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Telegram Quits Court Fight With SEC Over TON Blockchain Project
Telegram Quits Court Fight With SEC Over TON Blockchain Project
Telegram withdrew its appeal over a previous court decision that backed the SEC in prohibiting the issuance of Gram tokens to investors both in and out of the U.S. The new document filed with the U.S. Court of Appeals for the Second Circuit states: “The parties in the above-referenced case have filed a stipulation withdrawing this appeal pursuant to Local Rule 42.1.” The rule means that the parties have filed an agreement for dismissal of the case without prejudice. As such, the case is over for now, but not necessarily forever.
#Fintech#CryptoAssets#Stablecoins#Telegram#PaymentSystems#DFC
·coindesk.com·
Telegram Quits Court Fight With SEC Over TON Blockchain Project
The Rise of sUSD · Synthetix Community
The Rise of sUSD · Synthetix Community
In an upcoming release, Synthetix will introduce sUSD-denominated ETH collateral − a feature familiar in many ways to Maker CDP owners − and the value proposition will flip overnight. Not only will this feature deliver more utility to the trader, it will also expose a key advantage sUSD has over DAI as a stablecoin.
#Fintech#CryptoAssets#Stablecoins#Synthetix#DFC
·synthetix.community·
The Rise of sUSD · Synthetix Community
Libra still needs more baking
Libra still needs more baking
Earlier this month the Libra Association issued a new White Paper updating its paper of June 2019.  This column argues that while the authors of the paper now understand that to succeed, their project must address economic and political concerns, they have done nothing to address worries about currency substitution.  A new proposed capital buffer is underspecified.  A key market in Libra futures or forwards is missing, as is a Libra lender of last resort.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·voxeu.org·
Libra still needs more baking
MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral
MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral
MakerDAO is in the process of voting on whether to further diversify the collateral it accepts for loans beyond crypto-assets and tokens to include real-world assets. Specifically, Maker would also allow supply chain invoices and musicians’ future royalty streams as security when it lends out DAI. These assets would be represented on the Ethereum blockchain by non-fungible tokens, the innovation that spawned CryptoKitties. Small businesses and artists could take the borrowed DAI, which usually trades 1-for-1 with the U.S. dollar, to crypto exchanges like Coinbase and convert it to cash.
#Fintech#CryptoAssets#Stablecoins#MakerDAO#DAI#DFC
·coindesk.com·
MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral
When Northern Michigan Bought Things With Traverse Dollars
When Northern Michigan Bought Things With Traverse Dollars
During the Great Depression, some banks were closing temporarily and others failing completely. There was little money in the hands of the people, and given the uncertainty about their prospects of getting more of it, people tended to hoard what little they had. The short supply of U.S. dollars in the 1930s meant there was a need to come up with another way for trade to keep the economy going -- leading to the idea of local currencies, known across the country as Depression scrip.
#Fintech#CryptoAssets#Stablecoins#DFC
·traverseticker.com·
When Northern Michigan Bought Things With Traverse Dollars
MakerDAO Up by 30% After Vote for ‘Real-World’ Loan Collateral
MakerDAO Up by 30% After Vote for ‘Real-World’ Loan Collateral
MakerDAO's latest spike comes amid a community vote showing strong support for supporting non-crypto-native assets as collateral for the creation of DAI. Currently, MakerDAO users can lock up Ether, Wrapped Bitcoin, Basic Attention Tokens, or the stablecoin USD Coin to fund DAI loans. The vote signaled support for a protocol developed by blockchain startup Centrifuge that would allow “real-world assets” to be tokenized as ERC-20-based securities that can be used as collateral for DAI minting.
#Fintech#CryptoAssets#Stablecoins#MakerDAO#DAI#DFC
·cointelegraph.com·
MakerDAO Up by 30% After Vote for ‘Real-World’ Loan Collateral
Report: Less Than 6 Accounts Control 80% of Wealth on Top Stablecoins
Report: Less Than 6 Accounts Control 80% of Wealth on Top Stablecoins
CoinMetrics has found extreme wealth centralization among many top stablecoins, with at least 80% of the total capitalization for five top stable tokens being held in less than six accounts. And most at least 20% of transfers made using most stablecoins are valued at less than $100, showing significant stable token adoption as a means of payment. The report also found that more than 40% of transactions made using the Paxos Standard Token are directly linked to a single multi-level marketing, or MLM, Ponzi scheme.
