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Blockchain.com is looking to partner with an undisclosed stablecoin project by the end of 2019, the firm’s CEO reportedly reveals. Crypto wallet provider Blockchain.com is seeking to partner with an unnamed stablecoin project by the end of 2019, the firm’s CEO Peter Smith revealed in an interview with crypto news agency The Block Jan. 21. Blockchain.com, which reportedly provides 32 million wallets, with most of them active to date, is allegedly considering listing a stablecoin on its platform. In the interview, the CEO of Blockchain.com stressed that the existing high competition in stablecoins will eventually make the market even more active than it is now. Smith reportedly stated that the firm “will make a move in there soon,” claiming that Blockchain.com is “not here to just make it easy to invest in Bitcoin (BTC).” Smith explained his positive stance on stablecoins, suggesting that the biggest cryptocurrencies have become more of an investment vehicle rather than tool for making ..
Tether (USDT) is the first ever stablecoin in the industry. Over time, there has been a lot of controversy surrounding Tether. New stablecoins have been created since then but statistics from CryptoCompare show that Tether is still the dominant stablecoin in the market. A study that was recently conducted by the cryptocurrency market data provider, showed that Tether still represents the majority of the trading volume. As at December 2018, USDT accounted for up to 65% of the volume. This shows that it increased by 16.5% since November. Tether (USDT) Continues To Dominate The Global Stablecoin Market The USDT to PAX trading volume have seen a tremendous increase by 70% from November to December 2018. This means that PAX present a strong competition for Tether. Regarding the dominant position of stablecoins in Bitcoin trading, both coins made inroads. In October 2018, USDT had 100% of the stablecoin market share. Shortly after, it went to 98%. PAX and other stablecoins have been unable ..
Cryptocurrency company Circle has released its third audit attestation of the USD reserves backing its USDC stablecoin. Cryptocurrency finance company Circle has released the third audit attestation of the reserves of its fiat-backed stablecoin, USD Coin (USDC), according to an official statement Jan. 16. The third-party audit of Circle’s United States dollar reserves was issued by independent accounting firm, Grant Thornton LLP. According to the report, as of Dec. 31, 2018 at 11:59 p.m. UTC, 251,211,148 USDC tokens were issued and outstanding, while the firm holds $251,211,209 in custody accounts, a $61 surplus in USD reserves. Circle’s statement concludes: “As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts.” The USDC stablecoin is an Ethereum (ETH) based ERC20 token, first announced in May last year, shortly after the company raised $110 million in an investment round. Circle CEO Jeremy Allaire..
Mongolia’s capital city administration is set to replace utility bills and government subsidies with blockchain-based payment methods. Mongolia’s capital city of Ulaanbaatar has partnered with a stablecoin company to release instant money transfer and lending services, Asia's largest tech media platform e27 reported on Jan. 11. Ulaanbaatar City’s administration has agreed to partner with a South Korean blockchain company, dubbed Terra, in order to eventually replace the current payment methods for utility bill and government subsidies with the Terra stablecoin, according to the publication. The pilot program is scheduled to be launched within the next six months, and will start in the city of Ulaanbaatar’s Nalaikh District, with plans to expand throughout the whole city. The article also states that the program within the Mongolian capital will contain both peer-to-peer payments and mobile payments. Terra is a stablecoin project co-founded by Daniel Shin, the creator of South Kor..
A former senior employee at U.S. crypto exchange Coinbase has left the industry giant to join stablecoin issuer TrustToken as head of compliance. A former senior employee at United States crypto exchange Coinbase has left the industry giant to join stablecoin issuer TrustToken as head of compliance, according to the company’s official website Jan. 4. Vaishali Mehta, whose LinkedIn profile indicates she served just over a year as senior compliance manager at the major San Francisco-based exchange, reportedly joined TrustToken in December 2018. Trust Token is the issuer of TrueUSD (TUSD), which has been listed on top crypto exchange Binance as of last May. The listing makes it a relatively early entrant amid the increasing number of new stablecoins notionally pegged 1:1 to the United States dollar — all of which are vying to compete with stalwart market leader Tether (USDT). Mehta’s LinkedIn profile further details her background as head of BSA/AML (Bank Secrecy Act/anti-money launderin..
