Altcoin News by Thebittimes.Com

Hex Trust Group, a leading digital asset custodian with billions in assets under management, has unveiled USDX, the first native stablecoin for the Flare blockchain, according to the information shared with Finbold on May 21.  USDX, pegged 1:1 to the US dollar, debuts with a Clearpool vault, allowing holders to earn real-world yields. USDX, the critical DeFI asset on Flare USDX is a product of HT Digital Assets, Hex Trust’s tokenization ecosystem, and serves as the key decentralized finance (DeFi) asset on Flare.  Picks for you AI predicts Ethereum price for August 1, 2024 44 mins ago Is it better to invest in gold or Bitcoin? 17 hours ago ...

US Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) have introduced the Lummis-Gillibrand Payment Stablecoin Act, proposing comprehensive regulation for stablecoins in the US. The bill mandates operational and reserve requirements for payment stablecoin issuers, aiming to strengthen the US dollar’s dominance. However, it has faced criticism, particularly regarding its ban on algorithmic stablecoins. @gillibrandny and I are introducing the most comprehensive stablecoin bill to date. Crypto assets are revolutionizing the world and as the undisputed leader in financial innovation, the U.S. must embrace crypto assets, but it cannot be done without clear rules for stablecoins. pic.twitter.com/vwRUEBUdsl — Senator Cynthia Lummis (@SenLummis) April 17, 2024 Overview of the bill The Lummis-Gillibrand Payment Stablecoin Act defines payment stablecoin s as dollar-pegged digital assets used for payments or settlements. Key provisions of the bill include operational...

The HM Treasury today published a policy update to the country’s crypto regulation. In it, the UK government has outlined the FCA’s regime in stablecoin regulation. The Bank of England (BoE) and the Payment Systems Regulator (PSR) will also have a role. The UK government has published a policy update outlining a phased regulation of fiat-backed stablecoins in the country. In terms of regulating activities around Stablecoin s, the HM Treasury will focus on two areas – their use in payment chains and issuance and custody “in or from the UK .” The latter will be irrespective of a fiat-backed Stablecoin ’s uses, that’s whether for payments, as a settlement asset, or as a store of value. FCA, BoE role in stablecoin regulation In the publication, which was made public on Monday, the HM Treasury explains the expected regulatory regimes of the Financial Conduct Authority (FCA), the Bank of England (BoE) and the Payment Syst...

The move is part of a phased termination of BUSD support by February 2024. Crypto exchange Binance will cease borrowing and lending services for its native stablecoin Binance USD (BUSD) by October 25. According to the October 3 announcement, the exchange will close all outstanding BUSD loan and collateral positions by the end of the month. Users would still be able to borrow and lend on Binance using stablecoins such as Tether (USDT), Dai, TrueUSD (TUSD), and USD Coin (USDC). Currently, users can lend their BUSD on Binance at an estimated annual percentage yield of 3%.  On August 31, Cointelegraph reported that Binance will cease all services related to its BUSD stablecoin by 2024. Previously, on February 13, New York fintech firm Paxos, the issuer of the BUSD stablecoin, said it would end relations with Binance due to the latter's ongoing litigation with the U.S. Securities and Exchange Commission. Paxos said it would end redemptions from BUSD to underlying U.S. cash and Treasu...

When PayPal launched its US dollar stablecoin on August 7, everyone in the crypto industry noticed. Indeed, the 24-year-old, $68 billion fintech behemoth unveiling PYUSD conferred instant credibility onto the stablecoin industry. However, real-world adoption of PayPal’s stablecoin has been sluggish. PYUSD already faces stiff competition from incumbents.  Older stablecoins might have shady histories yet they benefit from popular brand names, deep liquidity, Lindy effects, listings on many crypto exchanges, and fiat-denominated trading pairs around the world. In short, the debut of PYUSD flopped. It’s barely grown to 0.05% the size of Tether, the world’s oldest stablecoin. PayPal ’s issuer Paxos just published its transparency report, disclosing PYUSD reserves of just $45.3 million as of August 31, 2023. That compares to Tether’s $83.1 billion . PYUSD’s backing includes $43.8 million in US Treasuries plus $1.5 million in cash deposits at insured depository institutions. ...

