FEI – DIGIT INFO

Circle Says USDC Reserve Backed Entirely in Cash and Short-Dated US Treasuries

DIGIT — Mon, 16 May 2022 14:00:35 +0000

On May 13, Circle’s chief financial officer Jeremy Fox-Geen published a blog post called “How to Be Stable,” following the aftermath of Terra’s stablecoin implosion. Circle’s CFO explained that since usd coin’s inception, the stablecoin aims to be “the most transparent and trusted dollar digital currency.” Terra’s Stablecoin De-Pegging Incident Has Cast a Spotlight on […]

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Tron DAO Reserve Purchases $38 Million in TRX to Safeguard the Stablecoin USDD

DIGIT — Sun, 08 May 2022 04:00:05 +0000

On May 5, Tron’s algorithmic stablecoin USDD went live and so far, the fiat-pegged token has been listed on a number of decentralized finance (defi) protocols. Two days later, the Tron DAO Reserve announced it purchased 504.6 million tron (TRX) to back the algorithmic stablecoin, as the project aims to leverage a decentralized forex reserve […]

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Stablecoin Economy Continues to Balloon as USDC’s Market Cap Crosses $50 Billion

DIGIT — Fri, 04 Feb 2022 15:00:14 +0000

As the entire lot of 12,333 digital currencies hovers just above $1.8 trillion in value, the stablecoin economy has recently swelled to $178.8 billion or 9.9% of the entire crypto economy. Out of the top five stablecoins, usd coin (USDC) saw its market capitalization jump the most, increasing 18.9% during the last 30 days. The […]

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Defi and Algorithmic Stablecoin Demand Grows in 2021 Despite Large Centralized Competitors

DIGIT — Wed, 13 Oct 2021 19:30:53 +0000

On Wednesday, October 13, 2021, the market capitalization of all the stablecoins in existence is around $134 billion, which is 5.60% of the entire $2.4 trillion crypto economy. While centralized stablecoin projects dominate the pack of dollar-pegged tokens, a great number of decentralized stablecoins have been moving in on these centralized competitors. Algorithmic or defi-styled […]

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Poly Network Hacked for More Than $600 Million — Hacker Trolls Project Saying ‘It Could Have Been a Billion’

DIGIT — Tue, 10 Aug 2021 18:30:00 +0000

On August 10, the decentralized finance (defi) project Poly Network suffered a loss of over $600 million according to various reports. The hack follows a recent Ciphertrace report on how defi-related hacks and fraud in 2021 have already surpassed 2020. The Poly Network hack on Tuesday is well above the entire year’s worth of defi […]

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Polygon-Based Defi Stablecoin Safedollar Plunges to Zero — Team Is Investigating Exploit

DIGIT — Mon, 28 Jun 2021 15:00:18 +0000

The algorithmic decentralized finance (defi) stablecoin safedollar (SDO) has been attacked, according to statements published on its Telegram channel. The safedollar token did not remain stable following the attack, as the defi stablecoin’s price collapsed to zero. Safedollar Stablecoin Price Collapses A Polygon (MATIC) blockchain-based stablecoin called safedollar (SDO) has lost all of its value, […]

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VC Backed Billion-Dollar Stablecoin Project Fei Protocol Falls Below the USD Peg

DIGIT — Thu, 08 Apr 2021 05:30:35 +0000

The new decentralized finance (defi) stablecoin project called Fei had some issues this week after the 1:1 USD pegged token dropped well below its targeted $1 value. The Fei project was supposed to be similar to Maker DAO’s algorithmic DAI stablecoin and it was backed by major venture capital firms. Fei Protocol Market Price Drops […]

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Fei Protocol struggles with a bug as holders are mostly unable to sell the token

DIGIT — Wed, 07 Apr 2021 17:25:29 +0000

A vulnerability patch left the protocol with only partial functionality, but the price is still holding.

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Fei Protocol genesis locks up $1 billion in ETH, but LPs could face losses

DIGIT — Mon, 05 Apr 2021 05:52:28 +0000

Despite attracting more than $1 billion, Fei protocol’s genesis event hasn’t been entirely smooth sailing — with LPs facing losses if they withdraw soon.

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