Paxos has earlier said it will halt support of Binance’s stablecoin by February 2024, now the exchange has said it will also stop support by that time. Crypto exchange Binance has encouraged users to start converting their Binance USD (BUSD) stablecoin holdings into other available assets, including a newly listed stablecoin, amid plans to wind…
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In a recent report released on Tuesday, undisclosed sources detailed that the firm behind the top stablecoin in market cap, tether (USDT), is now banking with Britannia Bank & Trust. In the past month, tether’s supply has dipped by 1.3%, leaving 82.85 billion USDT in circulation. Undisclosed Sources Say Tether Is Working With a Privately…
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Following Paypal’s declaration about the introduction of a fresh stablecoin, the smart contract address has revealed that the quantity of PYUSD stood at approximately 26.9 million. In the subsequent 22 days, the supply of PYUSD has risen by over 60%, now totaling 43.3 million. Paypal’s Stablecoin Supply Surged by 60%, but the Dollar-Pegged Token Is…
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The partnership will purportedly bring USDC to 2 million users in Chile. Fintech company Circle announced a partnership with Mercado Libre on Aug. 29 to bring the USD Coin stablecoin to Mercado Pago. 1/ The largest fintech in LATAM, @mercadopago, part of Mercado Libre, the Amazon of LATAM with 200M users, is rolling out support…
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Paypal’s Ethereum-based stablecoin PYUSD has failed to capture crypto investors’ interest. According to data from Nansen, 90% of the stablecoin’s total supply still remains with its issuer Paxos’ wallet. Paypal’s PYUSD Adoption Setback The payment giant Paypal’s recently launched stablecoin PYUSD continues to struggle with adoption and has failed to gain traction since its official…
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A group of Republican lawmakers have expressed their concerns regarding the Federal Reserve’s recent measures aimed at strengthening its oversight of crypto and stablecoin activities within banks. These lawmakers have complained that such actions are hindering the advancement of their proposed bill designed to regulate stablecoins…. Read More: Republican Lawmakers Accuse Fed of Obstructing Advancements…
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A stablecoin pegged to the Colombian peso (COP) has gone live on the Polygon network, stablecoin issuer Num Finance announced on Thursday. The new stablecoin, called nCOP, is a traditional fiat-backed stablecoin, and was described by Num Finance in a post on X as “overcollateralized” in a way that “guarantees rock-solid stability and security.”… Read…
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PayPal’s stablecoin debut raised hopes for broader adoption and an introduction of cryptocurrencies to the masses. Early adoption trends paint a different picture. PayPal’s recently released stablecoin PayPal USD is facing challenges gaining traction, on-chain data reveals. According to findings from blockchain analytics firm Nansen, roughly 90% of PayPal USD (PYUSD) is currently held in stablecoin issuer…
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After Prime Trust filed for bankruptcy protection, the company’s interim CEO Jor Law cited excessive spending, losses on the stablecoin terrausd, and problems accessing customer funds held in cold storage wallets as contributing factors. From Cold Storage to Cold Reality: The Dramatic Decline of Prime Trust In a declaration filed along with the bankruptcy petition…
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Stablecoin issuer Tether posts its total assets at $86.1 billion as it maintains its leading market share despite growing competition and uncertain regulatory conditions. In the company’s reserve report, while total assets stood at $86.1 billion, its liabilities amounted to $82.8 billion. Liabilities include user assets held in USDT across multiple networks…. Read More: Tether…
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