Clinq.Gold to Introduce Gold-Backed Stablecoin and Game at European Crypto Conference BLOCKCHANCE 23
June 27 (Cointime) - Clinq.Gold, a company offering a 100% gold-backed stablecoin called $CGT, will be participating in the European Crypto Conference BLOCKCHANCE 23 from June 28-30. The company will introduce their project and game that allows for winning physical gold to Web3 and crypto enthusiasts.
Russians Appeared to Seek Refuge in Crypto During Wagner Revolt
June 26 (Cointime) - There was a brief mercenary insurgency in Russia, and the Russians appeared to seek refuge in the stablecoin Tether in exchange for rubles. Despite relatively low overall traffic, trading volumes for the ruble-denominated Tether stablecoin roughly tripled on June 24 on digital asset exchanges that still support trading in the Russian currency, according to blockchain data firm CCData. to about $15 million. According to CCData, the largest ruble trading platforms this month are Binance, Cryptonex, HitBTC and Coinsbit. The United States and its allies imposed financial sanctions after Russia invaded Ukraine last year.
Traders Start Shorting TUSD as Crypto Custody Firm Prime Trust Suspends Deposits and Withdrawals, Price Drops to $0.9983
June 27 (Cointime) -Stablecoin TUSD is under pressure as Prime Trust suspends deposits and withdrawals. Traders started shorting TUSD with an increasing number of shorts. The price of TUSD also fell to a low of $0.9983. In addition, the SEC’s regulatory pressure on stablecoins is also increasing. TrueUSD stopped minting TUSD through the exchange and said it was waiting for further notice. While TrueUSD states that TUSD is 100% reserve, the discrepancy in funding raises concerns. Parsec data shows that $17.6 million in TUSD was lent on AAVE, with a total market cap of $3.1 billion.
Instability Surrounding TrueUSD Raises Questions About Implications for Binance
June 23 (Cointime) - The TrueUSD stablecoin network, which has seen a significant increase in market cap from $750 million to over $3 billion, has been facing questions and concerns about its stability and transparency. This could potentially affect Binance, which continues to offer no-fee trading on TUSD pairs despite the unfolding developments in the TrueUSD ecosystem.
Tether Turns into the World’s Most Profitable Digital Asset, Earning $6 Billion a Year
June 22 (Cointime) - Tether Holdings, the issuer of the largest stablecoin on the market, has become perhaps the world’s most profitable digital asset, earning an excess of $1.48 billion in net profit in Q1 2023. Tether currently holds $83 billion in deposits, and most of its reserves are in U.S. Treasury bills, whose yields have surged to around 5%.
Raft's stETH-Backed Stablecoin Protocol Crosses $55M in TVL in Just Three Weeks
June 22 (Cointime) - Raft, a stablecoin issuer, has reached a total value locked of $55 million, thanks to its flagship token backed by staked ether from Lido. Despite other protocols building stETH-backed stablecoins stalling, Raft's TVL has increased by 4,595% since June 5. The surge in Raft highlights the booming market for liquid staking tokens, with the liquid staking sector having a combined TVL of over $20 billion, making it DeFi's top dog. Raft CEO David Garai predicts that adding other staking derivatives as collateral over the next few weeks will significantly increase TVL.
PostFinance and Swiss Stablecoin Partner To Launch Swiss Digital Franc
June 21 (Cointime) - PostFinance has partnered with Swiss Stablecoin (SSC) to develop the digital franc, a Swiss stablecoin. The partnership will begin with a joint Proof of Concept (PoC) to create a digital version of the stablecoin, backed 1:1 by the Swiss franc.
Blockchain Platform Tether to Launch Dollar Stablecoin USD₮ on Kava, a Layer-1 Blockchain Designed for Scalability and Speed
June 21 (Cointime) -Tether will launch USD₮, a USD stablecoin on Kava. Kava is a scalable and fast layer-1 blockchain whose unique architecture combines the flexibility of the Ethereum Virtual Machine with the speed, low transaction fees and interoperability of the Cosmos SDK. The news further cements Tether’s status as the most widely adopted stablecoin, and underscores the importance of protecting users when using USD₮. Additionally, the company has launched stablecoins on multiple networks, including Ethereum, Solana, Algorand, and more.
Tether’s Banking Relationships, Commercial Paper Exposure Detailed in Newly Released Legal Documents
June 21 (Cointime) - Documents obtained by CoinDesk under a Freedom of Information Law request offer a rare but limited window into the reserves behind USDT, the crypto market’s largest stablecoin.
Tether's Transaction Volume Surges to Three-Month High as USDT Reclaims Peg and Exchange Netflow Spikes
June 20 (Cointime) - Tether's transaction volume has reached a three-month high, with USDT reclaiming its peg and experiencing a surge in exchange netflow. Despite a recent dip in value, regular transactions have stabilized and the stablecoin has achieved an all-time high in transaction volume.
