Stablecoins, the cryptocurrencies pegged to fiat currencies like the U.S. dollar to keep their value steady, can still face failures. Several well-known examples demonstrate that maintaining stability is more challenging than it appears. So, how does something designed to be ‘stable’ unravel? A Historical Review of Stablecoin De-Pegging Incidents There’s no doubt that these stablecoins…
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The Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, a New York-based issuer of stablecoins, suggesting that stablecoins may not be treated as securities in most cases. This decision comes more than a year after the SEC sent Paxos a Wells Notice concerning the BUSD stablecoin, which is backed by…
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The U.S. District Court for the District of Columbia has dismissed several claims in the U.S. Securities and Exchange Commission (SEC)’s case against Binance and its affiliates. This includes allegations related to secondary BNB sales and the sale of the stablecoin BUSD. However, the majority of the claims against the crypto exchange will proceed. Some…
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In the past month, data reveals a significant increase in the combined market capitalization of leading stablecoins, rising from $131.71 billion to $136.56 billion. The top two stablecoins, tether and usd coin, experienced notable expansions in their supplies, with increases of 4.8% and 7.2% respectively. Stablecoin Economy on the Rise Over the last 30 days,…
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The leading stablecoins, in terms of market capitalization, concluded 2023 with a combined value of around $131.69 billion, yet only two of the top ten experienced increases in 30-day supply. Data reveals that tether, the leading U.S. dollar-pegged crypto asset, observed a 2.5% uptick in its supply, while the newcomer, first digital usd, enjoyed a…
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The move is part of a phased termination of BUSD support by February 2024. Crypto exchange Binance will cease borrowing and lending services for its native stablecoin Binance USD (BUSD) by October 25. According to the October 3 announcement, the exchange will close all outstanding BUSD loan and collateral positions by the end of the…
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Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens…
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The stablecoin landscape witnessed a shifting dynamic this week, with the once fourth-largest stablecoin, binance usd (BUSD), relinquishing its position. This change arises from the crypto asset’s supply dwindling below the 3 billion mark, while in a surprising twist, the stablecoin trueusd (TUSD) experienced a surge in supply from 2.9 billion to 3.438 billion in…
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The world’s largest cryptocurrency exchange by global trade volume, Binance, has announced it is discontinuing support for the stablecoin asset BUSD. The trading platform is encouraging users to swap their BUSD as Binance gradually phases out BUSD markets. BUSD Support Ending on Binance, Users Told to Swap Tokens On August 31, Binance disclosed BUSD support…
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Over the past 30 days, nine of the leading ten stablecoins by market cap experienced declines, with BUSD witnessing the most significant dip, plunging 16.6%. As we wrapped up August, the combined value of these stablecoins hangs just below the $125 billion threshold, continuing a trend of consecutive monthly decreases this year. Major Supply Drops…
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