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Facebook’s Crypto Testnet Averages 6 Transactions Per Second
Facebook’s Crypto Testnet Averages 6 Transactions Per Second
Facebook’s Diem/Libra testnet has been live for over a month as the Libra Association prepares for the next stage with broader participation among members. The latest update from the blockchain explorer finds the network performing at an average of six transactions per second (TPS), with the highest reported figure of 24 TPS. In comparison, Bitcoin and Ethereum blockchains execute close to four and 13 TPS, respectively. On the other hand, VISA support 1,700 transactions each second.
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·cryptobriefing.com·
Facebook’s Crypto Testnet Averages 6 Transactions Per Second
SatoshiPay to Become First User of German Bank’s Euro Stablecoin
SatoshiPay to Become First User of German Bank’s Euro Stablecoin
SatoshiPay investor Blue Star Capital, the payments firm plans to integrate the regulatory complaint EURB euro-backed stablecoin into its DTransfer cross border money transfer service. German Bankhaus von der Heydt (BDVH) in partnership with Bitbond, has introduced EURB on the Stellar network. Bitbond was responsible for the development and integration of EURB, and BDVH provides its banking infrastructure and regulatory framework. EURB is the first fiat asset directly backed by a banking institution on Stellar and will allow instant money transfer on blockchain.
#Fintech#CryptoAssets#Stablecoins#CrossBorder#Payments#DFC
·polaris.brighterir.com·
SatoshiPay to Become First User of German Bank’s Euro Stablecoin
Circle Confirms Freezing USDC on Law Enforcement's Requests
Circle Confirms Freezing USDC on Law Enforcement's Requests
The Centre Consortium has blacklisted USDC addresses in response to law enforcement requests. Centre said it complies with all binding court orders that have appropriate jurisdiction over the organization. USDC runs on the Ethereum network, and a transaction on Etherscan indicates that, in the past, Centre has called “blacklist(address investor)” functions on addresses, essentially freezing all coins on them. When an address is blacklisted, it can no longer receive USDC and all of the USDC controlled by that address is blocked and cannot be transferred on-chain.
#Fintech#CryptoAssets#Stablecoins#FinancialIntegrity#USDC#DFC
·coindesk.com·
Circle Confirms Freezing USDC on Law Enforcement's Requests
The Unintended(?) Consequences of the STABLE Act
The Unintended(?) Consequences of the STABLE Act
The recently introduced STABLE Act aims to ban any stablecoin that is not issued by a federal bank, whether it is issued by a state-regulated trust company, like Gemini Dollars, a consortium of state-licensed money transmitters like USDC, or by an Ethereum-based smart contract like Dai. The logical consequence is that if any person is running software that validates Dai or other stablecoin smart contracts (the Ethereum network client) they will, themselves, be violating the law unless they are a chartered bank. Hence, bhis bill would have the effect of also destroying the larger Ethereum network and any other smart-contract-enabled public blockchain as necessary collateral damage.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·coincenter.org·
The Unintended(?) Consequences of the STABLE Act
Paxos, Firm Powering PayPal's Crypto Service, Raises $142M
Paxos, Firm Powering PayPal's Crypto Service, Raises $142M
Paxos raised about $142 million from its series C round of funding from investors including Paypal. The New York-based company, which provides blockchain-based services to financial institutions and operates a cryptocurrency exchange, has raised more than $240 million in funding so far. Paxos has also submitted an application to the U.S. Office of the Comptroller of the Currency to become a federally regulated bank. It already has a trust charter and a number of other regulatory certifications.
