Binance Jersey Lists Exchange’s New UK Pound-Backed Stablecoin

Binance Jersey Lists Exchange’s New UK Pound-Backed Stablecoin

The Jersey arm of Binance has listed the cryptocurrency exchange’s own British pound-backed stablecoin. Binance announced Friday that Binance GBP (BGBP) is being offered on the fiat-to-crypto platform due to trader demand for more stablecoin options. “There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it,” said Binance CFO Wei Zhou. Binance Jersey launched back in January to offer trading in bitcoin and ethereum against the British pound and the euro.
Huobi Revamps HUSD Stablecoin to Help Power ‘Fiat On-Ramp’

Huobi Revamps HUSD Stablecoin to Help Power ‘Fiat On-Ramp’

Huobi is replacing its current stablecoin solution with a new ERC-20 token. Also called HUSD, Stable Universal Limited created the new token, which “will be regulated and audited to be 1:1 to the actual value of U.S. dollar,” according to a press release. “In today’s cryptocurrency markets, traders always need access to a safe, trustworthy stablecoin that is fully redeemable and limits risk exposure,” Frank Zhang, CEO of Stable Universal, said in a statement.
Tether Stablecoin to Launch on 5th Blockchain

Tether Stablecoin to Launch on 5th Blockchain

The popular and sometimes controversial stablecoin tether (USDT) is to launch on a fifth blockchain. Announced by the (mostly) U.S. dollar-backed token’s issuer on its website, the news means traders will have a USD stablecoin option on omni, ethereum, tron, EOS and, soon, algorand. “Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration.
Tether Accidentally Minted $5 Billion of Its Stablecoins, Then Deleted Them

Tether Accidentally Minted $5 Billion of Its Stablecoins, Then Deleted Them

Stablecoin issuer Tether accidentally created $5 billion-worth of its USDT stablecoin at the weekend, before promptly destroying them again. The mess-up occurred when the company was helping cryptocurrency exchange Poloniex conduct a chain swap, moving tethers from the Omni to the Tron blockchains, according to Tether CTO Paolo Ardoino. Ardoino explained in a tweet on Saturday: “Tether is issued on multiple chains (Omni, ETH, ..) When @bitfinex receives too many deposits for Tether-Omni and then users want to withdraw Tether-ETH, @bitfinex sends back to @Tether_to the Omni ones and gets back the same amount in ETH.
Traditional Money Could Be ‘Surpassed’ By E-Money, Stablecoins: IMF Paper

Traditional Money Could Be ‘Surpassed’ By E-Money, Stablecoins: IMF Paper

A new paper from the International Monetary Fund (IMF) suggests that cash and bank deposits could be left behind as digital money and fiat-pegged cryptocurrencies see greater adoption. The Fintech Note, titled “The Rise of Digital Money” and published Monday, looks at how tech firms are increasingly competing with major banks and credit card companies.
$1 Million Loans Are Being Minted on MakerDAO – More May Be on the Way

$1 Million Loans Are Being Minted on MakerDAO – More May Be on the Way

Huge loans are being originated on the ethereum blockchain as we speak. Today, the fifth-largest loan position in the MakerDAO system minted 1 million new DAI tokens. The transaction fee on the $996,216 loan was a mere 73 cents. And it’s not the first. The first loan issuing 1 million new DAI stablecoins was made in late June by the seventh-largest collateralized debt position (CDP) in the MakerDAO system.
Goldman Sachs CEO Hints Bank Might Launch ‘JPM Coin’-Like Crypto

Goldman Sachs CEO Hints Bank Might Launch ‘JPM Coin’-Like Crypto

Goldman Sachs may ultimately take part in the crypto disruption of finance, according to its CEO, David Solomon. In interview with French news source Les Echos on Friday, Solomon said the bank “absolutely’ could follow JPMorgan Chase in launching a cryptocurrency. He further said that Goldman Sachs is carrying out “extensive research’’ on asset tokenization and stablecoins.
Circle and Coinbase Open CENTRE Stablecoin Network to New Members

Circle and Coinbase Open CENTRE Stablecoin Network to New Members

Cryptocurrency firms Circle and Coinbase are a launching bold effort to make money as easy to move around the world as internet data and content. In a press release sent to CoinDesk on Thursday, Circle said that, since the initial launch of the CENTRE consortium’s US Dollar Coin (USDC) stablecoin, the two firms have been working to build and finalize what it’s calling a “membership-based framework and governance scheme for the development and growth of money on the internet.” More formally called the CENTRE Network, the scheme is envisioned as a provider of new open standards to facilitate this dream.
Facebook’s ‘GlobalCoin’ Crypto Will Be Tied to Multiple Currencies: Exec

