Real Estate-Backed Stablecoin USDR Plummets to $0.51 After DAI Treasury Drain
Real USD (USDR), a stablecoin backed by real estate, experienced a significant drop in value to almost $0.51 in just a few hours after its DAI treasury was emptied. Tangible DAO, the entity behind USDR, revealed that the treasury currently holds no DAI and only has a $6.2 million insurance fund for a circulating supply of 45 million USDR. The treasury is also supported by the token TNGBL, but its 24-hour trading volume is less than $300,000, making it difficult to liquidate large amounts. Traders are selling USDR for pennies on the dollar in USDC trading pairs, according to data from a Polygon block explorer.
Circle Enables Minting of USDC on Polygon, Streamlining Transactions and Access to DeFi Applications
Circle, the stablecoin issuer, has launched a new initiative that allows users and developers to mint USD Coin (USDC) directly on the Ethereum layer-2 scaling protocol, Polygon. This eliminates the need to bridge the stablecoin from Ethereum to another blockchain, simplifying the process. The integration promises near-instant transactions with minimal fees, making it crucial for a range of applications, including payments, remittances, trading, borrowing, and lending. <br>
Reserve Launches Decentralized Stablecoin Protocol on Coinbase-Incubated Layer 2 Network Base Beyond Ethereum Mainnet
Reserve, a decentralized stablecoin protocol, has launched on the Layer 2 network Base, which is incubated by Coinbase. This marks Reserve's first deployment beyond the Ethereum mainnet and allows users to create their own decentralized stablecoins, flatcoins, or tokenized indices using Reserve's Asset Backed Currency Factory on the cheaper Layer 2 network. The assets are backed by overcollateralized baskets of Ethereum-compatible ERC-20 tokens. Reserve's collateral options on Ethereum and Base include major stablecoins, ether, and wrapped bitcoin, and the first RToken deployers on Base are expected to launch in the next few weeks.
DAI in DSR has grown by $1.38 billion since the Dai savings rate was raised to 8% in early August
According to a report released by 21Shares, since early August when the Dai Savings Rate (DSR) was increased to 8% APY, DAI in the DSR has grown by $1.38 billion, increasing from $337 million to $1.66 billion. At the same time, MakerDAO fundamentals continue to improve, with MKR rising 32.70% in the past month.
Stablecoin DAI increased by US$283.4 million, a month-on-month increase of 5.4%
Cited on-chain analysis from DeFiLlama, a blockchain price tracking platform, stablecoin market capitalization is at its lowest level since September 2021, with a value of $123.8 billion. Despite the global stablecoin market showing a downward trend, two popular assets in this group, Tether (USDT) and DAI, have seen moderate growth.
USDT stablecoin continues to maintain its leading position with a market share of 67.2%, with a market value increase of $334.7 million, a 0.4% increase compared to the previous month. MakerDAO's stablecoin DAI has increased by $283.4 million, a 5.4% increase compared to the previous month.
Circle argues stablecoins pegged to sovereign currency are not securities in response to SEC lawsuit against Binance
Circle, the company behind USD Coin (USDC), has submitted a legal brief to a Washington D.C. district court arguing that stablecoins linked to a sovereign currency, such as the US dollar, are not securities. The brief was filed in response to the SEC's lawsuit against Binance, which accused the exchange of offering unregistered securities to investors. Circle's position is that payment stablecoins do not meet the criteria for SEC oversight as they lack the essential features of an investment contract. Binance has recently delisted three stablecoins, including Pax Dollar and TrueUSD, but still holds $683 million worth of USDC on its exchange and is accepting USDC deposits on Ethereum scaling solutions Arbitrum and Optimism.
Lybra Finance announces Lybra DAO will launch on October 1st
Lybra Finance, the issuer of the interest-bearing stablecoin, announced that Lybra DAO will be launched at 1:00 PM UTC on October 1st (9:00 PM Beijing time). esLBR and LBR holders will be able to submit governance proposals and vote on them to make critical decisions about Lybra's future. Each proposal will have a 7-day voting window, and if the DAO votes "yes" on the on-chain proposal, the proposal will be automatically executed by Time Lock 2 days after the voting is completed.
Circle Launches Euro-Backed Stablecoin on Stellar Blockchain for Aid Disbursement and Cross-Border Payments
Circle has launched its euro-backed stablecoin, EURC, on the Stellar blockchain, making it the third chain on which EURC is available. The stablecoin can be sent, spent, held, and traded around the world with low-cost, near-instant transactions. EURC will integrate with aid disbursement and cash assistance systems, and Circle plans to work with Stellar to provide financial assistance to those affected by humanitarian crises. Latin American crypto services provider, Ripio, is also expanding to Spain and adding EURC on Stellar to their in-app crypto wallet.
Binance Japan and Mitsubishi UFJ Trust and Banking Corporation collaborate on developing stablecoins for Web3 adoption in Japan
Binance's Japan unit is collaborating with Mitsubishi UFJ Trust and Banking Corporation (MUTB) to develop stablecoins that comply with local laws. The joint study aims to issue stablecoins pegged to sovereign currencies like the yen to drive Web3 adoption in Japan. The companies hope to start relevant operations by the end of next year, subject to regulatory approvals. MUTB's Progmat platform could help mitigate risks associated with stablecoins, and Binance Japan intends to use it to issue stablecoins on multiple blockchains.
Study Finds Only 3% of Crypto Industry Employees Are Paid in Cryptocurrency
According to a study by Pantera Capital, 97% of people in the crypto industry are paid in government-issued currencies, while only 3% are paid in crypto. Of those who receive crypto payments, the majority opt for dollar-linked stablecoins USDC and USDT, with only 13% choosing bitcoin. The median pay for engineers in the industry is $120,000 globally, with those in North America earning $193,000. Additionally, 88% of roles in the crypto industry are remote, and one in five respondents reported receiving token incentives.