#Fintech#CryptoAssets#Paxos#Stablecoins#DFC
·coindesk.com·
Paxos, Firm Powering PayPal's Crypto Service, Raises $142M
Empty Set Dollar: An experiment in decentralised, composable, oracle-driven stablecoins
Empty Set Dollar: An experiment in decentralised, composable, oracle-driven stablecoins
The recently launched Empty Set Dollar (ESD) stablecoin is built to be the reserve currency of decentralised finance. It sidesteps the centralisation risk of USDC, USDT, and TUSD, avoids AMPL and BASED’s death spirals, the 100+ percent collateralisation requirements of sUSD & DAI, and, most importantly, it integrates perfectly with existing DeFi protocols. The ESD protocol expands on the work of Basis.io, which voluntarily shut down before launch due to regulatory pressure on the team. https://www.emptyset.finance/
#Fintech#CryptoAssets#Stablecoins#DFC
·medium.com·
Empty Set Dollar: An experiment in decentralised, composable, oracle-driven stablecoins
The curious case of Tether: a complete timeline of events
The curious case of Tether: a complete timeline of events
Tether follows the I.O.U. model, where virtual coins are supposed to represent actual money and be redeemable at any time. It all sounds well and good, but for one thing: There is no evidence to suggest Tether is fully backed. More troubling, the issuance of tethers correlates with the rapid run up in price of bitcoin from April to December 2017 when bitcoin peaked at nearly $20,000. If authorities were to step in and freeze the bank accounts underlying tether, it is hard to guess what impact that could have on crypto markets at large. See Amy Castor's timeline of events that reveals a full picture of the controversy surrounding Tether and Bitfinex.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·amycastor.com·
The curious case of Tether: a complete timeline of events
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
Can an algorithmic stablecoin truly achieve long-term viability? Will algorithmic stablecoins always be subject to extreme expansionary and contractionary cycles? Which vision of an algorithmic stablecoin is more compelling: a simple rebasing model or a multi-token “seigniorage” system (or something else entirely)? This article seeks to explore some of these fundamental issues, both from first principles reasoning and by drawing on some empirical data from recent months.
#Fintech#CryptoAssets#Stablecoins#DFC
·insights.deribit.com·
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
U.S. Warns Crypto Stablecoins on Money Laundering, Risk Controls
U.S. Warns Crypto Stablecoins on Money Laundering, Risk Controls
The President’s Working Group on Financial Markets provided an initial assessment of key regulatory and supervisory considerations for participants in significant retail stablecoin arrangements with a U.S. nexus. Stablecoins should be designed to be resilient enough to handle large-scale redemptions, including ensuring a 1:1 reserve ratio and adequate financial resources to absorb losses and meet liquidity needs. Their backers should also be able to obtain and verify the identities of all parties conducting transactions, including those involving so-called unhosted wallets. https://home.treasury.gov/news/press-releases/sm1223
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·bloomberg.com·
U.S. Warns Crypto Stablecoins on Money Laundering, Risk Controls
Dynamic Set Dollar
Dynamic Set Dollar
The Dynamic Set Dollar (DSD) is a fully decentralized stablecoin that unlike centralized coins, e.g. USDT, has no 1:1 backing through a centralized USD treasury. To be highly capital efficient it does not use any collateral, like the main competitors DAI or sUSD. The voluntary elastic supply mechanic is different from Ampleforth (AMPL) and Based (BASED). It is inspired by Empty Set Dollar (ESD), yet responds faster to market demand through more frequent epochs, extended supply caps, and a modified supply extension/contraction formula. https://dsd.finance/
#Fintech#CryptoAssets#Stablecoins#DFC
·dynamicsetdollar.medium.com·
Dynamic Set Dollar
Dynamic Set Dollar faces “massive test” as stablecoin falls as low as $.27
Dynamic Set Dollar faces “massive test” as stablecoin falls as low as $.27
Dynamic Set Dollar and its DSD token is an algorithmic stablecoin project designed to — eventually — track the United States Dollar on a 1-1 ratio with DSD. During expansionary cycles, such as one that led DSD as high as $3 per token last week, users are rewarded with freshly-printed “rebased” tokens for providing liquidity. So far, the market seems to think Dynamic Set Dollar clears the bar. After hitting a low of $.27 earlier today, DSD has been climbing steadily since.
#Fintech#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Dynamic Set Dollar faces “massive test” as stablecoin falls as low as $.27
Markets for Crypto Tokens, and Security under Proof of Stake
Markets for Crypto Tokens, and Security under Proof of Stake
Cryptocurrency systems based on proof of stake (PoS) grant governance rights to the holders of currency tokens and therefore are vulnerable to attack by adversaries who buy tokens in order to gain control. To evaluate the robustness of PoS cryptocurrencies to such attacks, we model the market for tokens and determine how the cost of attacking the system depends on the level and shape of token supply and demand. We show that, contrary to popular belief, the appreciation of tokens in response to demand by attackers plays a small role in securing the system. In particular, stablecoins can be less vulnerable to attack than cryptocurrencies that are freely floating. Moreover, PoS cryptocurrencies that primarily function as mediums of exchange are vulnerable to attack if the velocity of money is high.