#Fintech#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Report: Less Than 6 Accounts Control 80% of Wealth on Top Stablecoins
Reserve - A stablecoin for scaling prosperity
Reserve - A stablecoin for scaling prosperity
The Reserve project is also going through the initial testing stage for its Reserve (RSV) decentralized governance stablecoin. The first phase of its development is centralized, where it will be fiat-collateralised and pegged to the US dollar. To get rid of this dependence, RSV will have to make a contrary step towards decentralization and utilize a “basket of assets,” as of now to consist of three collateral tokens: USD Coin, TrueUSD and Paxos, while still keeping the USD peg until it’s finally abandoned.
#Fintech#CryptoAssets#Stablecoins#Reserve#DFC
·reserve.org·
Reserve - A stablecoin for scaling prosperity
Why a small town in Washington is printing its own currency during the pandemic
Why a small town in Washington is printing its own currency during the pandemic
In a bid to lessen the blow of COVID-19, the town of Tenino has started issuing its own wooden dollars that can only be spent at local businesses. Tenino is setting aside $10,000 to give out to low-income residents hurt by the pandemic. But instead of using federal dollars, they are printing the money on thin sheets of wood designed exclusively for use in Tenino, using a 130-year-old newspaper printer from a local museum.
#Fintech#CryptoAssets#Stablecoins#DFC
·thehustle.co·
Why a small town in Washington is printing its own currency during the pandemic
Stellar to vote on protocol upgrade
Stellar to vote on protocol upgrade
The Stellar project released the 13th version of its core protocol on June 13th. Network validators will vote on whether to upgrade the network on June 18th. Like XRP, Stellar does not use Proof-of-work or Proof-of-Stake but uses its own unique approach to solve the Byzantine generals problem called the Federated Byzantine Agreement. The protocol changes focus on three key Core Advancement Protocols, Fee bumps, Fine-grained control of asset authorization, and First-class multiplexed accounts.
#Fintech#CryptoAssets#Stablecoins#Stellar#DFC
·bravenewcoin.com·
Stellar to vote on protocol upgrade
Atari’s gaming token will be used for sports and esports betting
Atari’s gaming token will be used for sports and esports betting
Atari has partnered with Unikrn, an online betting platform that lets users wager on professional sports and esports matches, as well as on their own performance in select head-to-head online video games. Atari Token holders will be able to use the cryptocurrency on the Unikrn platform, which also sells things like loot boxes and game keys. The Atari Token is a crypto-asset built using the Ethereum protocol (ERC20). https://www.atarichain.com/
#Fintech#CryptoAssets#Stablecoins#DFC
·decrypt.co·
Atari’s gaming token will be used for sports and esports betting
Venezuela Is a Testing Ground For Digital Dollarization (and Zelle Doesn't Like It)
Venezuela Is a Testing Ground For Digital Dollarization (and Zelle Doesn't Like It)
Venezuelans are digitally dollarizing using Zelle, a U.S.-based payments network that allows anyone with a U.S. bank account to instantly transfer funds to another U.S. bank account for free. Although Zelle is meant for U.S. usage only, Venezuelans have repurposed the network as a way to make dollar payments among each other. Large Venezuelan supermarket chains have enabled Zelle as a form of payment, and cafes, restaurants and taxis accept it. But business and commercial use infringes on Zelle’s terms of service, which specifies that its network is intended only for personal use. Wells Fargo has notified many Venezeulan account holders their connection to Zelle will be terminated, so the game may soon be over.
#Fintech#CryptoAssets#Stablecoins#Dollarization#Zelle#Venezuela#DFC
·coindesk.com·
Venezuela Is a Testing Ground For Digital Dollarization (and Zelle Doesn't Like It)
PieDAO releases USD++ for better stablecoin holdings
PieDAO releases USD++ for better stablecoin holdings
PieDAO, the decentralized organization building diversified token pools on the Balancer protocol, announced the mainnet release of its USD++ pool on Tuesday. The pool combines several of the top USD-pegged stablecoins into one tradable token. It’s another example of a creative use case of the rapidly growing Balancer protocol—and of the expanding universe of ideas DAOs are working to address. The USD++ pool will contain Maker DAI, Synthetix sUSD, Tether TUSD, and Coinbase USDC.
