Stablecoin Issuer Tether’s USDT Potentially Seeing Rise in Adoption in Sanctioned Countries: Report

November 3, 2024 The Daily Hodl

Africa

The world’s largest stablecoin by market cap is reportedly potentially seeing a rise in adoption amongst sanctioned nations. Citing data from market intelligence platform Chainalysis, Bloomberg reports that stablecoin issuer Tether’s USDT is seeing increased usage at time zones correlated with major cities in Eastern Europe, the Middle East and Africa, including sanctioned nations such […]

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

CryptoQuant CEO Says Stablecoins Now Being Mostly Used for Purposes Other Than Exchange Trading

November 3, 2024 The Daily Hodl

Altcoins

The chief executive of digital asset insights firm CryptoQuant says stablecoins are witnessing increased adoption via use-case expansion. CryptoQuant’s Ki Young Ju tells his 368,500 followers on the social media platform X that the total market cap of stablecoins is exploding for reasons other than digital asset trading on exchanges. The on-chain analyst’s data shows […]

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Stablecoin supply alone won’t pump Bitcoin markets — Ki Young Ju

November 2, 2024 Coin Telegraph

Bitcoin

Stablecoins are now primarily used to store value in countries with rapidly depreciating fiat currencies or prohibitive capital controls.

As Bitcoin (BTC) hovers around the $70,000 price level, investors and analysts debate the specific catalysts that will send markets higher. CryptoQuant founder and CEO Ki Young Ju recently explained that while stablecoin supply continues to grow, this added volume is not high enough to create significant buy-side liquidity and drive BTC prices higher.

The CryptoQuant founder presented the current Bitcoin-to-Stablecoin Exchange Reserve Ratio — a metric that measures Bitcoin reserves on exchanges compared to stablecoins — which indicates there is approximately six times as much BTC held on exchanges as stablecoins.

According to Ju, stablecoin reserves accounted for $30 billion in value during September 2021. Currently, the entire stablecoin market capitalization is roughly $166 billion. However, only 21% of these stablecoins are held on exchanges for trading purposes — a far cry from 2021 when over 50% of the total stablecoin supply was held on exchanges.

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Stablecoin Market Grew by $555 Million in October – Which Tokens Are Leading the Pack?

November 2, 2024 Bitcoin.com

Stablecoin Market Grew by 5 Million in October – Which Tokens Are Leading the Pack?

Altcoins

According to the latest data, the stablecoin economy now holds a value of $172.892 billion, with October adding $555 million to the fiat-pegged token market. Stablecoin Market Continues to Climb Last month saw stablecoins grow modestly, with the market inching up 0.32% from $172.337 billion to $172.892 billion. Leading the pack, tether (USDT) now boasts […]

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Brazilian Central Bank Considers Taxing Stablecoin Remittances

October 31, 2024 Bitcoin.com

bitcoin.com

The stablecoin boom in Brazil has caught the attention of the central bank, which is currently exploring several ways to tax stablecoin remittances, including issuing a special license for crypto exchanges that provide these services. Central Bank of Brazil Explores Tax on Stablecoin-Based International Transactions, but There’s a Catch The Central Bank of Brazil is […]

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Centralized stablecoins may pose risk to DeFi — Curve Finance founder

October 30, 2024 Coin Telegraph

Coin Telegraph

As centralized US dollar-pegged stablecoins continue to gain popularity, the potential for regulatory capture has grown.

The potential risks of overcollateralized stablecoins have recently come into sharper focus. Michael Egorov, the founder of the decentralized borrowing and lending platform Curve Finance, explained that these risks are not necessarily the reserve-related risks commonly noted by investors, but geopolitical risks posed by government regulation.

In an interview with Cointelegraph, Egorov argued that the underlying assets backing collateralized stablecoins, including cash deposits in financial institutions and government securities, such as United States Treasury bills, are vulnerable to asset freezes and seizures.

United States Senator Bill Hagerty’s bill proposal to regulate stablecoins in the US. Source: US Senate

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Circle raises USDC cash-out fees, affecting large-scale redemptions

October 29, 2024 Coin Telegraph

Circle

The fee structure revision primarily affects institutional investors and high-volume traders.

Stablecoin issuer Circle has raised its fees for redeeming its USD Coin (USDC) for the second time in less than a year.

According to an Oct. 29 Bloomberg report, since September, the company has been collecting fees on daily redemptions of at least $2 million.

In February, Circle introduced swap charges for redemptions above $15 million through its Circle Mint platform.

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Circle CEO Hypes Stablecoin Market Growth With Astounding Prediction

October 28, 2024 Bitcoin.com

bitcoin.com

Jeremy Allaire, CEO of Circle, has predicted that stablecoins will grow to capture up to 10% of the money supply in the next 10 years. Allaire highlighted that even with the recent expansion of stablecoins, it is still in the early stages of this crypto class. Circle CEO States Stablecoins Will Become a $10 Trillion […]

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Tether CEO breaks down reserves backing USDT stablecoin

October 27, 2024 Coin Telegraph

Coin Telegraph

The Wall Street Journal cited unnamed individuals as the source of the claims that the United States government is investigating Tether.

Tether CEO Paolo Ardoino took the stage at Lugano's PlanB event in Switzerland to provide a breakdown of the reserve assets backing the company's Tether-USD stablecoin (USDT) following allegations that the firm was under investigation by the United States Department of Justice and the Treasury.

Ardoino revealed that Tether holds approximately $100 Billion in US treasuries, more than 82,000 Bitcoin (BTC), valued at roughly $5.5 billion using current market prices, and 48 tons of gold.

The Tether CEO highlighted the asset reserves amid the fear, uncertainty, and doubt caused by a recent Wall Street Journal article, which claimed that US authorities were probing the firm for allegedly violating anti-money laundering laws and US sanctions.

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Fireblocks launches $1M grant program to boost PYUSD developer adoption

October 24, 2024 Coin Telegraph

Fireblocks launches M grant program to boost PYUSD developer adoption

Coin Telegraph

As part of the program, developers can apply for up to $60,000 in grant funding to support their projects.

Digital assets management platform Fireblocks has announced the launch of a $1 million grant program for companies building blockchain-based projects using the PayPal USD (PYUSD) stablecoin.

Qualifying projects will be eligible for up to $60,000 in grants as part of the program, which was extended on Oct. 24 after an extensive beta period with payment companies KoraPay and Bridge.

“Our pilot has already shown the transformative impact PYUSD can have, and we look forward to seeing businesses create real-world use cases that take advantage of what stablecoins can offer,” said Ran Goldi, the senior vice president of payments and networks at Fireblocks, in an announcement.

Stablecoins

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