Stablecoins, central bank digital currencies and the new rails of digital cash.
PayPal USD (PYUSD) has rapidly ascended in the stablecoin market, achieving the status of the sixth-largest stablecoin within a short span. Launched in August 2023, PYUSD quickly made its mark by securing a place among the top ten stablecoins, with impressive adoption and transaction volumes. In just ten days, PYUSD’s supply surged by $140.9 million, … Read more
In a major development for the payment industry, Circle’s CEO, Jeremy Allaire, has announced that the company is preparing to implement ‘tap-and-go’ payments with USDC on iPhones. This announcement follows Apple’s recent decision to provide third-party developers access to its NFC chip and Secure Element technology starting with iOS 18.1. This new capability allows developers … Read more
Hong Kong is making significant strides in the regulation of stablecoins, with the Hong Kong Monetary Authority (HKMA) recently announcing the first participants in its stablecoin issuer sandbox. This initiative, launched in March 2024, includes prominent firms such as Standard Chartered Bank, Animoca Brands, Hong Kong Telecommunications, Jingdong Coinlink Technology, and RD InnoTech. The sandbox … Read more
In a striking move, Tether Treasury has minted $1 billion USDT on Ethereum and transferred $183.2 million USDT to Cumberland for exchange deposits over the past 13 hours, as reported by SpotOnChain on X. This significant activity highlights a surge in liquidity and potentially increased market momentum following recent cryptocurrency market events. Major Minting and … Read more
Brock Pierce, a key figure in the cryptocurrency realm and co-founder of Tether, is currently navigating a storm of legal challenges. Tether, the issuer of the widely used stablecoin USDT, is preparing to defend itself against a high-stakes lawsuit filed by Celsius Network, the now-bankrupt crypto lender. Concurrently, Pierce is embroiled in legal disputes in … Read more
Recent data reveals a notable increase in the inflow of leading stablecoins USDC and USDT to centralized cryptocurrency exchanges, raising speculation about a possible rise in Bitcoin (BTC) prices. This uptick in stablecoin activity is drawing attention from market analysts, who suggest that these inflows might be a precursor to significant BTC movements. Increased Stablecoin … Read more
Bitrace has uncovered a new scam targeting cryptocurrency traders, involving the misuse of QR codes to steal wallet authorizations. Scammers are luring users with enticing over-the-counter (OTC) trade offers and TRX rewards, native to the Tron protocol, to execute their scheme. The scam begins with fraudsters making a small, seemingly legitimate payment in USDT to … Read more
In the past two days, institutional investors have ceased their accumulation of stablecoins, leading to a notable decline in Bitcoin’s price. As of 08:03 am UTC on August 12, Bitcoin (BTC) has dropped 3.9% to $58,930, falling from a weekly high of $62,510 and slipping below the $60,000 mark. On-chain analytics platform Lookonchain attributed the … Read more
Tether Limited, the issuer of the USDT stablecoin, has responded to a lawsuit filed by Celsius Network Limited, branding it as “baseless” and a “meritless shakedown.” The legal dispute, which was filed on August 9 in the U.S. Bankruptcy Court for the Southern District of New York, revolves around a contentious $2.4 billion Bitcoin liquidation … Read more
Recent on-chain data reveals a significant increase in stablecoin activity following recent market fluctuations. Tether (USDT) and Circle’s USD Coin (USDC) have both experienced substantial growth, reflecting their crucial roles in the cryptocurrency market’s recovery and expansion. Tether’s Record High and Exchange Activity Since the recent market crash, Tether has moved an impressive $1.3 billion … Read more