Japan's Stablecoin Regulations Pose Challenges for Issuers
Japan has taken the lead in regulating stablecoins, implementing a stablecoin law in June. The regulations aim to address concerns about the assets backing stablecoins and their accessibility. Only banks, trust companies, and fund transfer services are allowed to issue stablecoins in Japan, and stablecoin issuers must establish a trust within the country to hold the assets. However, the strict regulations have made it challenging for companies to issue yen-based stablecoins due to the low interest rate for Japanese bank deposits and high compliance costs.
Head of Digital Asset Strategy at VanEck: The stablecoin market reaches US$124 billion, and there is huge potential for stablecoins and tokenized RWA
Gabor Gurbacs, the Director of Digital Asset Strategy at global asset management company VanEck, stated on social media platform X that the current market sizes are:
Bond market: $126 trillion;
Stock market: $108 trillion;
Private capital: $23 trillion;
Gold market: $12 trillion;
Oil market: $2 trillion;
Stablecoin market: $124 billion;
There is huge potential for stablecoins and tokenized RWAs, and tokenized assets will be settled in Bitcoin and stablecoins.
Tether Plans to Release Real-Time Reserves Reports by Next Year
Tether, the largest stablecoin issuer, plans to release real-time proof-of-reserves reports by next year, according to incoming CEO Paolo Ardoino. While there is no set deadline for the plans, Tether already provides daily reserves reports on its website, which currently shows $84.15 billion in USDT. Ardoino also aims to increase tech investments, engage with regulators, and expand into renewable energy. Recently, blockchain analytics platform Santiment reported that large amounts of Tether are returning to crypto exchanges, which may signal a bullish trend.
Lybra Finance: eUSD/peUSD current total issuance is $121 million
Lybra Finance, the issuer of interest-bearing stablecoins, announced that the total issuance of eUSD/peUSD is currently $121 million, making them the 13th most widely used stablecoin option in the market. The team hinted that a major announcement will be released next week.
Aave community proposal proposes stEUR as a pure collateral asset on the Aave V3 Ethereum pool
According to the official governance forum, a new Aave community proposal suggests adding stEUR as a pure collateral asset on the Aave V3 Ethereum pool. stEUR represents pledged agEUR, which is a decentralized stablecoin pegged to the euro minted by the Angle Protocol.
Circle Launches Smart Contract Platform to Simplify Web3 App Development
Circle, a stablecoin issuer, has launched a new tool called "Smart Contract Platform" that aims to simplify the process of building Web3 apps for developers. The platform provides pre-vetted code templates and a console or REST APIs for deploying smart contracts, potentially making it easier for traditional Web2 programmers to use. Circle also released a Gas Station tool that allows developers to pay for their users' gas fees, which could make onboarding users easier. The platform offers pre-vetted templates for creating various smart contracts, including non-fungible tokens, blockchain loyalty programs, and interactions with decentralized finance projects.
Top 10 USDT wallets regain one-quarter of total USDT supply
Data monitored by Santiment shows that during the cryptocurrency market volatility caused by false ETF news yesterday, Tether's whale wallet was hoarding USDT on a large scale. The largest wallets in the top 10 rankings have regained a quarter of the total USDT supply, and the trading volume on the top stablecoin chain has reached a two-month high.
Tether's CTO to become CEO in surprise management shake-up
Tether's Chief Technology Officer, Paolo Ardoino, will take over as CEO from December, the company announced on Friday. The current CEO, Jean-Louis van der Velde, will transition to an advisory role. Tether issues a stablecoin, also called Tether, which is widely used in crypto-to-crypto trading and has $83.5 billion worth of tokens in circulation, making it the third-largest cryptocurrency after bitcoin and ether. Ardoino, who became CTO in 2017, is known as the public face of the company and has a background in computer science and cryptography.
UniPass Wallet mobile app now available on Google Play Store
The smart contract stablecoin wallet UniPass announced on X platform that the UniPass Wallet mobile application is now available on the Google Play store. UniPass reportedly provides a comprehensive stablecoin payment solution, offering the ability to enjoy gas-free payments and one-click processing of batch transactions. Currently, UniPass only supports USDC and USDT on the Polygon network.
Real Estate-Backed Stablecoin USDR Loses Peg to US Dollar Due to Rush of Redemptions
The stablecoin USDR, which is backed by real estate and cryptocurrencies, lost its peg to the US dollar due to a rush of redemptions that drained liquid assets such as Dai from its treasury. The coin is mostly traded on the Pearl decentralized exchange (DEX) on Polygon. Despite losing nearly 50% of its value, the project team has vowed to provide solutions to the problem, stating that it was merely a liquidity issue that has temporarily challenged redemptions. Stablecoins are intended to always be worth $1 on the open market, but they sometimes lose their peg under extreme market conditions.
