Tag: stablecoin

Categories
Bitcoin Cryptocurrency Investment Cryptocurrency news

Stablecoin market recovers: growth of US$5.48 billion in 22 days

In recent weeks, the market value of major stablecoins has seen a notable increase. The economy of these fiat-pegged tokens expanded from $123.66 billion to the current $129.14 billion. This substantial growth of nearly $6 billion comes after the stablecoin industry lost tens of billions last year. In particular, tokens like BUSD, USDP, and USDC have seen considerable redemptions over the past 12 months.

Stablecoins see multi-billion dollar market expansion in three weeks

Recent data indicates that from November 2 to 24, 2023, over 22 days, the stablecoin market expanded by $5.48 billion. In the last 24 hours, fiat-pegged cryptocurrencies reached a trading volume of $50.74 billion, in contrast to the total global trading volume of $88.65 billion.

Metrics show that stablecoin swaps account for 57.23% of total trading volume worldwide. Tether (USDT) leads the way with a market cap of $88.59 billion, accounting for 68.59% of the total market capitalization of $129.14 billion and accounting for 5.93% of the entire US$ crypto economy 1.4 trillion.

Over the past 22 days, USDT market capitalization has increased by 4.24%. The USD coin (USDC) has also seen modest growth since November 2, with its market capitalization increasing 0.81% from $24.5 billion to the current $24.7 billion.

The market cap of DAI has increased by 43.2%, while the supply of trueusd (TUSD) has decreased by 5.38% since November 2nd. BUSD has been declining all year following Paxos’ decision to stop minting BUSD.

Twenty-two days ago, BUSD’s market capitalization was $1.95 billion, which has now dropped to $1.74 billion, a drop of 10.76%. The newly arrived first digital dollar (FDUSD) saw its market value increase from $590 million to $733 million, an increase of 24.23%.

Tron’s USDD fell slightly from $725 million, down 0.82% to the current $719 million. The Frax Dollar (FRAX) also had a slight drop of 0.44%, going from US$671 million to US$668 million in the same period.

Paxos, which supports Paypal’s PYUSD issuance, saw a 1.10% reduction in the supply of pax dollars (USDP), from $453 million to $448 million. The tenth largest stablecoin by market cap, Liquidity USD (LUSD), saw its supply drop from $220 million to $205 million. The market capitalizations of alchemix usd (ALUSD) and paypal usd (PYUSD) remained relatively unchanged.

Categories
Bitcoin Bitcoin Investment Crypto Mining Cryptocurrency news Investment News

Circle to Launch USDC Stablecoin on Arbitrum, Tradecurve Exchange to Implement AI

Prominent stablecoin issuer Circle announced that it would launch USDC natively over Arbitrum starting June 8, 2023, replacing the short version of the stablecoin. A competing project, Tradecurve, will allow users to create AI-powered trading bots with the ability to optimize the performance of their portfolios, leading to greater efficiency.

BUY TCRV TOKENS NOW<<

Circle to launch USDC Stablecoin in addition to Arbitrum

“USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem. Over time, native USDC liquidity will grow and replace the currently circulating ‘Bridged USDC’ liquidity coming from Ethereum.” Circle announced in its statement.

Arbitrum will rename the Ethereum bridged version of USDC in block explorers and will now be known as USDC.e. The company also announced that there will be scope for ecosystem apps that will make the same change to their in-app user interfaces and other documentation.

Additionally, Circle noted several benefits of USDC’s native launch in Arbitrum, such as future Cross-Chain Transfer Protocol (CCTP) support, which will eliminate delays in bridge withdrawals. There will be an updatable smart contract for any future improvements of the company and the possibility of institutional entry and exit ramps, among other advantages.

Anyone can access AI trading bots to optimize their portfolio with Tradecurve

Circle isn’t the only company breaking new ground by launching USDC in addition to Arbitrum, and competing projects like Tradecurve are also rolling out new ideas and innovations that could change DeFi for traders and investors alike.

The Tradecurve ecosystem is powered by the TCRV utility token and gives users access to features such as automated trading and artificial intelligence. Users can access hundreds of artificial intelligence and algorithmic trading systems through which they can improve and optimize the performance of their portfolio.

Furthermore, traders can create their own communities and members can automatically copy their trades via a subscription model. The Tradecurve team will implement Proof of Reserves (PoR) to increase transparency.

There is also high leverage starting at 500:1, a VIP account service, a dedicated trading academy and negative balance protection. Users are not required to complete KYC, making it a truly borderless platform that can be accessed from anywhere.

TCRV is now in stage 3 of its pre-sale, where one token is worth $0.015. A total of 23,637,981 TCRV tokens have already been sold, and its next price increase will be 20% to $0.018 in stage 4. Analysts predict that the price of TCRV could increase 100 times at launch, especially as it will be listed in Tier -1 exchanges and on Uniswap DEXs.

