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Stablecoin USDT Launched on Tron Blockchain

Tether has started issuing its stablecoin USDT on the Tron blockchain. Tether has started issuing its stablecoin USDT on the Tron (TRX) blockchain. The development was announced in a blog post published on April 17. The development is an upgrade from the OMNI protocol-based USDT — which is pegged to the United States dollar on a 1:1 basis — that now enables users to hold and transfer the cryptocurrency through smart contracts on Tron ensuring instant delivery. “It enables interoperability with Tron-based protocols and Decentralised Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the Tron Network,” the announcement explains. Tron will reportedly be settling the matter with digital currency exchanges including Singapore-based Huobi, Hong Kong-based OKEx and others, starting from April 30th until the beginning of August. Tron and Tether initially announced a partnership to introduce USDT to the Tron network in early March. A press release ..

Arca Funds Files With SEC to Issue Stablecoin-Like Digitized Shares on...

Investment management firm Arca is seeking approval from the SEC to issue its UST Coins. Arca Funds, an American institutional-grade investment manager, is seeking regulatory approval to issue digitized securities on blockchain, according to a filing document released on April 12. The company has filed with the United States Securities and Exchange Commission (SEC) to issue its Arca UST Coins — digitized shares that will be authenticated and then recorded in a form of ERC-20 compatible tokens on ethereum (ETH) blockchain. Arca elaborated that authentication of a transaction before it is recorded will allow the blockchain to store only valid and authorized transactions, and once the data is recorded on blockchain, it is immutable. The company outlined its investment objective as seeking “maximum total return consistent with preservation of capital.” In the filing, Arca specified that the initial net asset value (NAV) of its UST tokens will be $1, with at least 80% of the fund plann..

Blockchain Prediction Platform Augur to Launch Stablecoin DAI-Denominated Markets

Blockchain-powered event betting platform Augur has launched support for MakerDAO’s DAI stablecoin as part of an unfolding wide-ranging upgrade to its platform. Blockchain-powered event betting platform Augur has launched a token denominated in MakerDAO’s Dai (DAI) stablecoin as part of a major upgrade to its platform. The news was announced in an official blog post tweeted on April 8. Augur argues that introducing DAI-denominated markets will make trading less volatile as compared with Ethereum (ETH), which has been used for trading on the platform thus far. DAI support comes as part of wide-ranging improvements to Augur’s protocol, with the company today stating that its version two (V2) protocol contracts are “now ready for the first round of audits with integration work in progress with the rest of the Augur platform.” In terms of DAI support, that blog post outlines that: “For V1, the usage of ETH was accomplished by using a contract (‘Cash’) that wrapped ETH and was given addit..

World’s Fifth Largest Bank MUFG to Put Stablecoin to Practical Use...

MUFG, the fifth largest bank in the world, is set to put its digital currency MUFG Coin into practical use later this year. Japanese bank holding and financial services company Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world, is set to put its digital currency MUFG Coin into practical use later this year. The news was reported by Cointelegraph Japan on April 9. News of the planned rollout was revealed by the newly-appointed MUFG president Kanetsugu Mike in an interview with local media agency Asahi Shimbun, Cointelegraph Japan reports. MUFG is the largest financial company in Japan and is prospectively set to become the first Japanese bank to issue a virtual currency, specifically a blockchain-based stablecoin pegged 1:1 to the Japanese yen. The asset is designed with a focus on currency functionality, with customers to download an app that will automatically convert their bank deposits into the stablecoin. According to Cointelegraph Japan, approximately 1,5..

Celo Raises $30 Million for Stablecoin-Based Smartphone Payment Plans

Celo plans to use a dedicated USD-backed stablecoin to provide unbanked consumers with payment options. Blockchain payments startup Celo has raised $30 million from well-known crypto investors Polychain Capital and Andreessen Horowitz, the Wall Street Journal (WSJ) reported on April 2. Celo, which is the trading name of A Protocol Inc., plans to use an in-house digital token and stablecoin to facilitate cross-border payments, primarily focusing on the unbanked using smartphones. Having raised $6.4 million in previous cash injections, the company is now conducting pilot-phase tests in Argentina. “We see big potential in letting people — directly on their smartphone — access basic financial services,” Rene Reinsberg, cofounder of Celo, told the WSJ. He added: “We are based on blockchain technology but for the average end user we try to abstract that away, to make the experience as easy as any other mobile app.” The allure of borderless payments without the need for banking credentials h..

