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$2 Million of MakerDAO Debt to Be Wiped as Auction Reaches Final Stages
$2 Million of MakerDAO Debt to Be Wiped as Auction Reaches Final Stages
Bidders have already committed to buying Maker (MKR) tokens for a total of $2 million in Dai (DAI) as the first phase of the MakerDAO debt auction reaches its final stages. The majority of the current winning bids were placed at around 1:25 a.m. EST, March 20, so unless further bids come in, most of the lots will be sold at around 7:25 a.m. EST."
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#DFC
·cointelegraph.com·
$2 Million of MakerDAO Debt to Be Wiped as Auction Reaches Final Stages
The Maker Foundation appears to be winning MKR auctions meant to cover a debt shortfall
The Maker Foundation appears to be winning MKR auctions meant to cover a debt shortfall
MakerDAO is currently conducting an auction of MKR tokens in exchange for DAI to cover roughly $4.5 million undercollateralized debt. The Maker Foundation, the non-profit that supports the lending protocol, appears to have won 33 out of 33 auctions thus far. The Foundation said it has been providing some bidders with “technical assistance” to help facilitate their participation in the auctions, stressing that it is not “purchasing MKR in the auctions”"
#Fintech#CryptoAssets#Stablecoins#MakerDAO#DAI#DFC
·theblockcrypto.com·
The Maker Foundation appears to be winning MKR auctions meant to cover a debt shortfall
Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape
Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape
Several members of the Facebook-backed Libra Project have announced their alliance with a rival stablecoin project known as Celo. Since the middle of March, members that have joined the Celo Alliance for Prosperity include, among many others, Coinbase Ventures, Anchorage Mercy Corps, Andreessen Horowitz and Bison Trails Co.
#Fintech#CryptoAssets#Stablecoins#Celo#Facebook#PaymentSystems#Libra#DFC
·cointelegraph.com·
Celo Alliance Is out to Challenge Libra, Hoping for Less Red Tape
IOSCO on Global Stablecoin Initiatives
IOSCO on Global Stablecoin Initiatives
Global stablecoin initiatives may, depending on their structure, present features that are typical of regulated securities or other regulated financial instruments or services. This paper identifies possible implications that global stablecoin proposals could have for securities market regulators.
#Stablecoins#Facebook#CryptoAssets#Fintech#Libra#DFC
·diigo.com·
IOSCO on Global Stablecoin Initiatives
Judge Halts Telegram Token Issuance in Injunction Requested by SEC
Judge Halts Telegram Token Issuance in Injunction Requested by SEC
A U.S. judge ordered messaging platform Telegram to refrain from issuing its gram cryptocurrency next month as planned, granting a request by the Securities and Exchange Commission (SEC). In a preliminary injunction dated March 24, U.S. District Judge P. Kevin Castel, of the Southern District of New York, said the SEC had demonstrated a plausible case that Telegram had sold unregistered securities. The regulator sued Telegram in October 2019, alleging the company violated federal law when it raised nearly $2 billion in a 2018 token sale.
#Fintech#CryptoAssets#Stablecoins#Telegram#DFC
·coindesk.com·
Judge Halts Telegram Token Issuance in Injunction Requested by SEC
Shadow Digital Money
Shadow Digital Money
A payments revolution has prompted a proliferation of shadow digital money. This money is unsound. It is not insured by the government, nor is it backed by safe assets. Federal regulation is needed to guarantee safety and soundness, to restore full monetary control to the Federal Reserve, and to prevent a race to the bottom between competing state and federal regulatory regimes. Congress should pass new legislation preempting state money service businesses (MSBs), offering federal MSB charters, and authorizing the OCC to establish a special regulatory regime for MSBs that restrict issuers to investing in cash and cash equivalents at banks or the Federal Reserve. With these changes, innovation in payments is just that — innovation in payments—and not also unauthorized and unsound money issuance.
#Fintech#CryptoAssets#Stablecoins#Regulation#Facebook#Libra#DFC
·ideas.repec.org·
Shadow Digital Money
Court to Telegram: $1.7 billion gram token sale is likely illegal
Court to Telegram: $1.7 billion gram token sale is likely illegal
Judge Castel found that the 175 initial investors, “expected to profit from Telegram’s continued support for Grams and the underlying TON Blockchain through the distribution of Grams by the Initial Purchasers to the public.” That fits the four-part Howey test that defines what is and is not a security, he said.
#Fintech#CryptoAssets#Stablecoins#Telegram#DFC
·modernconsensus.com·
Court to Telegram: $1.7 billion gram token sale is likely illegal
The BitMEX Liquidation Spiral
The BitMEX Liquidation Spiral
According to Coin Metrics data, stablecoins gained market share, spreads on spot and futures markets widened, and transfer fees spiked as people rushed to deposit coins. Crypto holders may have been turning to stablecoins in an attempt to preserve their capital while the market experienced a major downturn.
#Fintech#CryptoAssets#Stablecoins#BitMex#Pandemic#DFC
·coinmetrics.substack.com·
The BitMEX Liquidation Spiral
MakerDAO debt auction achieves its goal, late bidders reap reward
MakerDAO debt auction achieves its goal, late bidders reap reward
It appears that the auction has helped MakerDAO to achieve its objective. Over 4.3 million DAI stablecoins have been raised to cover the bad debt across a total of 86 auctions. However, because it was formatted as a reverse auction in which all bids were a fixed 50,000 DAI, participants “bid” by lowering the number of MKR tokens they would accept.
