How does a “Stablecoin” make money? – Coinmonks – Medium
How does a stable coin make money for a VC? Let’s look into this and make sure everything adds up.
Swedish central bank looks at path to state-backed digital currency - Central Banking
"Sweden’s central bank will start looking at the legal and technical changes needed to introduce a state-backed digital currency, it said today (October 26). One possible change could be to the central bank’s own mandate."
Next step – a technical solution for the e-krona | Sveriges Riksbank
Sweden’s Riksbank will start a pilot next year to develop a tested and ready e‐krona that could be introduced should the bank wish to do so. The initial focus will be on an e‐krona that constitutes a prepaid value (e-money) without interest and with traceable transactions.
Reserve Bank of Australia Official ‘Not Convinced’ of Need for Digital Dollar | Coin Telegraph
New York Fed files to dismiss narrow bank lawsuit - Central Banking
"The Federal Reserve Bank of New York has filed a motion to dismiss The Narrow Bank’s (TNB) lawsuit, claiming that TNB’s case is “unripe” and has no legal ground to stand on. In August, the start-up bank filed a complaint in federal court seeking a judgement and injunction compelling the New York Fed to open a Fed account called a master account."
Central Bank-Issued Digital Currencies: Why Governments May (or May Not) Need Them | Coin Telegraph
"The concept of CBDC, or national cryptocurrencies, has attracted many governments across the world. Some of them have already rolled out their virtual currencies, some keep researching their economical impact, while others — like Japan — have decided to dismiss the idea altogether. Here’s what the concept entails, and why major governments choose to implement or deny it."
Wary of crypto, UK government blocks Royal Mint's digital gold | Reuters
"Britain’s Royal Mint has frozen plans to launch a digital gold token after a partnership with U.S. exchange group CME failed and the government vetoed a plan to have the tokens trade on a cryptocurrency exchange, three sources told Reuters."
Announcing Sila — building the new financial world — Silamoney
"The Sila token is pegged to the US dollar via a centralized, 100% reserve held in USD-based instruments, and is guaranteed to be stable and retain its value even in the most extreme volatility environments. Perhaps most importantly, it forms the basis for a fintech API platform that will enable fast, regulatory-compliant payments, and other uses of money, with minimal reliance on the traditional banking system."
Stablecoins Are Proliferating, Finds New Research - Coinjournal
More than 100 unique stablecoins are currently in existence, almost double the number compiled last month, according to a new analysis and survey by blockchain entrepreneur Edan Yago and stablecoin resource Stable.Report.
Tether Just Burned 500 Million USDT Stablecoin Tokens - CoinDesk
From Oct. 14, when USDT started to slip below $1.00, to Oct. 23, 680 million USDT were transferred to the company-controlled Treasury wallet. All of these transfers came from an address controlled by Bitfinex, a cryptocurrency exchange that overlaps with Tether in terms of ownership and management.
Tether Redeems and ‘Burns’ More than Half of USDT in Circulation | Coin Telegraph
Tether, issuer of stablecoin USDT, says it has “redeemed a significant amount” of tokens from the circulating supply and will now “destroy” 500 million USDT from the Tether treasury wallet, in an official post published Oct. 24.
Coinbase and Circle co-found the CENTRE Consortium
Newsflash: Tether Destroys 500 Million USDT
"Tether Limited, the issuer of the USD-pegged USDT cryptocurrency, has destroyed 500 million units of the embattled stablecoin."
CoinMarketCap Excludes Some Tether Data After Clarification by Bitfinex - CoinDesk
"CoinMarketCap, the most-visited aggregator of cryptocurrency market data, has changed the way it uses data from the Bitfinex exchange in response to a report by CoinDesk. On Tuesday, CoinDesk pointed out that a trading pair shown on CoinMarketCap – seemingly, for trades between the tether stablecoin (USDT) and U.S. dollars – did not, in fact, represent a pair that's available for trading on Bitfinex. From looking at CoinMarketCap data, the ostensible pair appeared to be the second-highest by 24-hour volume on the exchange at the time the article was written."
New Stablecoin Tied to Australian Dollar Is Launching on Stellar's Blockchain - CoinDesk
A new stablecoin is launching on the Stellar blockchain that's designed to hold its value with the Australian dollar (AUD) and being pitched for consumer and business uses. Novatti Group, an Australian online payments processor, will issue the Novatti AUD Utility Token beginning on November 19. The token will be backed 1-for-1 with AUD held in a trust.
Coinbase Adds Its First Stablecoin Tied to the US Dollar - CoinDesk
"Crypto exchange Coinbase announced support for the Circle-issued stablecoin Tuesday. In a blog post, the exchange said U.S. customers outside the state of New York can now buy, sell, send and receive the USD//Coin (USDC) through the company's iOS and Android apps, as well as coinbase.com, which was first announced last month. It intends to offer the coin to customers in different regions going forward."
