According to the recent complaint by the U.S. Securities and Exchange Commission (SEC) against Bittrex, the securities regulator insists that a few crypto asset tokens were offered and sold as investment contracts and are securities. The news follows the SEC’s designation of several crypto assets as securities, including the case against Terraform Labs, which insists…
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The market capitalization of Tether is nearly a billion dollar away from reaching a new lifetime peak while rival stablecoins struggle. Tether (USDT) has emerged as a clear winner amid the ongoing banking crisis and crypto crackdown in the U.S. On April 17, the U.S. dollar-pegged stablecoin’s circulating market valuation reached nearly $81 billion, just…
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Statistics recorded on April 15, 2023, show that the number of coins in circulation for the stablecoin BUSD dropped below the 7 billion range to 6.68 billion, marking the lowest number of BUSD in circulation since April 2021. Furthermore, data indicates that the supply of BUSD has shrunk by 19.8% over the past 30 days.…
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Binance.US said it temporarily disabled the One Common Billing System and BUSD stablecoin pairs after halting Apple Pay and Google Pay deposits. Amid the ongoing uncertainty around the global banking turmoil, Binance’s United States-based arm Binance.US is halting some services. According to the Binance.US status dashboard, on March 31, the U.S. crypto exchange disabled Binance USD…
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Binance assured users that the change would not impact them in any way and that their funds would continue to be held in publicly verifiable addresses. Cryptocurrency exchange Binance announced on March 17 that it has replaced the Binance USD (BUSD) holdings in its Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The…
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During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape…
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The USD Coin depeg led the DeFi protocol to experience a record-breaking daily trading volume as crypto whales fight for assets. Stablecoin swapping pool Curve Finance is experiencing the highest daily trading volume in its history, exceeding $7 billion in the past 24 hours after the Silicon Valley Bank (SVB) collapse triggered a wave of…
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Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the dollar. The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the US dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $.3.3 billion of Circle’s $40 million transfer request. Given USDC’s…
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Chatcasso won the first prize in the BNB Chain hackathon for creating an AI-powered tool for creating NFTs and won $5,000 in BUSD, held in Seoul between Dec. 17 to 19, 2022. Crypto exchange Binance has been accused of “blatantly” copying the winner of the BNB Chain hackathon after launching Bicasso — an AI-based nonfungible…
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The stablecoin issuer is currently facing a lawsuit from the SEC in which the financial regulator claimed BUSD was an unregistered security. Stablecoin issuer Paxos was reportedly discussing the Binance USD (BUSD) stablecoin with the United States Securities and Exchange Commission following a Wells notice from the financial regulator. According to a Feb. 21 Reuters…
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