Stablecoins, central bank digital currencies and the new rails of digital cash.
In a significant development within the fintech landscape, Stripe is reportedly in advanced discussions to acquire Bridge, a stablecoin payment platform, for a staggering $1 billion. Co-founded by former Coinbase executives Zach Abrams and Sean Yu, Bridge has garnered attention for its innovative API that simplifies stablecoin acceptance for businesses. This move could elevate Bridge’s … Read more
Tether (USDT) has continued its reign as the dominant stablecoin, setting a new milestone on the TRON network. In September 2024, TRON facilitated a staggering $424 billion in USDT transfers, making it one of the highest monthly transfer amounts ever recorded for the stablecoin. The popularity of USDT on TRON has been on a steady … Read more
PayPal’s stablecoin, PYUSD, has faced a steep decline in market capitalization over the past six weeks, plummeting from over $1 billion to approximately $610 million at the time of writing. Once a contender among the top four stablecoins, this drop suggests a significant loss of investor confidence and raises questions about the future of PYUSD. … Read more
Stablecoins are rapidly becoming a mainstream digital tool for everyday transactions, with both companies and regular users embracing them for payments. In Singapore, for instance, the stablecoin payment value recently reached an impressive $1 billion, underscoring their growing importance in the business landscape, particularly within e-commerce. This surge in stablecoin adoption is hardly surprising. Compared … Read more
Tether Holdings’ USDT, a leading stablecoin in the cryptocurrency market, has reached an impressive milestone, boasting a user base of 330 million by the third quarter of 2024. This achievement reflects the growing acceptance and utilization of USDT across both decentralized and centralized exchanges, positioning it as a critical asset in the crypto ecosystem. Tether … Read more
PayPal’s dollar-linked stablecoin, PYUSD, is experiencing a notable decline in its market capitalization, raising questions about its long-term viability. Launched in August 2023, PayPal initially touted PYUSD as fully backed by fiat, but it struggled to gain significant adoption in its early stages, leading to only modest supply growth. Initial Growth and Recent Decline After … Read more
In a pioneering move for Thailand’s financial sector, Siam Commercial Bank (SCB) has officially launched stablecoin-based cross-border payment services, marking what it claims to be the country’s first implementation of stablecoins in the traditional banking system for international remittances. This innovative service aims to enhance capital efficiency and provide a more cost-effective solution for cross-border … Read more
Stripe, the renowned privately-owned payments giant, is reportedly in advanced discussions to acquire Bridge, a stablecoin payment platform founded by former Coinbase executive Sean Yu. While sources close to the negotiations suggest that both parties are optimistic, no formal agreement has been reached, and discussions could still fall through. Based in San Antonio, Texas, Bridge … Read more
OKX, one of the world’s largest cryptocurrency exchanges, has made headlines with its recent announcements regarding trading pairs. As part of its continuous efforts to optimize trading options and enhance user experience, the exchange will implement significant changes in its offerings. Upcoming Delistings On October 24, 2024, OKX will delist several trading pairs, including: BLOCK/USDT … Read more
In this week’s report, we examine the latest happenings in the cryptocurrency market, including significant regulatory developments, shifts in stablecoin market shares, and the implications of recent volatility in traditional markets. This analysis is in cooperation with market data provider Kaiko. Regulatory Landscape Shifts Last week, the U.S. Securities and Exchange Commission (SEC) made headlines … Read more