Facebook is now making a stablecoin for WhatsApp, reports suggest. On Dec. 20, Bloomberg reported that Facebook is making a stablecoin for WhatsApp users. The cryptocurrency will reportedly be used for money transfers made within the messaging app and will focus on the Indian market. The move provides a curious juxtaposition for the social media giant, which banned cryptocurrency-related advertising across its network back in January and then partly reversed it in June. Here’s how Facebook’s relationship with cryptocurrencies and blockchain has been developing in 2018 — overall, it has been a patchy road. January: Zuckerberg is being bullish about crypto; Facebook bans crypto adsOn Jan. 4, Mark Zuckerberg set out his person challenge for 2018: to fix Facebook. While this year brought even more problems for the social media giant — Zuckerberg’s sweaty testimony on data privacy before the United States Congress being a primary example — the Facebook CEO seemed optimistic about the compa..
Crypto exchange Bitfinex has introduced margin trading for stablecoin Tether, and plans to add support for other stablecoin pairings. Hong Kong-based cryptocurrency exchange Bitfinex has introduced margin trading for stablecoin Tether (USDT), according to a blog post published Dec. 21. Bitfinex has launched margin trading for the USDT/USD pair, which would purportedly lead to more efficient price discovery and enable users to hedge the exposure taken on stablecoins. Along with a dedicated lending market, USDT will be available as collateral for margin positions, the post further reads. While stablecoin margin trading is currently limited to USDT/USD, the exchange is planning to introduce margin trading for some other stablecoin pairings once sufficient liquidity is reached. Earlier in December, Bitfinex and its spin-off Ethfinex added support for four new major USD-backed stablecoins, including USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD). The four coins joined the ..
The Ethereum network has been struggling to stay up to standard for a while now. With the rise of competing blockchains and the fall in the price of cryptocurrencies in the market, it’s been difficult for Ethereum to stay relevant. Recently, the Tron blockchain had an increase in the number of migrations and analysts believed that people from the EOS and Ethereum blockchain were migrating to Tron hence the increase. It’s Not Over Until It’s Over Even as the market suffers greatly, all hope is not lost yet. There are those who still believe in Ethereum as the top platform for smart contracts and decentralized applications. Recently, a state-owned Brazilian Bank announced that it is making plans to issue a stablecoin on the Ethereum blockchain. This token will be pegged to the national currency. The Brazilian National Social Development Bank is going to launch a pilot in January 2019. The name of the token is BNDES. It will be backed one unit to one unit by the Brazilian Real and it wo..
Major crypto exchange Binance has added Circle’s USD-pegged stablecoin USD Coin as a quote asset in its combined Stablecoin Market. Crypto exchange Binance has added Circle’s USD-pegged stablecoin USD Coin as a quote asset for several new trading pairs in its combined Stablecoin Market (USDⓈ). The exchange has announced this in an official post published Dec. 14. USD Coin (USDC), first announced by Goldman Sachs-backed Circle this May, and released in September, is one of a host of new stablecoins notionally pegged 1:1 to a major fiat currency. This November, Binance, currently the world’s largest crypto exchange by daily trade volume, had rebranded its Tether (USDT) Market as the combined USDⓈ market to allow for the support of more trading pairs with different stablecoins offered as a base pair. Today’s latest development will add six new trading pairs with USDC as a quote asset: native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC..
Binance Combined Stablecoin Market: USD Coin (USDC) Gets Added To The Binance Combined Stablecoin Market – USD Coin News TodayAfter renaming its Tether Market as combined Stablecoin Market, Binance has decided to increase its portfolio by adding new stablecoins. Keep in mind that Binance decided to rename the Tether Market so as to support more trading pairs that have different stablecoins as base. However, Binance said that USDⓈ, is not a stablecoin. It is the symbol of the stablecoin market of the exchange. After the name was changed, the exchange added pax and TUSD to its market giving traders many options. USD Coin (USDC) Joins The Market This morning, Binance announced that it has added the USD Coin to its market. With the USDC available on Binance, the USDⓈ is complete. The USDC will be paired with USD, BNB, ETH, EOS, XRP, and XLM. The pairs are currently visible in the exchange but will not be active until the 15th. On the 16th, the already active pairs with BTC and BNB will be..