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Synthetix Explores Adjusting sUSD Liquidity Incentives with SIP 51
Synthetix Explores Adjusting sUSD Liquidity Incentives with SIP 51
Synthetix – the permissionless derivatives protocol – is exploring adjusting its economic incentives for liquidity providers across sETH and sUSD pools. sETH acts as the primary on-ramp for Synthetix users, sUSD also acts as a critical off-ramp. Therefore, there must be high confidence (and liquidity) in the stability of the sUSD peg at $1. The added SNX incentives to Curve will aid in sUSD maintaining its $1 peg and assurance for liquidity providers that the incentives will exist in the long term.
#Fintech#CryptoAssets#Stablecoins#Synthetix#DFC
·defirate.com·
Synthetix Explores Adjusting sUSD Liquidity Incentives with SIP 51
Why This Global Crisis Is a Defining Moment for Stablecoins
Why This Global Crisis Is a Defining Moment for Stablecoins
Over the past month, stablecoins have lived up to their moniker and value proposition. We’ve seen a flight from traditional crypto assets to stablecoins similar to 2018. The market cap of all stablecoins has swelled from $5 billion at the start of the year to above $8 billion in April. And the improved stability and usability of stablecoins equips them to rise to the occasion and prove utility beyond demand from exchange arbitrage and safe haven appeal.
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
Why This Global Crisis Is a Defining Moment for Stablecoins
Circle CEO Claims 'Explosive' Stablecoin Demand From Everyday Businesses
Circle CEO Claims 'Explosive' Stablecoin Demand From Everyday Businesses
"U.S. dollar-backed blockchain tokens are surging in popularity around the world, and this time much of the demand is for payments in normal business transactions, not just to move money quickly between cryptocurrency exchanges. Over the past several weeks, Circle have seen explosive interest and growth in USDC. There is clearly very significant global demand for digital dollars, and the use of digital dollars as a new payment medium."
#Fintech#CryptoAssets#Stablecoins#USDC#Circle#Pandemic#DFC
·coindesk.com·
Circle CEO Claims 'Explosive' Stablecoin Demand From Everyday Businesses
A full analysis of DC/EP
A full analysis of DC/EP
"The PBoC has no official document to elaborate systematically on DC/EP design. Several high-level officials, including former governor ZHOU Xiaochuan and current governor YI Gang, have discussed DC/EP in their public speeches and writings. After combing and comparing information from those public channels, I believe DC/EP should have the following key characteristics."
#Fintech#CBDC#DFC
·medium.com·
A full analysis of DC/EP
Chris Giancarlo: Don't Rush Digital Dollar During COVID-19
Chris Giancarlo: Don't Rush Digital Dollar During COVID-19
"Our proposed digital dollar would be tokenized. Tokenization is the act of turning an asset, good, right or currency into a digital representation with properties sufficient to attest and transfer ownership. In today’s current world, cash is a physical token. To verify the transaction, you only need to confirm the authenticity of the bill. Because each bill is unique, it is impossible to spend the same bill more than once. This differs from account-based electronic money, which uses a reconciliation-intensive, message-based approach to adjust entries in a ledger."
#Fintech#CryptoAssets#CBDC#Pandemic#DFC
·coindesk.com·
Chris Giancarlo: Don't Rush Digital Dollar During COVID-19
US Lawmaker Calls Libra's Revamp Insufficient
US Lawmaker Calls Libra's Revamp Insufficient
Rep. Sylvia Garcia, a member of the House Financial Services Committee, said Thursday that the consortium's revised roadmap "does not address the concerns I raised" in the past. "I will continue to work to make sure that the SEC regulates any such asset as the security that it is under current securities laws," Garcia said.
#Fintech#CryptoAssets#Stablecoins#Facebook#Regulation#Libra#DFC
·coindesk.com·
US Lawmaker Calls Libra's Revamp Insufficient
What Keeps Stable Coins Stable?
What Keeps Stable Coins Stable?