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·papers.ssrn.com·
Markets for Crypto Tokens, and Security under Proof of Stake
Japanese Internet Giant Licensed to Issue First JPY-Pegged Stablecoin in New York
Japanese Internet Giant Licensed to Issue First JPY-Pegged Stablecoin in New York
The New York Department of Financial Services has issued a trust charter to GMO-Z.com Trust Company Inc., allowing it to issue, administer, and redeem Japanese yen and U.S. dollar-pegged stablecoins in New York. Including the charter granted to GMO, to date DFS has approved 27 charters and licenses for companies engaged in virtual currency business activity. https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202012291
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·coindesk.com·
Japanese Internet Giant Licensed to Issue First JPY-Pegged Stablecoin in New York
U.S. OCC Says Banks Can Conduct Payments Using Stablecoins
U.S. OCC Says Banks Can Conduct Payments Using Stablecoins
The U.S. Office of the Comptroller of the Currency (OCC) clarified that national banks and federal savings associations may participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. The OCC said INVNs “may be more resilient than other payment networks” due to the large number of nodes needed to verify transactions, which can in turn limit tampering.
#Fintech#CryptoAssets#Stablecoins#Regulation#Payments#DFC
·occ.gov·
U.S. OCC Says Banks Can Conduct Payments Using Stablecoins
UK regulatory approach to cryptoassets and stablecoins: consultation and call for evidence
UK regulatory approach to cryptoassets and stablecoins: consultation and call for evidence
The U.K. government published a consultative paper seeking views on how it can ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability. Additionally, this document includes a call for evidence on investment and wholesale uses of crypto-assets, and the broader use of distributed ledger technology (DLT) in financial markets. The consultation closes on March 21, 2021.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·gov.uk·
UK regulatory approach to cryptoassets and stablecoins: consultation and call for evidence
UK Treasury Paper Says Stablecoins Play “Important Role” in Economy
UK Treasury Paper Says Stablecoins Play “Important Role” in Economy
The U.K. Treasury paper said that if appropriate standards and regulations were met, certain stablecoins could play an important role in retail and cross-border payments (including settlements). “This means they would have the potential to deliver benefits of distributed ledger technology such as speed, efficiency, and resilience,” the paper stated.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·decrypt.co·
UK Treasury Paper Says Stablecoins Play “Important Role” in Economy
Tether’s backing could be disclosed later this year
Tether’s backing could be disclosed later this year
Tether insiders Paolo Ardoino and Stuart Hoegner said they may reveal full details of the reserves backing the controversial digital dollar some time later this year. “We are contemplating providing an update on tether’s asset backing during 2021,” said Hoegner, speaking on the What Bitcoin Did podcast. Hoegner is general counsel for Tether and its affiliated entity, cryptocurrency exchange Bitfinex, while Ardoino is the chief technical officer for both.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·newmoneyreview.com·
Tether’s backing could be disclosed later this year
Tether’s Paolo Ardoino and Stuart Hoegner do a podcast
Tether’s Paolo Ardoino and Stuart Hoegner do a podcast
Avid bitcoiner Peter McCormack released a podcast interview with two Tether/Bitfinex frontmen today—CTO Paolo Ardoino and General Counsel Stuart Hoegner. McCormack is a well-known Tether apologist whose podcasts are funded almost exclusively by bitcoin companies. Tether is also paying his legal fees in a libel suit brought against him by Craig Wright. Despite that, McCormack claims to be completely objective, although he makes it clear he believes all the “Tether FUD” circulating on Twitter stems mainly from “salty nocoiners,” who are upset because everyone is getting hilariously rich with bitcoin but we’re not.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·amycastor.com·
Tether’s Paolo Ardoino and Stuart Hoegner do a podcast
Tether's Bank Says It Invests Customer Funds in Bitcoin
Tether's Bank Says It Invests Customer Funds in Bitcoin
