Tether’s USDT hegemony in the stablecoin market may shift as institutional investors chip into the crypto market.
Tether has long dominated the stablecoin sector thanks in large part to USDT’s status as the first fiat-backed stablecoin.
However, new serious competitors have entered the stablecoin market over the past several years, giving USDT (USDT) a run for its money.
Since 2024, the transaction volume of Circle’s stablecoin, USD Coin (USDC), has been on the rise.
Binance has exchanged a diversified $1 billion crypto portfolio in SAFU funds into USD Coin.
The Secure Asset Fund for Users (SAFU ) — an emergency fund established by crypto exchange Binance to cover user assets — contained various cryptocurrencies, such as Bitcoin (BTC), Tether (USDT), True USD (TUSD) and BNB (BNB).
But on April 18, 2024, Binance denominated the entire fund — 100% of SAFU assets — in Circle’s USD Coin (USDC).
The timing of this decision may seem odd, with the Bitcoin bull market in full swing, driven by the recent halving and high Bitcoin exchange-traded fund (ETF) volumes.
Asset management titan BlackRock is leading a new fundraising round for Securitize, a US company geared towards the tokenization of real-world assets. According to a new press release, Securitize has completed a $47 million funding round led by BlackRock, which has over $10 trillion of assets under its management and is the largest asset manager […]
The post BlackRock Leads Funding Round for US Firm Focused on Tokenization of Real-World Assets appeared first on The Daily Hodl.
Circle CEO Jeremy Allaire says he has his eye on a crypto use case that could be the tech that sparks mass adoption of blockchain and digital assets. In a new interview on Bankless, Allaire says that the “general payment utility” that stablecoins allow for is likely the most important use case for bringing the […]
The post Jeremy Allaire Unveils Stablecoin Prediction, Says One Use-Case ‘Definitely The Killer App’ appeared first on The Daily Hodl.
The real-world assets sector continues generating interest as the second most profitable crypto narrative in the first quarter of 2024.
Woo X cryptocurrency exchange has launched tokenized United States Treasury Bills (T-Bills), claiming to be the first protocol to offer tokenized T-Bills for retail investors.
Woo X launched its real-world–asset (RWA) tokenization vaults, RWA Earn Vaults, enabling users to earn yield by holding Circle’s USD Coin (USDC), according to an April 22 X post:
Backed solely by U.S. T-bills, RWA Earn Vaults offer between 4.5% and 4.7% annual percentage rate (APR) to USDC holders. According to the announcement:
Binance has converted $1 billion of its emergency user safety fund to Circle's stablecoin, although the exchange did not explain why.
The post Binance converts $1B emergency fund to USDC appeared first on Crypto Briefing.
Binance’s billion-dollar emergency fund was previously held in three wallets: Bitcoin, Tether, True USD and BNB.
The world’s largest crypto exchange, Binance, is converting its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC) stablecoin and now holds 3% of its circulating supply.
The company announced the move on April 18, stating that “we are transferring 100% of SAFU’s assets to USDC” but didn’t elaborate on why, other than it was “making use of a trusted, audited, and transparent stablecoin for SAFU,” which further enhances its reliability and ensures it remains stable at $1 billion.
The exchange’s Secure Asset Fund for Users is an emergency insurance fund established in 2018 to protect Binance users in extreme situations, such as exchange hacks, where users could be reimbursed for unforeseen losses.
On Thursday, the financial technology firm and stablecoin provider Circle introduced smart contract capabilities aimed at enabling holders of the Blackrock USD Institutional Digital Liquidity Fund (BUIDL) to exchange their shares for USDC through Circle. Circle Provides BUIDL Off-Ramp This week, Circle announced it is providing a redemption pathway for BUIDL holders through USDC. BUIDL, […]
Stablecoin issuer Circle says the dollar-pegged USDC is now available natively on layer-2 Ethereum (ETH) scaling protocol zkSync. In a series of posts on social media platform X, zkSync says that, unlike the USDC that was previously bridged on its platform, native USDC is different. “It’s backed by Circle with additional benefits: Regulated, fully reserved, […]
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