The Bangko Sentral ng Pilipinas, the central bank of the Philippines, has approved PHPC, a stablecoin pegged to the Philippine peso, aimed at facilitating cost-effective remittances. Crypto exchange Coins.ph, the stablecoin issuer, plans to attract 20,000 to 30,000 users in the first month. The PHPC will be the first peso-backed stablecoin available for retail use,…
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Ripple’s CEO, Brad Garlinghouse, has voiced concerns that the U.S. government’s scrutiny of Tether, the foremost issuer of stablecoins by market cap, could notably affect the cryptocurrency environment. His comments come amid apprehensions about Tether’s alleged utilization by terrorist networks and nations under sanctions, such as Russia, aiming to circumvent U.S. economic sanctions. “The U.S.…
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The decentralized lending protocol built on the Solana blockchain, Marginfi, announced the upcoming launch of YBX, which is expected to be the first notable decentralized stablecoin on Solana, aiming to provide an alternative to the network’s heavy reliance on Circle’s centralized stablecoin usd coin (USDC). The stablecoin, backed by SOL-based liquid staking derivatives (LSDs), is…
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Bancolombia Group, Colombia’s largest bank, launched the cryptocurrency exchange Wenia on May 3, marking a major step in the country’s crypto evolution. According to the announcement, the development follows nearly a decade of research and signifies the bank’s dedication to Colombia’s crypto market. Colombia’s Wenia and COPW Wenia, alongside the newly introduced Colombian peso stablecoin…
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Tether, one of the largest cryptocurrency companies, has recently released an attestation of its financial activity corresponding to Q1 2024. Tether registered a record-breaking $4.52 billion in profits, and disclosed its net equity levels, reporting $11.37 billion as of March 31, 2024. Tether issued over $12.5 billion USDT during this period. Tether Attestation Registers Record-Breaking…
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Crypto exchange Coinbase is planning to offer a Canadian dollar stablecoin on its platform shortly after receiving an official license to operate within Canada. In a Twitter update on Monday, the company said it had added QCAD (QCAD) to its listing roadmap – a CAD-pegged stablecoin that was “re-launched” by Canadian fintech firm Stablecorp last…
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Stablecoin adoption is increasing rapidly. Data from research firm rwa.xyz shows the number of addresses holding both dollar and crypto-pegged stablecoins has increased by 15% in 2024, which is the highest to date. New research from blockchain analysis firm Chainalysis further found the growing prominence of stablecoins in overall on-chain transaction activity. Chainalysis’ “Crypto Spring…
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Fintech giant Stripe has announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break. The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains, according to a report from TechCrunch. The news of Stripe’s reentry into crypto payments was unveiled by the company’s co-founder and president, John Collison, at the Connect developer conference…
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The winds of change are swirling around Ethereum (ETH), the world’s second-largest cryptocurrency. While the Ethereum network itself is buzzing with activity, the price of ETH has taken a tumble in recent days, leaving investors scratching their heads. A glimmer of hope emerged with Tether’s (USDT) recent movement. Tether, the issuer of the world’s most…
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Singapore-based payments company Triple-A has announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments. As the first licensed crypto payments firm in Singapore, Triple-A aims to introduce support for PayPal’s stablecoin, PYUSD, by the end of June, according to a report from Bloomberg. Currently, the company offers payment services primarily in Bitcoin,…
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