Circle Singapore Obtained Major Payment Institution (MPI) License
Circle Internet Singapore Pte. Ltd. (Circle Singapore), an affiliate of Circle Internet Financial, LLC (Circle), has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the city-state via its various products and services, including the Circle Account, which allows institutional customers access to USDC. USDC, issued by Circle, is a digital dollar, also known as a stablecoin, that is available 24/7 and moves at internet speed.
Tether Named World's Most Searched Stablecoin on Google, According to Cryptomaniaks Study
According to a study by Bitcoin Cryptomaniaks casinos, Tether is the most searched stablecoin on Google. The study analyzed Google Trends data for the top 100 stablecoins listed on CoinMarketCap over a 12-month period.
Raft Launches New USD Stablecoin R Backed by Lido's stETH
Raft has launched a new stablecoin called R, which is backed by Lido's staked ether (stETH). The stablecoin uses both hard and soft peg mechanisms to maintain a price of around $1. Raft's stablecoin is the first to be collateralized by stETH.
Prisma Launches to Unlock Potential of Ethereum Liquid Staking Tokens
Prisma, a new DeFi primitive, has launched with a focus on unlocking the full potential of Ethereum liquid staking tokens (LSTs). The protocol allows users to mint a stablecoin (acUSD) fully collateralized by liquid staking tokens, which will be incentivized on Curve and Convex Finance.
Stablecoin Market Cap Falls for 14th Consecutive Month, Some Companies Exits Crypto Exchanges
The total market cap of stablecoins has decreased by 0.45% in the past month, marking the 14th consecutive month of decline and reaching its lowest level since September 2021. The decrease in stablecoin market cap coincides with a decrease in liquidity from crypto exchanges, with May being the lowest month in terms of crypto trading volume on exchanges since the beginning of 2022. Tether's market cap has grown alongside bitcoin's rise in price this year, but the company is currently being investigated by the Department of Justice for bank fraud and money laundering. Despite the challenges and regulatory pressure faced by the crypto industry, some companies are still investing in it, while others are shifting their focus to artificial intelligence products.
Palau adopts XRP-based stablecoin project following successful pilot
The Republic of Palau has launched its native stablecoin project on the public XRP Ledger (XRPL), with the stablecoin now live following a successful pilot program involving 200 citizens. The stablecoin project offers faster, more cost-effective, and secure transactions compared to traditional approaches, and Palauan residents can now use their mobile devices to buy goods from participating stores or engage in local transactions using the currency. The project emerged through a strategic collaboration between Palau and Ripple, with Ripple providing comprehensive assistance in multiple domains, including technical support for the development of the stablecoin on the XRP Ledger infrastructure. While the value report initially stated that the stablecoin runs on a private version of the XRPL, Ripple's CBDC Strategic Advisor clarified that it is built on the public XRP Ledger.
The Rise and Fall of Facebook's Libra: A Legacy of Legislative Efforts and Mainstream Recognition for Crypto
Facebook's Libra stablecoin aimed to revolutionize cross-border remittances and international commerce, but faced pushback from global legislators, leading to many of their plans being abandoned.
Stably Launches USD-Backed Stablecoin as BRC20 Token on Bitcoin Network
Stably is launching its USD-backed stablecoin, Stably USD, as a BRC20 token under the symbol #USD. The move is aimed at revolutionizing the Bitcoin ordinals market and is a critical milestone in the growing Bitcoin ordinals ecosystem. Each #USD token is backed 1-to-1 with USD in a collateral account managed by a US-regulated custodian for KYC/AML-verified token holders. Stably's mission is to provide a seamless fiat-to-crypto and stablecoin onramp to all popular and emerging blockchain networks. However, it is important to note that digital assets come with significant risks and it is advised to conduct thorough research and understand potential risks before purchasing/holding them.
Stablecoin Balances on Centralized Exchanges Hit Lowest Level Since April 2021, Tether Continues to Grow
According to data from Glassnode analyzed by CryptoSlate, the volume of stablecoins held on centralized exchanges has dropped below $20 billion, the lowest since April 2021. The decline in stablecoin balances can be attributed to increased regulatory scrutiny and the collapse of several crypto-related firms.
The Contrasting Story of Stablecoin Contraction in a Booming Crypto Economy
The global cryptocurrency market has seen a significant increase, rising by 41.77% since the beginning of the year and reaching a total value of $1.17 trillion. However, the stablecoin sector has experienced a noticeable contraction, losing $7.3 billion in a 140-day period. This trend is unexpected in an otherwise growing crypto economy.
