Authorities of Mendoza in Argentina have announced plans to allow about two million residents to pay taxes or government fees using Stablecoins, such as Tether (USDT) and Dai (DAI). A spokesman for the authorities explained: “This new service is part of the strategic objective of modernization and innovation carried out by the Mendoza Tax Administration […]
Polkadot-based Stablecoin Acala USD (AUSD) has joined the list of Stablecoins to lose their peg. Reports show that Acala USD shed over 98% of its value following an exploit. At press time, the Stablecoin traded at $0.2672, down by 7% in the last 24 hours, according to data from CoinMarketCap. The Acala Network made a […]
Yesterday, Tether, makers of the largest Stablecoin USDT, announced the launch of its new Stablecoin, GBPT. Issued on the Ethereum blockchain, GBPT is a Stablecoin pegged to the British pound. The official announcement detailed: “GBPT will be a stable digital asset that is pegged 1:1 to the British Pound Sterling. GBPT will be built by […]
Giant payment company Circle, makers of USDC (USD Coin), have announced the launch of its second major fiat-pegged Stablecoin. Unlike USDC, the new coin is pegged to the euro and is called Euro Coin (EUROC). The announcement came from the company’s CEO Jeremy Allaire yesterday, who asserted that EUROC has already garnered “broad industry support.” […]
After several accusations of not being transparent in its dealings, the Luna Foundation Guard (LFG) has provided a detailed explanation of the expenditure of assets under its custody. LFG is the organization responsible for securing the one dollar-peg of TerraUSD (UST), the algorithm-backed Stablecoin of the Terra ecosystem. The organization has acquired over 80,000 BTC, […]
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 […]
