Recent reports show that the Treasury Department of the UK, HM Treasury, will see through its plans to regulate payment Stablecoins undeterred by the recent market crash. The revelation came after Terra suffered a breakdown, which triggered a death spiral for its algorithmic Stablecoin UST and its native token LUNA. At press time, UST trades […]
In simple terms, Stablecoins are digital currencies with a peg to a more stable asset, like fiat currencies and commodities. Now, you may be tempted to ask: “why not just use a more stable asset, like the dollar, instead of using a Stablecoin?” To answer this question, we need to look at a few critical […]
US Federal Reserve chairman Jerome Powell has asserted that the cryptocurrency industry needs a new regulatory framework, arguing that it poses a threat to the US financial system and could undermine the nation’s financial institutions. The Fed chair aired his concerns on the cryptocurrency industry yesterday at a panel discussion on digital currencies hosted by […]
US dollar-pegged stablecoin Tether (USDT) has recorded exponential growth over the last few years, with current data showing that the coin has 77.97 billion tokens (worth $77.97 billion) in circulation today. USDT is the undisputed stablecoin in terms of dominance (valuation and use) among other stablecoins in the market. Meanwhile, USDT occupies 3.79% of the […]
Despite the bearish rout in the crypto industry, payments solution behemoth PayPal recently announced that it is working on issuing a personalized cryptocurrency. While there are no details on what this cryptocurrency is or when it would drop, PayPay noted that it would be a stablecoin, possibly pegged to the US dollar. In an interview […]
At the recently-concluded hearing of the Senate Banking, Housing, and Urban Affairs Committee, US Senator Elizabeth Warren (D-Mass) adjured regulators to “clamp down” on stablecoins and Decentralized Finance (DeFi) platforms “before it is too late, citing Tether (USDT) and USD Coin (USDC). Warren highlighted that based on Tether’s report, “only about 10% of the assets […]