Bitfinex Is Publishing Data for a Tether Market That Doesn't Exist - CoinDesk
"You'll see that the trading pair with the second-highest volume on the exchange over the past 24 hours – nearly $48 million at the time of writing – is USDT/USD: the tether stablecoin, which aims for parity with the U.S. dollar, and the U.S. dollar itself. From this data point, you could be forgiven for concluding that Bitfinex's customers trade huge quantities of tethers for dollars, and vice-versa – more than they trade ether, XRP and EOS combined for dollars. But you'd be wrong."
Riksbank says all banks should be ‘obliged’ to continue cash services - Central Banking
Sveriges Riksbank has taken proposals to ensure cash does not disappear from Sweden one step further, by declaring all banks and other credit institutions should be “obliged” to continue to offer cash services.
Bitfinex Took 630 Million Tether Out of Circulation After Drop Below $1 - CoinDesk
It's notable, then, that a wallet address controlled by Bitfinex has sent 630 million USDT to an address known as the "Tether treasury" in six large transactions over recent days. The first, of 200 million USDT, was sent the morning of Oct. 14, when Tether's dollar exchange rate was beginning to hit multi-month lows.
Bitfinex’s banking problems solved: SNITCHES GET STITCHES | Attack of the 50 Foot Blockchain
"Larry Cermak at The Block is having great fun reporting on each new Bitfinex banking partner as it pops up. He tweeted about their account at HSBC — and this account inexplicably vanished soon after, and cash deposits to Bitfinex were suspended."
Is a Cashless Society Problematic? - Bank of Canada
"The use of bank notes in Canada for payments has declined consistently for some time, and similar trends are evident in other countries. This has led some observers to predict a cashless society in the future. This paper considers the implications of the abandonment of the use of cash in the future. More specifically, we look at a variety of ways in which the emergence of a cashless society could affect key concerns of a central bank, including seigniorage, monetary policy, payments and financial stability considerations. We find that a cashless society would not generally cause material, system-wide problems. There are a few areas, however, where concerns could emerge: the maintenance of both operational reliability and contestability in retail payments, and the provision of a safe store of value in an (extreme) financial crisis. We note policy options to address these potential concerns."
Circle’s Stablecoin USDC Sees Marketcap Growth of 85% - CoinWire
"Goldman Sachs-supported crypto company’s stablecoin registered remarkable growth figures since its launch three weeks ago. Circle’s USD Coin (USDC) is currently pegged to the U.S. dollar one-is-to-one."
Bank of Japan Deputy Governor Downplays Cryptocurrency Plans | CCN
"Masayoshi Amamiya, Bank of Japan’s Deputy Governor, stated on Saturday that it was unclear whether digital currencies could enhance the monetary policies of central banks. He elaborated that the Bank of Japan had no plans whatsoever to issue a cryptocurrency."
Bitfinex: The Rumors of “Insolvency”, Banking Partners’ Escape, and the Suspension of Fiat Deposits
Stablecoins in a Nutshell...And Why They Can Kill Decentralization | CCN
"In sum, people think that the march from centralization to decentralization is linear. History teaches us that it is circular. The road back towards centralization goes through stablecoins. The stablecoins are not a bridge, they are a flight of Penrose stairs."
Third Largest Crypto Exchange Huobi Opens Deposits for New ‘Stablecoin Solution’ HUSD | Coin Telegraph
Specifically, Huobi will accept and store Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD), giving users a balance in HUSD as a kind of aggregator of all four.
Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars - CoinDesk
Tether (USDT) tokens are flooding into a wallet address controlled by the Kraken exchange, one of the few places where the troubled stablecoin can be converted into U.S. dollars.
One Coin to Rule Them All? Huobi Lets Users Swap Between Stablecoins | CCN
"According to the announcement, the HUSD solution aims to reduce the need to choose between multiple stablecoins, as well as to cut down transaction costs incurred when switching between these USD-pegged assets. It does so by automatically converting all stablecoin deposits on Huobi’s platform to its newly-launched HUSD “token,” which is native to the exchange and cannot be withdrawn. This platform token can be used for trading bitcoin, ether and any other digital asset listed on Huobi Global platform. HUSD can also be used at the time of withdrawals by converting itself back to the stablecoins, which could further be converted to fiat currencies."
TrueUSD Sees 30% Surge in Trading Volume as USDT Tanks - CoinWire
"U.S. cryptocurrency exchange HBUS reportedly saw a massive surge in trading volume between Tether (USDT) and another USD-backed stablecoin TrueUSD. According to a spokesperson from HBUS, both deposits and withdrawals of USDT on the exchange “have increased by over 10x over the last two days,” with the majority of investors increasingly trading the controversial stablecoin for TrueUSD (TUSD), another blockchain-based stablecoin launched earlier this year as part of the TrustToken asset tokenization platform."
Stablecoins — Carrying the Way to the Cryptocurrency Promised Land