DFC

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The fabrication of trust in various types of dollars
The fabrication of trust in various types of dollars
It could be that Tether doesn't have solid enough finances to do any of the things I've listed. Or maybe it does, but it doesn't actually care about rumours. After all, even after years of criticism, Tether continues to grow and dominate the stablecoin sector. The community of stablecoin users seem quite content to rely on everyone's using it. For now, at least.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·jpkoning.blogspot.com·
The fabrication of trust in various types of dollars
Bitfinex says it has repaid Tether remaining loan balance of $550 million
Bitfinex says it has repaid Tether remaining loan balance of $550 million
Bitfinex has repaid its sister company Tether the remaining loan balance of $550 million. In 2018, Tether opened a credit line worth $900 million for Bitfinex, of which $750 million was used by the exchange. Bitfinex repaid $100 million each in 2019 and 2020. That loan is at the heart of an ongoing legal dispute with New York’s Attorney General.
#Fintech#CryptoAssets#Stablecoins#Tether#Bitfinex#DFC
·theblockcrypto.com·
Bitfinex says it has repaid Tether remaining loan balance of $550 million
Go local with money, payments and data
Go local with money, payments and data
Local currencies can help restore balance in society and it’s time to move away from an economy based on the exploitation of individuals’ personal data. So says Diana Finch, managing director of Bristol Pound and our interviewee in the latest New Money Review podcast. The Bristol Pound is a local currency project born in the aftermath of the 2008 financial crisis. It first appeared in 2012 and quickly grew to become the UK’s largest scheme of its type.
#Fintech#CryptoAssets#Stablecoins#Payments#DFC
·newmoneyreview.com·
Go local with money, payments and data
Algorithmic Stablecoins
Algorithmic Stablecoins
It’s probably too early to tell, but algorithmic stablecoin efforts to create stability without collateral seem ambitious and prone to breakage. The evidence that Empty Set Dollar and Dynamic Set Dollar have provided over the last few months suggests they are too ambitious. An algorithmic stablecoin only works so long as its users’ self-referential beliefs persist.
#Fintech#CryptoAssets#Stablecoins#DFC
·aier.org·
Algorithmic Stablecoins
Nouriel Roubini: ‘Tether is a criminal enterprise,’ SEC should probe Elon Musk’s bitcoin tweets
Nouriel Roubini: ‘Tether is a criminal enterprise,’ SEC should probe Elon Musk’s bitcoin tweets
Nouriel Roubini thinks Tether is issuing fake money. And that nothing short of an audit will prove the $30 billion in USDT the BVI-registered company has spewed out into the crypto markets thus far are even 74% backed. Tether is a “criminal enterprise,” he bluntly told reporters on Coindesk TV. In a 10-minute interview, Roubini predicted Tether’s looming demise, called for the SEC to look into Elon Musk’s bitcoin tweets, and claimed that central bank digital currencies will spell the end for crypto.
#Fintech#CryptoAssets#ElonMusk#Stablecoins#Tether#DFC
·amycastor.com·
Nouriel Roubini: ‘Tether is a criminal enterprise,’ SEC should probe Elon Musk’s bitcoin tweets
Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership
Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership
Crypto custodian Fireblocks and payments platform First Digital Assets Group are providing connectivity and support to Diem, the global stablecoin and payments system formerly known as Libra. They will provide the digital plumbing to allow financial service providers such as banks, exchanges, payment service providers (PSPs) and eWallets to plug into Diem on day one. Diem plans to emerge around the end of this quarter, with a modest minimum viable project based around a U.S. dollar stablecoin.
