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Following the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has become the largest decentralized stablecoin in existence today. Moreover, Makerdao has regained the decentralized finance (defi) protocol’s position as the top defi protocol in terms of total value locked (TVL). Makerdao’s DAI Regains the Top Decentralized Stablecoin Position This month, it’s quite…
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UST, a stablecoin that’s supposed to maintain a price peg with the US dollar 1:1, spiraled out of control to reach as low as USD 0.10 this month. Following the momentous rise of UST in just a few months, only a few predicted its monumental crash, especially with the dominance stablecoins were gaining in…
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Following the company launching a fiat-pegged tied to the value of the Mexican peso, Tether, the stablecoin issuer has announced the firm has launched tether tokens on the Polygon network. The Polygon integration follows the stablecoin being added to the Avalanche and Kusama blockchain networks. Tether Joins the Polygon Blockchain Ecosystem The largest stablecoin by…
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The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron. MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso The stablecoin and blockchain…
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The co-founder and CEO of Circle, Jeremy Allaire, has announced the cryptocurrency firm that issues the stablecoin usd coin plans to provide the public with weekly stablecoin reserve reports. Additionally, the company Tether has also released an assurance report on its stablecoin reserves via the Cayman Islands auditing company MHA Cayman. Circle CEO Says Firm’s…
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Seven days ago, Bitcoin.com News reported on the Tron DAO Reserve purchasing $38 million in tron to safeguard the network’s stablecoin USDD. Since then and since the terrausd (UST) de-pegging event, the Tron DAO Reserve has continued to purchase large quantities of digital assets to bolster the project’s reserves. In addition to the tron purchases,…
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The dangers posed by stablecoins to the traditional market cannot be dismissed due to Tether’s exposure to the U.S. credit system. The cryptocurrency market has lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007’s subprime mortgage market crisis — around $1.3…
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Nothing keeps a Bitcoin bull down for long, and now, BTC price action is back above $30,000 after 24-hour gains of 30%. Bitcoin (BTC) came back with a vengeance on May 13 as bulls stepped in to take the market to near $31,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin RSI stays firmly oversold…
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Some smaller-cap stablecoins are struggling to maintain their targeted peg, which is mainly USD 1, amid a huge bloodbath in crypto that has wiped off billions from the market. The development follows a depeg seen by Terra (LUNA)’s decentralized stablecoin UST, which seems to have placed the entire market into jeopardy. At 10:30 UTC,…
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