Facebook’s ‘GlobalCoin’ Crypto Will Be Tied to Multiple Currencies: Exec

Yet more details have emerged about Facebook’s upcoming cryptocurrency, said to be called GlobalCoin, and this time they come directly from the company. Speaking to German business magazine  WirtschaftsWoche earlier this week, Laura McCracken, Facebook’s head of financial services and payment partnerships for Northern Europe, confirmed that the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility.
Binance Confirms Stablecoin Offering Coming Soon: Report

Binance Confirms Stablecoin Offering Coming Soon: Report

Binance, the top crypto exchange by adjusted trading volume, has confirmed it will soon issue its own stablecoins. In a phone interview with Bloomberg, Binance’s chief financial officer, Wei Zhou, said the first stablecoin will be launched on the platform “in a matter of weeks to a month or two.
Blockchain Adds PAX Stablecoin to Mobile Wallet

Blockchain Adds PAX Stablecoin to Mobile Wallet

One of the cryptocurrency industry’s most popular wallet providers, Blockchain, is adding support for the dollar-pegged stablecoin PAX to its mobile wallets this week as part of a broader strategy to grow usage. The head of Blockchain’s wallet department and strategy, Xen Baynham-Herd, told CoinDesk the company eventually plans to enable fiat redemptions as well, through upcoming partnerships.
MakerDAO Finally Approves DAI Fee Decrease After 11-Day Deliberation

MakerDAO Finally Approves DAI Fee Decrease After 11-Day Deliberation

After nearly two weeks of continuous voting, MakerDAO token holders have officially activated a decrease to DAI stablecoin fees. DAI is an ethereum-based token which presently maintains a soft peg to the U.S. dollar. In recent months, fees have increased dramatically for users to loan out DAI from the MakerDAO system. This was because since as early as February DAI dollar valuation had consistently fluctuated below the targeted $1.
Coinbase Opens DAI Stablecoin Trading to Retail Customers

Coinbase Opens DAI Stablecoin Trading to Retail Customers

Crypto exchange Coinbase will now let its retail customers buy or trade the DAI stablecoin, so long as they don’t live in New York. The exchange announced Thursday that it was adding DAI on its website, as well as its Android and iOS apps, letting customers buy, sell, convert, trade or store the stablecoin. Customers in every jurisdiction – except New York initially – can now access the cryptocurrency, which runs on top of the ethereum blockchain.
Switzerland’s SIX Stock Exchange Is Working on a Swiss Franc Stablecoin

Switzerland’s SIX Stock Exchange Is Working on a Swiss Franc Stablecoin

SIX, the Swiss national stock exchange group, is working on creating its own “stablecoin” – a cryptocurrency pegged to the Swiss franc – to facilitate transactions on the SIX Digital Exchange (SDX), CoinDesk has learned. A spokesman for SIX confirmed the move in an email, telling CoinDesk: “Yes, we are currently working on a CHF Stable Coin – so Swiss franc.” SIX could not provide any further detail on whether the Swiss franc-backed coins would be for private use within SDX (like JPMorgan Chase’s feted JPM Coin) or exist publicly like the universe of stablecoins used to trade crypto on exchanges.
MakerDAO Fee Decrease Stalls Amid Decline in Token Holder Voting Turnout

MakerDAO Fee Decrease Stalls Amid Decline in Token Holder Voting Turnout

After an initial round of polling last Thursday, MakerDAO token holders have failed to finalize a decision to decrease fees for users on DAI stablecoin loans taken out through MakerDAO’s programmatic lending protocol. On Friday, a secondary round of polling was launched in order to execute a 2 percent decrease to MakerDAO fees in the system. However, for the first time, the minimum threshold of 117,631.90 MKR tokens was not reached over the weekend and the executive vote remains unfulfilled with a total of 46,546.
MakerDAO Votes to Decrease Stablecoin Fees for First Time in 5 Months

MakerDAO Votes to Decrease Stablecoin Fees for First Time in 5 Months

For the first time in five months, token holders behind the programmatic loan system MakerDAO have voted to decrease fees on all DAI loans. DAI is a dollar-pegged stablecoin operating on the ethereum blockchain that is currently backed in value by nearly 2 million ether tokens. Since the beginning of this year, the value of DAI has fallen below $1 as a result of market supply and demand imbalances.
Coinbase Rolls Out Trading in USDC Stablecoin to 85 Countries

