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“# Sen. Elizabeth Warren calls crypto the ‘new shadow bank‘ ” United States Senator Elizabeth Warren, one of the most vocal cryptocurrency skeptics in the U.S. government, has called the cryptocurrency industry the “new shadow bank.” In a Sept. 5 interview with the New York Times, Warren said that the cryptocurrency industry offers “many of…
“# USDC to consolidate reserves into cash and US treasuries ” Coinbase president and COO, Emilie Choi, has announced that the reserves backing the stablecoin USD Coin (USDC) will be consolidated into cash and U.S. government treasuries. An Aug. 22 blog post from CENTRE Consortium, the entity that was collaboratively established by top U.S. crypto…
“# Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin ” USD Coin (USDC), Circle’s dollar-pegged stablecoin, seemingly lost one of its biggest competitive advantages over its rival, Tether (USDT). Major crypto exchange Coinbase made an important change on the USD Coin page on its website following an audit which revealed that not all…
“# Crypto derivatives exchange Bitget to list USDC as collateral for margin trading ” Derivatives exchange Bitget is set to become one of the first exchanges to list USD Coin (USDC) as collateral for trading crypto derivatives. The development comes courtesy of a strategic collaboration between the Singaporean crypto derivatives trading service and USDC stablecoin…
“# 3AC-backed DeFi protocol Tranchess launched to track Bitcoin performance ” Three Arrows Capital CEO Su Zhu has announced the launch of decentralized finance (DeFi) protocol Tranchess. Tweeting on Thursday, Zhu described Tranchess as a “Tokenized Asset Management and Derivatives Trading” protocol. While the project aims to become a multi-chain and multi-asset DeFi protocol, with…
“# Circle IPO further legitimizes crypto before regulators, outsiders ” Circle’s merger with Concord Acquisition Corp, a special purpose acquisition company, or SPAC, values Circle at $4.5 billion, and the combined entity is expected to debut on the New York Stock Exchange under the ticker CRCL before the end of the year. The merger/offering was…
“# Cointelegraph Consulting: Stablecoin activity drops after May peak ” Stablecoin usage lost steam amid the recent crypto market downturn. From peaking at nearly $2 billion on May 19, the daily transaction volume has fallen off its 2021 average by about 60%. The significant drop begs the question about stablecoin activity in the current market…
“# Hop Protocol launches USDC bridge between Ethereum, Polygon, and xDai ” Hop Protocol, a team working on interoperability within Ethereum’s layer-two ecosystem, has launched its Hop bridge for the first time. A July 12 blog post notes the bridge has been launched with limited functionality, currently supporting “instant” USD Coin (USDC) transfers between the…
“# Stablecoin growth could affect credit markets, rating agency warns ” The growth of stablecoins that are not fully backed by safe assets could trigger a destabilization in short-term credit markets, rating agency Fitch has warned. In a commentary note, the agency explained that coins that are fully backed by safe assets pose a lesser…
“# Messari: USDC set to become ‘dominant’ stablecoin on Ethereum ” USDC has grown much faster than Tether (USDT) in 2021 and it is emerging as the dominant stablecoin on Ethereum thanks to its popularity in DeFi according to Messari. Research by the analytics firm revealed that the demand for USD Coin has grown so…