Using a rich dataset of signed trades and order books on multiple exchanges, we examine how peg-sustaining arbitrage stabilizes the price of the largest stable coin, Tether. We find that stable-coin issuance, the closest analogue to central-bank intervention, plays only a limited role in stabilization, pointing instead to stabilizing forces on the demand side. Following Tether’s introduction to the Ethereum blockchain in 2019, we find increased investor access to arbitrage trades, and a decline in arbitrage spreads from 70 to 30 basis points. We also pin down which fundamentals drive the two-sided distribution of peg price deviations: Premiums are due to stable coins’ role as a safe haven, exhibiting, for example, premiums greater than 100 basis points during the COVID-19 panic of March 2020; discounts derive from liquidity effects and collateral concerns.
#Fintech#CryptoAssets#Bitcoin#Stablecoins#Tether#BitMex#Pandemic#DFC
·papers.ssrn.com·
What Keeps Stable Coins Stable?
Stable coins don't inflate crypto markets
Stable coins don't inflate crypto markets
This column argues that aggregate stable coin issuance does not drive crypto prices, in contrast to claims from previous studies. Instead, it claims that issuance behaviour can be explained as maintaining a decentralised system of exchange rate pegs and acting as a safe haven in the digital asset economy. The latter can be demonstrated by the significant stable coin premiums during the COVID-19 panic of March 2020.
#Fintech#CryptoAssets#Bitcoin#Stablecoins#Tether#BitMex#Pandemic#DFC
·voxeu.org·
Stable coins don't inflate crypto markets
Libra Compromises Undermine Original Facebook Promise
Libra Compromises Undermine Original Facebook Promise
"Instead of focusing on the freedom of developers to build what they want, the new version of libra focuses on individuals’ ability to own their own keys. Unlike banks, which hold money on behalf of users, making the funds much easier to freeze or seize, libra will seemingly give owners the option to hold their own private keys, an important feature to many cryptocurrency hardliners whose mantra is “not your keys, not your bitcoin.”"
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·forbes.com·
Libra Compromises Undermine Original Facebook Promise
‘Digital Dollar’ Reintroduced by US Lawmakers in Latest Stimulus Bill
‘Digital Dollar’ Reintroduced by US Lawmakers in Latest Stimulus Bill
Congresswomen Rashida Tlaib and Pramila Jayapal introduced a new stimulus proposal, Automatic BOOST to Communities Act brings back the idea of a digital dollar, describing the concept using similar language to a series of bills introduced last month. Under the ABC Act, Congress would authorize the Federal Reserve to create “FedAccounts,” meaning “Digital Dollar Account Wallets,” which would allow U.S. residents, citizens and businesses located in the country to access financial services.
#Fintech#CBDC#FastPayments#Pandemic#DFC
·tlaib.house.gov·
‘Digital Dollar’ Reintroduced by US Lawmakers in Latest Stimulus Bill
Libra Just Made a Bunch of Changes to Play More Nicely With Regulators
Libra Just Made a Bunch of Changes to Play More Nicely With Regulators
Libra has applied for a payment system license from Swiss regulator FINMA (Swiss Financial Markets Supervisory Authority). This is a huge milestone on the way to some publicly usable Libra payments system, but there is still work to be done. Libra’s licensing process will continue to require input from other central banks and financial regulatory authorities around the world.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·cointelegraph.com·
Libra Just Made a Bunch of Changes to Play More Nicely With Regulators
Libra Scales Back Global Currency Ambitions in Concession to Regulators
Libra Scales Back Global Currency Ambitions in Concession to Regulators
Libra still intends to issue a multi-currency stablecoin, but it would be backed by the new stablecoins, rather than directly by fiat currencies held in a bank. The new model limits Libra’s flexibility, since adding (or removing) a currency from the basket requires issuing (or retiring) another digital token.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·coindesk.com·
Libra Scales Back Global Currency Ambitions in Concession to Regulators
Libra White Paper | Blockchain, Association, Reserve
Libra White Paper | Blockchain, Association, Reserve
The new Libra white paper is intended to be a stand-alone update regarding the plans of the Association. Additionally, supporting technical papers also published in June 2019 have been edited or retired. Key changes from the June 2019 white paper include single-currency stablecoins in addition to the multi-currency coin, forgoing the future transition to a permissionless system, enhancing payment safety with a robust compliance framework, and building strong protections into the Reserve design.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·libra.org·
Libra White Paper | Blockchain, Association, Reserve
Chinese local government employees to receive central bank digital currency in May - report
Chinese local government employees to receive central bank digital currency in May - report
Citing an official document, China Star Market said that Suzhou municipal government employees would receive 50% of their May transportation subsidies in DCEP. The digital currency will be issued to them by four state-owned banks, including the Agricultural Bank of China, the Industrial and Commercial Bank of China, the Bank of China, and the China Construction Bank.