Coinbase Rolls Out Trading in USDC Stablecoin to 85 Countries

Cryptocurrency exchange Coinbase is expanding trading in the dollar-pegged stablecoin USD Coin (USDC) to 85 nations worldwide. In a blog post Tuesday, the firm said it now offers crypto-to-crypto trading for USDC in those countries on both its retail site Coinbase.com and its Coinbase Pro service. The firm touted the strengths of the token in the post, saying it offers a stable store of value and can be sent “near-instantly” around the globe.
PAX Streamlines Redemptions in Battle for Stablecoin Market Share

PAX Streamlines Redemptions in Battle for Stablecoin Market Share

Most crypto companies avoid comparisons to traditional banks. But Chad Cascarilla, CEO of the stablecoin issuer Paxos, welcomes the analogy. “It’s akin to a bank account,” Cascarilla said, describing the new integration of Paxos wallets to the sister company itBit, a crypto exchange. “It has the look and feel in part of a bank account, in part of a custody account.” As part of this new user interface, Paxos accounts now allow users to instantly redeem PAX dollar-backed stablecoins, which were previously only redeemable a few hours a day.
Binance, Bitfinex and Tether: What’s the Worst That Can Happen?

Binance, Bitfinex and Tether: What’s the Worst That Can Happen?

Daniel Cawrey is chief executive officer of Pactum Capital, a quantitative cryptocurrency investment firm and hedge fund. The views expressed are those of the authors and are not investment advice.
‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills

‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills

The Takeaway An ethereum protocol for programmatic lending, MakerDAO emerged as a clear market leader in part for its rock-bottom interest rates of 0.5 percent. But the code behind MakerDAO requires interest rates to do more than extract business from borrowers, it’s a technological necessity for keeping its DAI stablecoin worth $1. With interest rates rising to 19.5 percent, and DAI still worth below $1, some early borrowers are angry, feeling as though they were misled.
MIT’s Christian Catalini Said to Be Working on Facebook’s Cryptocurrency

MIT’s Christian Catalini Said to Be Working on Facebook’s Cryptocurrency

Christian Catalini is on leave from MIT and working at Facebook, two people with knowledge of the situation told CoinDesk. The prominent crypto economist is helping the social media giant with its cryptocurrency efforts, the sources said. Facebook is reportedly developing a stablecoin that will let its billions of users send money to each other, and possibly make online purchases.
Facebook in Talks to Build Ecosystem for Planned Stablecoin: WSJ

Facebook in Talks to Build Ecosystem for Planned Stablecoin: WSJ

Social media giant Facebook is said to be in talks with firms, including Visa and Mastercard, to support and fund its planned fiat-backed cryptocurrency. A Thursday report from The Wall Street Journal, citing “people familiar with the matter,” said that Facebook has been working for over a year now to launch a stablecoin-based payments platform.
DAI Stablecoin’s Stability Fee Nears 20% After Latest MakerDAO Vote

DAI Stablecoin’s Stability Fee Nears 20% After Latest MakerDAO Vote

The dollar-pegged stablecoin DAI is still trading below one dollar but is now considered to be in a “stable” position. From 0.5 percent to now 16.5 percent, the Stability Fee has been increased 33 fold over the past three months. Now, MakerDAO token holders have again voted to increase fees by another 3 percent to sit at 19.5 percent. According to meeting minutes published on Reddit, COO of the MakerDAO Foundation Steven Becker highlighted during today’s governance and risk call: “In using the Stability Fee, progress has been made.
When Tether Warnings Are Marketing Tools

When Tether Warnings Are Marketing Tools

“We’re in a scary place, because if Tether’s pretty systematically embedded in the crypto market infrastructure, trading on several tokens might fall.” Usually, such talk, premised on the assumption that much of the cryptocurrency market is dependent on the dollar-pegged token known as tether or USDT, might sound like clear-eyed realism (to hardened skeptics) or FUD (to true believers).
MakerDAO Demos Tech to Back Stablecoin DAI With Any Crypto Asset

MakerDAO Demos Tech to Back Stablecoin DAI With Any Crypto Asset

Borrowers of U.S. dollar-pegged stablecoin DAI will soon be able to be back their loans in any number of cryptocurrencies, at least if a new web portal is ultimately implemented. On a weekly community call organized by the MakerDAO Foundation – the non-profit entity that funds the development of the programmatic lending software that issues DAI tokens – product coordinator Chris Bradbury walked users through what the new web page will look like and how the tool will function for users. At present, over $300 million worth of the cryptocurrency ether (ETH) is locked in smart contracts on ethereum to back DAI dollar valuation.