The blockchain technology enterprise Aave Companies, recently rebranded as Avara, is still navigating challenges in stabilizing its stablecoin GHO, which is currently struggling to sustain its desired $1 peg. The project’s Liquidity Committee is actively working on strategies to strengthen the stablecoin, aiming to elevate its value above $0.985 by November 30, 2023. GHO’s Liquidity…
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Tether has ambitions to reach 1% of BTC mining computing power under new CEO Paolo Ardoino. New facilities in South America will be part of the push. Tether is planning a large-scale expansion into Bitcoin (BTC) mining, according to Paolo Ardoino, who is expected to take the helm at the company soon. The stablecoin firm…
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Source: Paxos Blockchain infrastructure firm Paxos has obtained a preliminary license from the Monetary Authority of Singapore (MAS) for its new entity. With the in-principal approval, Paxos Digital Singapore, the new entity, will offer digital payment token services to Singaporeans. Further, Paxos announced plans to launch a USD-backed stablecoin. In a Thursday statement, Paxos noted…
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The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval. Crypto infrastructure firm Paxos has secured in-principle approval from Singapore’s regulator for a new entity that’s planning the launch of a U.S. dollar-backed stablecoin. In a Nov. 15 statement, Paxos said it…
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Tether USDT added at least $20 billion to its market capitalization in 2023, while rival stablecoin USDC lost the same amount so far this year. Tether (USDT), the largest stablecoin by market value, has been breaking new records over the course of 2023, with its market capitalization adding at least $20 billion so far this…
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This week, the leading stablecoin by market capitalization attained a valuation of $86.51 billion, following a supply surge of 3.6% in the past month. Currently, the Tron network holds approximately 45.82 billion USDT, while the Ethereum blockchain is home to 40.02 billion tethers, with the remainder circulating across various other blockchain platforms.
Tether Supply Jumps…
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Stablecoins. Source: Adobe / Grispb Fiat-backed stablecoins are “not a safe store of value,” according to a new research report from the Bank for International Settlements (BIS). According to the report, the BIS found that from January 2019 to September 2023, fiat-backed stablecoins were able to maintain their peg ratio only 94% of the time,…
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According to anonymous sources familiar with the matter, Circle Internet Financial Ltd., the second-largest stablecoin issuer, plans to go public in 2024 via backing from Blackrock, Goldman Sachs, and others. The news follows Circle’s special-purpose acquisition company (SPAC) plans to offer an initial public offering that was shelved in 2022. Unnamed Sources Say Circle Is…
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Progmat Coin hopes to issue yen- and dollar-pegged “trust-type” stablecoins next summer to accommodate around-the-clock settlement. The Progmat Coin ecosystem is taking shape in Japan. With a market maker, wallet provider and cryptocurrency exchanges on board, Progmat and Mitsubishi UFJ Financial Group (MUFG) hope to launch two stablecoins in the summer of 2024. Stablecoin platform…
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This week, Binance, the world’s leading crypto exchange by trading volume, announced the introduction of a tether (USDT) earning program with up to a 13% annual percentage yield (APR). Binance’s USDT earn product joins a slew of other digital currency trading platforms offering yield services for stablecoin assets. Binance Adds New Tether Earning Option With…
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