#Fintech#CBDC#DFC
·chinastarmarket.cn·
Chinese local government employees to receive central bank digital currency in May - report
Stablecoins Printer Going Brrr Since BTC Lows; Dollar's Global Shortage Driving the Demand?
Stablecoins Printer Going Brrr Since BTC Lows; Dollar's Global Shortage Driving the Demand?
Ever since Bitcoin crashed to $3,850 in mid-March, fiat-backed stablecoins have been printing like crazy, with their market cap growing at a fast speed. During this time, the market cap of Paxos has surged 20% and USDT’s 40%. While Circle and Coinbase’s USDC market cap jumped 55%, Binance’s stablecoin BUSD saw the biggest spike of 85%.
#Fintech#CryptoAssets#Stablecoins#DFC
·bitcoinexchangeguide.com·
Stablecoins Printer Going Brrr Since BTC Lows; Dollar's Global Shortage Driving the Demand?
$1 Billion of USDT Is Sitting on Binance, and That’s Big for Crypto
$1 Billion of USDT Is Sitting on Binance, and That’s Big for Crypto
According to data shared by Jason Choi — a Wharton School graduate that is the Head of Research at crypto hedge fund The Spartan Group — there is now just shy of $1 billion worth of Tether “sitting on the sidelines on Binance alone.” This doesn’t count the other stablecoins that platform supports, including Binance USD, USD Coin, Paxos Dollar, and more.
#Fintech#CryptoAssets#Stablecoins#Tether#Binance#DFC
·bitcoinist.com·
$1 Billion of USDT Is Sitting on Binance, and That’s Big for Crypto
Maker Foundation Faces New Lawsuit Demanding $28M for Black Thursday Liquidations
Maker Foundation Faces New Lawsuit Demanding $28M for Black Thursday Liquidations
A new class-action lawsuit against DeFi giant the Maker Foundation alleges that the company misrepresented the risks investors in the ecosystem faced, leading to catastrophic losses of collateral on MakerDAO on March 12. The complaint, which was filed in the Northern District Court of California on April 14, accuses three entities affiliated with Maker of negligence and intentional misrepresentation before investors, or “collateralized debt position holders.”
#Fintech#CryptoAssets#Stablecoins#MakerDAO#DAI#DFC
·cointelegraph.com·
Maker Foundation Faces New Lawsuit Demanding $28M for Black Thursday Liquidations
FSB consults on regulatory, supervisory and oversight recommendations for “global stablecoin” arrangements
FSB consults on regulatory, supervisory and oversight recommendations for “global stablecoin” arrangements
The Financial Stability Board (FSB) today published for consultation 10 high-level recommendations to address the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements.
#Regulation#Fintech#Facebook#CryptoAssets#Stablecoins#Libra#DFC
·fsb.org·
FSB consults on regulatory, supervisory and oversight recommendations for “global stablecoin” arrangements
Amazon, Walmart and a coronavirus low-income grocery-shopping divide
Amazon, Walmart and a coronavirus low-income grocery-shopping divide
SNAP program restrictions for online grocery shopping and delivery contribute to public health threats faced by as many as 35 million low-income Americans during the coronavirus. Major sources of groceries, like Amazon and Walmart, offer online grocery shopping for SNAP benefits through a preexisting USDA pilot program, but only in a handful of states. The incomplete access is another example of social inequity and internet divide exposed by the pandemic.
#Fintech#CBDC#Pandemic#DFC
·cnbc.com·
Amazon, Walmart and a coronavirus low-income grocery-shopping divide
Central Bank Digital Currency: A Primer
Central Bank Digital Currency: A Primer
This Banque de France paper documents the benefits, costs, difficulties and risks associated with potential wholesale and retail CBDC implementation. It concludes that the need for retail CBDC, which raises the thorniest issues, seems less pressing in developed economies.
#Fintech#CryptoAssets#CBDC#DFC
·suerf.org·
Central Bank Digital Currency: A Primer