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·coindesk.com·
Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership
Stablecoins through history — Michigan Bank Commissioners report, 1839
Stablecoins through history — Michigan Bank Commissioners report, 1839
Stablecoins are a venerable and well-respected part of the history of US banking! Previously, the issuers were called “wildcat banks,” and the tokens were pieces of paper. The wildcat banking era, more politely called the “free banking era,” ran from 1837 to 1863. Banks at this time were free of federal regulation — they could launch just under state regulation. Under the gold standard in operation at the time, these state banks could issue notes, backed by specie — gold or silver — held in reserve. The quality of these reserves could be a matter of some dispute. The wildcat banks didn’t work out so well. The National Bank Act was passed in 1863, establishing the United States National Banking System and the Office of the Comptroller of the Currency — and taking away the power of state banks to issue paper notes.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·davidgerard.co.uk·
Stablecoins through history — Michigan Bank Commissioners report, 1839
ECB wants veto power on stablecoins in the euro zone
ECB wants veto power on stablecoins in the euro zone
In a legal opinion on the European Union (EU) rules, the European Central Bank (ECB) said it should have the final word on whether a stablecoin should be allowed to launch in the euro zone. “Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.” It added the proposed EU rules should be changed to say that its opinion on the matter is binding for national authorities assessing applications to issue stablecoins. https://www.ecb.europa.eu/pub/pdf/other/en_con_2021_4_f_sign~ae64135b95..pdf
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·reuters.com·
ECB wants veto power on stablecoins in the euro zone
Cryptocurrency Exchange Bitfinex Settles With New York to End Probe
Cryptocurrency Exchange Bitfinex Settles With New York to End Probe
Bitfinex and Tether reached a $18.5 million settlement with the New York Attorney General (NYAG) over allegations that they hid the loss of commingled client and corporate funds and lied about Tether's USDT reserves. Within ninety days of the agreement effective date, and on a quarterly basis thereafter for two two years, the firms will be required to publish reports on the composition of Tether reserves. Without admitting or denying any wrongdoing, Tether committed to publicly share these reports. https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal https://tether.to/tether-and-bitfinex-reach-settlement-with-new-york-attorney-generals-office/
#Fintech#CryptoAssets#Stablecoins#Tether#Regulation#DFC
·bloomberg.com·
Cryptocurrency Exchange Bitfinex Settles With New York to End Probe
New York settles with Tether — a wrist-slap, with a strong leash
New York settles with Tether — a wrist-slap, with a strong leash
The New York Attorney General’s office has reached a settlement with the assorted iFinex companies in the investigation they’ve been conducting since late 2018. This is absolutely as good a deal as iFinex could have hoped for — a wrist-slap, with some strong leashes attached. Tether now has three months to present a winning story on their reserves.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·davidgerard.co.uk·
New York settles with Tether — a wrist-slap, with a strong leash
VersaBank to Launch VCAD, World’s First Bank-issued, Deposit-based Digital Currency
VersaBank to Launch VCAD, World’s First Bank-issued, Deposit-based Digital Currency
Canadian digital bank VersaBank plans to launch a Canadian dollar-pegged stablecoin. VCAD will be issued by VersaBank to financial intermediary partners in exchange for Canadian dollar deposits. The partners will then offer VCAD directly to individuals and businesses for use in commerce. VCAD will be redeemable for Canadian dollars as required.
#Fintech#CryptoAssets#Stablecoins#Canada#DFC
·versabank.com·
VersaBank to Launch VCAD, World’s First Bank-issued, Deposit-based Digital Currency
Tether hit with 500 Bitcoin ransom demand — but says it won't pay
Tether hit with 500 Bitcoin ransom demand — but says it won't pay
Hackers have threatened to release sensitive company documents supposedly belonging to USDT stablecoin issuer Tether unless the firm sends a 500 Bitcoin (BTC) ransom to a specified address. Hackers purportedly threatened to leak documents that would “harm the Bitcoin ecosystem” if their ransom demands are not met. Tether has already stated that it will not pay the ransom.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·cointelegraph.com·
Tether hit with 500 Bitcoin ransom demand — but says it won't pay
JP Koning: Regulation Could Actually Help Tether
JP Koning: Regulation Could Actually Help Tether
Against its wishes, Tether is now a New York-regulated financial firm. It will grudgingly have to make its financials public. Assuming they like what they see come reporting time, Tether skeptics may start to rethink their distaste. DeFi protocols like Maker and Compound may even lighten their tether penalties, thus gobbling up more tether. And who knows, maybe Tether will, after a taste of oversight, try to come in from the cold and apply for a money transmitter license like everyone else. Whether it will qualify is another matter. But stranger things have happened.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·coindesk.com·
JP Koning: Regulation Could Actually Help Tether
Ethereum’s Buterin Says Tether Is Bitcoin’s ‘Ticking Time Bomb Demon’
Ethereum’s Buterin Says Tether Is Bitcoin’s ‘Ticking Time Bomb Demon’
Vitalik Buterin argued that, like Ethereum, Bitcoin has its own potential bombs waiting to explode. The ecosystem around Ethereum could see failures and hacks, discussed the participants of The Tim Ferriss Show yesterday. To this, Buterin said: “I think the Bitcoin ecosystem does have its own […] ticking time bomb demons too, like Tether is one example.” He did not elaborate on this any further."
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·cryptowhalex.medium.com·
Ethereum’s Buterin Says Tether Is Bitcoin’s ‘Ticking Time Bomb Demon’
The soon-to-launch Fei Protocol would mint stablecoins by simply selling them directly to users
The soon-to-launch Fei Protocol would mint stablecoins by simply selling them directly to users
FEI is a reserve-backed stablecoin that works through a direct incentive method, in which FEI can give users bonuses or charge fees for making trades that help it maintain its dollar peg. Users can buy FEI from the protocol, and the protocol takes those assets in reserve. The asset traded belongs to the Fei protocol after the trade. The assets in reserve could even be under-collateralized, and the assets would be deployed elsewhere, such as on the secondary market or – later – in yield-generating projects. Fei’s “genesis launch” is set for March 22, when users will be able to post ETH to get FEI tokens. Early participants in the sale and in the protocol’s liquidity pools on DeFi exchange Uniswap will be incentivized with TRIBE, the project’s governance token.
