The recent havoc in the crypto market wreaked by Terra’s collapse has put stablecoins under the spotlight again. As of now, the next move by America’s top financial watchdog (the Securities and Exchange Commission) on crypto regulations remains unclear. An SEC Commissioner revealed in a recent interview that stablecoin regulations might not fall into SEC’s … Read more
The United Kingdom’s Economic and Finance Ministry announced in April that it would work to incorporate stablecoins into a regulatory framework on digital assets. Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when … Read more
Fed nominee Michael Barr said that the government agency potentially releasing a central bank digital currency was an issue that required “a lot more thought and study.” Michael Barr, a law professor and former advisory board member of Ripple Labs who is United States President Joe Biden’s pick for vice chair for supervision at the … Read more
The U.S. dollar accounts for nearly 100% of stablecoin value and a window of opportunity for policymakers has emerged with the collapse of UST. In this excerpt from Bitcoin Magazine Pro, we will take a more in-depth look at the redemption mechanism of USDT, and cover why the concerns about the stablecoin and the apparent … Read more
Tether, the company behind the largest stablecoin by market capitalization USDT, has seen a reduction in the asset’s circulating supply after investors withdrew over $7 billion from it. Investors Losing Confidence in Stablecoins Data from CoinGecko shows that USDT’s circulating supply is currently at $75.9 billion, which is a reduction from around $83 billion a … Read more
The whole UST debacle has seen traders emboldened in the market against stablecoins. The result of this had been more investors going after the pegs of other stablecoins such as USDT and trying to see if they can destabilize the coin. Most prominent of this had been Tether USD, whose peg saw the most opposition … Read more
The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate … Read more
Industry analytics firm DappRadar has just released a report on the situation, and it doesn’t look pretty. On May 13, the firm reported that DeFi’s total value locked (TVL) is down more than 40% over the past seven days. It stated that the slump had been caused by investors flipping tokens into stablecoins in preparation … Read more
The VeChain Foundation has published its Q1 report, stating that its treasury amassed $1.2 billion in cryptocurrencies by the end of the quarter, a slight drop from $1.38 billion as recorded in Q4 2021. Surprisingly, the foundation behind VeChain only spent roughly 4.1 million during the first three months of 2022 – mainly for business … Read more
With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. These stablecoins which are pegged to the U.S. dollar have been the obvious winners from the recent crash but it seems that investors are taking it one step further this time around. … Read more