Binance Stablecoin BUSD Sees a Sharp Market Cap Drop Amid Solvency and Mismanagement Worries
Persistent worries about Binance’s solvency, increased regulation of the crypto sector and questionable use cases are chipping away at BUSD’s market capitalization.
Binance USD Stablecoin Sees $2B Reduction in a Month Amid Token Mismanagement
Crypto exchange giant Binance’s BUSD stablecoin has extended its recent declines, amid mismanagement issues involving the exchange’s pegged tokens that surfaced earlier this month, and other debacles.
Vitalik Buterin Closes Seven-Month Short Trade on RAI Token, Netting $92,000
Ethereum co-founder Vitalik Buterin closed a seven-month short position on the non-pegged purported stablecoin RAI, netting a cool $92,000, according to on-chain records.
Circle Cross-Chain Protocol Approaches Launch Date
Circle – the issuer of the second largest stablecoin by market cap, USDC – is preparing to launch a permissionless protocol for letting users transfer their stablecoins between blockchains.
Australia’s ‘Big Four’ Bank NBA To Mint Stablecoin On Ethereum, Algorand
One of the four biggest banks in Australia, the National Australia Bank (NAB), has announced that it will soon roll out a new Australian dollar-pegged stablecoin on Ethereum and Algorand. By doing so, NAB has become the second of the country’s major financial institutions to build a stablecoin.
Circle CEO: US Stablecoin Legislation Is ‘Lowest-Hanging Fruit’
Jeremy Allaire, CEO of peer-to-peer payment company Circle, is expecting the U.S. Congress to concentrate on stablecoin regulation this year for a simple reason.
National Australia Bank (NAB) Is Launching a Fully Backed Stablecoin Called AUDN
The stablecoin will launch on the Ethereum network and Algorand blockchain, a smart contract platform similar to Ethereum. NAB plans to launch the stablecoin sometime mid-year.
Framework Ventures Leads Parfin’s $15 Million Raise To Provide web3 Rails in LatAm
Web3 infrastructure provider Parfin has raised $15 million in a bid to dominate the Latin America region.
Stablecoin Regulation Is Congress’ Top Priority, Says Bitwise General Counsel
As Congress gears up for its next session with a slew of what the industry hopes will be crypto-friendly lawmakers, Bitwise’s general counsel has her eye on stablecoin regulations. “The first Congressional focus point will no doubt be stablecoins,” Katherine Dowling, general counsel and CCO at Bitwise Asset Management, told Blockworks. Stablecoin regulation, namely about reserve reporting and liquidity requirements, has been a long time coming, Dowling said, pointing to the bipartisan bill lawmakers failed to pass last session. With much of the legwork already done, Dowling said stablecoin legislation has the potential to be an early win for Congressional members looking to solidify some sort of crypto policy. (Blockworks)
Stablecoin Collapse Could Impact U.S. Bond Market, Economist Warns
Economist Eswar Prasad warned that a bank run on Stablecoins could fallout into the U.S. bond markets if issuers sell U.S. Treasurys to honor redemptions.