Users can trade ETH/FDUSD with zero maker fee, while the standard taker fee will apply based on the user's VIP level. Crypto exchange Binance, on Thursday, August 3, announced that it would be opening trading for the Bitcoin/First Digital USD (BTC/FDUSD) and Ethereum/ First Digital USD (ETH/FDUSD) trading pairs alongside an updated zero-fee Bitcoin and Ethereum trading with newly added FDUSD stablecoin spot and margin pairs . As per the announcement, starting from 08:00 UTC on August 4, users will benefit from zero maker and taker fees for BTC/FDUSD spot and margin trades through the Zero-Fee Bitcoin Trading Program. Additionally, users can trade ETH/FDUSD with zero maker fee, while the standard taker fee will apply based on the user's VIP level. The trading volume for BTC/FDUSD spot and margin trading pairs is not included in the VIP tier volume calculation or the Liquidity Providers programs, enhancing the trading experience for users. “BNB discounts, referral rebate...

Stablecoin issuer Tether is making a strategic investment in energy production and Bitcoin mining to support El Salvador’s adoption of BTC. Stablecoin issuer Tether (USDT) has reached into its own war chest to  invest in El Salvador’s $1 billion renewable energy project to help drive Bitcoin (BTC) adoption in the Central American nation. The firm responsible for issuing USDT across cryptocurrency markets is one of a handful of companies invest ing in El Salvador’s renewable power generation project. Volcano Energy is set to generate electricity from solar and wind energy in El Salvador to power future Bitcoin mining operations in the country. The planned 241-megawatt (MW) renewable energy park is the latest move in El Salvador’s Bitcoin adoption drive after the country made BTC legal tender back in 2021. Cointelegraph caught up with Tether CTO Paolo Ardoino during Money 20/20 in Amsterdam in June 2023. Attending the renowned finance and payments convention promoting Bitfinex Pay and...

The team dropped out of contact that day and some family members were notified. The news agency visited the project’s office in Shanghai and found a notice that said “judicial seizure.” advertisement It is not clear on what charges the police arrested Trust’s team. Trust Reserve issued CNY-backed and HKD-backed stablecoins The stablecoin issuer had raised $10 million in a Series A+ funding round led by KuCoin Ventures, with participation from Circle and IDG Capital. The company had announced back then it had around 60 employees with plans to hire more. This comes alongside rumors that the Multichain core team may have been detained in China. The protocol still has partial downtime and there have been no updates from the core team in China for over a week. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List...

As it stands today, BUSD's market cap has fallen by nearly $14 billion since its all-time high of $23.49 billion on Nov. 15, 2022. Binance USD (BUSD) market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a major crypto exchange. BUSD’s marketcap has been on a steep downward trajectory since its all-time high (ATH) market cap of $23.49 billion on Nov. 15, just a few days after the shock collapse of FTX. As of today, the stablecoin’s marketcap has fallen to $9.66 billion — levels not seen since Jun. 29, 2021. Market cap of Binance USD (BUSD) over the last 12 months. Source: CoinGecko. Most recently, BUSD has been the subject of a potential lawsuit against Paxos by the United States Securities Exchange Commission (SEC) on Feb. 12 over a possible violation of investor protection laws. Since then SEC, $6.65 billion has been shaved off BUSD’s market cap. Paxos was also or...

Coinbase is one of the world’s oldest cryptocurrency exchanges. It was established in 2012 and has its own fan following. The exchange has also proven to be the first to pave the way for numerous crypto fanatics. It also has several products, including the Coinbase wallet that caters to millions of users. Stablecoins have their own distinct fanbase. USDC, USDT, and BUSD seem to be staying at the top of the game. However, Binance has recently decided to de-list all USD coins, including the USDC, TUSD, and USDP. The exchange also auto-converted the deposits to its native BUSD. Following this, the market share of USDC also dropped as Binance had a majority of USDC volume. However, in a recent announcement, Coinbase extended its support for USDC by implementing commission-free trading. Coinbase to help in improving USDC international access Coinbase points out that USDC adoption in other countries has been less compared to the US. It highlights that the main reason for th...