentralized reserve currency based on Cronos. Its main aim is to become the currency of the people, based on decentralized governance. Here’s how.Solving the Issue of Stablecoins At the moment, most stablecoins are…

Europe’s latest draft crypto regulation MiCA limits use of stablecoins like DAI – Ledger Insights

Yesterday the European Council published a significantly expanded proposed ‘Regulation on Markets in Crypto Assets’ (MiCA) document. This means the legislation progresses to the next step, a three-way negotiation between the Council, the European Commission and the European Parliament. Our interpretation of the expanded document is that a stablecoin like the DAI could be heavily restricted.

Most of the European Council members are the heads of state of each of the European Union countries. Its role is to define the EU’s political direction and it’s also responsible for…

Pacific Island Nation of Palau To Launch National Stablecoin Backed By Ripple Tech


On November 23, US-based major cryptocurrency company Ripple made an announcement regarding its new strategic partnership with the Republic of Palau. Specifically, Ripple and the Republic of Palau have teamed up to facilitate the launch of national stablecoin.Palau Makes A Move to RipplePaula’s national stablecoin looks to be the main focus, along with the exploration of its use cases, backed by the XRP Ledger (XRPL). The idea is to create a USD-backed stablecoin that leverages other services in the country, such as enterprise registration.Under the partnership, the exchange will support…

Hector DAO Brings a New Era of Decentralization Replace Centralized Stablecoins

Today, the crypto market has become mainstream with its adoption at an all-time-high. However, when Satoshi Nakamoto invented Bitcoin, he expected it to be truly decentralized. Today, a majority of the crypto market is centralized in one way or another. Even the Defi markets consist of several protocols which are highly centralized in nature. Hector DAO aims to change that with a truly decentralized ecosystem of its own. Hector DAO will also introduce algorithmic decentralized stable coins instead of using centralized ones such as USDT and USDC. HECTOR is a fork of OHM built on the…

Palau partners with Ripple on climate friendly national digital currency

Ripple, the digital payment network, has partnered with the Republic of Palau to help the Pacific island nation develop its own digital currency.The initial focus of the partnership will see the development of a USD-backed digital currency to help facilitate cross-border payments for the nation. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple’s announcement.Ripple suggested the national digital currency may not necessarily be just another CBDC.“Ripple would provide Palau with…

American Crypto Bosses Face Congress Committee Grilling in December

Source: AdobeStock/Katherine Welles“Several crypto CEOs” will be summoned to speak at a parliamentary hearing in the United States next month, according to the Blockchain Association, an industry group representing many of the nation’s top players.In a series of tweets from the association’s Director of Government Relations Ron Hammond, the CEOs will speak at a “big hearing” that “will cover a variety of topics” – including stablecoin regulation and decentralized finance (DeFi) policies.The hearing is the…

ZARP, the rand stablecoin opening up a world of DeFi possibilities

Why would you want to purchase a crypto imitation of the rand? And is it legal?
The answer to the second question is yes, it is legal, in the sense that it is not regulated under the Banks Act or the South African Reserve Bank Act, nor is it legal tender. That privilege is reserved for rands issued by the Reserve Bank.

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Rand stablecoins mimic the ‘real’ rand but in the…

How are stablecoins Tether, USDC influencing Bitcoin’s price movements

After reaching a market high of $69,000 on 10 November, Bitcoin registered a drop of 15% over the past 10 days. The valuation dropped under the $60,000 threshold and at press time, it is valued at $58,350.
While a low of $55,600 was touched yesterday, the market is appearing to recover at the moment, and one particular Tether trend might be assisting immediate ascent. This article will be analyzing current market movements on exchanges to understand if the role of stablecoins.
Massive Tether Inflows allows BTC to recover above $57,0000
Source: Santiment
According to Santiment, stablecoin…

How to Buy OlympusDAO (OHM) • Benzinga Crypto

Want to jump straight to the answer? You can buy OHM on a decentralized exchange with ETH from eToro!

Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

Stablecoins have become a major topic of discussion. Governments in countries such as France are experimenting with implementing them into their financial markets. OlympusDAO is hoping to create a new version of stablecoin that is controlled by members of its community. The project aims to create a new…

Whales might be key to XRP’s intended breach of $1.5

A month ago, when XRP’s price remained stagnant around the $1-mark, people from the space had started equating the crypto to a stablecoin. Post that episode, however, XRP registered a 42% spike on its chart over a 15-day period between 27 October and 10 November.
Micro-trends seldom remain consistent in the crypto-space. Keeping up with that tradition, XRP ended up dipping from its 2-month high level of $1.3, only to record a local low of $1.04 on 16 November.
XRP/USDT || Source: TradingView
XRP dancing to whales’ tune
XRP whales, once deemed to be missing from action, have gradually…

Crypto firm Alameda Research cuts out banks to use DeFi for new funds

Alameda Research, one of the biggest crypto market trading firms, is sidestepping banks to borrow up to $1bn of new money from peers as it seeks to expand its activities, in the first syndicated debt deal in decentralised finance markets.The computer driven trading firm which specialises in buying and selling digital assets is owned by one of the richest men in crypto, Sam Bankman-Fried, the founder and chief executive of exchange FTX. On Thursday, Alameda will tap into a pool of stablecoin funds deposited by five investors for a $25m syndicated loan, which will take place on a…