Categories
Bitcoin Bitcoin ETF Bitcoin Investment Bitcoin Wallet Crypto Mining cryptocurrency exchange Cryptocurrency Investment Cryptocurrency news Ethereum Investment News NFT Investment

Tether Launches Mexican Peso Tokens on Ethereum, Tron, and Polygon

Stablecoin issuer Tether Operations Limited announced that the company has launched a new token pegged to the value of the Mexican peso. According to the team, the newly launched MXNT tokens will initially be hosted on Ethereum, Polygon, and Tron.

Stablecoin MXNT is pegged 1:1 to the Mexican peso

Stablecoin and blockchain firm Tether has revealed that it has launched a new fiat-backed token that will join the company’s pool of stablecoins. Tether launched MXNT, a stablecoin pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the US dollar, and EURT, which is pegged to the value of the euro. The company also offers CNHT, a token pegged to the offshore Chinese yuan, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

Tether USDT is the largest stablecoin in existence today as it currently has a market valuation of around $73.2 billion. The token’s market cap represents 5.77% of the $1.27 trillion crypto economy.

Of the $86.43 billion in digital currency trading volume on Thursday, the connection volume is around $45.42 billion, or 52.55% of today’s global trading volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trading volumes. Tether says that the launch of MXNT will be a “testing ground for the integration of new users in the Latin American market.”

Paolo Ardoino, CTO of Tether, detailed during the announcement that the company has seen the popularity of digital currencies increase in Latin America. “We have seen an increase in the use of cryptocurrencies in Latin America in the last year, which has made it clear that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.

Categories
Bitcoin Bitcoin ETF Bitcoin Investment Bitcoin Wallet Crypto Mining cryptocurrency exchange Cryptocurrency Investment Cryptocurrency news Investment News NFT Investment

Tron DAO Reserve buys $38 million of TRX to protect USDD stablecoin

On May 5, Tron’s USDD algorithmic stablecoin was launched, and so far, the fiat token has been listed on various decentralized finance (defi) protocols. Two days later, Tron DAO Reserve announced that it has purchased 504.6 million tron ​​(TRX) to support the algorithmic stablecoin as the project aims to leverage a decentralized currency reserve similar to Earth’s UST reserves.

Tron DAO Reserve and Justin Sun reveal $38 million TRX purchase

Terra’s UST reserve system is becoming a popular scheme, and Tron’s USDD stablecoin project is following suit. Bitcoin.com News reported on the algorithmic stablecoin project Tron on April 21, and the fiat crypto asset has been officially launched since then. The project has several partners now and USDD is listed on Pancakeswap, Kyberswap, Sunswap, Sun.io, Curve Finance, Uniswap and Ellipsis.

According to tronscan.org, there is approximately $211,245,005.49 at the time of writing. Statistics show that as of Saturday, May 7, 2022, Uniswap version three (v3) is the most active exchange for buying and selling USDD. While the $211 million market cap is a small thing for Earth’s UST ($18.7 billion), it has only been around for two days. While terrausd (UST) recorded US$990.3 million in 24-hour transactions, USDD recorded US$2.31 million in the last day. The USDD market valuation is higher than Gemini’s (GUSD) market capitalization of $199.5 million.

On Saturday, Tron DAO and Tron founder Justin Sun announced that the team had purchased 504,600,250 TRX at an average price of 0.07727 per unit. The purchase will be used as a reserve asset to “safeguard the blockchain industry and cryptocurrency market,” reserve account Tron DAO said Saturday afternoon.

“[Tron DAO Reserve] has done its job,” tweeted Tron founder Justin Sun this weekend.

Decentralized, Algorithmic and Centralized: The Quest to Perfect Stablecoin Continues

While decentralized and algorithmic stablecoins sound good in theory, there are concerns and doubts about whether or not they can maintain a stable peg as long as they exist. Of course, some centralized stablecoin projects in the past have failed, and Makerdao’s decentralized stablecoin DAI was tested during the ‘Black Thursday’ event on March 12, 2020. Prior to the March 12 event, Bennett Tomlin’s blog post predicted the Ethereum (ETH) price stress that could affect the DAI USD parity.

In November 2020, the issuer of stablecoin OUSD, Origin Protocol, suffered an instant lending attack and the coin temporarily lost its peg. During the first week of April, the Waves-based neutrino stablecoin usd (USDN) temporarily dropped from the dollar. A year ago in April, the fiat value of the stablecoin fei usd (FEI) dropped below one dollar for a short period of time. So far, several of the projects mentioned above have recovered shortly after the parity loss, and stablecoin projects have maintained a stable parity ever since.

The Tron DAO Reserve purchase of 504,600,250 TRX was worth $38.99 million at the time of liquidation. The TRX purchase also follows the recent acquisition of $1.4 billion worth of bitcoin (BTC) by Luna Foundation Guard (LFG). The non-profit LFG now holds 80,394 BTC and $100 million worth of AVAX to protect UST. In addition, Tron DAO has partnered with three crypto institutions that are now whitelisted Tron DAO Reserve members. Tron DAO Reserve’s institutional partners include Poloniex, Alameda Research and Amber Group, while Tron DAO Reserve acts as the “initial custodian” of USDD.