Now There's a Canadian Dollar-Pegged Stablecoin on the Way
Cryptocurrency exchange Coinsquare is launching a stablecoin pegged 1:1 to the Canadian dollar. The exchange plans potential roles for its new “eCAD” token in cross-border payments and remittance, peer-to-peer lending, merchant payment solutions, as well as trade settlements and forex conversions.
Interest-yielding stablecoins drive crypto competition with fiat currency
By forming partnerships with lenders, fiat-backed stablecoin issuers can earn additional income loaning out the funds in a similar manner to a bank. The return from these loans can then be shared with holders who are willing to store their stablecoins with the trusted partner.
Chinese Bitcoin Investors Are Happily Paying a Markup For Tethers
The Tether (USDT) premium is going up because after the PBoC ICO/exchange ban, the most convenient way to buy cryptos in China, is to buy stable coins like USDT first using OTC, and then trade it into any cryptos on exchanges.
New report evaluates stablecoin contenders and the sector’s likely evolution
A new report from Techemy Capital identifies winning and losing business models, explores underwriting options beyond "cash in the bank" and predicts the likely stablecoin market evolution through to 2022.
"This review has resulted in Kinesis being awarded a Sharia-compliant certificate for the Kinesis Velocity Token (KVT), Kinesis currencies (KAU and KAG), the Kinesis Blockchain Network (KBN) and the Kinesis Currency Exchange (KCX)."
UPEUR is a stablecoin pegged at a 1:1 ratio with the Euro. Once a Universal Euro has been minted, a record of this transaction is recorded on the Ethereum blockchain. It will be Euro-pegged, and available directly on Uphold and other participating exchanges.
With 147 projects announced throughout the year, 2018 was dubbed the year of stablecoins. This year, the rate of stablecoin announcements has stabilized , with 19 diverse projects announced throughout the first quarter of 2019.
Carbon Partners with Karma to Provide Fiat On / Off Ramp and Market Making Service
"Carbon’s modular fiat on / off ramp, Carbon Fiber, will be utilized by Karma in order to offer their users a convenient way to convert fiat to cryptocurrencies. Apart from the core on / off ramp capability, Karma users will also be able to utilize a mobile pay portal to convert multiple types of cryptocurrencies into KARMA tokens in a seamless fashion."
World’s Fifth Largest Bank MUFG to Put Stablecoin to Practical Use in 2019
Japanese bank holding and financial services company Mitsubishi UFJ Financial Group is set to put its digital currency MUFG Coin into practical use later this year.
Open Financial Protocol Neutral Launches New Stablecoin
To maintain its value, NUSD rebalances the basket’s composition according to price fluctuations and allows on-chain swapping between stablecoins within its aggregated constituent basket.
When Will Stablecoins Break Out of ‘Crypto-Narnia’?
A new R3 research paper, “Will Businesses Ever Use Stablecoins?” identifies where stablecoins may fulfil needs within the established financial system.
MakerDAO Voters Divided on How Much to Hike Fee for DAI Stablecoin - CoinDesk
"In an effort to restrict supply and raise the value of DAI, MKR token holders have steadily been increasing what is known as the Stability Fee in larger and larger increments. However, this week, MKR token holders have signaled their support for a smaller, more measured increase to the Stability Fee of 3 percent."
The Universal Euro (UPEUR) stablecoin is the latest digital asset product issued by the Universal Protocol alliance joining UPUSD and UPBTC launched earlier this year.
All the stablecoin attempts that exist today (i) have enormous risks of breaking, (ii) are centralized or (iii) are extremely complex in relation to their monetary policy. That is, they are the exact opposite of the reason for Bitcoin to exist.
Stable Coins and the Mass Adoption of Cryptocurrency
The TRON — Tether partnership will add another stable coin to the cryptocurrency sector. This latest example in the proliferation of stable coins will add use cases for digital currency and help increase mainstream adoption.
Bitfinex Covered $850 Million Loss Using Tether Funds, NY Prosecutors Allege
"The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall."
MakerDAO Set to Increase DAI Fees Above 15% in Bid to Stabilize Stablecoin
A majority vote to increase fees on programmatic lending platform MakerDAO has passed an initial round of polling today. This time, the winning vote is to increase fees by 2%, which, in comparison to past weeks, is a comparatively small increase to the usual 3 or 4%.
Payments Firm Wirex Launching 26 Stablecoins on the Stellar Blockchain
Payments platform Wirex is launching 26 fiat-backed stablecoins on the Stellar blockchain network, including the U.S. dollar, euro, the British pound, Hong Kong dollar and the Singapore dollar.
DAI Has Been Struggling to Maintain Its $1 Peg, but the MakerDAO Community Believes It Will Soon Be Crypto’s ‘Default’ Stablecoin
Launched in December 2017 as an ERC-20 token, MakerDAO is pegged 1:1 with the United States dollar, with its peg being maintained via over-collateralization with ether (ETH). In other words, users receive the equivalent of $1 in DAI by depositing more than $1 in ETH, and they can later reclaim their collateral by repaying the DAI they've received plus a “stability fee” in MKR, MakerDAO's other (nonstablecoin) token. By charging users this additional fee, the MakerDAO system theoretically prevents the value of DAI from dropping below $1, since the fee makes it expensive to mint more DAI tokens.
Mutual Owners, Mutual Funds: What We Know About the Bitfinex/Tether Scandal
In what seems to be one of the greatest crypto scandals 2019 has seen so far, the United States Attorney General in New York accused Bitfinex of using Tether’s cash reserves to cover a rumored $850 million funding gap with reserves meant for backing the stablecoin. Both companies share the same owner.
Tether Lawyer Admits Stablecoin Now 74% Backed by Cash and Equivalents
Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion, representing about 74 percent of the current outstanding tethers.
Gemini Partners with Harbor to Fund Investments Leveraging Gemini Dollars
Gemini is partnering with Harbor, an all-in-one platform for tokenized securities offerings, to allow users to invest in deals using Gemini dollars (GUSD) and receive any future distributions or dividends of such deals in GUSD.
Facebook Seeks Reported $1 Billion for FB Coin Amid Talks With Visa, MasterCard
Facebook is looking to raise $1 billion for its rumored cryptocurrency stablecoin, the WSJ reports. Facebook was also said to be talking Visa and MasterCard about potential support, along with payment processor First Data Corp.
Crypto Capital and Bitfinex’s missing millions, and Reggie Fowler
Crypto Capital were the money transmitters for Bitfinex and Tether. They operated in the US through Global Trading Solutions. The founder of GTS, Reggie Fowler, was indicted on Tuesday. The US Government has filed a motion to detain Fowler as a flight risk.
Indictment reveals new clues in the Crypto Capital situation
Crypto Capital founder Reggie Fowler is being charged by the SDNY with bank fraud and conspiracy to commit bank fraud, and of running an unlicensed money transmission business and conspiracy related to its operation. Crypto Capital were the money transmitters for Bitfinex and Tether.
