Centralized stablecoins don't just have issues, they are an issue for the crypto economy, KaikoData' s riyad_carey writes. Opinion for ProjectstoWatch2023
Stablecoins have become an indispensable component of the cryptocurrency ecosystem, denominating 80% of centralized exchange trades and playing a crucial role in the rapidly expanding world of decentralized finance . Providing a stable store of value and enabling seamless transactions in a volatile market, stablecoins act as a vital link between fiat and crypto – their importance cannot be overstated.
In a more general sense, this chart also shows a flight from two stablecoins that are transparent about their backing, USDC and the closely related DAI token from MakerDAO, into the perceived safety of a stablecoin that hasn’t released an independent reserve report this year, USDT. Last year, USDT’s issuer, Tether, was fined by the Commodities and Futures Trading Commission for lying about its reserve assets meant to back USDT.
USDC has since returned to its peg and the 3pool has moved closer into balance. However, USDC’s market cap has continued to fall while USDT’s is approaching all-time highs.Earlier this year, Paxos was forced to halt issuance of BUSD after the New York Department of Financial Services stated the issuer
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Stablecoins Gain Traction as Inflationary Shield in Latin America With Growth in EuropeDespite the recent bear market and the latest banking turbulence, people in Latin America are increasingly using stablecoins as an inflationary shield, while in Europe stablecoins are gaining more traction among businesses. marinalammertyn reports
Consulte Mais informação »
All eyes are on stablecoins: Law Decoded, April 10–17Under the new stablecoin draft regulations, failure to register could result in up to five years in prison and a fine of $1 million.
Consulte Mais informação »
De-Dollarization: China, Brazil Can Be Instrumental in Building Less Centralized World With No Hegemony, Says Lula's Adviser – Economics Bitcoin News'It's very important that we are free from the dominance of one single currency because sometimes it is used politically,' said President Lula's adviser. de-dollarization $USD
Consulte Mais informação »
With Close to 10 Billion Stablecoins Redeemed, BUSD's Supply Drops to Lowest Level Since April 2021 – Altcoins Bitcoin NewsThe number of $BUSD stablecoins in circulation dropped below the 7 billion range to the current 6.68 billion.
Consulte Mais informação »
Circle exec to join US Congressional committee hearing on stablecoin payments, legislationThe US Financial Services Committee will hold a hearing titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation” on April 19.
Consulte Mais informação »