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
The soon-to-launch Fei Protocol would mint stablecoins by simply selling them directly to users
Thailand’s central bank warns against ‘illegal’ THT stablecoin
Thailand’s central bank warns against ‘illegal’ THT stablecoin
The Bank of Thailand (BoT) has issued a warning against baht-denominated stablecoin Thai Baht Digital (THT), citing a sixty-year-old law, that makes the "creation, issuance, usage or circulation of any material or token for money is a violation of Section 9 of the Currency Act 1958.” “Although THT is currently not used as a medium of exchange, it could cause fragmentation to the Thai currency system should THT or other similar stablecoins come to replace, substitute or compete with Baht issued by the BOT,” the BoT noted. THT stablecoin is issued on the Terra platform which has produced various other stablecoins including the TerraUSD and TerraKRW. The Terra platform is also behind the chai payment app, an e-commerce wallet that is mainly used in Asia and powered by stablecoins. https://www.bot.or.th/English/PressandSpeeches/Press/2021/Pages/n1564.aspx
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·cointelegraph.com·
Thailand’s central bank warns against ‘illegal’ THT stablecoin
Thailand to Regulate Stablecoins Sooner than Bitcoin
Thailand to Regulate Stablecoins Sooner than Bitcoin
The Bank of Thailand is moving towards introducing stablecoin regulations as soon as this year. They will only cover stablecoins, and not crypto-assets like Bitcoin and Ethereum. However, the purview of the framework will not only include Thai baht-backed stablecoins, but also such digital currencies backed by foreign currencies and other assets. https://www.bot.or.th/English/PressandSpeeches/Press/2021/Pages/n1664.aspx
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·financemagnates.com·
Thailand to Regulate Stablecoins Sooner than Bitcoin
Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective
Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective
This US Federal Reserve note explores the potential effects of the widespread adoption of a global stablecoin (GSC) on key aggregate financial sector balance sheets in the United States. To do this, it maps out cash flows of GSC transactions among financial sector entities using a stylized set of 't-accounts'. By analyzing these individual transactions, it infers aggregate and compositional effects on U.S. commercial banking sector and Federal Reserve balance sheets. Through this lens, the note also considers how these balance sheet changes could affect monetary policy implementation, the demand for central bank reserves, and the market for US dollar safe assets.
#Fintech#CryptoAssets#Stablecoins#MonetaryPolicy#DFC
·federalreserve.gov·
Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective
JP Koning: Can Decentralized Stablecoins Stabilize?
JP Koning: Can Decentralized Stablecoins Stabilize?
The worry is that in dispensing with collateral as a line of defense (or using less of it), the new breed of less-than-fully collateralized stablecoins may not be able to weather a major black swan event, say like a market crash, an outbreak of war or a new pandemic. It’s possible that less-than-fully collateralized stablecoins will prove to be an enduring advance in financial technology. If so, they’ll imbue DeFi with true stability while simultaneously disconnecting it from the incumbent financial system. Or they could be highly risky assets that offer only the illusion of safety. We’ll know which it is when the next big market disruption hits.
#Fintech#CryptoAssets#Stablecoins#Terra#DFC
·coindesk.com·
JP Koning: Can Decentralized Stablecoins Stabilize?
What is Sweetcoin? | history, roadmap, usage, team, supply
What is Sweetcoin? | history, roadmap, usage, team, supply
Sweetcoin is an "rewards"-based is a token designed to return profit users with cash back from using the Sweetbridge platform. Sweetcoin's intended uses are three-fold: to borrow against the net present value of the coin; manage the token to ensure against the asset's devaluation; stake the token as a network operation participant. Sweetbridge describes the Sweetcoin discount token as "the cornerstone of the Sweetbridge ecosystem". Sweetcoin’s value comes directly from its ability to grant monthly discounts that grow as the revenue in the Sweetbridge network grows, according to the project. The "rewards" are generated for users by locking a minimum amount of the Sweetcoin token in a wallet from month to month.
#Fintech#CryptoAssets#Stablecoins#DFC
·messari.io·
What is Sweetcoin? | history, roadmap, usage, team, supply
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)?"
#Fintech#CryptoAssets#Stablecoins#Ampleforth#DFC
·mechanism.capital·
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
Decentralized FLOAT Stablecoin will Complement RAI and FEI Economies
Decentralized FLOAT Stablecoin will Complement RAI and FEI Economies
The primary purpose of using a stablecoin is to achieve a peg to a fiat currency, usually the U.S. dollar. However, "non-pegged" stablecoins aren't pegged to any fiat currency - their values float and change over time. Non-pegged stablecoins aim to have low short term volatility, allowing them to be practically used as a unit of account. However, over the long-term their values change according to their own demand and the demand for the underlying crypto-assets. Ampleforth, which was launched in June 2019, has been followed by Float (launched on February 5, 2021), Rai (February 17), and Fei (March 22).
#Fintech#CryptoAssets#Stablecoins#Ampleforth#DFC
·beincrypto.com·
Decentralized FLOAT Stablecoin will Complement RAI and FEI Economies