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At the time of writing, USDC lost 3% of its value as it traded at $0.969, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan. Go to Source Powered by WPeMatico
Circle’s reserves are held in a number of banks in the United States, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon. Go to Source Powered by WPeMatico
The proposed stablecoin, the Satoshi Nakamoto Dollar, aims to be entirely free from any movements of USD, which require banking services. Go to Source Powered by WPeMatico
The Lummis-Gillibrand bill is expected to offer regulatory clarity for many crypto projects and determine whether they fall under the purview of the SEC or CFTC. Go to Source Powered by WPeMatico
The Digital Euro Association sees automated micropayments as a way for Europe to maintain its digital competitiveness, once regulations are in place. Go to Source Powered by WPeMatico
The sun sets on algorithmic stablecoins as Frax shifts to a fully-backed model. Go to Source Powered by WPeMatico
The recent action from Binance comes in the wake of NYDFS ordering BUSD issuer Paxos to stop minting new BUSD. Go to Source Powered by WPeMatico
David Hoffman apologized for spreading rumors about what he called a “Wells Notice Carpet Bombing” targeting crypto firms. Go to Source Powered by WPeMatico
On March 2, 2023, FTX debtors released their second stakeholder presentation, which contains a preliminary analysis of the now-defunct cryptocurrency exchange’s shortfalls. The latest presentation reveals a significant shortfall, as approximately $2.2 billion of the company’s total assets were found in FTX-related addresses, but only $694 million is considered “Category A Assets,” or liquid cryptocurrencies … Read more
Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos’ revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD. Coinbase to Suspend BUSD Stablecoin on March 13 On Feb. 27, 2023, Coinbase announced that … Read more