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#DFC
·modernconsensus.com·
MakerDAO debt auction achieves its goal, late bidders reap reward
The Transfer of MKR Token Control to Governance: The Final Step
The Transfer of MKR Token Control to Governance: The Final Step
The transfer of MKR token control from it to the Maker governance community is now complete. The MKR token contract is now 100% in control of MKR holders. With MKR holders now in full control of that contract, decentralized governance is the only avenue for changing MKR token authorizations.
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#DFC
·blog.makerdao.com·
The Transfer of MKR Token Control to Governance: The Final Step
Stablecoin issuers say they'll maintain 1:1 parity with the dollar despite negative rates
Stablecoin issuers say they'll maintain 1:1 parity with the dollar despite negative rates
Negative interest rates can potentially pose a challenge to the ability of USD-backed stablecoins to operate as-is," Garrick Hileman, head of research at Blockchain.com, told The Block. "Specifically, the types of backing assets held by a stablecoin operator may need to be adjusted in a negative rates environment, and such changes may introduce additional risk to maintaining the 1:1 redemption peg.
#Fintech#CryptoAssets#Stablecoins#DFC
·theblockcrypto.com·
Stablecoin issuers say they'll maintain 1:1 parity with the dollar despite negative rates
Back From the Crypt: MakerDAO Toes the Line Between Life and Death
Back From the Crypt: MakerDAO Toes the Line Between Life and Death
Dai is minted by users taking on collateralized debt positions, where collateral is deposited in an Ethereum smart-contract, with a percentage of the asset’s value being paid out in Dai. The collateral then gets released once the tokens are repaid, and the Dai are destroyed. Loans that can’t be supported by their collateral are placed into liquidation proceedings, in which the collateral is auctioned for Dai to repay the debt. But the price drop allowed bidders to win liquidation auctions for 0 DAI — further worsening Maker’s crisis.
#Fintech#CryptoAssets#Stablecoins#DAI#MakerDAO#Ethereum#DFC
·cointelegraph.com·
Back From the Crypt: MakerDAO Toes the Line Between Life and Death
Telegram Seeks Exemption of GRAM Distribution to Non-US Investors
Telegram Seeks Exemption of GRAM Distribution to Non-US Investors
Going on the offense with a fresh filing on March 27, the lawyers representing Telegram claim that the preliminary injunction issued by Judge Kevin Castel only applies to US-based purchasers. They were reportedly only 39 participants who bought nearly 1 billion Grams when its $1.7 billion worth ICO raised $424.5 million from a group of US vetted investors.
#Fintech#CryptoAssets#Stablecoins#Telegram#PaymentSystems#DFC
·financemagnates.com·
Telegram Seeks Exemption of GRAM Distribution to Non-US Investors
Demystifying Stablecoins
Demystifying Stablecoins
"Many [stablecoin] white papers are obfuscated with jargon—terms left undefined and used inconsistently across other projects and the financial literature. In other cases, system components appear to be mislabeled. For example, a component that clearly meets the definition of a security or a derivative might instead be labeled a bond or a loan. "
#Fintech#CryptoAssets#Stablecoins#DFC
·queue.acm.org·
Demystifying Stablecoins
Tron launches its own MakerDAO-like stablecoin system
Tron launches its own MakerDAO-like stablecoin system
The Tron Foundation has launched its own MakerDAO-like stablecoin system called “Djed.” The USDJ stablecoin will be generated through decentralized smart contracts on the TRON network. Anyone can pledge TRX as collateral to generate USDJ, which is pegged to the US dollar through Collateralized Debt Positions using autonomous feedback mechanisms.
#Fintech#CryptoAssets#Stablecoins#Tron#DFC
·theblockcrypto.com·
Tron launches its own MakerDAO-like stablecoin system
USD Stablecoins Are Booming But Have Business Headache
USD Stablecoins Are Booming But Have Business Headache
For now, it seems more likely that operators will try to build (and charge) adjacent businesses made possible by these stablecoins instead of passing on costs [of negative interest rates] to retail users, e.g. via inflating the token supply relative to deposits as a form of usage tax, or implementing an additional transaction fee (PAX already does this for its gold-backed token.)
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
USD Stablecoins Are Booming But Have Business Headache
Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs
Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs
While most digital assets have been suffering, stablecoins have been surging since the market downturn in mid-March and tether (USDT) is capturing more than 70% of BTC trades today. Besides tether, a wide range of other dollar-pegged cryptocurrencies have also benefited this month, as the market valuation of eight different stablecoins combined is well over $7 billion.
#Fintech#CryptoAssets#Stablecoins#DFC
·news.bitcoin.com·
Stablecoin Market Caps Swell Over $7 Billion - Volumes Surpass Most Trading Pairs
Telegram Pushes Back, Says SEC Still Dodging Its Morrison Argument
Telegram Pushes Back, Says SEC Still Dodging Its Morrison Argument
Telegram filed a response to Judge Castel dated March 31, writing that the SEC’s injunction earlier today was unwarranted. Further, they are asking the federal court to deny the regulator’s motion to enforce a total ban, adding that Telegram’s request is not “procedurally barred.”
#Regulation#CryptoAssets#Telegram#Stablecoins#Fintech#DFC
·financemagnates.com·
Telegram Pushes Back, Says SEC Still Dodging Its Morrison Argument