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Each type of stablecoin has its own vulnerabilities. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision In the year of bear markets and curbed enthusiasm, stablecoins have emerged as the asset class with which many of the crypto community associate high hopes for the long-anticipated mass adoption. As these cryptocurrencies have come to be viewed as a promising tool to alleviate volatility – presumably the major hurdle in the way of digital assets becoming a vehicle of everyday transactions for millions of consumers – they enjoy massive media coverage, community and investor attention, and merit somewhat over-the-top labels such as “The Holy Grail of cryptocurrencies.” Yet great success comes with great responsibility, and increased public attention has brought increased scrutiny on many of the more salient projects, resulting in a pool of pointed criticisms. T..
The head of the IMF suggests looking into central bank issued digital currencies, while a Swiss stablecoin gets Sharia certified. Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This WeekSwiss Crypto Firm X8 AG Receives Islamic Finance Certification for Sharia-Compliant Stablecoin Swiss-based fintech firm X8 AG has received a certification from the Shariyah Review Bureau (SRB) for its Ethereum-based stablecoin. According to the X8 director and co-founder, the ETH-based crypto asset is backed by a basket of eight fiat currencies and gold, allowing Islamic advisors’ concerns over excessive volatility and speculation to be assuaged. The debate whether crypto can be Sharia-compliant has focused on their compatibility with the Islamic prohibition on sheer mone..
Details of Russia’s national stablecoin have surfaced. On November 7, the chairman of Russia’s State Duma Committee on Financial Markets announced details of the “CryptoRuble,” a long-discussed government cryptocurrency project. Specifically, the official said that a state-backed stablecoin would be a complete equivalent to the Russian fiat ruble, but in a digital space. Russian authorities have now ended up with this concept after years of contradicting statements, and still, a ruble-pegged stablecoin might not turn out stable in the end. Long and complex history of national cryptocurrency in RussiaRussian national cryptocurrency was originally referred to as “Bitruble,” but then the term “CryptoRuble” became more common in the media. The history of CryptoRuble could be traced back to the fall of 2015, when a Moscow-based online payment settlement system, WebMoney, and Cyprus-headquartered payment service provider, Qiwi, separately approached the Central Bank of Russia (CBR) and of..
Binance has opened deposits for stablecoin USDC, with full trading functionality beginning on Nov. 17. Major cryptocurrency exchange Binance announced it would list Circle’s USD-pegged stablecoin USD Coin (USDC) in a blog post Nov. 15, with deposits opening immediately. USDC, which the financial services company announced in May this year and released in September, is one of an increasing number of cryptocurrencies notionally tied 1:1 with a major fiat currency. Binance is not the first major platform to list USDC, U.S. exchange Coinbase supporting the asset since the end of last month. “For increased transparency, USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued,” Binance adds in its statement today. The exchange also noted that trading for USDC/BNB and USDC/BTC trading pairs will begin Nov. 17. Exchanges across the world have stepped up efforts to support fiat-backed stablecoins as more and mo..
A South Korean messaging giant Kakao Corp jointly with stablecoin project Terra to launch a blockchain-based payment system. Kakao Corp, the major internet conglomerate and service provider for popular South Korean messaging app KakaoTalk, and a new stablecoin project, dubbed Terra, have signed a partnership agreement to develop the latter's blockchain-based payment system, local news outlet The Korea Times reported Nov. 14. The new partnership agreement is to apply the former's blockchain platform technology Klaytn, the brainchild of Kakao subsidiary Ground X, to blockchain-based payment system. Through two firms cooperation, it is planned “to enhance core requirements for payment services, such as speed, stability and reliability,” says the article. It also adds: “The [...] partnership agreement is expected to contribute to promptly creating a blockchain ecosystem suitable for services offered to a large group of people.” Back to spring, Kakao Corp, announced the plans to ..
CarbonUSD, a dollar-pegged cryptocurrency token which was originally launched on EOS can now be swapped between EOS and Ethereum. The token is the first ever stablecoin that was launched on EOS. The announcement about the swap was made by Carbon yesterday. The coin’s developer, made the announcement in a press release adding that CarbonUSD’s interoperability across various blockchains is going to add value to the coin and the industry as a whole in the long run. The stablecoin has been live on the Ethereum blockchain for the last two months but can now be transferred to the EOS blockchain on a user’s request. This will allow users to enjoy lower transaction fees and faster confirmation times. The company also provided a portal that gives users the ability to interact with applications on EOS. This portal has native smart contracts for one-to-one redemption to USD. SEE ALSO: Ethereum Price Predictions 2018: Cryptocurrency's value could triple (How high can the price of Ethereum g..
Advertisement This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. This month, Havven will launch the first decentralised stablecoin system in a variety of currencies all backed by a single cryptoasset collateral pool. The first batch of currencies released includes the Euro (nEURO), Japanese Yen (nJPY), Korean Won (nKRW), the Australian Dollar (nAUD), and gold (nXAU). These new stablecoins will complement Havven’s USD-pegged stablecoin, nUSD, which launched in June this year, and further currencies will be added in the near future. Havven uses a novel stability mechanism in which its stablecoins, nomins, are backed by collateral tokens, HAV. HAV holders receive fees generated by nomin transactions. Decentralised stablecoins can be used to make stable payments and provide a censorship-resistant alternative to fiat-backed stablecoins such as Tether. A decentralise..
The chairman of Russia’s State Duma Committee on Financial Markets has said that a state-backed stablecoin would be a complete equivalent to the Russian fiat ruble. The chairman of Russia’s State Duma Committee on Financial Markets has said that a state-backed stablecoin would be a complete equivalent to the Russian fiat ruble in a digital space, state-operated Russian news agency RIA Novosti reported Nov. 7. Chairman Anatoly Aksakov said that the “crypto ruble,” which may appear after the adoption of laws regulating the cryptocurrency industry in Russia, would be “the same ruble, just in encrypted form.” The State Duma chairman explained that it would be possible to change the Russian stablecoin for the equivalent in fiat money: "For example, you bring 100 thousand rubles to a bank and get 100 thousand crypto rubles, one to one for fiat money. You use these funds to buy goods fixed in the blockchain.” Aksakov also underlined that the crypto ruble — “the ruble in blockchain” — would r..
Stalwart USD-backed stablecoin Tether is now officially “fully backed” by USD, a new statement says. The issuer of cryptographic stablecoin Tether (USDT) announced it had found a new banking partner in a statement Nov. 1, confirming rumors it would use Bahamas-based Deltec Bank & Trust. Tether, which had suffered from mixed publicity after allegations it had parted ways with previous financial institution Noble Bank, also noted in the statement that its full money supply was backed by US dollars. “USDT in the market are fully backed by US dollars that are safely deposited in our bank accounts,” the statement reads. Despite the deal being de facto common knowledge for several weeks, Tether explained Deltec agreed to bank it “after their due diligence review of our company.” The statement continues: “This included, notably, an analysis of our compliance processes, policies and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; an..
Advertisement This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. BitMart Exchange, a premier global digital asset trading platform, recently announced the listing of USD Coin (USDC), a dollar-backed stablecoin that is issued by the cryptocurrency finance firm – Circle. By listing a safe and transparent tokenized fiat currency, BitMart is ready to embrace a more open crypto-powered financial system. USDC is the first stablecoin supported by Coinbase; the underlying technology behind it was developed collaboratively between Coinbase and Circle. It is a blockchain-based digital dollar where each token is strictly pegged 1:1 to the U.S. dollar. This means the coin can be ..
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