Deltec, Tether’s Bahamas-based bank, is investing customer funds in bitcoin, which raises new questions about whether the dollar-pegged USDT stablecoin, which is in theory backed by cash and “cash equivalents,” as well as “other assets and receivables made by loans,” is actually backed in any way by bitcoin. However, Deltec hasn’t divulged which clients it’s holding Bitcoin for, as Tether isn’t Deltec’s only customer. In fact, at least one other crypto company seems to use it as well, crypto derivatives exchange FTX.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·coindesk.com·
Tether's Bank Says It Invests Customer Funds in Bitcoin
The Bit Short: Inside Crypto’s Doomsday Machine
The Bit Short: Inside Crypto’s Doomsday Machine
The legitimate crypto exchanges, like Coinbase and Bitstamp, clearly know to stay far away from Tether: neither supports Tether on their platforms. And the feeling is mutual! Because if Tether Ltd. were ever to allow a large, liquid market between Tethers and USD to develop, the fraud would instantly become obvious to everyone as the market-clearing price of Tether crashed far below $1.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·crypto-anonymous-2021.medium.com·
The Bit Short: Inside Crypto’s Doomsday Machine
Larry Cermak and Bennett Tomlin debate Tether’s solvency—transcript with notes
Larry Cermak and Bennett Tomlin debate Tether’s solvency—transcript with notes
Avid bitcoiner Peter McCormack released a podcast interview with two Tether/Bitfinex frontmen today—CTO Paolo Ardoino and General Counsel Stuart Hoegner. McCormack is a well-known Tether apologist whose podcasts are funded almost exclusively by bitcoin companies. Tether is also paying his legal fees in a libel suit brought against him by Craig Wright. Despite that, McCormack claims to be completely objective, although he makes it clear he believes all the “Tether FUD” circulating on Twitter stems mainly from “salty nocoiners,” who are upset because everyone is getting hilariously rich with bitcoin but we’re not.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·amycastor.com·
Larry Cermak and Bennett Tomlin debate Tether’s solvency—transcript with notes
Does Tether Printing Cause Bitcoin Price Movement?
Does Tether Printing Cause Bitcoin Price Movement?
It has been speculated that Bitcoin price is manipulated by Tether issuance printing itself into existence. The results presented in the appendix indicate that — whilst the Tether printing and Bitcoin price series are cointegrated (and thus tied together intrinsically), Tether printing does not Granger cause Bitcoin price movement. However it does provide evidence to show that Bitcoin price does Granger cause Tether printing, which is a reasonable alternative hypothesis for the apparent relationship.
#Fintech#CryptoAssets#Bitcoin#Stablecoins#Tether#Bitfinex#DFC
·btconometrics.medium.com·
Does Tether Printing Cause Bitcoin Price Movement?
Tether and Bitfinex seek further 30 days to produce critical trial documents
Tether and Bitfinex seek further 30 days to produce critical trial documents
iFinex Inc, the parent company of Bitfinex and Tether, has asked the New York Supreme Court to push back its trial date again, and another 30 days to produce the documents demanded by the Office of the Attorney General (NYAG). The document production process was originally supposed to be completed by December 16, 2020, which was subsequently extended to January 15. The new request noted that a “substantial volume” of material had already been handed over to the OAG, but that there remained “supplemental agreed-upon items” that still had to be sourced. The legal battle extends back to April 2019, when the NYAG alleged that Bitfinex had attempted to cover up the loss of $850 million of customers’ funds by taking illegal loans from Tether.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·cointelegraph.com·
Tether and Bitfinex seek further 30 days to produce critical trial documents
DeFi payments protocol Celo readies launch of a euro-pegged stablecoin
DeFi payments protocol Celo readies launch of a euro-pegged stablecoin
Celo, a decentralized financial app, is adding a new stablecoin, backed by the Euro. The Euro stablecoin will be backed by a basket of cryptocurrencies that are algorithmically adjusted to maintain a stable price. The Celo Euro is the second stablecoin to launch on the platform after the Celo Dollar (cUSD), launched in June 2020.
#Fintech#CryptoAssets#Stablecoins#Celo#DFC
·theblockcrypto.com·
DeFi payments protocol Celo readies launch of a euro-pegged stablecoin