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” UK native stablecoin integrates into 18,000 ATMs nationwide “ A partnership between Poundtoken and BitcoinPoint will make the country’s first 100% backed GBP stablecoin ($GBPT) accessible to retail consumers via a network of 18,000 ATMs across the United Kingdom. The move marks another step towards the U.K. becoming a “crypto hub” and is in…
” ADA-backed algorithmic stablecoin Djed launched on Cardano “ Since the fall of the Terra (LUNA) algorithmic-stablecoin in mid-2022, many users in the crypto space have developed a weariness towards that particular asset class. The market for algorithmic stablecoins has dropped 10 times what it was at its all-time high prior to the Terra incident….
” Hong Kong will not tolerate algorithmic stablecoins in new regulation “ In the key principles of its upcoming regulatory framework, the Hong Kong Monetary Authority (HKNA) didn’t find a place for algorithmic stablecoins. Instead, the chief financial regulator will demand all stablecoin issuers back up their values with underlying reserve assets at all times….
” Bitcoin aims for $25K as institutional demand increases and economic data soothes investor fears “ Bitcoin (BTC) price broke above $22,500 on Jan. 20 and has since been able to defend that level — accumulating 40.5% gains in the month of January. The move accompanied improvements in the stock market, which also rallied after…
” Montenegro’s central bank teams up with Ripple on digital currency pilot project “ Montenegrin Prime Minister Dritan Abazović has announced on Twitter that his country is pursuing a digital currency in conjunction with Ripple. Abazović met with Ripple CEO Brad Garlinghouse and vice president James Wallis at Davos. Wallis is Ripple’s vice president for…
” Key takeaways from USDC $44.5 reserve report “ USD Coin (USDC) issuer Circle has released an accountant-verified report of its treasury reserve holdings backing more than $44.5 billion worth of tokens currently in circulation. Circle’s December 2022 reserve report, which was reviewed by GrantThornton accountancy group, breaks down the current make-up of the stablecoin…
” Fed policy to align bank oversight could limit crypto activities by state banks “ The United States Federal Reserve Board announced Jan. 27 that it was issuing a policy statement on limitations on banks. The policy seeks to create a level playing field and limit regulatory arbitrage for state banks with deposit insurance, state…
” Moody’s to build scoring system for stablecoins: Report “ Credit rating firm Moody’s is allegedly developing a scoring system for stablecoins, with analysis for up to 20 digital assets, Bloomberg reported on Jan. 26, citing unnamed sources. The system, which appears to be in the early stages of development, will evaluate and rate the quality…
” Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worries “ Stablecoins in the cryptocurrency market help provide U.S. dollar-pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets; and in bear markets, investors seek shelter…
” Algorithmic stablecoin market share dropped by 10x from ATH: Report “ The notorious failure of the Terra USD (UST) stablecoin affected the crypto market, but the algorithmic stablecoins took the harshest punch. Since its peak in April 2022, the market share of algorithmic stablecoins shrank almost tenfold. According to a new report from CryptoCompare,…