#Fintech#CryptoAssets#Stablecoins#PieDAO#DFC
·decrypt.co·
PieDAO releases USD++ for better stablecoin holdings
Global Demand for Basket-Backed Stablecoins
Global Demand for Basket-Backed Stablecoins
This Fed paper develops a model where persistent trade shocks create demand for a basket- backed stablecoin, such as Mark Carney's "synthetic hegemonic currency" or Facebook's recent proposal for Libra. In numerical simulations, we find four main results. First, because of general equilibrium effects of the basket currency on the volatility of currency values, overall demand for that currency is small. Second, despite scant holdings of the basket, its global reach may contribute to substantial increases in welfare if the basket is widely accepted, allowing it to complement holdings of sovereign currencies. Third, we calculate the welfare maximizing composition of the basket, finding that optimal weights depend on the pattern of international acceptance, but that basket composition does not significantly affect welfare. Fourth, despite potential welfare improvements, low demand for the basket currency from buyers limits sellers' incentives to invest in accepting it, suggesting that fears of a so-called global stablecoin replacing domestic sovereign currencies may be overstated
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·federalreserve.gov·
Global Demand for Basket-Backed Stablecoins
Circle Announces Support for USDC Stablecoin on Algorand Blockchain
Circle Announces Support for USDC Stablecoin on Algorand Blockchain
The Algorand Foundation has announced that the USD Coin (USDC) stablecoin will be launched on the Algorand (ALGO) blockchain. The integration will allow customers using Circle APIs or Circle Business Accounts to convert funds from their bank account or card network into stable tokens on the Algorand blockchain.
#Fintech#CryptoAssets#Stablecoins#Circle#USDC#Algorand#DFC
·cointelegraph.com·
Circle Announces Support for USDC Stablecoin on Algorand Blockchain
Former U.S. CFTC Timothy Massad weighs in on Facebook's Libra 2.0.
Former U.S. CFTC Timothy Massad weighs in on Facebook's Libra 2.0.
Former U.S. CFTC Timothy Massad finds that Libra's 2nd white paper deals with many of the concerns previously raised. While Libra may not succeed in improving access to financial services for the underserved, he believes we should let it try. That is, we should create a reasonable regulatory framework under which the Libra proposal can be developed and implemented. The competition in payments will be a good thing, but regulators around the world need to work together to construct the proper framework for Libra. The financial regulatory challenge in the United States would be best addressed if Congress created a comprehensive framework for the regulation of payment systems, but that seems unlikely to happen in the short term. He belives that for many the potential benefits Libra might bring to our payment options outweigh the risks associated with an increase in Facebook’s power and its collection of data.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·brookings.edu·
Former U.S. CFTC Timothy Massad weighs in on Facebook's Libra 2.0.
Telegram Agrees to Pay $18.5M Penalty in SEC Settlement Over Failed TON Offering
Telegram Agrees to Pay $18.5M Penalty in SEC Settlement Over Failed TON Offering
Telegram will pay $18.5 million and notify the U.S. Securities and Exchange Commission (SEC) if it plans to issue any sort of digital currency in the next three years in a proposed settlement with the securities regulator. The settlement ends a six-month court fight with the agency, and also indicates the messaging platform will be responsible for a $1.22 billion disgorgement that is offset by $1.19 billion paid as “termination amounts” in investors’ purchase agreements and the amounts that some investors loaned to Telegram earlier this year. Telegram has 30 days to pay the SEC penalty and up to four years to pay back investors under the settlement.
#Fintech#CryptoAssets#Stablecoins#Telegram#DFC
·coindesk.com·
Telegram Agrees to Pay $18.5M Penalty in SEC Settlement Over Failed TON Offering
Celo Dollars: Powerful new digital money in circulation
Celo Dollars: Powerful new digital money in circulation
Celo Dollars (cUSD) stablecoins are now live on the platform's mainnet, barely two months since the mainnet went live. The project has been making aggressive moves in both development and community growth. With cUSD now accessible, the foundation is optimistic that its vision of an all-inclusive financial ecosystem will be realized. Currently, the 75+ member Alliance's focus is on remittances and international aid.