Universal Protocol Alliance to Launch Euro-Pegged Stablecoin in April

Universal Protocol’s stablecoin Universal Euro will be pegged to the euro on a 1:1 basis and will allow holders to earn interest. The Universal Protocol (UP) Alliance, a coalition of blockchain firms including crypto exchange Bittrex and decentralized browser Brave, will launch its own euro-pegged stablecoin in April, according to a press release on March 28. The UP’s stablecoin, dubbed the Universal Euro (UPEUR) will be pegged to the euro on a 1:1 basis and will reportedly allow customers to earn up to 8 percent interest. The Universal Euro will purportedly be available directly on digital money platform Uphold and participating exchanges, as will be accepted by crypto custodian and device providers such as BitGo and Ledger. The new stablecoin targets residents in countries with high inflation or limited access to traditional banking, according to the press release. By using UPEUR, users will be able to lend their euro-pegged assets and earn interest. Founded in 2018, The Universal P..

New USStocks Token Lets Investors Access US Stock Market With Stablecoin...

USStocks token allows a bet on the 500 biggest exchange-listed stocks. Decentralized financial contracts platform UMA has partnered with Decentralized Autonomous Organization (DAO) MakerDAO to release a token tied to the United States stock market, UMA announced in a blog post on March 27. The ERC-20 token, dubbed USStocks, seeks to offer investors access to the U.S. stock market using cryptocurrency. Users can purchase the token using MakerDAO’s own USD-backed stablecoin, Dai (DAI). Decentralized cryptocurrency exchange DDEX is currently the platform of choice for onboarding potential investors. “USStocks is an ERC20 token representing synthetic ownership of an index of the 500 largest exchange-listed US stocks. This means that anybody with access to the internet and digital money can participate in the US stock market,” the blog post explained. The firm specifies that the token tracks an index of the top 500 firms on the New York Stock Exchange and Nasdaq. “Dai exists to create an i..

OKEx Founder Reveals OK Group’s Partnership With US Trust Firm, Plan...

OKEx, OKCoin founder Star Xu announced OK Group partnership with blockchain-focused trust company, plan to launch stablecoin. Star Xu — founder of exchange services provider OKCoin and the world’s 6th largest crypto exchange OKEx — has announced OK Group’s partnership with blockchain-focused trust company Prime Trust, prospectively allowing the firm to launch its own compliant stablecoin. The news was revealed in a tweet from Star Xu on March 28, retweeting an earlier March 27 tweet from Prime Trust announcing the partnership. Star Xu has written that the new partnership will see OK Group undertaking “an in-depth collaboration and offer[ing] diverse, secure and regulatory compliant services with Prime Trust.” Prime Trust’s earlier tweet on March 27 had explicitly noted OK Group’s reported plans to launch a compliant stablecoin, stating that: “Prime Trust and OK Group signed a strategic investment agreement this month. OK Group is our lead strategic investor and plans to launch a compl..

Accepted: MakerDAO Vote to Raise DAI Stablecoin Stability Fee by 4%...

MKR token holders have voted to raise the so-called stability fee for MakerDAO’s DAI (DAI) stablecoin by 4 percent. Users of Decentralized Autonomous Organization (DAO) MakerDAO (MKR) have voted to raise the so-called stability fee for Maker’s DAI (DAI) stablecoin by 4 percent, according to the results of a recent poll completed on March 21. The firm announced on Thursday that users had voted yes to the proposal to increase the stability fee by 4 percent, from 3.5 percent to 7.5 percent. The reasons provided by the post are that the DAI’s exchange persists under one dollar, high inventory levels among market makers and prop desks, and insufficient impact from the previous fee increase. The MKR token holder could choose whether to raise the fee by zero, two or four percent. Still, the vote page explains that “the absence of any significant volume clearing near $1 indicates that there needs to be stronger incentives in place” than a 2 percent increase. Lastly, the post admits that a 4 p..

Japanese Company Launches New Stablecoin Pegged to the US Dollar

sponsored A Japanese company has launched a ERC-20-compliant stablecoin that is pegged to the U.S. dollar and supported by major Ethereum crypto wallets. A Japanese company has launched an ERC-20-compliant stablecoin that it says offers “absolute decentralization, maximum security and a reliable source of stability in the face of volatility.” As its name suggests, USDDex is directly pegged to the United States dollar, helping traders to move their money into crypto without exposing themselves to the erratic price movements seen in other major digital assets such as Bitcoin and Ethereum. The company believes that its stablecoin could become a viable alternative to fiat and trigger the mainstream adoption of cryptocurrencies, giving employers a safe way of paying their workers’ salaries while enabling consumers to make purchases with confidence. USDDex firmly believes that 2019 is going to be the year of the stablecoin, citing research that suggests that the monthly trading volume of t..
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