A metaverse project that transforms everything into blockchain

Ambassador program and $50000 airdrop are open nowUtopia is a metaverse project that transforms everything into blockchain Enjoy GameFi, DEX, decentralized lending, NFT marketplace and more DeFi apps all in one in Utopia universe. It is the first-ever project that utilizes stablecoins as its ecosystem token.Blockchain and the metaverse have been the center of attention for years. As enthusiasm from the global audience continues to grow, Utopia promises users an all-in-one metaverse that transforms everything into the blockchain. With multiple practical applications, high-impact use cases…

Fed Governor: Why Launch A CBDC When You Got Stablecoins? – Bitcoin – United States Dollar ($BTC)

Federal Reserve Governor Christopher J. Waller suggested the invention of stablecoins made the issuance of a central bank digital currency (CBDC) by the institution redundant.
What Happened: Waller said in a speech published Wednesday that private-sector innovations such as stablecoins are the reason why he is skeptical of the need for the Federal Reserve to issue its CBDC.
See Also: HOW TO EARN INTEREST WITH STABLECOINS
While Waller highlighted that he views them as a major innovation, he also pointed to three major risks brought on by stablecoins.
1. A potential…

U.S. is not moving fast enough to develop a CBDC, says former CFTC chair

Tim Massad, who served as chair of the Commodity Futures Trading Commission until 2017, said the United States is too slow in developing a plan to modernize its payment systems.In a Wednesday hearing of the Joint Economic Committee on the role of digital assets in government, Massad said a central bank digital currency, or CBDC, could be one solution for the United States to improve its existing payments systems, which he referred to as “slow” and “expensive.” In addition, the former CFTC chair said while stablecoins could be used for this purpose, they also presented some of the…

In-person Tether Swap Turns into Bloody Kidnap Ordeal for USD 3M Crypto Trader

Source: Adobe/AGphotographerBitcoin (BTC) holders are not the only ones in danger of kidnap attempts – stablecoin advocates are also falling victim to opportunistic attackers hoping to get their hands on these coins.Per the Hong Kong-based media outlet Ta Kung Pao, criminals are continuing to target traders in over-the-counter (OTC), in-person trades – the latest attack involving a crypto trader with significant tether (USDT) funds was hospitalized after an attack, with seven people arrested.Police said they were on the…

MakerDAO’s Rune Christensen Joins VC Firm Dragonfly Capital

MakerDao founder Rune Christenen has joined crypto investment firm Dragonfly Capital as a venture partner, Dragonfly announced in a post on Medium on Monday.MakerDAO was one of the first decentralized autonomous organizations (DAOs) on the Ethereum blockchain. It ranks second among DeFi projects in total value locked (TVL), with $19.3 billion tied up in its smart contracts, according to data site DeFi Llama. DAI, the project’s U.S. dollar-pegged stablecoin, ranks fourth among such tokens, with an $8.5 billion market capitalization, according to CoinGecko.Dragonfly Capital launched in…

Jerome Powell promotes CBDC digital dollar, warns against stablecoins

Federal Reserve chair Jerome Powell has been testifying on Capitol Hill this week, and it’s pretty clear that he is not a fan of digital coins – especially stablecoins.During a two-day congressional hearing, the Fed chief said the main incentive for the U.S. to launch its own central bank digital currency, or CBDC, would be to eliminate the use case for crypto coins in America.”You wouldn’t need stablecoins; you wouldn’t need cryptocurrencies, if you had a digital U.S. currency,” Powell said. “I think that’s one of the stronger arguments in its favor.”Central bankers and U.S. lawmakers…

G7 plans common CBDC ‘principles’, reiterates global stablecoin cooperation – Ledger Insights

On Saturday, the G7 issued a communique covering central bank digital currencies (CBDC) and global stablecoins.

Regarding CBDCs, the G7 finance ministers and central banks stated a CBDC could act as a safe settlement asset and an anchor for the payment system. At the same time, they addressed some of the concerns about CBDCs stating a desire to support innovation, competition and financial inclusion. A CBDC should operate “within appropriate privacy frameworks and minimise spillovers,” said the communique.

Finally, they stated they are working on common CBDC principles and…

Terra will burn 88.7 million LUNA tokens worth $4.5 billion

TL;DR Breakdown: Terra will burn almost 88.7 million LUNA tokens worth $4.5 billion. It will be burned and swapped for the stablecoin UST. This burn will prepare the altcoins structure for the Columbus 5 upgrade. Terra, the algorithmic decentralized stablecoin project will burn $4.5 billion worth of its native coin LUNA from its community pool. The decision was taken through Terra’s on-chain governance system. According to their Twitter announcement, LUNA will be burned and swapped for UST, which is Terra’s native stablecoin.  The burn will take place on every 800 blocks generated…

The stablecoin boom won’t continue without decentralized interoperability

Stablecoins are the cornerstone of the digital asset marketplace with a market cap of over $100 billion. Governments are already putting considerable resources in being up to speed with the trends. A November 2021 report published by the United States President’s Working Group on Financial Markets details the various measures to ensure stablecoin regulation is implemented within government guidelines. A global central bank survey by the Bank for International Settlements (BIS) shows 86% of central banks are now actively engaged in some way with central bank digital currencies (CBDCs), a…

Uses and Advantages of Decentralized Stablecoins

The value of blockchains and cryptocurrencies still mostly lies in the ability to transact without middlemen and centralized authorities. This is what gives value to coins like Bitcoin, Ethereum and many others, even as a new breed of governance tokens is starting to take prominence.
But the volatility inherent to cryptocurrencies is sometimes a major deterrent for newcomers. Some people want to just use a cheap, global and instant network without worrying about its value. For these people, stablecoins are the answer.
Stablecoins have existed since 2014, with…