#Fintech#CryptoAssets#Stablecoins#Celo#DFC
·medium.com·
Celo Dollars: Powerful new digital money in circulation
Soramitsu Starts Testing ‘White Tiger’ Digital Currency in Japan
Soramitsu Starts Testing ‘White Tiger’ Digital Currency in Japan
Japanese blockchain company Soramitsu will start testing a new "White Tiger" digital currency for retailers at the University of Aizu. It will run on the company’s native Hyperledger Iroha blockchain. Testing is starting with the university's cafeterias and shops before gradually being utilized at locations off campus. Soramitsu is one of the blockchain startups behind the development of Cambodia's blockchain-based Project Bakong retail payment system.
#Fintech#CryptoAssets#Stablecoins#PaymentSystems#DFC
·cointelegraph.com·
Soramitsu Starts Testing ‘White Tiger’ Digital Currency in Japan
Circle, Coinbase say USD Coin passes $1B
Circle, Coinbase say USD Coin passes $1B
USD Coin (USDC) has broken the $1 billion market capitalization barrier. Multiple factors are driving recent growth, including COVID19-related currency volatility across many developing economies, the addition of support for blockchains other than Ethereum (with Algorand being the first to join) and the adoption of USDC by Compound (a decentralized finance (DeFi) lending crypto-asset lending platform. https://compound.finance/
#Fintech#CryptoAssets#Stablecoins#USDC#DeFi#Compound#DFC
·modernconsensus.com·
Circle, Coinbase say USD Coin passes $1B
FATF Report to the G20 Finance Ministers and Central Bank Governors on So-called Stablecoins
FATF Report to the G20 Finance Ministers and Central Bank Governors on So-called Stablecoins
In a report to the G20 finance ministers and central bank governors, the Financial Action Task Force (FATF) said regulators need to cooperate to make measures such as the "travel rule" more effective. The organization will work to develop an international framework for authorities to coordinate and share information about virtual asset service providers (VASPs). The FATF also said it will be providing specific guidance on stablecoins for regulators at some future point.
#Fintech#CryptoAssets#Stablecoins#FinancialIntegrity#FATF#DFC
·fatf-gafi.org·
FATF Report to the G20 Finance Ministers and Central Bank Governors on So-called Stablecoins
Bitfinex Must Face N.Y. Suit Over $800 Million in Lost Funds
Bitfinex Must Face N.Y. Suit Over $800 Million in Lost Funds
A New York state appeals court ruled that Bitfinex must face claims by New York state that it hid the loss of commingled client and corporate funds. Companies connected to Bitfinex are accused by the New York Attorney General of hiding the loss of more than $800 million in client and corporate funds. Companies tied to Bitfinex also operate the stablecoin Tether, which serves as a conduit for trading in much of cryptocurrency market globally. The appeals court rejected the argument that Tether, with a market capitalization of more than $9 billion, is not a security or commodity, and said the court has jurisdiction over its issuer.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·bloomberg.com·
Bitfinex Must Face N.Y. Suit Over $800 Million in Lost Funds
CoinMetrics Reports on the Rise of Stablecoins
CoinMetrics Reports on the Rise of Stablecoins
CoinMetrics has produced an in-depth research report on the rise of stablecoins following the March 2020 crypto crash. Stablecoin supply has exploded in 2020 but it’s unclear exactly why. After it took 5 years for stablecoin supply to reach 6 billion, it only took another 4 months for it to grow from 6 billion to 12 billion following the March 12th crypto crash.
#Fintech#CryptoAssets#Stablecoins#DFC
·coinmetrics.substack.com·
CoinMetrics Reports on the Rise of Stablecoins
Hong Kong Citizens Turn to Stablecoins to Resist National Security Law
Hong Kong Citizens Turn to Stablecoins to Resist National Security Law
Trading volume between Hong Kong dollars and the U.S.-dollar pegged stablecoin USDT saw a surge in early June on the fiat-crypto trading platform TideBit. The surge followed the decision to strengthen Hong Kong’s national security law, which was unveiled by Chinese legislators during the Two Sessions, the largest annual political gathering in mainland China. The second trading surge on the exchange followed the enactment of the new law on June 30.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·coindesk.com·
Hong Kong Citizens Turn to Stablecoins to Resist National Security Law