CZ: In Addition to FDUSD, There Are New Stablecoin Partners To Be Announced Soon
Binance founder Changpeng Zhao (CZ) said in an AMA, "In addition to the stablecoin First Digital USD (FDUSD), there are new stablecoin partners to be announced soon. I don't want to disclose specific details for now. We will support multiple encryption currency."
Aave Stablecoin GHO Recovers After Depeg Possibly Linked to Curve Hack
Aave's stablecoin GHO briefly lost its $1 peg on July 31, dropping to $0.96 before regaining its peg after about two hours. The depeg was likely caused by a reentrancy attack on Curve Finance, which also resulted in the platform losing over $47 million.
Tether (USDT) Hits New All-Time High in Market Cap After Printing $1,500,000,000 in Net Profit: IntoTheBlock
Tether's market capitalization has reached a new all-time high, nearing $84 billion, thanks to billions of dollars in profits generated earlier this year. The stablecoin's circulating supply has increased by almost 30% year-to-date, and it printed $1.5 billion in net profits in Q1 of 2021. Meanwhile, competitors in the decentralized finance (DeFi) space are working on improvements to attract more users. USD Coin (USDC), the second-largest stablecoin by market cap, has been struggling since the collapse of Silicon Valley Bank (SVB) in March, with volumes and supply decreasing significantly.
Tether's Management Team Reportedly Profits from Simple and Low-Risk Model, Despite Potential Challenges in the Future
The creators of Tether, a stablecoin with a market value of $83 billion, have profited greatly from their creation. Despite the overall decline in cryptocurrency value, Tether has remained successful due to its low-risk profit-making model. Tether's top executives could become billionaires if the company is sold for an estimated $9 billion, but regulations and demands for money market returns may pose challenges in the future. Forbes reports that stablecoins are now yielding between 4-5%, and at least one US company plans to create a regulated stablecoin with money-market-like returns this year.
Tether's USDT Marketcap Reaches Historic Highs, Positive Address Growth Continues
Tether has increased the circulating supply of its stablecoin USDT to historic highs, with marketcap growth surpassing its previous all-time high achieved in 2022. Despite USDT volumes not yet reaching their peak, positive address growth indicates growing demand. Tether's growing suite of products, such as Tether Gold, may be supporting USDT transactions and contributing to the stablecoin's marketcap growth. While USDT's marketcap growth is not necessarily a sign of an incoming bullish move, it does imply that Tether is preparing for more demand.
Paradigm's Official Website urges Congress to Legislate quickly regarding Stablecoins in the Cryptocurrency Industry
Paradigm released a stablecoin policy document on its official website. It believes that stablecoins pose lower risks compared to bank deposits and that the risk management framework for stablecoins should be designed to manage unique risks associated with stablecoins. These risks are different from those found in traditional banking and differ from those associated with money market funds (MMF) in practice. If stablecoins were to be regulated as money market funds, most stablecoins would lose their utility.
Binance Adds Controversial Stablecoin FDUSD to Platform Amid Allegations of Justin Sun's Involvement
Binance has added a new stablecoin called First Digital USD (FDUSD) to its platform, which has sparked controversy within the crypto community due to allegations linking it to Justin Sun and TrueUSD (TUSD). The stablecoin is issued by Hong Kong-based digital asset custodian First Digital Trust and aims to provide users with a reliable means of conducting transactions.
USDT Market Cap Reaches All-Time High of $83.76 Billion
The market capitalization of USDT, the largest stablecoin, hit an all-time high of $83.76 billion according to IntoTheBlock. However, other data aggregators reported that the asset had surpassed that level earlier this month. USDT has been one of the biggest winners in the crypto market since the COVID-19 pandemic, with its market capitalization increasing from $4 billion in January 2020 to over $83 billion as of writing.
Binance Will List the New Stablecoin First Digital USD (FDUSD) and Launch a Zero-Fee Campaign
Binance will list the new stablecoin First Digital USD (FDUSD) at 16:00 on July 26, 2023 (Eastern Eighth District Time). Spot trading BNB/FDUSD, FDUSD/BUSD, FDUSD/USDT. The FDUSD deposit channel is now open. FDUSD withdrawal is expected to open at 16:00 on July 27, 2023 (Eastern Eighth District Time). The listing fee for FDUSD is 0 BNB.
Palau to Launch Pilot Project for US Dollar-Backed Stablecoin on XRP Ledger
Palau's government will launch a pilot project for a US dollar-backed stablecoin on July 26, using Ripple's CBDC platform. The Palau Stablecoins (PSCs), nicknamed Kluk, will be issued to government employees in the pilot project after testing with volunteers. Palau already has a digital residency program and issues ID supported by Cryptic Labs, available as a nonfungible token on the Binance BNB blockchain. Pacific island nations have been active in crypto development, with the Republic of the Marshall Islands launching a CBDC and Vanuatu hosting Satoshi Island for the crypto community.