On Wednesday, Ethena Labs, the team responsible for the yield-bearing stablecoin project USDE, revealed its expansion to the Solana blockchain. This move brings USDE to the distributed ledger, with SOL now also being used as part of the stablecoin’s reserve backing. USDE Stablecoin Project Extends to Solana, Includes SOL Backing Despite witnessing redemptions totaling around…
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Canza Finance has partnered with stablecoin issuer WSPN to provide secure and efficient financial solutions to users in Africa and other emerging markets. With the integration of WUSD into Canza Finance’s ecosystem, African users will be able to smoothly convert fiat currencies to the WUSD stablecoin. Boosting RWA and Defi Adoption Africa-focused fintech firm Canza…
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Paypal, a leading payment platform, has announced a global hackathon for its stablecoin PYUSD, offering 40,000 PYUSD in prizes. This initiative follows the launch of the Paypal stablecoin on Solana. Running from Aug. 12 to Sept. 16, the hackathon aims to foster innovation and the adoption of PYUSD on Solana. Paypal Announces Global PYUSD Hackathon…
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Tether Holdings Limited reported a record-breaking net profit of $5.2 billion for the first half of 2024, according to its latest assurance opinion for the second quarter. The report, conducted by BDO, highlighted Tether’s increased exposure to U.S. Treasury bills and a significant rise in group equity. Tether Reveals Mid-Year Financials The largest stablecoin issuer…
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The Swiss regulator, the Financial Market Supervisory Authority (FINMA), recently published guidance on the issuance of stablecoins. The regulator says stablecoins are not only associated with money laundering risks but pose reputational risks for the entire Swiss financial centre. Stablecoin Issuers as Financial Intermediaries The Swiss regulator, the Financial Market Supervisory Authority (FINMA), has recently…
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Neonomad, the South African hybrid exchange platform, is set to launch Zarcoin, a stablecoin tied to the South African Rand. This innovative stablecoin epitomizes the seamless integration of regulatory safety with decentralized efficiency. Neonomad’s platform will also facilitate multiple offerings, including in the decentralized finance space. Banking South Africa’s Unbanked South African fintech startup Neonomad,…
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Hong Kong regulators announced the conclusion of a stablecoin regulation consultation phase that saw stakeholders provide 108 submissions. The regulators claimed that the proposed regulatory requirements received positive feedback from stakeholders. Stakeholders Support Introduction of Stablecoin Regulatory Regime On July 17, Hong Kong regulators—the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong…
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Standard Chartered Bank (Hong Kong) Ltd. (SCBHK), Animoca Brands, and Hong Kong Telecom (HKT) have united to participate in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox, announced in March. Leveraging Zodia Custody’s digital asset capabilities, the collaboration aims to promote sustainable and transparent growth in the digital asset market. Zodia is Standard Chartered’s…
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On July 16, the Nigeria Police Force confirmed the arrest of Linus Williams, a self-proclaimed crypto billionaire also known as Blord. Williams faces charges related to internet fraud, terrorism funding, and violations of the Central Bank of Nigeria (CBN) Act. According to a police spokesman, some of Williams’ alleged crimes involve the use of cryptocurrency…
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Bitcoin-based decentralized finance (defi) protocol Hermetica has launched its BTC-backed synthetic dollar, USDH, on Bitcoin’s layer one (L1) through the Runes protocol. The company also announced plans to scale its Bitcoin-native defi operations using layer two (L2) solutions like Stacks. Hermetica Launches BTC-Backed Stablecoin USDH Hermetica‘s USDH offers Bitcoin holders a new way to maintain…
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