EU to publish stablecoin issuer standards by late 2024, developed by EBA and ESMA. MiCA regulations effective since July with Circle as the sole licensed issuer. This move aims for stability but raises industry concerns on new complexities.
USDT is being used by Venezuela and Russia to evade sanctions, raising US financial security risks. Its 2023 trading volume surpassed Visa’s, and Tether’s profits exceeded $6.2B. USDT is also facilitating $50M in monthly payments in Georgia.
Tether, TRON DAO, and TRM Labs have launched the T3 Financial Crime Unit to combat illegal $USDT activities on the TRON blockchain. This collaboration aims to enhance blockchain security and reduce illicit transactions in the crypto ecosystem.
Stablecoin market cap surged 35.4% to $161.2B from Nov 2023 to Aug 2024. $USDT, $USDC, and $DAI hold 94% market share. Commodity-backed stablecoins grew 18.1%. Stablecoins now make up 8.2% of the crypto market cap.
Terraform Labs plans to burn over 1B $USTC and 275B $LUNC amid Chapter 11 bankruptcy. Validator @HappyCattyCryp’s research highlights token burns from TFL’s shuttle bridge reopening and migrations. LUNC and USTC prices rise 5% and 10%, respectively.
Tether invests $100M for a 9.8% stake in Adecoagro, diversifying into agriculture across Argentina, Brazil, and Uruguay. This move positions Tether as a top shareholder and marks a broader trend of crypto firms stabilizing finances with traditional industry investments.
Ripple CEO predicts high demand for yen-based stablecoins in Japan, citing regulatory clarity as a key driver. Testing of RLUSD on XRP Ledger and Ethereum began in August 2024, with plans to introduce it in the U.S. first. $XRP
Japan’s top banks, including MUFG, SMBC, and Mizuho, launch Project Pax to improve cross-border payments using stablecoins in JPY, USD, and EUR. Leveraging Swift API and blockchain, the initiative aims for commercialization by 2025, enhancing speed and transparency.
Genuine Labs has made major strides on the Tax2Gas upgrade for Terra Luna Classic. Internal conflicts are resolved, but no release date yet. $LUNC down 2% to $0.00007537. Successful deployment may boost network and token value.
Tether and Reku launch educational events in Indonesia, aiming to boost crypto literacy. With 20.1M users, Indonesia ranks 7th globally in crypto adoption. In May 2024, transactions hit 211 trillion Rupiah ($13B). $USDT @RekuOfficial
Ripple burns 185 RLUSD tokens to manage stablecoin supply, following minting on XRP Ledger and Ethereum. RLUSD, pegged 1:1 to USD, ensures stability. XRP price at $0.5731 shows upward potential. Ripple’s move highlights blockchain interoperability.
DMM Crypto partners with Progmat Inc. to launch a Japanese regulation-compliant stablecoin on the Progmat Coin platform, integrated into the Seamoon Protocol. This digital asset will facilitate payments within DMM Group’s entertainment offerings, enhancing cross-border transactions and cryptocurrency adoption.
Wyoming to launch a state-backed stablecoin pegged to the US dollar in 2025, supported by US Treasury bills and repurchase agreements. This initiative aims to boost Wyoming’s economy and reinforce its leadership in digital asset regulation.
Tether CEO confirms no plans for a proprietary blockchain, will rely on Ethereum and Tron. $ETH holds 57% of TVL. Tether authorized 33B USDT, earning $5.2B profit in H1. Plans $1B investment in AI, mining, and data by 2024.
